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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)
Nov 2023Policy BriefNo 740Can the green transition be risky for Slovak banks?Jozef Kalman, Ján Klacso, Roman Vasiľ, Juraj Zeman
Nov 2023Policy BriefNo 735The Road to Paris: stress testing the transition towards a net-zero economyTina Emambakhsh, Maximilian Fuchs, Simon Kördel, Charalampos Kouratzoglou, Chiara Lelli, Riccardo Pizzeghello, Carmelo Salleo, Martina Spaggiari
Nov 2023Policy BriefNo 730Inflation expectations in CESEE are shaped by the sentiment and experiences of individualsKatharina Allinger, Fabio Rumler
Nov 2023Policy BriefNo 728Firm leverage and the low-carbon transition in EuropeOlimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, Katia Vozian
Oct 2023Policy BriefNo 705Global decarbonization from the perspective of fossil fuel dependent economiesLars Jensen
Oct 2023Policy BriefNo 695Including Carbon Taxation Risk in Deutsche Bundesbank’s In-house Credit Assessment System (ICAS): An Empirical AnalysisJustus Grundmann, Laura Auria
Oct 2023Policy BriefNo 694The external financial spillovers of CBDCsAlessandro Moro, Valerio Nispi Landi
Oct 2023Policy BriefNo 693Climate risks in Latin America and the Caribbean: are banks ready for the green transition?Barbara Marchitto, Ricardo Santos, Joana Conde
Sep 2023Policy BriefNo 679The current Polycrisis versus the Global Financial CrisisMarc-Olivier Strauss-Kahn
Aug 2023Policy BriefNo 673Macroeconomic News, the Financial Cycle and the Commodity Cycle: the Chinese FootprintFlavia Corneli, Fabrizio Ferriani, Andrea Gazzani
Aug 2023Policy BriefNo 667Fifty shades of QE: Robust evidenceBrian Fabo, Martina Jancokova, Elisabeth Kempf, Lubos Pastor
Aug 2023Policy NoteNo 317The European Commission Proposals for Reform of the Stability and Growth Pact: On the right track but not there yetJakob de Haan, Fabian Amtenbrink
Aug 2023Policy BriefNo 654The macroeconomic effects from the energy transition will be large and diverseAlberto Americo, Jesse Johal, Christian Upper
Jul 2023Policy BriefNo 636A proposal for the European Green Transition via Significant Risk Transfer SecuritisationsFernando Gonzalez, Giuliano Giovannetti
Jul 2023Policy NoteNo 315Privatization Effects on Central and Eastern European Enterprises: An Empirical Framework from a Bibliometric AnalysisMargerita Topalli, Silvester Ivanaj
Jul 2023Policy BriefNo 627Thirty Years Of The EU Single Market: Why Cross-Border Capital Flows Remain Sluggish, Despite Positive DevelopmentsSylvain Broyer, Aude Guez
Jun 2023Policy BriefNo 619Does Green Transition promote Green Innovation and Technological Acquisitions?Udichibarna Bose, Wildmer Daniel Gregori, Maria Martinez Cillero
Jun 2023Policy BriefNo 607The use of surveys for monetary and economic policyLuigi Federico Signorini
Jun 2023Policy BriefNo 603Alexandre Lamfalussy and the origins of instability in capitalist economiesIvo Maes
May 2023Policy BriefNo 590Is digitalisation the gamechanger it promised to be for firms’ productivity growth?Robert Anderton, Vasco Botelho, Paul Reimers
May 2023Policy BriefNo 586The Big Problem of Small SyndicatesMingze Gao, Iftekhar Hasan, Buhui Qiu, Eliza Wu
May 2023Policy BriefNo 583Commodity prices and the US dollarDaniel Rees
May 2023Policy BriefNo 582Critical metals for the low-carbon transition: macro-financial issuesStéphane Dees, Simon Dikau, Hugh Miller, Romain Svartzman
May 2023Policy NoteNo 310Monetary and fiscal policies as anchors of trust and stabilityAgustín Carstens
Apr 2023Policy BriefNo 577Will a Green Transition lead to Greenflation?Conny Olovsson, David Vestin
Apr 2023Policy BriefNo 566Dump the Hump: How Education Impacts Consumption Smoothing and Macroeconomic OutcomesSvend E. Hougaard Jensen, Sigurdur P. Olafsson, Thorsteinn S. Sveinsson, Gylfi Zoega
