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SUERF Policy Notes and SUERF Policy Briefs

SUERF Policy Notes & Briefs offer accessible and concise, high-quality, authoritative and informed analysis on topical issues related to European money and finance. They make research by SUERF Member institutions and academic researchers available to the SUERF network and beyond. SUERF Policy Notes & Briefs are published weekly on the SUERF webpage. The views expressed are those of the author(s) and not necessarily those of the institution(s) the author(s) is/are affiliated with.

To submit your findings to the SUERF Policy Note and Brief series please contact suerf@oenb.at.

All SUERF Policy Notes & Briefs  are available in PDF format.

Stay always up to date and subscribe to the monthly SUERF Policy Notes & Briefs Newsletter!


Date publishedSUERFIssueTitleAuthor(s)
Apr 2023Policy BriefNo 562Loose Monetary Policy and Financial InstabilityMaximilian Grimm, Òscar Jordà, Moritz Schularick, Alan M. Taylor
Feb 2023Policy BriefNo 518ECB Significant-Bank Risk Profile and COVID-19 Crisis Containment Phase: What Approach in the Transitioning Phase?Bozena Gulija, Costanza Russo, Dalvinder Singh
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Oct 2022Policy BriefNo 440Forced migration and food crisesFederico Carril-Caccia, Jordi Paniagua, Marta Suárez-Varela
Oct 2022Policy BriefNo 433From macro to micro: large exporters more responsive to common shocks Jean-Charles Bricongne, Juan Carluccio, Lionel Fontagné, Guillaume Gaulier, Sebastian Stumpner
Sep 2022Policy BriefNo 429Liquidity Coverage Ratios and Monetary Policy Credit in the time of CoronaViktoriya Gocheva, Yvo Mudde, Jens Tapking
Sep 2022Policy BriefNo 413The EU gas savings plan ahead of a long winterMarco Protopapa
Aug 2022Policy BriefNo 395Liquidity in bond markets - navigating in troubled watersMartin Scheicher, Andreas Schrimpf
Aug 2022Policy BriefNo 394Flexibility in Asset Purchases: A Structural AnalysisJames Costain, Galo Nuño, Carlos Thomas
May 2022Policy BriefNo 331Caution: Do not cross! Distance to regulatory capital buffers and lending in Covid-19 timesCyril Couaillier, Marco Lo Duca, Alessio Reghezza, Costanza Rodriguez d’Acri
Apr 2022Policy NoteNo 274Stylised facts on debt and financial crisisPedro Duarte Neves
Mar 2022Policy BriefNo 301Is the ECB applying lessons from the past?Anselm Küsters
Mar 2022Policy NoteNo 268Crisis-tested Europe – Solidarity with Ukraine spurs European identityHeinz Handler
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Nov 2021Policy BriefNo 220Consumption and service sector key factors in the COVID-19 trade collapseHeli Simola
Oct 2021Policy NoteNo 257Systemic Implications of the Bail-in Design: A Precis of our Main TextJ. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis
Sep 2021Policy BriefNo 181A liquidity risk early warning indicator for Italian banks: a machine learning approachMaria Ludovica Drudi, Stefano Nobili
Aug 2021Policy BriefNo 157Covid-19 and Capital Flows: The Responses of Investors to the Responses of GovernmentsStefan Goldbach, Volker Nitsch
Jul 2021Policy BriefNo 139Consistent recovery and resolution of small and large banks in EuropeAnne Dyrberg Rommer, Louise Kleiner
Jul 2021Policy BriefNo 132Euro area portfolio flows in 2020: the impact of the Covid-19 crisisJulia Schmidt, Olivier Sirello
Jul 2021Policy BriefNo 123Five stylized facts on the Great LockdownFrancesco Grigoli, Daniel Leigh, and Antonio Spilimbergo
Jun 2021Policy NoteNo 245A technical toolkit to monitor a pandemic outbreak from a central bank perspectiveAlexie Alupoaiei, Csaba Bálint, Matei Kubinschi
May 2021Policy BriefNo 98Detecting turning point in the Danish economy in real time – nowcasting in Danmarks Nationalbank during the covid-19 crisisJesper Pedersen
May 2021Policy NoteNo 237Will consumers save the EU recovery? - Insights from the Commission’s consumer surveyRoberta Friz, Fiona Morice
Apr 2021Policy BriefNo 74The Great Depression, banking crisis, and Keynes’ paradox of thriftVictor Degorce, Eric Monnet
Apr 2021Policy BriefNo 69Crisis management of credit institutions: Senior unsecured creditors must prepare for bail-inChristine Sif Larsen, Anne Dyrberg Rommer
Apr 2021Policy BriefNo 68Banking union - achievements and challengesLuis de Guindos
Apr 2021Policy NoteNo 231The challenges to the banking sector a year after the outbreak of the COVID-19 pandemicPablo Hernández de Cos
Apr 2021Policy BriefNo 63The role of fiscal policies in the Covid-19 crisis: scope and limitationsNiels Thygesen
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
Feb 2021Policy BriefNo 48Crisis management for medium-sized banks: the case for a European approachAndrea Enria
