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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.

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

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


Date publishedSUERFIssueTitleAuthor(s)
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
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
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
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
Dec 2021Policy BriefNo 244Switching-track after the Great RecessionFrancesca Vinci, Omar Licandro
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Nov 2021Policy BriefNo 234Optimism is bad for fiscal outcomesMartin Larch, Janis Malzubris, Matthias Busse
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 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
Oct 2021Policy BriefNo 208Human Frictions in the Transmission of Economic PolicyFrancesco D’Acunto, Daniel Hoang, Maritta Paloviita, Michael Weber
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
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 139Consistent recovery and resolution of small and large banks in EuropeAnne Dyrberg Rommer, Louise Kleiner
Jul 2021Policy BriefNo 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
Jul 2021Policy BriefNo 132Euro area portfolio flows in 2020: the impact of the Covid-19 crisisJulia Schmidt, Olivier Sirello
Jul 2021Policy BriefNo 126Intergenerational macroeconomicsGabriel Makhlouf
Jul 2021Policy BriefNo 123Five stylized facts on the Great LockdownFrancesco Grigoli, Daniel Leigh, and Antonio Spilimbergo
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 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
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
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
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Oct 2020Policy NoteNo 203Tracking Covid: What Worked?Markus Guetschow
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 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
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 26Global value chains and the challenge of Covid-19Antoine Berthou, Juan Carluccio, Guillaume Gaulier
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Aug 2020Policy BriefNo 22Radical UncertaintyJohn Kay
Jul 2020Policy NoteNo 185The Macroeconomic Impact of NPLs in Euro Area CountriesIvan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro
Jul 2020Policy BriefNo 17Financial resilience of German households to Corona triggered income shockOrcun Kaya
Jun 2020Policy NoteNo 177The EU’s recovery plan is the next generation of fiscal solidaritySylvain Broyer
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 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 160Interlinking Europe’s recovery plan and the next EU budgetKevin Körner and Barbara Böttcher
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 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 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
Mar 2020Policy NoteNo 139Capital Regulations and the Management of Credit Commitments during Crisis TimesPaul Pelzl, María Teresa Valderrama
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
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
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 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
Dec 2016Policy NoteNo 9Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016Ernest Gnan, Clemens Jobst
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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