Mar 2023Policy NoteNo 305Climate stress tests: Are banks fit for the green transition?Ursula Walther
Mar 2023Policy BriefNo 541Climate Risks in Albania and their Relevance to the Central BankMargerita Topalli, Pierre Monnin
Feb 2023Policy NoteNo 301Consistent economic policies: a prerequisite for macroeconomic stabilityPablo Hernández de Cos
Feb 2023Policy BriefNo 533When food bites back: What quarterly firm-level data reveal about food inflationAndré Casalis
Feb 2023Policy BriefNo 532A New EU Economic Governance and Fiscal Framework: what role for the national independent fiscal institutions (IFIs)?Daniel Daianu
Feb 2023Policy BriefNo 520Measuring the Optimum Currency Area properties of the euro area over its 20 years’ historyDavor Kunovac, Diego Rodriguez Palenzuela, Yiqiao Sun
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 BriefNo 511Eurozone Government Bond Spreads: A Tale of Different ECB Policy RegimesSylvester C W Eijffinger, Mary Pieterse-Bloem
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Jan 2023Policy BriefNo 498Get your bearings: guidelines for newspaper based economic indicatorsErik Andres-Escayola, Corinna Ghirelli, Luis Molina, Javier Perez, Elena Vidal
Dec 2022Policy NoteNo 294A modern credit guidance regime for the green transitionKatie Kedward, Daniela Gabor, Josh Ryan-Collins
Dec 2022Policy BriefNo 492Euro area’s persistent current account surplus – a reason behind a decade of low interest rates?Tobias Schuler, Yiqiao Sun
Dec 2022Policy BriefNo 488Can we have a sudden stop for inflation?Juhana Hukkinen, Matti Viren
Dec 2022Policy BriefNo 481Should central banks be involved in historical research?Ivo Maes
Nov 2022Policy BriefNo 479Strategic behaviours and the policy response to commodity price shocksMassimo Ferrari Minesso, Maria Sole Pagliari
Oct 2022Policy BriefNo 452Are governments inflating their economic forecasts ahead of elections?Davide Cipullo, André Reslow
Oct 2022Policy BriefNo 443Transition Versus Physical Climate Risk Pricing in European Financial Markets: A Text-Based ApproachGiovanna Bua, Daniel Kapp, Federico Ramella, Lavinia Rognone
Oct 2022Policy NoteNo 291Monetary policy and inflation: recent developmentsIgnazio Visco
Sep 2022Policy NoteNo 290Seven Trends That Will Shape European Power Purchase Agreements’ Path To GrowthCristian Stet
Sep 2022Policy BriefNo 432Objectified Housing Sales and Rent Prices in Representative Household Surveys: the Impact on Macroeconomic StatisticsM. Denisa Naidin, Sofie R. Waltl, Michael H. Ziegelmeyer
Sep 2022Policy BriefNo 423Country biases in equity portfolios are less pronounced and less irrational than one might thinkMartijn Boermans, Ian Cooper, Piet Sercu, Rosanne Vanpée
Sep 2022Policy NoteNo 287Monetary policy and the Great VolatilityIsabel Schnabel
Aug 2022Policy BriefNo 400Regulatory complexity, uncertainty, and systemic risk Maurizio Trapanese
Aug 2022Policy BriefNo 392Consumption-led expansions lead to lower growthMatti Viren
Jul 2022Policy BriefNo 387Climate Change-Related Regulatory Risks and Bank LendingIsabella Mueller, Eleonora Sfrappini
Jul 2022Policy BriefNo 383Measuring the engagement in climate-related financial policymaking: the climate-related financial policy indexPaola D’Orazio
Jul 2022Policy BriefNo 376Climate change and inflation in the euro areaChristiane Nickel
Jul 2022Policy BriefNo 375A shot in the arm: stimulus packages and firm performance during COVID-19Deniz Igan, Ali Mirzaei, Tomoe Moore
Jul 2022Policy BriefNo 368Inflation Expectations and Climate ConcernChristoph Meinerding, Andrea Poinelli, Yves Schüler
Jul 2022Policy BriefNo 366Firm-level expectations and macroeconomic conditions: underpinnings and disagreementMonique Reid, Pierre Siklos
Jul 2022Policy BriefNo 365Subjective inflation expectations of households and firmsMichael Weber
Jun 2022Policy BriefNo 355Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis?Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer
