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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)
Dec 2023Policy NoteNo 329Eurozone Banks: Higher Reserve Requirements Would Dent Profits And LiquidityNicolas Charnay, Pierre Hollegien
Nov 2023Policy BriefNo 749Monetary policy transmission below zero: In search of the reversal rateZuzana Fungáčová, Eeva Kerola, Olli-Matti Laine
Nov 2023Policy BriefNo 747Lessons from 100 inflation shocksAnil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski, Wei Zhao
Nov 2023Policy BriefNo 744Fiscal sources of inflation risk in EMDEs: the role of the external channelRyan Banerjee, Valerie Boctor, Aaron Mehrotra, Fabrizio Zampolli
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
Nov 2023Policy BriefNo 738Transmission of interest rate hikes depends on the level of central bank reserves held by banksDaniel Fricke, Stefan Greppmair, Karol Paludkiewicz
Nov 2023Policy BriefNo 737Underlying Inflation, Regime Shifts and Asymmetric RisksHervé Le Bihan, Danilo Leiva-León, Matías Pacce
Nov 2023Policy BriefNo 731Monetary policy rules under bounded rationalityMichael Dobrew, Rafael Gerke, Daniel Kienzler, Alexander Schwemmer
Nov 2023Policy BriefNo 730Inflation expectations in CESEE are shaped by the sentiment and experiences of individualsKatharina Allinger, Fabio Rumler
Nov 2023Policy BriefNo 722High Debt Levels Can Impede Monetary PolicyLuis Brandao-Marques, Marco Casiraghi, Gaston Gelos, Olamide Harrison, Gunes Kamber
Nov 2023Policy BriefNo 720Forecasting euro area inflation with machine learning modelsMichele Lenza, Inés Moutachaker, Joan Paredes
Nov 2023Policy BriefNo 717The role of demand and supply factors during a period of high inflation – the case of IrelandThomas Conefrey, Darragh McLaughlin
Oct 2023Policy BriefNo 714What drives inflation? Disentangling demand and supply factorsSandra Eickmeier, Boris Hofmann
Oct 2023Policy BriefNo 712The Term Structure of Inflation Forecasts Disagreement and Monetary Policy TransmissionAlessandro Barbera, Dora Xia, Sonya Zhu
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 698E-commerce and Price Setting: Evidence from EuropeGeorg Strasser, Elisabeth Wieland, Paweł Macias, Aneta Błażejowska, Karol Szafranek, David Wittekopf
Oct 2023Policy NoteNo 324Money and inflationIsabel Schnabel
Oct 2023Policy NoteNo 323What An Acceleration of Quantitative Tightening Could Mean For Eurozone BanksNicolas Charnay, Pierre Hollegien, Sylvain Broyer, Aude Guez
Oct 2023Policy BriefNo 692Innovation, Industry Equilibrium, and Discount RatesMaria Cecilia Bustamante, Francesca Zucchi
Sep 2023Policy NoteNo 322Central Banks: Firefighters or Pyromaniacs in Recent Crises?Marc-Olivier Strauss-Kahn
Sep 2023Policy BriefNo 690Gauging price pressures in the euro area with the inflation compassNuno Lourenço, João Quelhas, António Rua
Sep 2023Policy BriefNo 688Bonds at a premium: the impact of insurers on corporate bond issuersChristian Kubitza
Sep 2023Policy BriefNo 687Fear The Walking Dead? Zombie Firms in the Euro Area and Their Effect on Healthy Firms’ Credit ConditionsLea Katharina Havemeister, Kristian Horn
Sep 2023Policy BriefNo 686The long-term effects of inflation on inflation expectationsFabio Braggion, Felix von Meyerinck, Nic Schaub, Michael Weber
Sep 2023Policy BriefNo 684Fear (no more) of Floating: How emerging market central banks avoided a currency meltdown during the pandemic despite purchasing local-currency assetsYasin Mimir, Enes Sunel
Sep 2023Policy BriefNo 677How does changing pricing behavior affect inflation? Evidence from Euro Area microdataJuhana Hukkinen, Matti Viren
Aug 2023Policy BriefNo 663The drivers of market-based inflation expectations in the euro area and in the USChristian Höynck, Luca Rossi
Aug 2023Policy BriefNo 653Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter?Mohamed Belkhir, Sami Ben Naceur, Bertrand Candelon, Woon Gyu Choi, Farah Mugrabi
Aug 2023Policy BriefNo 651Identifying money and inflation expectation shocks on real oil pricesSzilard Benk, Max Gillman
Aug 2023Policy BriefNo 648 European bank performance – as good as it gets, despite recent wobbles?Jan Schildbach
