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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 751Assessing the liquidity premium in the Italian bond marketMaria Ludovica Drudi, Giulio Carlo Venturi
Nov 2023Policy BriefNo 750Easier said than done: Predicting downside risks to house prices in CroatiaTihana Škrinjarić, Maja Sabol
Nov 2023Policy BriefNo 749Monetary policy transmission below zero: In search of the reversal rateZuzana Fungáčová, Eeva Kerola, Olli-Matti Laine
Nov 2023Policy BriefNo 748Monetary policy rules: model uncertainty meets design limitsAlexander Dück, Fabio Verona
Nov 2023Policy BriefNo 747Lessons from 100 inflation shocksAnil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski, Wei Zhao
Nov 2023Policy BriefNo 746When banks’ shadow fades and shadow banking rises: Securitization and loan performance in ChinaDi Gong, Jin Wu, Jigao Zhu
Nov 2023Policy BriefNo 745The BBVA Research Geopolitics Monitor: Tracking Geopolitical Sentiment and Events using Natural Language TechniquesAlvaro Ortiz, Tomasa Rodrigo, Jorge Sicilia
Nov 2023Policy NoteNo 328Central banks’ endgame: a new policy paradigmMahmood Pradhan, Lorenzo Portelli, Tristan Perrier
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 742Foreign economic policy uncertainty shocks and real activity in the Euro areaFilippo Arigoni, Črt Lenarčič
Nov 2023Policy BriefNo 741ECB Minimum Reserves - 10% or 10% less Government Bonds?Gunter Deuber, Franz Zobl
Nov 2023Policy BriefNo 740Can the green transition be risky for Slovak banks?Jozef Kalman, Ján Klacso, Roman Vasiľ, Juraj Zeman
Nov 2023Policy BriefNo 739How usable are capital buffers? An empirical analysis of the interaction between capital buffers and the leverage ratio since 2016Georg Leitner, Michal Dvořák, Alessandro Magi, Balázs Zsámboki
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 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 734Macroprudential stance assessment: problems of measurement and literature reviewTihana Škrinjarić
Nov 2023Policy BriefNo 733Superkurtosis: High-frequency trading and risk managementStavros Degiannakis, George Filis, Grigorios Siourounis
Nov 2023Policy BriefNo 732Quantitative easing, accounting and prudential frameworks, and bank lendingAndrea Orame, Rodney Ramcharan, Roberto Robatto
Nov 2023Policy BriefNo 730Inflation expectations in CESEE are shaped by the sentiment and experiences of individualsKatharina Allinger, Fabio Rumler
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 NoteNo 327Protect the Safe Core: Restating the Central Bank MandateEnrico Perotti
Nov 2023Policy BriefNo 728Firm leverage and the low-carbon transition in EuropeOlimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, Katia Vozian
Nov 2023Policy BriefNo 726How would banks respond to central bank digital currency?Barbara Meller, Oscar Soons
Nov 2023Policy BriefNo 722High Debt Levels Can Impede Monetary PolicyLuis Brandao-Marques, Marco Casiraghi, Gaston Gelos, Olamide Harrison, Gunes Kamber
Nov 2023Policy BriefNo 721Has the IMF’s 2021 general SDR allocation been useful? For what and for whom?Isabel Garrido, Irune Solera
Nov 2023Policy BriefNo 720Forecasting euro area inflation with machine learning modelsMichele Lenza, Inés Moutachaker, Joan Paredes
Nov 2023Policy BriefNo 719Should credit lines be regulated?Jose E. Gutierrez
Nov 2023Policy BriefNo 718Policy Insights from ICT Trade: Exploring the Influence of Regulatory ConvergenceMahdi Ghodsi
Nov 2023Policy BriefNo 717The role of demand and supply factors during a period of high inflation – the case of IrelandThomas Conefrey, Darragh McLaughlin
Nov 2023Policy BriefNo 716Who Needs an e-Yuan?Christian Pfister, Nicolas de Sèze
Nov 2023Policy BriefNo 715Is cash losing its role as store of value?Carl Andreas Claussen, Björn Segendorf, Franz Seitz
Oct 2023Policy BriefNo 714What drives inflation? Disentangling demand and supply factorsSandra Eickmeier, Boris Hofmann
Oct 2023Policy BriefNo 713The state-dependent impact of changes in bank capital requirementsJan Hannes Lang, Dominik Menno
Oct 2023Policy BriefNo 712The Term Structure of Inflation Forecasts Disagreement and Monetary Policy TransmissionAlessandro Barbera, Dora Xia, Sonya Zhu
Oct 2023Policy BriefNo 711Does Innovation Converge?Bryan Hardy, Can Sever
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 709The Mortgage Servicing Channel: Understanding Monetary Policy Transmission through Shadow BanksIsha Agarwal, Malin Hu, Raluca A. Roman, Keling Zheng
Oct 2023Policy BriefNo 707The D-model for GDP nowcastingStavros Degiannakis
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 703Gross bond issuance by Italian banks: key trends in times of crisis and unconventional monetary policyDonato Ceci, Alessandro Montino, Sara Pinoli, Andrea Silvestrini
