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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 729How and why? Monitoring cement production with satellites and neural networksAlexandre d’Aspremont, Simon Ben Arous, Jean-Charles Bricongne, Benjamin Lietti, Baptiste Meunier
Nov 2023Policy BriefNo 725Do firms listen when the ECB speaks? The impact of monetary policy shocks on firms’ bank loan expectationsAnnalisa Ferrando, Caterina Forti Grazzini
Oct 2023Policy BriefNo 713The state-dependent impact of changes in bank capital requirementsJan Hannes Lang, Dominik Menno
Oct 2023Policy BriefNo 710Energy price shocks and inflation in the euro areaStefano Neri, Fabio Busetti, Cristina Conflitti, Francesco Corsello, Davide Delle Monache, Alex Tagliabracci
Oct 2023Policy BriefNo 706Asset Prices, Collateral and Bank Lending - The Case of Covid-19 and Real EstateAoife Horan, Barbara Jarmulska, Ellen Ryan
Oct 2023Policy BriefNo 704Is climate policy risk priced in by European stock investors?Philippe Loyson, Rianne Luijendijk, Sweder van Wijnbergen
Oct 2023Policy BriefNo 698E-commerce and Price Setting: Evidence from EuropeGeorg Strasser, Elisabeth Wieland, Paweł Macias, Aneta Błażejowska, Karol Szafranek, David Wittekopf
Sep 2023Policy BriefNo 690Gauging price pressures in the euro area with the inflation compassNuno Lourenço, João Quelhas, António Rua
Sep 2023Policy BriefNo 685How does climate change reshape the corporate sector? Evidence from Italian firmsMichele Cascarano, Filippo Natoli, and Andrea Petrella
Sep 2023Policy BriefNo 678Nowcasting World Trade with Machine Learning: a Three-Step ApproachMenzie Chinn, Baptiste Meunier, Sebastian Stumpner
Sep 2023Policy BriefNo 675How producer price changes transmit into final goods pricesEdvin Ahlander, Mikael Carlsson, Mathias Klein
Aug 2023Policy BriefNo 671An Analysis of Business Cycle Fluctuations in Slovenia and the Euro AreaJan Radovan
Aug 2023Policy BriefNo 661Forecasting banknote circulation during the COVID-19 pandemic using structural time series modelsNikolaus Bartzsch, Marco Brandi, Lucas Devigne, Raymond de Pastor, Gianluca Maddaloni, Diana Posada Restrepo, Gabriele Sene
Aug 2023Policy BriefNo 650Leading indicators of financial stress: a regime switching approachTihana Škrinjarić
Jul 2023Policy BriefNo 644Resource Misallocation and TFP Gap Development in AustriaRichard Sellner, Nico Pintar, Norbert Ernst
Jul 2023Policy BriefNo 635No time to slack: nowcasting employment in the euro areaMarta Bańbura, Irina Belousova, Katalin Bodnár, Máté Barnabás Tóth
Jun 2023Policy BriefNo 624CCP initial margin models: A peek under the hoodIsmael Alexander Boudiaf, Martin Scheicher, Francesco Vacirca
Jun 2023Policy BriefNo 620Insights into Credit Loss Rates: A Global DatabaseLi Lian Ong, Christian Schmieder, Min Wei
Jun 2023Policy BriefNo 610Climate change risks and the energy and emission allowances market – An analysis based on EMIR dataMerel Vrolijk, Ellen van der Woerd, Elisabeth de Vogel
Jun 2023Policy BriefNo 607The use of surveys for monetary and economic policyLuigi Federico Signorini
May 2023Policy BriefNo 597Boosting the Green Transition: Greenhouse gas emissions and bank lendingKoji Takahashi, Junnosuke Shino
Mar 2023Policy BriefNo 551Who funds zombie firms: banks or non-banks?Saara Tuuli
Feb 2023Policy BriefNo 521Can Machine Learning Methods Help Nowcast GDP?Andreas Pick, Jasper de Winter
Dec 2022Policy BriefNo 485Dynamic Macroeconomic Implications of ImmigrationConny Olovsson, Karl Walentin, Andreas Westermark
Dec 2022Policy BriefNo 483The Links Between Emerging Market Bond Flows, Exchange Rates and Future Financial ConditionsPeter Hördahl, Giorgio Valente
