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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.

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Date publishedSUERFIssueTitleAuthor(s)
Nov 2023Policy BriefNo 743Impact assessment of high inflation on Greek public finances. Does the type of inflation matter? Evidence from a highly indebted countrySophia Lazaretou, George Palaiodimos
Sep 2023Policy BriefNo 681To use or not to use? Capital buffers and lending during a crisisVítor Oliveira, Diogo Serra
Sep 2023Policy BriefNo 679The current Polycrisis versus the Global Financial CrisisMarc-Olivier Strauss-Kahn
Aug 2023Policy BriefNo 649Do non-banks need access to the lender-of-last-resort? Evidence from fund runsJohannes Breckenfelder, Marie Hoerova
Jul 2023Policy BriefNo 631Impact of fiscal measures in response to the COVID-19 pandemic on small-open economies: lessons from SloveniaFilippo Arigoni, Miha Breznikar, Črt Lenarčič, Matjaž Maletič
Jun 2023Policy BriefNo 617On the effectiveness of dividend restrictions as supervisory policy toolErnest Dautović, Leonardo Gambacorta, Alessio Reghezza
Jun 2023Policy BriefNo 608Is the EU Money Market Fund Regulation fit for purpose? Lessons from the COVID-19 turmoilLaura-Dona Capotă, Michael Grill, Luis Molestina Vivar, Niklas Schmitz, Christian Weistroffer
Mar 2023Policy BriefNo 543How shocks to Chinese supply chains affect US and euro area manufacturingMakram Khalil, Marc-Daniel Weber
Mar 2023Policy BriefNo 542Issuing bonds during the Covid-19 pandemic: is there an ESG premium?Fabrizio Ferriani
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
Feb 2023Policy NoteNo 299Convergence in GDP per capita in the euro area and the EU at the time of COVID-19Mirko Licchetta, Giovanni Mattozz
Jan 2023Policy BriefNo 512Price Setting Before and During the Pandemic: Evidence from Swiss Consumer PricesBarbara Rudolf, Pascal Seiler
Jan 2023Policy BriefNo 503An international map of gender gapsInes Buono, Annalivia Polselli
Nov 2022Policy BriefNo 465Did COVID-19 induce a reallocation wave?Agostino Consolo, Filippos Petroulakis
Oct 2022Policy BriefNo 449Natural Language Processing and Financial Markets: Semi-supervised Modelling of Coronavirus and Economic NewsCarlos Moreno Pérez, Marco Minozzo
Sep 2022Policy BriefNo 409A model of system-wide stress simulation: market-based finance and the COVID-19 event Giovanni di Iasio, Giulio Nicoletti, Nicholas Vause
Aug 2022Policy BriefNo 394Flexibility in Asset Purchases: A Structural AnalysisJames Costain, Galo Nuño, Carlos Thomas
Jul 2022Policy BriefNo 375A shot in the arm: stimulus packages and firm performance during COVID-19Deniz Igan, Ali Mirzaei, Tomoe Moore
Jun 2022Policy BriefNo 341Economic adjustment in the euro area and the United States during the COVID-19 crisisMirko Licchetta, Giovanni Mattozzi, Rafal Raciborski, Rupert Willis
May 2022Policy BriefNo 338Mortgage debt relief after economic shocks: lessons from the pandemicEdward Gaffney, Fergal McCann, Johannes Stroebel
Mar 2022Policy BriefNo 298Covid-19 government subsidies and their implications for pandemic labour productivityTommaso Bighelli, Tibor Lalinsky, Juuso Vanhala
Mar 2022Policy NoteNo 268Crisis-tested Europe – Solidarity with Ukraine spurs European identityHeinz Handler
Mar 2022Policy BriefNo 285Why the impact of the health crisis in 2020 was uneven across the euro area economies?Ángel Luis Gómez, Ana del Río
Feb 2022Policy BriefNo 276The COVID Non-Performing Loan ’Tsunami’ that Never Happened and How to Avoid it NowReiner Martin, Piroska Nagy-Mohacsi, Elina Ribakova, Jonathan M. Fortun Vargas
Feb 2022Policy BriefNo 272Global models for a global pandemic: the impact of COVID-19 on small euro area economiesPablo Garcia, Pascal Jacquinot, Črt Lenarčič, Matija Lozej, Kostas Mavromatis
Feb 2022Policy BriefNo 269Recovery as a springboard for changeDebora Revoltella, Tessa Bending, Atanas Kolev
Jan 2022Policy BriefNo 261Firm financing and public liquidity measures during the pandemicIda Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte
Jan 2022Policy BriefNo 256Operating leverage and its importance during the Covid-19 pandemicKatharina Allinger, Ivan Huljak
Dec 2021Policy BriefNo 253Money market funds in the euro area: Vulnerabilities and the role of macroprudential policyTom Hudepohl, Jeroen Huiting, Annelie Petersen
Dec 2021Policy BriefNo 249Monetary and fiscal complementarity in the Covid-19 pandemicJagjit S Chadha, Luisa Corrado, Jack Meaning, Tobias Schuler