Oct 2023Policy BriefNo 702A two-tier system of minimum reserve requirements by De Grauwe and Ji (2023): A closer lookClaudia Kwapil
Oct 2023Policy BriefNo 700Mind the gaps: Financial Cycles and Output Gap in the euro areaJustine Guillochon, Julien Le Roux
Oct 2023Policy BriefNo 698E-commerce and Price Setting: Evidence from EuropeGeorg Strasser, Elisabeth Wieland, Paweł Macias, Aneta Błażejowska, Karol Szafranek, David Wittekopf
Oct 2023Policy BriefNo 697On the Origins of the Federal Reserve System and Its StructureOwen F. Humpage
Oct 2023Policy NoteNo 325The European Commission’s crisis management and deposit insurance (CMDI) proposal increases system-wide liquidity risk and makes more banks systemicStefan W. Schmitz, Michaela Posch, Peter Strobl
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 696Mental Accounting and the Marginal Propensity to ConsumeRené Bernard
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
Oct 2023Policy BriefNo 692Innovation, Industry Equilibrium, and Discount RatesMaria Cecilia Bustamante, Francesca Zucchi
Oct 2023Policy BriefNo 691Identifying the security lending channel in a central bank’s asset purchase program: a case of Bank of Japan’s ETF purchasesMitsuru Katagiri, Junnosuke Shino, Koji Takahashi
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 689An Unconventional FX Tail Risk StoryCarlos Cañon, Eddie Gerba, Alberto Pambira, Evarist Stoja
Sep 2023Policy BriefNo 688Bonds at a premium: the impact of insurers on corporate bond issuersChristian Kubitza
Sep 2023Policy NoteNo 321Technological change and the destabilisation of bank deposits: Assessment and policy implications Ulrich Bindseil, Richard Senner
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 NoteNo 320Leaving the eurozone but staying in the EU. Can it be done? And is it wise?Wim Boonstra
Sep 2023Policy BriefNo 682How asymmetries of information can amplify house price shocks to the supply of mortgage credit?Salomón García
Sep 2023Policy BriefNo 680US Monetary Policy Spillovers To Emerging Markets: The Role of Trade CreditMélina London, Maéva Silvestrini
Sep 2023Policy BriefNo 679The current Polycrisis versus the Global Financial CrisisMarc-Olivier Strauss-Kahn
Sep 2023Policy BriefNo 678Nowcasting World Trade with Machine Learning: a Three-Step ApproachMenzie Chinn, Baptiste Meunier, Sebastian Stumpner
Sep 2023Policy BriefNo 677How does changing pricing behavior affect inflation? Evidence from Euro Area microdataJuhana Hukkinen, Matti Viren
Aug 2023Policy BriefNo 674More uncertainty, but no financial compensation: Wage differentials between permanent and flexible jobs in The NetherlandsCindy Biesenbeek, Maikel Volkerink
Aug 2023Policy BriefNo 673Macroeconomic News, the Financial Cycle and the Commodity Cycle: the Chinese FootprintFlavia Corneli, Fabrizio Ferriani, Andrea Gazzani
Aug 2023Policy BriefNo 672Explaining the endurance of price level differences in the euro areaHuw Dixon, Pavlos Petroulas, Theodora Kosma
Aug 2023Policy BriefNo 671An Analysis of Business Cycle Fluctuations in Slovenia and the Euro AreaJan Radovan
Aug 2023Policy BriefNo 670How to Design Carbon Pricing Under Financial Constraints? Revisiting Pigouvian Taxation when Borrowers are “Too Levered for Pigou”Robin Döttling, Magdalena Rola-Janicka
Aug 2023Policy BriefNo 669Could Green Growth Be An Oxymoron?Paul Gruenwald
Aug 2023Policy BriefNo 668Fifty Shades of QE RevisitedMartin Weale, Tomasz Wieladek
Aug 2023Policy BriefNo 667Fifty shades of QE: Robust evidenceBrian Fabo, Martina Jancokova, Elisabeth Kempf, Lubos Pastor
Aug 2023Policy BriefNo 664Too Low for Too Long: Could Extended Periods of Ultra-Easy Monetary Policy Have Harmful Effects?Etibar Jafarov, Enrico Minnella
Aug 2023Policy BriefNo 663The drivers of market-based inflation expectations in the euro area and in the USChristian Höynck and Luca Rossi
Aug 2023Policy BriefNo 662Adoption, Fragility and Regulation of StablecoinsChristoph Bertsch
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 660Central clearing in turbulent times: frontiers in regulation and oversightFabio Panetta
Aug 2023Policy NoteNo 318The Quest for Deposit StabilityFernando Restoy
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 659Rethinking the trade specialisation concept: from products to functionsAleksandra Kordalska, Magdalena Olczyk
Aug 2023Policy BriefNo 657The climate change challenge and fiscal instruments and policies in the EUAris Avgousti, Francesco Caprioli, Giacomo Caracciolo, Marion Cochard, Pietro Dallari, Mar Delgado-Téllez, João Domingues, Marien Ferdinandusse, Daniela Filip, Carolin Nerlich, Doris Prammer, Katja Schmidt, Anastasia Theofilakou
Aug 2023Policy NoteNo 316Peeling the onion: US bank stress not spreading to Euro areaRavi Balakrishnan, Marco Protopapa