Sep 2022Policy BriefNo 425What Moves Markets?Mark Kerssenfischer, Maik Schmeling
Sep 2022Policy BriefNo 418The Kiel Trade Indicator – A real-time indicator for trade flowsWolfgang Lechthaler, Vincent Stamer
Sep 2022Policy BriefNo 410 Should we trust the credit decisions provided by machine learning models?Andrés Alonso, José Manuel Carbó
Aug 2022Policy NoteNo 286The optimal quantity of CBDC in the euro areaLorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz, Frank Smets
Aug 2022Policy BriefNo 405Forgetting Approaches to Improve Forecasting: Executive SummaryRobert Hill, Paulo Rodrigues
Aug 2022Policy BriefNo 403What Can We Learn from 60 Years of PCE Inflation Data?Raphael Schoenle, Dominic Smith
Aug 2022Policy BriefNo 399The effects of internationally coordinated carbon pricing on the economy and welfareAnne Ernst, Natascha Hinterlang, Alexander Mahle, Nikolai Stähler
Aug 2022Policy NoteNo 284The design of a data governance systemSiddharth Tiwari, Sharad Sharma, Siddharth Shetty, Frank Packer
Jul 2022Policy BriefNo 380Old age takes its toll: long-run projections of health-related public expenditure in LuxembourgGastón Andrés Giordana, María Noel Pi Alperin
Jun 2022Policy BriefNo 357What tax data can tell us about consumption and saving patternsAlain Galli, Rina Rosenblatt-Wisch
Jun 2022Policy BriefNo 356How much is too much? Assessing the non-linear relationship between debt and sovereign creditworthinessSanne Zwart
Jun 2022Policy BriefNo 3489 stylized facts on productivityAndreas Breitenfellner, Robert Holzmann, Richard Sellner, Maria Silgoner, Thomas Zörner
May 2022Policy BriefNo 339Does own wealth and wealth of others matter for life satisfaction?Antje Jantsch, Julia Le Blanc,Tobias Schmidt
May 2022Policy BriefNo 334The local presence of global banksIñaki Aldasoro, John Caparusso, Yingyuan Chen
Apr 2022Policy BriefNo 318How do carbon prices spillover along global production networks?Ivan Frankovic
Mar 2022Policy BriefNo 303Rising rent burdens following distorting investment incentives – The effects of rent controls in GermanyVera Baye, Valeriya Dinger
Mar 2022Policy BriefNo 299When domestic and foreign QE overlapPaola Di Casola, Pär Stockhammar
Mar 2022Policy BriefNo 298Covid-19 government subsidies and their implications for pandemic labour productivityTommaso Bighelli, Tibor Lalinsky, Juuso Vanhala
Mar 2022Policy BriefNo 297Central banks’ in-house credit assessment systems – supporting the Eurosystem’s response to the pandemic and its climate change action planAviram Levy, Florian Resch, Anna Maria Rossi, Stephan Sauer
Mar 2022Policy BriefNo 295How do Asian central banks use big data? Insights from an Irving Fisher Committee surveyGiulio Cornelli, Sebastian Doerr, Leonardo Gambacorta, Bruno Tissot
Feb 2022Policy BriefNo 274Regulating big tech in the public interestAgustín Carstens
Jan 2022Policy BriefNo 260Credit Constrained Firms and Government Subsidies: Evidence from a European Union ProgramTirupam Goel, Péter Lang, Eszter Balogh, Ádám Banai, Martin Stancsics, Előd Takáts, Álmos Telegdy
Jan 2022Policy BriefNo 257Why do households save?Sami Oinonen, Matti Viren
Dec 2021Policy BriefNo 250Big techs in finance: a new trade-off between efficiency and privacyFrederic Boissay, Torsten Ehlers, Leonardo Gambacorta, Hyun Song Shin
Dec 2021Policy BriefNo 245How to set Cyclical and Structural capital buffers via Stress tests? A Risk-to-Buffer approachCyril Couaillier, Valerio Scalone
Nov 2021Policy BriefNo 235Does one (unconventional) size fit all? Effects of the ECB’s unconventional monetary policies on the euro area economiesMaria Sole Pagliari
Nov 2021Policy BriefNo 234Optimism is bad for fiscal outcomesMartin Larch, Janis Malzubris, Matthias Busse