Jul 2023Policy BriefNo 645How to measure inflation volatility. A Note.Alfredo Garcia-Hiernaux, Maria T. Gonzalez-Perez, David E. Guerrero
Jul 2023Policy BriefNo 643Consumer Savings Behaviour at Low and Negative Interest RatesMarco Felici, Geoff Kenny, Roberta Friz
Jul 2023Policy BriefNo 642House price expectations and inflation expectations: Evidence from survey dataVedanta Dhamija, Ricardo Nunes, Roshni Tara
Jul 2023Policy BriefNo 639Money growth and consumer price inflation in the euro areaMartin Mandler, Michael Scharnagl
Jul 2023Policy NoteNo 314Has monetary policy changed for good? A retrospective on recent history and implications going forwardStefano Neri
Jul 2023Policy BriefNo 6342020s vs 1970s: echoes, not a replayMonica Defend, Vincent Mortier
Jul 2023Policy BriefNo 626Macroprudential policy in the high inflation environment: Sailing uncharted watersCarsten Detken, Ján Klacso, Reiner Martin
Jun 2023Policy BriefNo 620Insights into Credit Loss Rates: A Global DatabaseLi Lian Ong, Christian Schmieder, Min Wei
Jun 2023Policy BriefNo 614After the crypto-winter, the spring of crypto-assets regulation and supervisionDenis Beau
Jun 2023Policy BriefNo 604Back to the future: gold in international reserves as a new stabilizer (again!) of exchange rate systemsAleksandr V. Gevorkyan, Tarron Khemraj
Jun 2023Policy BriefNo 601What are the short-to-medium-term effects of extreme weather on the Croatian economy?Tihana Škrinjarić
May 2023Policy BriefNo 598Do hawks sit on stronger branches? Central banks’ equity and policy reactionsMarcel Barmeier, André Casalis
May 2023Policy BriefNo 593How often and how much do food prices change during periods of high inflation – an analysis of online prices in AustriaChristian Beer, Robert Ferstl, Bernhard Graf, Fabio Rumler
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 579Do unrealised bank losses affect loan pricing?Matjaž Volk
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 572House prices and ultra-low interest rates: Exploring the non-linear nexusDaniel Dieckelmann, Hannah S. Hempell, Barbara Jarmulska, Jan Hannes Lang, Marek Rusnák
Apr 2023Policy BriefNo 571Has the euro changeover really caused extra inflation in Croatia?Matteo Falagiarda, Christine Gartner, Ivan Mužić, Andreja Pufnik
Apr 2023Policy BriefNo 563Regulators as Risk Managers: Macroprudential Policy through a Risk Management LensDaniel Dimitrov, Sweder van Wijnbergen
Apr 2023Policy NoteNo 308Supply mattersAndrew Bailey
Apr 2023Policy NoteNo 307Back to normal? Balance sheet size and interest rate controlIsabel Schnabel
Apr 2023Policy BriefNo 562Loose Monetary Policy and Financial InstabilityMaximilian Grimm, Òscar Jordà, Moritz Schularick, Alan M. Taylor
Mar 2023Policy BriefNo 550Lower for longer under Endogenous Technology GrowthMichaela Elfsbacka Schmöller, Martin Spitzer
Mar 2023Policy BriefNo 548The Euro Area Great Inflation SurgeGuido Ascari, Paolo Bonomolo, Marco Hoeberichts, Riccardo Trezzi
Mar 2023Policy BriefNo 547Conditional density forecasting: a tempered importance sampling approachCarlos Montes-Galdón, Joan Paredes, Elias Wolf
Mar 2023Policy NoteNo 304Should central banks raise inflation targets?Ernest Gnan, Robert Holzmann
Mar 2023Policy NoteNo 303Energy shocks and corporate performance, the case of CroatiaIvan Huljak
Mar 2023Policy BriefNo 536Disruptions in global supply chains drive inflation in the euro areaDavid Finck, Peter Tillmann
Feb 2023Policy BriefNo 533When food bites back: What quarterly firm-level data reveal about food inflationAndré Casalis
Feb 2023Policy BriefNo 525FX intervention to stabilize or manipulate the exchange rate? Inference from profitabilityDamiano Sandri
Feb 2023Policy BriefNo 523Into the Universe of Unconventional Monetary Policy: State-dependence, Interaction and ComplementaritiesAndrejs Zlobins
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 298European Housing Prices: A Sticky, Gradual DeclineSylvain Broyer, Marion Amiot, Boris S Glass, Aude Guez
Jan 2023Policy BriefNo 512Price Setting Before and During the Pandemic: Evidence from Swiss Consumer PricesBarbara Rudolf, Pascal Seiler