Jun 2022Policy BriefNo 354A Coasian Bargain: Climate Financing to Phase Out CoalTobias Adrian, Patrick Bolton, Alissa M. Kleinnijenhuis
Jun 2022Policy NoteNo 282Trade and Climate – The Disrupted NexusStefan P. Schleicher
Jun 2022Policy BriefNo 345Can banks weather the green transition? The financial risks of increasingly stringent climate policiesMarco Belloni, Friderike Kuik, Luca Mingarelli
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
May 2022Policy NoteNo 278Monitoring Narratives: an Application to the Equity MarketPascal Blanqué, Mohamed Ben Slimane, Amina Cherief, Théo Le Guenedal, Takaya Sekine, Lauren Stagnol
May 2022Policy BriefNo 332Analysis of ESG disclosures in Pillar 3 reports. A text mining approachAngel Iván Moreno, Teresa Caminero García
Apr 2022Policy NoteNo 274Stylised facts on debt and financial crisisPedro Duarte Neves
Apr 2022Policy BriefNo 317Evidence on financial literacy and financial inclusion in AlbaniaElona Dushku
Apr 2022Policy BriefNo 309The low-carbon transition, climate commitments and firm credit riskSante Carbone, Margherita Giuzio, Sujit Kapadia, Johannes Sebastian Krämer, Ken Nyholm, Katia Vozian
Mar 2022Policy BriefNo 288Economists: not enough transparency? Evidence from a reproducibility exercise of a top economic journalSylvérie Herbert, Hautahi Kingi, Flavio Stanchi, Lars Vilhuber
Mar 2022Policy BriefNo 286Private and Public Debt: Some Implications on Economic GrowthPatrizio Morganti
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 NoteNo 265Austrian conceptions of money and the rise of digital currencyMichael Peneder
Feb 2022Policy BriefNo 268Monetary policy and the green transitionLena Boneva, Gianluigi Ferrucci, Francesco Paolo Mongelli
Jan 2022Policy BriefNo 255Climate actions and macro-financial stability: The role of central banksFrancesca Diluiso, Barbara Annicchiarico, Matthias Kalkuhl, Jan. C. Minx
Dec 2021Policy BriefNo 244Switching-track after the Great RecessionFrancesca Vinci, Omar Licandro
Nov 2021Policy BriefNo 234Optimism is bad for fiscal outcomesMartin Larch, Janis Malzubris, Matthias Busse
Nov 2021Policy BriefNo 223A taxonomy of sustainable finance taxonomiesTorsten Ehlers, Diwen Gao, Frank Packer
Nov 2021Policy BriefNo 222Central Bank Digital Currencies, Crypto Currencies, and Anonymity: Economics and ExperimentsEmanuele Borgonovo, Stefano Caselli, Alessandra Cillo, Donato Masciandaro, Giovanni Rabitti
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
Oct 2021Policy BriefNo 208Human Frictions in the Transmission of Economic PolicyFrancesco D’Acunto, Daniel Hoang, Maritta Paloviita, Michael Weber
Oct 2021Policy BriefNo 205Mind the promotional gap! Climate-related financial policies and institutional dynamicsMoritz Baer, Emanuele Campiglio, Jérôme Deyris
Sep 2021Policy BriefNo 180Sovereign CDS Volatility as an Indicator of Economic UncertaintyMaximilian Böck, Martin Feldkircher, Burkhard Raunig
Sep 2021Policy BriefNo 174Low-for-ultra-long policy will not be enough for JapanHiroshi Ugai
Aug 2021Policy BriefNo 156More aware societies suffered less from Covid-19Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara
Jul 2021Policy BriefNo 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
Jul 2021Policy BriefNo 126Intergenerational macroeconomicsGabriel Makhlouf
Jun 2021Policy BriefNo 111A rising core lifts all basketsBruce Kasman, Joseph Lupton, Michael S Hanson
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 NoteNo 237Will consumers save the EU recovery? - Insights from the Commission’s consumer surveyRoberta Friz, Fiona Morice
May 2021Policy BriefNo 88Strengthening the international role of the euroGergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe
May 2021Policy NoteNo 236Europe’s growth gap: reconciling Keynes and SchumpeterFrançois Villeroy de Galhau