Aug 2023Policy BriefNo 656Should we bother with sovereign sustainability bonds?Daniel C. Hardy
Aug 2023Policy BriefNo 655Building Central Bank Credibility: The Role of Forecast PerformanceMichael McMahon, Ryan Rholes
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 650Leading indicators of financial stress: a regime switching approachTihana Škrinjarić
Aug 2023Policy BriefNo 649Do non-banks need access to the lender-of-last-resort? Evidence from fund runsJohannes Breckenfelder, Marie Hoerova
Aug 2023Policy BriefNo 648 European bank performance – as good as it gets, despite recent wobbles?Jan Schildbach
Aug 2023Policy BriefNo 647Technology to combat climate change: where is investment flowing?Giulio Cornelli, Jon Frost, Leonardo Gambacorta, Ouarda Merrouche
Jul 2023Policy BriefNo 646CBDC and business cycle dynamics in a New Monetarist New Keynesian modelKatrin Assenmacher, Lea Bitter, Annukka Ristiniemi
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 641Exploring the informational role of inflated credit ratingsAnna Bayona, Oana Peia, Razvan Vlahu
Jul 2023Policy BriefNo 639Money growth and consumer price inflation in the euro areaMartin Mandler, Michael Scharnagl
Jul 2023Policy BriefNo 638Dirty home, clean abroad: Implications of the “carbon home bias”Martijn Boermans, Rients Galema
Jul 2023Policy BriefNo 637How the central bank collateral framework shapes the outcomes of liquidity stress test modelsAngelo Cuzzola, Claudio Barbieri, Ulrich Bindseil
Jul 2023Policy BriefNo 636A proposal for the European Green Transition via Significant Risk Transfer SecuritisationsFernando Gonzalez, Giuliano Giovannetti
Jul 2023Policy BriefNo 635No time to slack: nowcasting employment in the euro areaMarta Bańbura, Irina Belousova, Katalin Bodnár, Máté Barnabás Tóth
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 632When Do Credit Booms Become Troublesome?Eddie Gerba, Danilo Leiva-León, Johannes Poeschl
Jul 2023Policy BriefNo 630Identifying financial fragmentation in the euro areaJan Kakes, Jan Willem van den End
Jul 2023Policy BriefNo 629Macroprudential policy is a key defense line against global financial shocksKatharina Bergant, Francesco Grigoli, Niels-Jakob Hansen, Damiano Sandri
Jul 2023Policy BriefNo 627Thirty Years Of The EU Single Market: Why Cross-Border Capital Flows Remain Sluggish, Despite Positive DevelopmentsSylvain Broyer, Aude Guez
Jul 2023Policy BriefNo 626Macroprudential policy in the high inflation environment: Sailing uncharted watersCarsten Detken, Ján Klacso, Reiner Martin
Jun 2023Policy BriefNo 625Who holds sovereign debt and why it mattersXiang Fang, Bryan Hardy, Karen K Lewis
Jun 2023Policy BriefNo 624CCP initial margin models: A peek under the hoodIsmael Alexander Boudiaf, Martin Scheicher, Francesco Vacirca
Jun 2023Policy BriefNo 623Are firms credit constrained? Answers from a Swedish credit registryNiklas Amberg, Tor Jacobson, Vincenzo Quadrini, Anna Rogantini Picco
Jun 2023Policy BriefNo 622Practical Offline Payments Using One-Time PasscodesPriscilla Huang, Emmanuel Benoist, Christian Grothoff, Sebastian Javier Marchano
Jun 2023Policy BriefNo 621Interdependence between assets and liabilities in the banking system: changes in the last two decadesValentina Michelangeli, Fabio Massimo Piersanti
Jun 2023Policy BriefNo 620Insights into Credit Loss Rates: A Global DatabaseLi Lian Ong, Christian Schmieder, Min Wei
Jun 2023Policy BriefNo 619Does Green Transition promote Green Innovation and Technological Acquisitions?Udichibarna Bose, Wildmer Daniel Gregori, Maria Martinez Cillero
Jun 2023Policy BriefNo 615Should inequality factor into central banks’ decisions?Niels-Jakob H. Hansen, Alessandro Lin, Rui C. Mano
Jun 2023Policy BriefNo 614After the crypto-winter, the spring of crypto-assets regulation and supervisionDenis Beau
Jun 2023Policy BriefNo 613A common tool for a greener future: The case for an EU Climate and Energy Security FundLaurent Abraham, Marguerite O’Connell, Iñigo Arruga Oleaga
Jun 2023Policy BriefNo 611Sovereign exposures of European banks - revisitedHeike Mai
Jun 2023Policy BriefNo 609The effects of negative interest rates on bank market power: implications for euro area banks’ lending channel and stabilityYener Altunbas, Giuseppe Avignone, Christoffer Kok, Cosimo Pancaro
Jun 2023Policy BriefNo 608Is the EU Money Market Fund Regulation fit for purpose? Lessons from the COVID-19 turmoilLaura-Dona Capotă, Michael Grill, Luis Molestina Vivar, Niklas Schmitz, Christian Weistroffer
Jun 2023Policy BriefNo 607The use of surveys for monetary and economic policyLuigi Federico Signorini
Jun 2023Policy BriefNo 606Does it matter where and how governments spend?Ernil Sabaj, Rashid Sbia, Haytem Troug