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Dec 2022Policy BriefNo 489The impact of portfolio-based green monetary policy Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig, Carolin Nerlich
Dec 2022Policy BriefNo 488Can we have a sudden stop for inflation?Juhana Hukkinen, Matti Viren
Dec 2022Policy BriefNo 487Pricing of green bonds – drivers and dynamics of the greeniumAllegra Pietsch, Dilyara Salakhova
Dec 2022Policy BriefNo 483The Links Between Emerging Market Bond Flows, Exchange Rates and Future Financial ConditionsPeter Hördahl, Giorgio Valente
Dec 2022Policy BriefNo 482Shipping freight rates and inflation in the Euro AreaNektarios A. Michail, Konstantinos D. Melas, Lena T. Cleanthous
Dec 2022Policy BriefNo 480Quantitative forward guidance through interest rate projectionsBoris Hofmann, Dora Xia
Nov 2022Policy BriefNo 472(R-)Star gazing: Macro drivers suggest real neutral rate may have risen Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang
Nov 2022Policy BriefNo 470What micro price data teach us about the inflation process: web-scraping in PRISMAChiara Osbat
Nov 2022Policy BriefNo 461Dual interest rates and the transmission of monetary policyFrancesca Barbiero, Lorenzo Burlon, Maria Dimou, Jan Toczynski
Oct 2022Policy BriefNo 455Forecasting and Understanding US Inflation with Artificial IntelligencePhilippe Goulet Coulombe
Oct 2022Policy BriefNo 450Are Liability Driven Investors (LDIs) a liability for policymakers?Giacomo Carboni, Martin Ellison
Oct 2022Policy BriefNo 445Fiscal deficits and inflation risks: the role of fiscal and monetary policy regimesRyan Banerjee, Valerie Boctor, Aaron Mehrotra, Fabrizio Zampolli
Sep 2022Policy BriefNo 431Consumer Inflation Expectations and Regional Price ChangesTomasz Łyziak, Michael Pedersen, Ewa Stanisławska
Sep 2022Policy NoteNo 289Monetary policy in the euro area: the next phasePhilip R. Lane
Sep 2022Policy BriefNo 419Was globalization just a little thing in the process of inflation? Juhana Hukkinen, Matti Viren
Sep 2022Policy BriefNo 415How much foreign currency must a central bank buy to implement a minimum exchange rate? Estimation using the Swiss National Bank as an exampleMarkus Hertrich
Sep 2022Policy NoteNo 287Monetary policy and the Great VolatilityIsabel Schnabel
Sep 2022Policy BriefNo 407Household inflation expectations react to high euro area inflationGabriele Galati, Richhild Moessner, Maarten van Rooij
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 396The pass-through from inflation perceptions to inflation expectationsStefanie J. Huber, Daria Minina, Tobias Schmidt
Aug 2022Policy BriefNo 393Stagflation in the 1970s: lessons for the current situationAlmira Enders, Sebastian Giesen, Dominic Quint
Aug 2022Policy BriefNo 391Why is Swiss inflation low?GianLuigi Mandruzzato
Aug 2022Policy BriefNo 390Dissent in the ECB’s Governing Council Increases Households’ Inflation UncertaintyMoritz Grebe, Peter Tillmann
Jul 2022Policy BriefNo 382What Should the Inflation Target Be? Views from 600 EconomistsGene Ambrocio, Andrea Ferrero, Esa Jokivuolle, Kim Ristolainen
Jul 2022Policy BriefNo 377What lessons can we learn from the heterogeneity in inflation expectations among economic agents?Camille Cornand, Paul Hubert
Jul 2022Policy BriefNo 376Climate change and inflation in the euro areaChristiane Nickel
Jul 2022Policy BriefNo 374When Are “Inflation Expectations” Inflation Expectations? New Evidence From Business SurveysBrent H. Meyer, Xuguang Simon Sheng
Jul 2022Policy BriefNo 373Minibonds and intangiblesGabriele Beccari, Francesco Marchionne, Beniamino Pisicoli
Jul 2022Policy BriefNo 370Too little too late: ECB’s normalisation path was model- rather than data-drivenDaniel Gros, Farzaneh Shamsfakhr
Jul 2022Policy BriefNo 368Inflation Expectations and Climate ConcernChristoph Meinerding, Andrea Poinelli, Yves Schüler
Jun 2022Policy BriefNo 360On the psychology of inflation and its implicationsPascal Blanqué
Jun 2022Policy BriefNo 358Forecasting Inflation in France: an update of the model used at Banque de FranceYoussef Ulgazi, Paul Vertier