Feb 2021Policy NoteNo 223Bank stress tests: their philosophy and their use by prudential authorities during the Covid-19 crisisValère Fourel, Julien Idier, Valerio Scalone, Aurore Schilte
Feb 2021Policy BriefNo 45The crisis management framework for banks in the EU: how Can we deal with small and medium-sized banks?Ignazio Visco
Feb 2021Policy BriefNo 44The evolution of bond and swap tradingMartin Scheicher
Jan 2021Policy NoteNo 217The post-COVID-19 recovery: what challenges and roadmap for the banking industry?Jordi Gual
Dec 2020Policy NoteNo 213COVID-19 pandemic: Perception, confusion and conspiraciesStefan Schneider
Dec 2020Policy BriefNo 38Limits of the MarketPaul De Grauwe
Nov 2020Policy NoteNo 208The world economy under Covid-19: Can emerging market economies keep the engine running?Kristel Buysse, Dennis Essers
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Nov 2020Policy NoteNo 204Lessons from the Swedish anti-corona strategyLieven Noppe
Oct 2020Policy NoteNo 201Central banks’ response to the “tragedy on the horizon”François Villeroy de Galhau
Oct 2020Policy NoteNo 200Finding the Right “Hall of Mirrors”: The Mixed Blessings of Lessons from the Past for Shaping a Post-COVID FutureRobert Holzmann
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Sep 2020Policy BriefNo 26Global value chains and the challenge of Covid-19Antoine Berthou, Juan Carluccio, Guillaume Gaulier
Sep 2020Policy BriefNo 25After Coronavirus: Deflation or Inflation?C.A.E. Goodhart
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Aug 2020Policy BriefNo 23Eurozone in times of Covid-19: Debt monetisation by stealthPeter Vanden Houte
Aug 2020Policy BriefNo 22Radical UncertaintyJohn Kay
Jul 2020Policy BriefNo 19Banking between two crisesKarel Lannoo
Jul 2020Policy BriefNo 17Financial resilience of German households to Corona triggered income shockOrcun Kaya
Jun 2020Policy NoteNo 179The need for a new financial architecture after CORONA, an opinionFreddy Van den Spiegel
Jun 2020Policy NoteNo 177The EU’s recovery plan is the next generation of fiscal solidaritySylvain Broyer
Jun 2020Policy NoteNo 176Credit Guarantees in the COVID-19 crisis – Relevance and Economic ImpactJulien Brault, Simone Signore
May 2020Policy BriefNo 11Simulating the distributive effects of the Macron-Merkel Recovery FundFriedrich Heinemann
May 2020Policy BriefNo 9ECB needs to finance Corona budget deficitsPaul De Grauwe
May 2020Policy NoteNo 163Coronavirus and the world of workMonika Kiss
May 2020Policy NoteNo 162How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term contextElga Bartsch, Jean Boivin, Philipp Hildebrand
May 2020Policy BriefNo 5An EU Recovery Fund: How to square the circle?Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias
May 2020Policy BriefNo 6Never Let a Good Crisis Go to Waste!Kai A. Konrad, Marcel Thum
Apr 2020Policy BriefNo 4How the economy will recover from the Corona shockJörg Krämer and Bernd Weidensteiner
Apr 2020Policy NoteNo 160Interlinking Europe’s recovery plan and the next EU budgetKevin Körner and Barbara Böttcher
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy NoteNo 155The range of different opinions and moods in Germany on collective ‘corona bonds’Ingobert Waltenberger
Apr 2020Policy NoteNo 152European banks in the corona crisisJan Schildbach
Apr 2020Policy NoteNo 150How deep will it fall? Comparing the euro area recessions of 2020 and 2009Andreas Breitenfellner, Paul Ramskogler
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Mar 2020Policy NoteNo 145A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recoveryErnest Gnan
Mar 2020Policy NoteNo 139Capital Regulations and the Management of Credit Commitments during Crisis TimesPaul Pelzl, María Teresa Valderrama
Oct 2019Policy NoteNo 107Tackling non-performing loans in EuropePeter Grasmann, Markus Aspegren, Nicolas Willems
Feb 2019Policy NoteNo 56What lies in store for the eurozone? An assessment of the Greek bailout programmes: Has the EU become wiser?Yannis Stournaras
Jan 2019Policy NoteNo 53The output cost of the global financial crisis: A reappraisal after ten yearsDavid Turner, Patrice Ollivaud
Jun 2018Policy NoteNo 37A solid common landing ground for EMUJeroen Dijsselbloem
May 2018Policy NoteNo 34Modern financial repression in the euro area crisis: making high public debt sustainable?Ad van Riet
Apr 2018Policy NoteNo 30In the euro area, discipline is of the essence, but risk-sharing is no less importantDaniel Daianu
Dec 2016Policy NoteNo 9Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016Ernest Gnan, Clemens Jobst

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