Dec 2021Policy NoteNo 260Identifying lessons from the current crisis for the prudential framework of the banking system Pablo Hernández de Cos
Dec 2021Policy BriefNo 248Africa and COVID-19: Can the financial sector stay on course for a green and digital future?Debora Revoltella, Claudio Cali, Barbara Marchitto, Nina Fenton, Ricardo Santos
Dec 2021Policy BriefNo 247Bridge over troubled water? The effectiveness of macroprudential policy during the Covid-19 pandemic in PortugalKatja Neugebauer, Vítor Oliveira, Ângelo Ramos
Dec 2021Policy BriefNo 246Public trust only partly immune to COVID-19 pandemicCarin van der Cruijsen, Jakob de Haan, Nicole Jonker
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Dec 2021Policy BriefNo 242The Role of Contact Tracing in the Long Pandemic WarLeonardo Melosi, Matthias Rottner
Dec 2021Policy BriefNo 241Mutual funds’ loyalty helped to stabilize ESG stocks during the COVID-19 market crashRui Albuquerque, Yrjo Koskinen, Raffaele Santioni
Dec 2021Policy BriefNo 238Business Dynamism, Sectoral Reallocation and Productivity in a PandemicGuido Ascari, Andrea Colciago, Riccardo Silvestrini
Nov 2021Policy BriefNo 230Temporary panic or fundamental change in payment habits in Europe? Lesson from COVID-19 pandemic shift towards cashless paymentsMichal Polasik, Radoslaw Kotkowski
Nov 2021Policy BriefNo 229Earnings expectations signal a heterogenous recovery after COVID-19Joost Bats, William Greif, Daniel Kapp
Nov 2021Policy BriefNo 220Consumption and service sector key factors in the COVID-19 trade collapseHeli Simola
Nov 2021Policy BriefNo 219How do banks propagate economic shocks?Yusuf Emre Akgündüz, Seyit Mümin Cılasun, H. Özlem Dursun-de Neef, Yavuz Selim Hacıhasanoğlu, İbrahim Yarba
Nov 2021Policy BriefNo 218When the panic broke out: Covid-19 and investment funds’ portfolio rebalancing around the worldMassimiliano Affinito, Raffaele Santioni
Oct 2021Policy BriefNo 201Basel III implementation in the European UnionPablo Hernández de Cos
Oct 2021Policy BriefNo 200The highly heterogeneous impact of the Covid-19 crisis on French firmsBenjamin Bureau, Anne Duquerroy, Julien Giorgi, Mathias Lé, Suzanne Scott, Frédéric Vinas
Oct 2021Policy BriefNo 194The impact of COVID-19 on analysts’ sentiment about the banking sectorAlicia Aguilar, Diego Torres
Sep 2021Policy BriefNo 186Prudential responses to COVID-19 in G20 countries: a missed opportunity to enhance "green" financial policy and regulations?Paola D’Orazio
Sep 2021Policy BriefNo 185The grocery trolley race in times of Covid-19. Evidence from ItalyEmanuela Ciapanna, Gabriele Rovigatti
Aug 2021Policy BriefNo 165Assessment of the effectiveness of the macroprudential measures implemented in the context of the Covid-19 pandemicLucas Avezum, Vítor Oliveira, Diogo Serra
Aug 2021Policy BriefNo 163Heterogeneous firm-level impact and responses to the COVID-19 crisisAlejandro Fernández-Cerezo, Beatriz González, Mario Izquierdo, Enrique Moral-Benito
Aug 2021Policy BriefNo 142Consumption patterns in Italy during COVID-19Elisa Guglielminetti and Concetta Rondinelli
Jul 2021Policy BriefNo 138Three questions on the outlook for bankingCarolyn Rogers
Jul 2021Policy BriefNo 132Euro area portfolio flows in 2020: the impact of the Covid-19 crisisJulia Schmidt, Olivier Sirello
Jul 2021Policy BriefNo 129Nearshoring Perspectives after COVID-19: Can Western Balkans Benefit?Branimir Jovanovic, Mahdi Ghodsi
Jul 2021Policy BriefNo 123Five stylized facts on the Great LockdownFrancesco Grigoli, Daniel Leigh, and Antonio Spilimbergo
Jun 2021Policy NoteNo 247Not alone: Financial support of the Western BalkansMauro Giorgio Marrano
Jun 2021Policy BriefNo 110Global vulnerabilities to the COVID-19 variant B.1.617.2David Mackie
Jun 2021Policy BriefNo 104The Economic Case for Global Vaccinations: An Epidemiological Model with International Production NetworksCem Çakmaklı, Selva Demiralp, Şebnem Kalemli-Özcan, Sevcan Yeşiltaş, Muhammed A. Yıldırım
Jun 2021Policy BriefNo 102Assessing the impact of Basel III: Evidence from macroeconomic modelsOlivier de Bandt, Bora Durdu, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolov, Sigrid Röhrs, Jean-Guillaume Sahuc, Valerio Scalone, Michael Straughan
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 240What Caused The Resurgence In FDI Screening?Simon J. Evenett
May 2021Policy NoteNo 237Will consumers save the EU recovery? - Insights from the Commission’s consumer surveyRoberta Friz, Fiona Morice