Jun 2022Policy BriefNo 351Currency demand at negative interest ratesEdoardo Rainone
Jun 2022Policy BriefNo 347Sectoral exchange rate pass-through in the euro areaChiara Osbat, Yiqiao Sun, Martin Wagner
May 2022Policy BriefNo 337Does it matter that households disagree about inflation?Alistair Macaulay
Apr 2022Policy BriefNo 323Is Super-Active Fiscal Policy Desirable?Roberto M. Billi, Carl E. Walsh
Apr 2022Policy NoteNo 273The return of inflationAgustín Carstens
Apr 2022Policy BriefNo 312Household Uncertainty and InflationGene Ambrocio
Apr 2022Policy BriefNo 311Making Sense of Consumers’ Inflation ExpectationsLovisa Reiche, Aidan Meyler, Christian Gayer
Apr 2022Policy BriefNo 308Investor demand in syndicated bond issuances: stylised factsMartin Hillebrand, Marko Mravlak, Peter Schwendner
Mar 2022Policy BriefNo 304Mind the gap: The widening post-pandemic gender divideJoyce Chang, Amy Ho
Mar 2022Policy NoteNo 270Will the supply-driven oil price shock unanchor inflation expectations?Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang
Mar 2022Policy NoteNo 269CBDC and the international position of the euroWim Boonstra
Mar 2022Policy BriefNo 293Tax Race to the Bottom Harms Location Attractiveness of Western EuropeLeonie Fischer, Jost H. Heckemeyer, Christoph Spengel, Daniela Steinbrenner
Feb 2022Policy BriefNo 283Don’t trust the (inflation) processBruce Kasman
Feb 2022Policy BriefNo 277Money and psychology of inflation: an investor viewPascal Blanqué
Feb 2022Policy BriefNo 271Including inflation expectations helps to improve inflation forecasts of econometric modelsMarta Bańbura, Danilo Leiva-León, Jan-Oliver Menz
Jan 2022Policy BriefNo 264Why disinflation can be more costly in a small open economy than in a closed economyOleksandr Faryna, Magnus Jonsson, Nadiia Shapovalenko
Jan 2022Policy BriefNo 263Pitfalls of Inflation Tolerance Ranges Hervé Le Bihan, Magali Marx, Julien Matheron
Jan 2022Policy BriefNo 258Why have interest rates fallen far below the return on capital?Magali Marx, Benoît Mojon, François R. Velde
Jan 2022Policy BriefNo 257Why do households save?Sami Oinonen, Matti Viren
Jan 2022Policy NoteNo 263Monetary Policy in a World of Radical UncertaintyMervyn King
Dec 2021Policy BriefNo 251Have Bail-in Policies Reduced Too-Big-To-Fail Expectations? Evidence from the European Overnight Interbank MarketEero Tölö, Esa Jokivuolle, Matti Virén
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Dec 2021Policy BriefNo 236How to steer interest rates in negative territory? An analysis of reserve tiering and interbank market activityLucas Marc Fuhrer, Matthias Jüttner, Jan Wrampelmeyer, Matthias Zwicker
Nov 2021Policy BriefNo 215Monetary policy strategies in the New Normal: A model-based analysis for the euro areaFabio Busetti, Stefano Neri, Alessandro Notarpietro, Massimiliano Pisani
Oct 2021Policy BriefNo 207The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital ControlsPhilippe Bacchetta, Rachel Cordonier, Ouarda Merrouche
Oct 2021Policy BriefNo 204Combining negative rates, forward guidance and asset purchases: Identification and impacts of the ECB’s unconventional policiesMassimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem
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
Oct 2021Policy BriefNo 202Revisiting the link between government debt and sovereign interest rates in the euro areaStéphanie Pamies, Nicolas Carnot, Anda Pătărău
Oct 2021Policy BriefNo 198Why did the pass-through from labor cost to price inflation decline in the US?Elena Bobeica, Matteo Ciccarelli, Isabel Vansteenkiste
Oct 2021Policy BriefNo 196Negative interest rates and the erosion of banks’ interest marginsJorien Freriks, Jan Kakes
Oct 2021Policy BriefNo 191Macroeconomic stabilisation in the presence of the effective lower bound: the case of the euro areaGünter Coenen, Carlos Montes-Galdón, Sebastian Schmidt
Sep 2021Policy BriefNo 189How do real and monetary integrations affect inflation dynamics in Turkey?Hülya Saygılı
Sep 2021Policy BriefNo 184Frozen markets: Iceland’s experience with capital controlsFrancis Breedon, Thórarinn G. Pétursson, Paolo Vitale