Jun 2023Policy BriefNo 605BigTech Credit and Monetary Policy TransmissionYiping Huang, Xiang Li, Han Qiu, Changhua Yu
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 603Alexandre Lamfalussy and the origins of instability in capitalist economiesIvo Maes
Jun 2023Policy NoteNo 313Monetary and financial stability – can they be separated?Isabel Schnabel
Jun 2023Policy BriefNo 602Assessing the “Tragedy of the Horizons”: Conceptual underpinnings of the NGFS scenarios and suggestions for improvementIrene Monasterolo, María J. Nieto, Edo Schets
Jun 2023Policy BriefNo 601What are the short-to-medium-term effects of extreme weather on the Croatian economy?Tihana Škrinjarić
Jun 2023Policy BriefNo 600Navigating the Tightrope: Balancing Financial Stability and Inflation in the Age of Persistent Financial Cycles and CrisesThore Kockerols, Erling Motzfeldt Kravik, Yasin Mimir
Jun 2023Policy BriefNo 599Measuring the Temporal Dimension of Text: An Application to Policymaker SpeechesDavid Byrne, Robert Goodhead, Michael McMahon, Conor Parle
May 2023Policy BriefNo 598Do hawks sit on stronger branches? Central banks’ equity and policy reactionsMarcel Barmeier, André Casalis
May 2023Policy BriefNo 597Boosting the Green Transition: Greenhouse gas emissions and bank lendingKoji Takahashi, Junnosuke Shino
May 2023Policy BriefNo 596Reforming the Monetary System for the Digital AgeBurkhard Drees, Sunil Sharma
May 2023Policy BriefNo 594Lessons from forecast averaging residential investmentCarlos Cañizares Martínez, Gabe de Bondt, Arne Gieseck
May 2023Policy NoteNo 311Getting up from the floorClaudio Borio
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 592Debt-for-nature swaps: a two-fold solution for environmental and debt sustainability in developing countries?Quentin Paul, Romain Svartzman, Pierre-François Weber
May 2023Policy BriefNo 591What to expect after “effortless” debt reduction in the euro area?Matthias Reith
May 2023Policy BriefNo 588The digital euro: a precautionary device, not a deus-ex-machinaIgnazio Angeloni
May 2023Policy BriefNo 586The Big Problem of Small SyndicatesMingze Gao, Iftekhar Hasan, Buhui Qiu, Eliza Wu
May 2023Policy BriefNo 584Euro Area inflation differentials: the role of fiscal policies revisitedCristina Checherita-Westphal, Nadine Leiner-Killinger, Teresa Schildmann
May 2023Policy BriefNo 582Critical metals for the low-carbon transition: macro-financial issuesStéphane Dees, Simon Dikau, Hugh Miller, Romain Svartzman
May 2023Policy BriefNo 581On the Macroeconomic Effects of Reinvestments in Asset Purchase ProgrammesRafael Gerke, Daniel Kienzler, Alexander Scheer
May 2023Policy BriefNo 580Can machine learning help forecasting fiscal crises in emerging and developing countries?Raffaele De Marchi, Alessandro Moro
May 2023Policy BriefNo 579Do unrealised bank losses affect loan pricing?Matjaž Volk
May 2023Policy BriefNo 578The effectiveness of green collateral policy as an instrument of climate policyFrancesco Giovanardi, Matthias Kaldorf, Lucas Radke, Florian Wicknig
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 576Monetary policy and the drifting natural rate of interestSandra Daudignon, Oreste Tristani
Apr 2023Policy BriefNo 575Labour market differences and monetary policy in the euro areaSandra Gomes, Pascal Jacquinot, Matija Lozej
Apr 2023Policy BriefNo 574The effect of extreme temperatures on the US economy and on the conduct of monetary policyFilippo Natoli
Apr 2023Policy BriefNo 573Moving apart – the financial sectors in UK and EU post-BrexitThorsten Beck, Christy Ann Petit
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 570Learning with uncertain inflation targetStefano Marzioni, Guido Traficante
Apr 2023Policy BriefNo 569Window dressing of Regulatory Metrics: Evidence from Repo MarketsClaudio Bassi, Markus Behn, Michael Grill, Martin Waibel
Apr 2023Policy BriefNo 567Catching the green-tech train: technology and climate change mitigationClaire Alestra, Gilbert Cette, Valérie Chouard, Rémy Lecat
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
Apr 2023Policy NoteNo 309The Digital Euro (CBDC) as a Monetary Anchor of the Financial SystemPeter Bofinger, Thomas Haas
Apr 2023Policy BriefNo 565Monetary Policy in the Presence of Supply ConstraintsAlmut Balleer, Marvin Noeller
Apr 2023Policy BriefNo 564The Stability and Growth Pact three decades laterJuhana Hukkinen, Matti Viren
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
Apr 2023Policy BriefNo 561Leaning against the Global Financial CycleAndrea Ferrero, Maurizio Michael Habib, Livio Stracca, Fabrizio Venditti
Apr 2023Policy BriefNo 560Evaluating the macroprudential stance in a growth-at-risk frameworkDominic Cucic, Ianna Georgieva Yordanova, Niels Framroze Møller, Simon Gade Søndergaard