May 2021Policy NoteNo 234Building-back-better after the Covid-19 crisis in Europe: The twin transition and divergenceMarco Buti, István P. Székely
Apr 2021Policy BriefNo 68Banking union - achievements and challengesLuis de Guindos
Apr 2021Policy BriefNo 63The role of fiscal policies in the Covid-19 crisis: scope and limitationsNiels Thygesen
Apr 2021Policy BriefNo 61A backstop liquidity facility for a greener economyEric Jondeau, Benoit Mojon, Cyril Monnet
Jan 2021Policy BriefNo 42Scars of youth non-employment and labour market conditionsGiulia Martina Tanzi
Jan 2021Policy NoteNo 217The post-COVID-19 recovery: what challenges and roadmap for the banking industry?Jordi Gual
Oct 2020Policy NoteNo 203Tracking Covid: What Worked?Markus Guetschow
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 32More travel warnings are almost like a new lockdown for the hospitality industryEric Heymann
Sep 2020Policy NoteNo 195The EU’s “Northern enlargement” 25 years on – stocktaking and some thoughts for the futureErnest Gnan and Robert Holzmann
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Jul 2020Policy NoteNo 185The Macroeconomic Impact of NPLs in Euro Area CountriesIvan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro
May 2020Policy BriefNo 11Simulating the distributive effects of the Macron-Merkel Recovery FundFriedrich Heinemann
May 2020Policy NoteNo 166Turning collective savings into private equity investments: The Covid-19 crisis as a catalyst for pan-European efficient resource allocationGeorges Hübner
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
May 2020Policy BriefNo 5An EU Recovery Fund: How to square the circle?Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy NoteNo 150How deep will it fall? Comparing the euro area recessions of 2020 and 2009Andreas Breitenfellner, Paul Ramskogler
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
Mar 2020Policy NoteNo 141Reforms, Reversals and the Road Ahead: Lessons from Three Decades of Transition in Central and Eastern EuropeBeata Javorcik
Feb 2020Policy NoteNo 131Populism, Economic Policies and Central Banking: an OverviewErnest Gnan, Donato Masciandaro
Oct 2019Policy NoteNo 107Tackling non-performing loans in EuropePeter Grasmann, Markus Aspegren, Nicolas Willems
Sep 2019Policy NoteNo 97Strengthened EU fiscal framework: fiscal discipline versus economic stabilizationBernhard Grossmann, Gottfried Haber
Sep 2019Policy NoteNo 93European Economic and Monetary Union: from the Past into the FutureJean-Claude Trichet
Jul 2019Policy NoteNo 83Global economic governance at a crossroadsCarlo Monticelli
May 2019Policy NoteNo 71Rethinking the Trade-offs for Monetary Policy in an Era of GlobalizationEnrique Martínez-García
May 2019Policy NoteNo 70The impact of Brexit on growth and the public financesIain Begg
Apr 2019Policy NoteNo 65A New HorizonMark Carney
Mar 2019Policy NoteNo 61Beyond voluntary disclosure: why a ‘market-shaping’ approach to financial regulation is needed to meet the challenge of climate changeJosh Ryan-Collins
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
Jan 2018Policy NoteNo 25The New Silk Road: Implications for EuropeStephan Barisitz, Alice Radzyner
Jan 2018Policy NoteNo 24Fairness and Support for the Reforms: Lessons from the Transition EconomiesSergei Guriev
Jan 2018Policy NoteNo 23The occasional importance of the current account in an era of a global savings glutJesper Berg, Steffen Lind
Dec 2017Policy NoteNo 22Deepening the Economic and Monetary Union: the EU priorities by 2025 and beyondMarco Buti
Nov 2017Policy NoteNo 20Recent developments in Chinese shadow bankingMichael Chui, Christian Upper
Nov 2016Policy NoteNo 8Doves, Hawks and Pigeons: Behavioral Monetary Policy MakingDonato Masciandaro
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz

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