Sep 2021Policy NoteNo 256Ultra low interest rates from the perspective of a central bankerLars Rohde
Sep 2021Policy NoteNo 255Navigating by r*: safe or hazardous?Claudio Borio
Sep 2021Policy NoteNo 253Raising r*: Why, how, and if not now, when?Robert Holzmann, Maria T. Valderrama
Sep 2021Policy NoteNo 252Forging the Future of Monetary Union – taking stock and looking forwardMarkus Rodlauer, Rolf Strauch
Sep 2021Policy BriefNo 174Low-for-ultra-long policy will not be enough for JapanHiroshi Ugai
Sep 2021Policy BriefNo 173An export supply channel of exchange ratesErik Frohm
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 162The Natural Interest Rate in ChinaSUN Guofeng, Daniel M Rees
Aug 2021Policy BriefNo 150Digital euro has potential in the NetherlandsMichiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink
Aug 2021Policy BriefNo 148The role of information channels and experience for households’ inflation expectationsChristian Conrad, Zeno Enders and Alexander Glas
Jul 2021Policy BriefNo 141Some warning signals about average inflation targetingSeppo Honkapohja, Nigel McClung
Jul 2021Policy BriefNo 136What does “below, but close to, two per cent” mean? Assessing the ECB’s reaction function with real time dataMaritta Paloviita, Markus Haavio, Pirkka Jalasjoki, Juha Kilponen
Jul 2021Policy BriefNo 135Liquidity in the German corporate bond market: has the CSPP made a difference?Kathi Schlepper
Jul 2021Policy BriefNo 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
Jul 2021Policy BriefNo 130How well are consumers’ inflation expectations anchored to the ECB’s inflation aim?Gabriele Galati, Richhild Moessner, Maarten van Rooij
Jul 2021Policy BriefNo 121How climate protection adds to inflationJörg Krämer, Ralph Solveen
Jun 2021Policy BriefNo 119Six ways to bring inflation (expectations) upErnest Gnan
Jun 2021Policy BriefNo 116The euro area sovereign debt markets in the crisis: role and impact on financial stability perspectivesDenis Beau
Jun 2021Policy BriefNo 113The economics of interest rates and population growthJesse Edgerton
Jun 2021Policy BriefNo 111A rising core lifts all basketsBruce Kasman, Joseph Lupton, Michael S Hanson
Jun 2021Policy BriefNo 109Quantifying bias and inaccuracy of upper-level aggregation in Harmonised Index of Consumer Prices for Germany and the euro areaBy Thomas Knetsch, Julika Herzberg , Patrick Schwind and Sebastian Weinand
Jun 2021Policy NoteNo 246Integrated policy frameworks: The constraints of policy horizons and adjustment frequenciesClaudio Borio and Piti Disyatat
Jun 2021Policy NoteNo 244External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging MarketsAbdullah Kazdal, Muhammed Hasan Yılmaz
Jun 2021Policy BriefNo 99Stress-testing CESEE borrowers in the light of the COVID-19 pandemicAleksandra Riedl
May 2021Policy NoteNo 242Does the upturn in Eurozone money growth imply 5% inflation?Tim Congdon
May 2021Policy BriefNo 96Real interest rates and demographic developments: the role of population growth and migrationLucas Fuhrer, Nils Herger
May 2021Policy BriefNo 91Low Interest Rates and the Distribution of Household DebtMarina Emiris, François Koulischer
May 2021Policy NoteNo 235Negative Interest Rate Policy – The Experience So FarLuis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber, Roland Meeks
Apr 2021Policy BriefNo 75Europe: the shock of Covid-19 and the fear of accelerated zombificationHélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
Feb 2021Policy BriefNo 49Should developed economies manage international capital flows? An empirical and welfare analysisDennis Bonam, Gavin Goy, Emmanuel de Veirman
Jan 2021Policy BriefNo 41Is inflation dead or hibernating?Claudio Borio
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 BriefNo 40Could housing booms undermine productivity growth?Sebastian Doerr
Dec 2020Policy NoteNo 215Consequences for banks’ business from COVID-19 and policy responsesFrancesco Mazzaferro
Dec 2020Policy NoteNo 212Monetary policy effects when interest rates are negativeJoost Bats, Massimo Giuliodori, Aerdt Houben