Mar 2023Policy NoteNo 306Why there is no need to stray from the original ideas behind the Bank Recovery and Resolution DirectiveJesper Berg, Steffen Ulrik Lind
Mar 2023Policy BriefNo 558Unraveling the Structure of Nested Decentralized Finance (DeFi) ProtocolsStefan Kitzler, Friedhelm Victor, Pietro Saggese, Bernhard Haslhofer
Mar 2023Policy BriefNo 557A friend in need is a friend indeed? Nonbanks and lending relationships during crisesIñaki Aldasoro, Sebastian Doerr, Haonan Zhou
Mar 2023Policy BriefNo 556How prevalent are investment funds in cross-border investment?Pınar Yeşin
Mar 2023Policy BriefNo 555Technology and Asset Liquidations: Evidence from Real Estate CollateralFrancesco Mazzola
Mar 2023Policy BriefNo 554The impact of the war in Ukraine on energy prices: consequences for firms’ financial performanceFabrizio Ferriani, Andrea Gazzani
Mar 2023Policy BriefNo 553Machine Learning Methods in Climate Finance: a Systematic ReviewAndrés Alonso-Robisco, José Manuel Carbó, José Manuel Marqués
Mar 2023Policy NoteNo 305Climate stress tests: Are banks fit for the green transition?Ursula Walther
Mar 2023Policy BriefNo 552The euro interest rate swap market: Recent trends in trading activity and liquidityFederico Babbi, Immo Frieden, Martin Scheicher
Mar 2023Policy BriefNo 551Who funds zombie firms: banks or non-banks?Saara Tuuli
Mar 2023Policy BriefNo 550Lower for longer under Endogenous Technology GrowthMichaela Elfsbacka Schmöller, Martin Spitzer
Mar 2023Policy BriefNo 549CCPs United: the hidden dangers of shared clearing membershipLuitgard A. M. Veraart, Iñaki Aldasoro
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 BriefNo 546Bank lending to small firms: metamorphosis of a financing modelPaolo Finaldi Russo, Valentina Nigro, Sabrina Pastorelli
Mar 2023Policy BriefNo 544Using machine learning to measure financial risk in ChinaAlexander Al-Haschimi, Apostolos Apostolou, Andres Azqueta-Gavaldon, Martino Ricci
Mar 2023Policy BriefNo 543How shocks to Chinese supply chains affect US and euro area manufacturingMakram Khalil, Marc-Daniel Weber
Mar 2023Policy BriefNo 541Climate Risks in Albania and their Relevance to the Central BankMargerita Topalli, Pierre Monnin
Mar 2023Policy BriefNo 539When policies get in the way of profit shifting to tax havensJoana Garcia
Mar 2023Policy BriefNo 538How does offshoring shape labour market imperfections? A comparative analysis of Belgian and Dutch firmsSabien Dobbelaere, Catherine Fuss, Mark Vancauteren
Mar 2023Policy NoteNo 304Should central banks raise inflation targets?Ernest Gnan, Robert Holzmann
Mar 2023Policy BriefNo 537Navigating the housing channel of monetary policy across euro area regionsNiccolò Battistini, Matteo Falagiarda, Angelina Hackmann, Moreno Roma
Mar 2023Policy BriefNo 536Disruptions in global supply chains drive inflation in the euro areaDavid Finck, Peter Tillmann
Mar 2023Policy BriefNo 534Modeling Semiconductor Export Restrictions and the US-China Trade ConflictMichael Funke, Adrian Wende
Feb 2023Policy NoteNo 302Macroprudential policy and real estate fundsManuel A. Muñoz, Frank Smets
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 531Austerity benefits the extremesRicardo Duque Gabriel, Mathias Klein, Ana Sofia Pessoa
Feb 2023Policy BriefNo 530Deep contractions cause economic scars that never healDavid Aikman, Mathias Drehmann, Mikael Juselius, Xiaochuan Xing
Feb 2023Policy BriefNo 528Federal Reserve Speeches Meet Transformer ModelsChristoph Bertsch, Isaiah Hull, Robin L. Lumsdaine, Xin Zhang
Feb 2023Policy BriefNo 527Central Bank digital currencies in Africa: catching upEnrique Alberola, Ilaria Mattei
Feb 2023Policy BriefNo 526Consumption Inequality in the Digital AgeKai Arvai, Katja Mann
Feb 2023Policy BriefNo 525FX intervention to stabilize or manipulate the exchange rate? Inference from profitabilityDamiano Sandri
Feb 2023Policy BriefNo 524Highly Dispersed inflation rates challenge the ECB’s monetary policy strategyThomas Url
Feb 2023Policy BriefNo 523Into the Universe of Unconventional Monetary Policy: State-dependence, Interaction and ComplementaritiesAndrejs Zlobins
Feb 2023Policy BriefNo 522Macroprudential FX Regulations: Sacrificing Small Firms for Stability?María Alejandra Amado
Feb 2023Policy NoteNo 300Geopolitical scenarios for 2023 and beyondFranz Eder
Feb 2023Policy BriefNo 521Can Machine Learning Methods Help Nowcast GDP?Andreas Pick, Jasper de Winter
Feb 2023Policy BriefNo 519Borrower-based regulations push housing demand towards the suburbsRikke Rhode Nissen, Alessandro Tang-Andersen Martinello, Simon Juul Hviid, Christian Sinding Bentzen
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 BriefNo 517Stock Return Predictability: Comparing Macro- and Micro-ApproachesArthur Stalla-Bourdillon
Feb 2023Policy NoteNo 299Convergence in GDP per capita in the euro area and the EU at the time of COVID-19Mirko Licchetta, Giovanni Mattozz