May 2021Policy BriefNo 86The Bewildering Effects of COVID-19 and Other Recessions on Forecast Accuracy MeasurementsBoriss Siliverstovs
Apr 2021Policy NoteNo 233How should the COVID restrictions in England be eased?David K. Miles, Adrian H Heald, Michael Stedman
Apr 2021Policy NoteNo 232The Macroeconomics of Covid-19 LeverageThéophile Jégard, Simon Ray
Apr 2021Policy BriefNo 76The Impact of COVID-19 on European BanksShekhar Aiyar, Mai Chi Dao, Andreas A. Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan
Apr 2021Policy BriefNo 71CESEE’s Macroprudential Policy Response to Covid-19Markus Eller, Reiner Martin, Lukas Vashold
Apr 2021Policy BriefNo 70The impact of Covid-19 on global value chainsHeli Simola
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 64Shaken but not deterred: business confidence and Covid-19 in the Euro areaGene Ambrocio
Apr 2021Policy BriefNo 63The role of fiscal policies in the Covid-19 crisis: scope and limitationsNiels Thygesen
Apr 2021Policy NoteNo 229Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment fundsDaniel Carvalho, Martin Schmitz
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
Feb 2021Policy NoteNo 224Vaccination delay to cost Europe EUR90bn in 2021Ludovic Subran, Ana Boata, Patrick Krizan, Katharina Utermöhl
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
Jan 2021Policy BriefNo 41Is inflation dead or hibernating?Claudio Borio
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 NoteNo 215Consequences for banks’ business from COVID-19 and policy responsesFrancesco Mazzaferro
Dec 2020Policy BriefNo 39Thriving in a post-pandemic worldDebora Revoltella, Pedro de Lima
Nov 2020Policy BriefNo 36A stronger voice for Europe in global developmentWerner Hoyer
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Nov 2020Policy BriefNo 35Keynes and Schumpeter are what the European economy needs right nowSylvain Broyer
Oct 2020Policy BriefNo 34Cross-country differences in Europe’s second COVID waveDavid Mackie
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 BriefNo 33Update of the European Fiscal Monitor (September 2020)Willem-Pieter de Groen, Inna Oliinyk
Oct 2020Policy BriefNo 32More travel warnings are almost like a new lockdown for the hospitality industryEric Heymann
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Oct 2020Policy BriefNo 31Monitoring economic activity in times of Covid-19: moving up to higher frequencyBarbara Castelletti, Marie Delorme, Pavel Diev, Yannick Kalantzis, Antoine Lalliard, Matteo Mogliani
Sep 2020Policy BriefNo 30Can we expect the economy to rebound rapidly?Stéphane Dupraz
Sep 2020Policy NoteNo 195The EU’s “Northern enlargement” 25 years on – stocktaking and some thoughts for the futureErnest Gnan and Robert Holzmann
Sep 2020Policy BriefNo 28Limits and pitfalls of QE in emerging marketsDaniel Daianu
Sep 2020Policy BriefNo 27To each crisis its analogy, to each analogy its critical reflectionRobert Holzmann
Jul 2020Policy NoteNo 184Special Update of the European Fiscal MonitorWillem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen
Jul 2020Policy BriefNo 20How firms are adapting to the lockdown: insights from text miningMathilde Gerardin, Martial Ranvier
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
Jul 2020Policy BriefNo 18The liquidity trap, monetary policy and the health crisisStéphane Lhuissier
Jul 2020Policy NoteNo 181A sensible fiscal policy for the sharp rise in government debtForrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood
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
Jun 2020Policy BriefNo 16Assessing the efficacy of COVID-19 tracing regimesDavid Mackie
Jun 2020Policy NoteNo 173A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance systemMarco Protopapa
Jun 2020Policy BriefNo 13Keeping the COVID-19 R number below 1 as mobility risesDavid Mackie
May 2020Policy NoteNo 172Does the EU convergence machine still work and how will the Covid-19 crisis impact it?Patrick Bisciari, Dennis Essers, Evelien Vincent
May 2020Policy NoteNo 164Can we compare the COVID-19 and 2008 crises?Marc-Olivier Strauss-Kahn
May 2020Policy BriefNo 7Covid-19 policy response and the role of the EIBDebora Revoltella
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Mar 2020Policy NoteNo 142Are Standard Macro and Credit Policies Enough to Deal with the Economic Fallout from a Global Pandemic? A Proposal for a Negative SME TaxThomas Drechsel, Şebnem Kalemli-Özcan

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