Oct 2021Policy BriefNo 205Mind the promotional gap! Climate-related financial policies and institutional dynamicsMoritz Baer, Emanuele Campiglio, Jérôme Deyris
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
Sep 2021Policy BriefNo 181A liquidity risk early warning indicator for Italian banks: a machine learning approachMaria Ludovica Drudi, Stefano Nobili
Sep 2021Policy BriefNo 179The relevance of trade policy: Evidence from the 19th centuryJacopo Timini
Sep 2021Policy BriefNo 172Central banks as bank supervisors: how does this double role affect their inflation outcomes?Vasco Gabriel, Ioannis Lazopoulos, Diana Lima
Aug 2021Policy BriefNo 152Patchy data is a good start: from Kuznets and Clark to supervisors and climateFrank Elderson
Aug 2021Policy BriefNo 145It’s in the Tails: The Distributional Income Effects of Monetary PolicyNiklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco
Jul 2021Policy BriefNo 124Global Financial Uncertainty: Does it Matter for the Global Business Cycle?Giovanni Caggiano, Efrem Castelnuovo
Jun 2021Policy BriefNo 108Can central bank communication help to stabilise inflation expectations?Alexander Jung, Patrick Kuehl
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 NoteNo 244External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging MarketsAbdullah Kazdal, Muhammed Hasan Yılmaz
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
Jun 2021Policy BriefNo 99Stress-testing CESEE borrowers in the light of the COVID-19 pandemicAleksandra Riedl
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 BriefNo 97Stress-Testing Net Trading Income: The Case of European BanksCarla Giglio, Frances Shaw, Nicolas Syrichas and Giuseppe Cappelletti
May 2021Policy BriefNo 84Data sharing for better policy makingClaudia Buch
Apr 2021Policy BriefNo 67How do central banks use big data and machine learning?Sebastian Doerr, Leonardo Gambacorta, Jose Maria Serena
Apr 2021Policy BriefNo 62The way forward for EU-wide stress testsPedro Duarte Neves
Mar 2021Policy BriefNo 56On the Origin of Systemic RiskMattia Montagna, Giovanni Covi, Gabriele Torri
Feb 2021Policy BriefNo 50The rise of digital watchersTill Ebner, Thomas Nellen, Jörn Tenhofen
Feb 2021Policy BriefNo 49Should developed economies manage international capital flows? An empirical and welfare analysisDennis Bonam, Gavin Goy, Emmanuel de Veirman
Feb 2021Policy NoteNo 221The future of data collection & data management: Agile RegOps for digitalizing the regulatory value chainMartina Drvar, Johannes Turner, Maciej Piechocki, Eric Stiegeler, Daniel Münch
Feb 2021Policy BriefNo 43Nowcasting world GDP growth with high-frequency dataCaroline Jardet, Baptiste Meunier
Dec 2020Policy NoteNo 210On the risk-adjusted performance of machine learning models in credit default predictionAndres Alonso, Jose Manuel Carbo
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
Jul 2020Policy NoteNo 185The Macroeconomic Impact of NPLs in Euro Area CountriesIvan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro
Feb 2020Policy NoteNo 135Cost-Efficiency and Productivity of euro area banksIvan Huljak, Reiner Martin, Diego Moccero
Feb 2020Policy NoteNo 130European Banking Consolidation: Can a view to the past inform current policy efforts?Peter Hahn
Dec 2019Policy NoteNo 119Central bank independence and inflationRyszard Kokoszczyński, Joanna Mackiewicz-Łyziak
Apr 2019Policy NoteNo 68How to assess the adequacy of capital requirements based on internal models?Susanne Roehrig
Dec 2018Policy NoteNo 49Bank business models: time to actRudi Vander Vennet
Jul 2017Policy NoteNo 14Banks or platforms: The digital futurePatricia Jackson

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