Feb 2023Policy NoteNo 298European Housing Prices: A Sticky, Gradual DeclineSylvain Broyer, Marion Amiot, Boris S Glass, Aude Guez
Feb 2023Policy BriefNo 516A scientific illusion in risk management?José María Roldán
Feb 2023Policy BriefNo 515Green Policies and Transition Risk Propagation in Production NetworksPablo Aguilar, Beatriz González, Samuel Hurtado
Jan 2023Policy BriefNo 513Gender diversity in bank boardrooms helps to combat climate changeLeonardo Gambacorta, Livia Pancotto, Alessio Reghezza, Martina Spaggiari
Jan 2023Policy BriefNo 512Price Setting Before and During the Pandemic: Evidence from Swiss Consumer PricesBarbara Rudolf, Pascal Seiler
Jan 2023Policy BriefNo 511Eurozone Government Bond Spreads: A Tale of Different ECB Policy RegimesSylvester C W Eijffinger, Mary Pieterse-Bloem
Jan 2023Policy BriefNo 510Bank and non-bank balance sheet responses to monetary policy shocksFédéric Holm-Hadulla, Falk Mazelis, Sebastian Rast
Jan 2023Policy BriefNo 508Bank Competition and Bargaining over RefinancingMarina Emiris, François Koulischer, Christophe Spaenjers
Jan 2023Policy BriefNo 507Joint Ownership of Production Projects as a Commitment Device against Interest Groups Nicoletta Berardi, Paul Seabright
Jan 2023Policy BriefNo 505Adjusted regulation can improve capital buffer usability Ianna Georgieva Yordanova
Jan 2023Policy BriefNo 504Introduction of the composite indicator of cyclical systemic risk in Croatia: possibilities and limitationsTihana Škrinjarić
Jan 2023Policy BriefNo 502Latent Fragility: Conditioning Banks’ Joint Probability of Default on the Financial CyclePaul Bochmann, Paul Hiebert, Yves Schüler, Miguel Segoviano
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Jan 2023Policy NoteNo 295The interplay between too big to fail policies and why it mattersAndré Ebner, Christiane Westhoff
Jan 2023Policy BriefNo 501Going native? How crypto technology may help regulatorsClaudia Biancotti
Jan 2023Policy BriefNo 500The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework in 2020 and 2021Marco Corsi, Yvo Mudde
Jan 2023Policy BriefNo 499Invest One -- Get Two Extra: Public Investment Crowds In Private InvestmentOlegs Matvejevs, Olegs Tkacev
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 NoteNo 293The EU macroprudential review should prioritize removing regulatory overlaps and increasing the flexibility of the CCyBStefan W. Schmitz, Michaela Posch, Peter Strobl
Dec 2022Policy BriefNo 497European Small Business Finance Outlook: SMEs in between crisesHelmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs
Dec 2022Policy BriefNo 494Introducing Green Bank Equity to fund the low-carbon transitionAaron Janowski
Dec 2022Policy BriefNo 493Financial exposure and bank mergers - Micro and macro evidence from the EULaura Lebastard
Dec 2022Policy BriefNo 491Risk sharing and monetary policy transmissionSebastian Hauptmeier, Fédéric Holm-Hadulla, Théodore Renault
Dec 2022Policy BriefNo 490Systemic Bank Runs: How a Misallocation of Liquidity May Trigger a Solvency CrisisLukas Altermatt, Hugo van Buggenum, Lukas Voellmy
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 486How do borrowers adjust in a household foreign currency debt crisis?Győző Gyöngyösi, Judit Rariga, Emil Verner
Dec 2022Policy BriefNo 485Dynamic Macroeconomic Implications of ImmigrationConny Olovsson, Karl Walentin, Andreas Westermark
Dec 2022Policy BriefNo 484Monetary and macroprudential policy effectiveness and spilloversLuc Laeven, Angela Maddaloni, Caterina Mendicino
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 481Should central banks be involved in historical research?Ivo Maes
Dec 2022Policy BriefNo 480Quantitative forward guidance through interest rate projectionsBoris Hofmann, Dora Xia
Nov 2022Policy BriefNo 478The surprisingly untapped potential of reallocation of economic activity to reduce carbon emissionsGert Bijnens, Carine Swartenbroekx
Nov 2022Policy BriefNo 476Finance in Africa 2022: Navigating the financial landscape in turbulent timesColin Bermingham, Barbara Marchitto, Debora Revoltella
Nov 2022Policy BriefNo 475Do stablecoins alter the monetary policy transmission mechanism?Pietro Cova, Alessandro Notarpietro, Patrizio Pagano, Massimiliano Pisani
Nov 2022Policy BriefNo 474Cost efficiency in the euro area banking sector and the negative interest rate environmentGiuseppe Avignone, Claudia Girardone, Cosimo Pancaro, Livia Pancotto, Alessio Reghezza
Nov 2022Policy BriefNo 473The Impact of Natural Disasters on Banks’ Impairment Flow – Evidence from GermanyIliriana Shala, Benno Schumacher
Nov 2022Policy BriefNo 471Environmental and Social Preferences and Investments in Crypto-AssetsPavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs
Nov 2022Policy BriefNo 470What micro price data teach us about the inflation process: web-scraping in PRISMAChiara Osbat
Nov 2022Policy BriefNo 468The reform of the EU fiscal framework: an enhanced surveillance role for independent fiscal councils?Christos Chrysanthakopoulos, Athanasios Tagkalakis
Nov 2022Policy BriefNo 467A tale of three crises: synergies between ECB tasksKarin Hobelsberger, Christoffer Kok, Francesco Paolo Mongelli
Nov 2022Policy BriefNo 466Price-at-risk: systemic risk from price-impact induced contagionGábor Fukker, Michiel Kaijser, Luca Mingarelli, Matthias Sydow
Nov 2022Policy BriefNo 463Country Characteristics and Institutions as Significant Factor in Global Value Chain IntegrationMojca Lindič
Nov 2022Policy BriefNo 462Disclosure of climate change risks in credit ratingsMiriam Breitenstein, Stefania Ciummo, Florian Walch
Nov 2022Policy BriefNo 461Dual interest rates and the transmission of monetary policyFrancesca Barbiero, Lorenzo Burlon, Maria Dimou, Jan Toczynski
Nov 2022Policy NoteNo 292The complex task of reforming the EU’s electricity market - Intervention options proposed by the European CommissionCristian Stet, Pablo Ruiz, Susan Hansen
Nov 2022Policy BriefNo 458Immigrants and the distribution of income and wealth in the euro areaMaarten Dossche, Aleksandra Kolndrekaj, Maximilian Propst, Javier Ramos Perez, Jiri Slacalek
Nov 2022Policy BriefNo 457The Certification Role of the EU-Wide Stress Testing Exercises in the Stock Market. What Can We Learn from the Stress Tests (2014-2021)?Agha Durrani, Steven Ongena, Aurea Ponte Marques
Oct 2022Policy BriefNo 456Digital players vs. traditional banks: Fierce competition, higher concentration or a trend towards platformization?Laurent Clerc, Timothée Dufour, Pierre Harguindeguy, Stefano Ungaro
Oct 2022Policy BriefNo 455Forecasting and Understanding US Inflation with Artificial IntelligencePhilippe Goulet Coulombe
Oct 2022Policy BriefNo 454Augmented credit-to-GDP gap as a more reliable indicator for macroprudential policy decision-makingTihana Škrinjarić
Oct 2022Policy BriefNo 453Under-researched areas of CBDCShalva Mkhatrishvili, Wim Boonstra
Oct 2022Policy BriefNo 452Are governments inflating their economic forecasts ahead of elections?Davide Cipullo, André Reslow
Oct 2022Policy BriefNo 451Towards the holy grail of cross-border payments; the interlinking solutionUlrich Bindseil, George Pantelopoulos
Oct 2022Policy BriefNo 450Are Liability Driven Investors (LDIs) a liability for policymakers?Giacomo Carboni, Martin Ellison
Oct 2022Policy BriefNo 449Natural Language Processing and Financial Markets: Semi-supervised Modelling of Coronavirus and Economic NewsCarlos Moreno Pérez, Marco Minozzo
Oct 2022Policy BriefNo 448Inequality and the real economySebastian Doerr, Thomas Drechsel, Donggyu Lee
Oct 2022Policy BriefNo 446Forecasting digital technologies diffusion: A question of methodCharles Hoffreumon, Vincent Labhard
Oct 2022Policy BriefNo 445Fiscal deficits and inflation risks: the role of fiscal and monetary policy regimesRyan Banerjee, Valerie Boctor, Aaron Mehrotra, Fabrizio Zampolli
Oct 2022Policy BriefNo 444How do central bank lending operations interact with equity offering announcements?Massimo Giuliodori, Jan Kakes, Dimitris Mokas
Oct 2022Policy BriefNo 442New insights into inequality and wealth in the euro areaJanina Engel, Pau Gayà Riera, Joseph Grilli, Pierre Sola
Oct 2022Policy BriefNo 441The digital revolution in banking: The old, the new and the uglyJosé María Roldán
Oct 2022Policy BriefNo 440Forced migration and food crisesFederico Carril-Caccia, Jordi Paniagua, Marta Suárez-Varela
Oct 2022Policy BriefNo 439The potential of central bank digital currencies for cross-border paymentsAnneke Kosse, Ilaria Mattei
Oct 2022Policy BriefNo 438Instinctive and reflective trust in the European Central BankSiria Angino, Stefania Secola
Oct 2022Policy BriefNo 437Is a global factor driving bond yields lately?Mattia Girotti, Guillaume Horny, Adrian Penalver, Anna Petronevich
Oct 2022Policy BriefNo 436The double materiality of climate physical and transition risks in the euro areaRegis Gourdel, Irene Monasterolo, Nepo Dunz, Andrea Mazzocchetti, Laura Parisi
Oct 2022Policy BriefNo 435Using household-level data to guide borrower-based macro-prudential policyGastón Andrés Giordana, Michael Heinrich Ziegelmeyer
Oct 2022Policy BriefNo 434Growth Expectations and the Dynamics of EntryEnisse Kharroubi
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 431Consumer Inflation Expectations and Regional Price ChangesTomasz Łyziak, Michael Pedersen, Ewa Stanisławska
Sep 2022Policy BriefNo 429Liquidity Coverage Ratios and Monetary Policy Credit in the time of CoronaViktoriya Gocheva, Yvo Mudde, Jens Tapking