Dec 2020Policy NoteNo 211Preparing for a higher inflation regimeElga Bartsch, Jean Boivin, Philipp Hildebrand
Nov 2020Policy BriefNo 37In Support of Monetary Policy: Using the Countercyclical Capital Buffer to Avoid a Reversal Interest RateMatthieu Darracq Pariès, Christoffer Kok, Matthias Rottner
Nov 2020Policy NoteNo 209Are equity markets currently overvalued? The role of the time horizon in earnings expectationsRoberto Blanco and Irene Roibás
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
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 199Macroeconomic stabilisation when nominal interest rates are constrained: A role for household inflation expectations?Geoff Kenny, Ioana Duca-Radu, Andreas Reuter
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Oct 2020Policy NoteNo 197The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation RevivalC.A.E. Goodhart, Manoj Pradhan
Sep 2020Policy BriefNo 28Limits and pitfalls of QE in emerging marketsDaniel Daianu
Sep 2020Policy BriefNo 25After Coronavirus: Deflation or Inflation?C.A.E. Goodhart
Sep 2020Policy NoteNo 192A rule-based monetary strategy for the European Central Bank: a call for monetary stabilityJuan E. Castañeda
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Aug 2020Policy BriefNo 23Eurozone in times of Covid-19: Debt monetisation by stealthPeter Vanden Houte
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
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
May 2020Policy NoteNo 170International inflation co-movementsPhilip R. Lane
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
Apr 2020Policy BriefNo 4How the economy will recover from the Corona shockJörg Krämer and Bernd Weidensteiner
Apr 2020Policy BriefNo 1Regulation, Corporate Culture and Individual Responsibility in BankingDavid T Llewellyn
Apr 2020Policy NoteNo 149A diverse monetary union creates invisible transfers that justify conditional solidarityEnrico Perotti and Oscar Soons
Mar 2020Policy NoteNo 145A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recoveryErnest Gnan
Mar 2020Policy NoteNo 144Euro Area Economics: Putting the OOH into HICPJacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 137R-star decline and monetary hysteresisPhurichai Rungcharoenkitkul
Jan 2020Policy NoteNo 121The quest for policy scope: Implications for monetary policy strategiesKlaas Knot
Dec 2019Policy NoteNo 119Central bank independence and inflationRyszard Kokoszczyński, Joanna Mackiewicz-Łyziak
Dec 2019Policy NoteNo 118Deposit facility rate, bank reserves, and portfolio reallocation incentivesManuel Buchholz, Kirsten Schmidt, Lena Tonzer
Nov 2019Policy NoteNo 117Euro Area Fiscal Policy: The Factual, the Possible and the SurprisingDaniele Antonucci
Nov 2019Policy NoteNo 112Inflation In The Eurozone Is Dead. Long Live (The Right Kind Of) InflationSylvain Broyer
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 94Escaping the Trap: Secular Stagnation, Monetary Policy and Financial FragilityMartin Wolf
Aug 2019Policy NoteNo 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
May 2019Policy NoteNo 69The post-crisis Phillips Curve and its policy implications: cumulative wage gap matters for inflationLiviu Voinea
Mar 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Feb 2019Policy NoteNo 58Disintermediation and re-intermediation effects of the CSPPÓscar Arce, Ricardo Gimeno, Sergio Mayordomo
Sep 2018Policy NoteNo 42Preserving regulatory certainty: The review of insurers’ capital requirementsGabriel Bernardino
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
Feb 2018Policy NoteNo 27Euro area quantitative easing: Large volumes, small impact?Daniel Gros
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
Dec 2016Policy NoteNo 9Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016Ernest Gnan, Clemens Jobst
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz
Feb 2016Policy NoteNo 4Gender diversity and monetary policyDonato Masciandaro, Paola Profeta, Davide Romelli
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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