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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)
May 2023Policy BriefNo 595Don’t blame the government!? An assessment of debt forecast errors with a view to the Economic Governance ReviewAlena Bachleitner, Doris Prammer
May 2023Policy BriefNo 591What to expect after “effortless” debt reduction in the euro area?Matthias Reith
May 2023Policy BriefNo 584Euro Area inflation differentials: the role of fiscal policies revisitedCristina Checherita-Westphal, Nadine Leiner-Killinger, Teresa Schildmann
May 2023Policy BriefNo 580Can machine learning help forecasting fiscal crises in emerging and developing countries?Raffaele De Marchi, Alessandro Moro
May 2023Policy NoteNo 310Monetary and fiscal policies as anchors of trust and stabilityAgustín Carstens
Feb 2023Policy NoteNo 301Consistent economic policies: a prerequisite for macroeconomic stabilityPablo Hernández de Cos
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 531Austerity benefits the extremesRicardo Duque Gabriel, Mathias Klein, Ana Sofia Pessoa
Feb 2023Policy BriefNo 529The effects of monetary policy across fiscal regimesRoben Kloosterman, Dennis Bonam, Koen van der Veer
Feb 2023Policy BriefNo 524Highly Dispersed inflation rates challenge the ECB’s monetary policy strategyThomas Url
Feb 2023Policy NoteNo 297Risk reduction vs risk sharing: A sticking point in the ongoing review of the EU fiscal framework?Martin Larch, Matthias Busse, Mateja Gabrijelcic, Laszlo Jankovics, Janis Malzubris
Jan 2023Policy BriefNo 509EU fiscal rules 2.0, more carrot than stick plus greenwashing?Matthias Reith, Gunter Deuber
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Nov 2022Policy BriefNo 468The reform of the EU fiscal framework: an enhanced surveillance role for independent fiscal councils?Christos Chrysanthakopoulos, Athanasios Tagkalakis
Oct 2022Policy BriefNo 445Fiscal deficits and inflation risks: the role of fiscal and monetary policy regimesRyan Banerjee, Valerie Boctor, Aaron Mehrotra, Fabrizio Zampolli
Aug 2022Policy BriefNo 401Allocation is key? Analysis of ECB public sector bond purchases’ divergence from the capital keyCarlo Birkholz, Friedrich Heinemann
Aug 2022Policy BriefNo 398Central Banking and Climate Change Policies: It is not Always a Positive Sum GameDonato Masciandaro, Riccardo Russo
Aug 2022Policy NoteNo 284The design of a data governance systemSiddharth Tiwari, Sharad Sharma, Siddharth Shetty, Frank Packer
Jul 2022Policy BriefNo 365Subjective inflation expectations of households and firmsMichael Weber
Jun 2022Policy BriefNo 360On the psychology of inflation and its implicationsPascal Blanqué
Jun 2022Policy BriefNo 359Scarring effects of major economic downturns: The role of fiscal policy and government investmentMartin Larch, Peter Claeys, Wouter van der Wielen
Jun 2022Policy BriefNo 355Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis?Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer
May 2022Policy BriefNo 332Analysis of ESG disclosures in Pillar 3 reports. A text mining approachAngel Iván Moreno, Teresa Caminero García
May 2022Policy BriefNo 327Under Pressure: Credibility of Monetary PolicyAntoine Camous, Dmitry Matveev
Apr 2022Policy BriefNo 323Is Super-Active Fiscal Policy Desirable?Roberto M. Billi, Carl E. Walsh
Mar 2022Policy BriefNo 300Household saving and fiscal policy: Evidence for the euro area from a thick modelling perspectiveCristina Checherita-Westphal, Marcel Stechert
Mar 2022Policy BriefNo 296The political economy of reforms in central bank designDavide Romelli
Mar 2022Policy BriefNo 291The Political Economy of Currency UnionsKai Arvai
Mar 2022Policy NoteNo 267Towards a single operational indicator in the SGP – A look at the properties of the current expenditure benchmarkNicholai Benalal, Maximilian Freier, Wim Melyn, Stefan Van Parys, Lukas Reiss
Feb 2022Policy BriefNo 274Regulating big tech in the public interestAgustín Carstens
Jan 2022Policy BriefNo 267Pledge or pretext? Lessons from the Fiscal CompactMartin Larch, Matthias Busse, László Jankovics
Jan 2022Policy BriefNo 262Choosing the European fiscal ruleGinters Bušs, Patrick Grüning, Oļegs Tkačevs
Jan 2022Policy BriefNo 261Firm financing and public liquidity measures during the pandemicIda Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte
Dec 2021Policy BriefNo 249Monetary and fiscal complementarity in the Covid-19 pandemicJagjit S Chadha, Luisa Corrado, Jack Meaning, Tobias Schuler
Nov 2021Policy BriefNo 234Optimism is bad for fiscal outcomesMartin Larch, Janis Malzubris, Matthias Busse
Oct 2021Policy BriefNo 208Human Frictions in the Transmission of Economic PolicyFrancesco D’Acunto, Daniel Hoang, Maritta Paloviita, Michael Weber
Oct 2021Policy BriefNo 203The reform of the EU’s fiscal governance framework in a new macroeconomic environmentMario Alloza, Javier Andrés, Pablo Burriel, Iván Kataryniuk, Javier J. Pérez, Juan Luis Vega
Sep 2021Policy BriefNo 190The Effects of Fiscal Policy when Planning Horizons are FiniteJoep Lustenhouwer, Kostas Mavromatis
Sep 2021Policy NoteNo 254Fiscal-Monetary Crosswinds in the Euro AreaLucrezia Reichlin, Giovanni Ricco, Matthieu Tarbé
Jul 2021Policy BriefNo 140How green is your budget? Green budgeting practices in the EUElva Bova
Jul 2021Policy NoteNo 249Gender, women economic concerns and monetary policy decision-makingSylvie Goulard
Jun 2021Policy BriefNo 119Six ways to bring inflation (expectations) upErnest Gnan
May 2021Policy NoteNo 239How to prevent a too restrictive fiscal policy in Europe?Wim Boonstra
May 2021Policy NoteNo 238Monetary and Fiscal Policy: Privileged powers, entwined responsibilitiesClaudio Borio and Piti Disyatat
Apr 2021Policy BriefNo 63The role of fiscal policies in the Covid-19 crisis: scope and limitationsNiels Thygesen
Mar 2021Policy BriefNo 58Next Generation EU: can we do better?Lorenzo Codogno, Paul van den Noord
Mar 2021Policy BriefNo 55Debt cancellation by the ECB: Does it make a difference?Paul de Grauwe
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Dec 2020Policy NoteNo 214Is NGEU a game changer for the ECB’s role in fighting the fall-out from COVID-19 in the euro area?Lukas Reiss, Maria Teresa Valderrama
Dec 2020Policy NoteNo 211Preparing for a higher inflation regimeElga Bartsch, Jean Boivin, Philipp Hildebrand
Nov 2020Policy BriefNo 35Keynes and Schumpeter are what the European economy needs right nowSylvain Broyer
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
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 NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Aug 2020Policy NoteNo 186European Recovery Fund: Sceptics Q&AReza Moghadam, Jacob Nell, Joao Almeida, Bruna Skarica, Markus Guetschow
Jul 2020Policy NoteNo 184Special Update of the European Fiscal MonitorWillem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen
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 173A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance systemMarco Protopapa
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 NoteNo 161Shh, don’t say it! ECB Helicopter Money: Economics and PoliticsDonato Masciandaro
Apr 2020Policy NoteNo 149A diverse monetary union creates invisible transfers that justify conditional solidarityEnrico Perotti and Oscar Soons
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Mar 2020Policy NoteNo 140The Paradox of Endogenous Nationalism and the Role of Quantitative EasingMassimo Morelli
Mar 2020Policy NoteNo 138Euro Area Economics: Greenflation?Jacob Nell, Joao Almeida, Markus Guetschow
Jan 2020Policy NoteNo 124Economic policy in EMU: What role for fiscal and monetary policy? Which has more scope left? How to combine them?Marco Buti
Nov 2019Policy NoteNo 117Euro Area Fiscal Policy: The Factual, the Possible and the SurprisingDaniele Antonucci
Nov 2019Policy NoteNo 114Central Banking in challenging timesClaudio Borio
Nov 2019Policy NoteNo 111Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvreKarsten Wendorff
Nov 2019Policy NoteNo 110Towards a European Governance Framework for CryptoassetsJason Grant Allen, Rosa María Lastra
Oct 2019Policy NoteNo 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Sep 2019Policy NoteNo 97Strengthened EU fiscal framework: fiscal discipline versus economic stabilizationBernhard Grossmann, Gottfried Haber
Sep 2019Policy NoteNo 96Reconciling risk sharing with market discipline: A constructive approach to euro area reformIsabel Schnabel
Sep 2019Policy NoteNo 93European Economic and Monetary Union: from the Past into the FutureJean-Claude Trichet
Aug 2019Policy NoteNo 88Mitigating Fiscal Risks from the Financial SectorLudger Schuknecht
Jul 2019Policy NoteNo 83Global economic governance at a crossroadsCarlo Monticelli
Apr 2019Policy NoteNo 67What is „Modern Money Theory“ (MMT)?Beat Weber
Mar 2019Policy NoteNo 60Fiscal RulesVitor Gaspar, David Amaglobeli
May 2018Policy NoteNo 34Modern financial repression in the euro area crisis: making high public debt sustainable?Ad van Riet
Dec 2017Policy NoteNo 22Deepening the Economic and Monetary Union: the EU priorities by 2025 and beyondMarco Buti
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer

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