Sep 2022Policy BriefNo 427Integrating the carbon footprint into the construction of corporate bond portfoliosMario Bajo, Emilio Rodríguez
Sep 2022Policy BriefNo 426Privacy and Central Bank Digital Currency in the Digital EconomyToni Ahnert, Peter Hoffmann, Cyril Monnet
Sep 2022Policy BriefNo 424Information Transmission between Banks and the Market for Corporate ControlChristian Bittner, Falko Fecht, Melissa Pala, Farzad Saidi
Sep 2022Policy NoteNo 289Monetary policy in the euro area: the next phasePhilip R. Lane
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 BriefNo 421Nothing spreads like technology: Digitalisation and its Interaction with Institutions and GovernanceClaudio Baccianti, Vincent Labhard, Jonne Lehtimäki
Sep 2022Policy BriefNo 420Smart or Smash? The Effect of Financial Sanctions on Trade in Goods and ServicesTibor Besedeš, Stefan Goldbach, Volker Nitsch
Sep 2022Policy BriefNo 419Was globalization just a little thing in the process of inflation? Juhana Hukkinen, Matti Viren
Sep 2022Policy BriefNo 418The Kiel Trade Indicator – A real-time indicator for trade flowsWolfgang Lechthaler, Vincent Stamer
Sep 2022Policy NoteNo 288Product level greenhouse gas contents – how to get there?Ulf von Kalckreuth
Sep 2022Policy BriefNo 417Friendshoring: Who will benefit? Michael Every, Erik-Jan van Harn
Sep 2022Policy BriefNo 416The rise of cross-border financial centresPamela Pogliani, Philip Wooldridge
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 411Subjective Expectations and UncertaintyAndrzej Kocięcki, Tomasz Łyziak, Ewa Stanisławska
Sep 2022Policy BriefNo 410 Should we trust the credit decisions provided by machine learning models?Andrés Alonso, José Manuel Carbó
Sep 2022Policy BriefNo 409A model of system-wide stress simulation: market-based finance and the COVID-19 event Giovanni di Iasio, Giulio Nicoletti, Nicholas Vause
Sep 2022Policy BriefNo 407Household inflation expectations react to high euro area inflationGabriele Galati, Richhild Moessner, Maarten van Rooij
Aug 2022Policy NoteNo 286The optimal quantity of CBDC in the euro areaLorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz, Frank Smets
Aug 2022Policy BriefNo 406Sustainable finance data for central banks: a new Irving Fisher Committee survey Merve Artman, Pierre Bui Quang, Nadia Esham, Nur Izzati, Leah Kling, David Nefzi, Romana Peronaci, Christine Schlitzer, Christian Schmieder, Ömer Kayhan Seyhun, Bruno Tissot, Elena Triebskorn, Huiming Yang
Aug 2022Policy BriefNo 405Forgetting Approaches to Improve Forecasting: Executive SummaryRobert Hill, Paulo Rodrigues
Aug 2022Policy BriefNo 404Entity-based vs activity-based regulation: a framework and applications to traditional financial firms and big techsClaudio Borio, Stijn Claessens, Nikola Tarashev
Aug 2022Policy BriefNo 403What Can We Learn from 60 Years of PCE Inflation Data?Raphael Schoenle, Dominic Smith
Aug 2022Policy BriefNo 402To Announce or Not To Announce: Basic Trade-offs in Public Debt ManagementAlexander Dentler, Enzo Rossi
Aug 2022Policy BriefNo 401Allocation is key? Analysis of ECB public sector bond purchases’ divergence from the capital keyCarlo Birkholz, Friedrich Heinemann
Aug 2022Policy BriefNo 400Regulatory complexity, uncertainty, and systemic risk Maurizio Trapanese
Aug 2022Policy BriefNo 399The effects of internationally coordinated carbon pricing on the economy and welfareAnne Ernst, Natascha Hinterlang, Alexander Mahle, Nikolai Stähler
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
Aug 2022Policy BriefNo 397Unbalanced macroeconomic risks over the business cycleMartin Iseringhausen, Ivan Petrella, Konstantinos Theodoridis
Aug 2022Policy BriefNo 396The pass-through from inflation perceptions to inflation expectationsStefanie J. Huber, Daria Minina, Tobias Schmidt
Aug 2022Policy BriefNo 395Liquidity in bond markets - navigating in troubled watersMartin Scheicher, Andreas Schrimpf
Aug 2022Policy BriefNo 394Flexibility in Asset Purchases: A Structural AnalysisJames Costain, Galo Nuño, Carlos Thomas
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
Aug 2022Policy BriefNo 389Digital Endowments and Comparative AdvantageDario Guarascio, Roman Stöllinger
Aug 2022Policy BriefNo 388Technology Standardization matters for Competition and GrowthAntonin Bergeaud, Julia Schmidt, Riccardo Zago
Jul 2022Policy BriefNo 386Application of machine learning models and interpretability techniques to identify the determinants of the price of bitcoinSergio Gorjón, Jose Manuel Carbó
Jul 2022Policy BriefNo 385Wake-Up Call ContagionToni Ahnert, Christoph Bertsch
Jul 2022Policy BriefNo 383Measuring the engagement in climate-related financial policymaking: the climate-related financial policy indexPaola D’Orazio
Jul 2022Policy BriefNo 382What Should the Inflation Target Be? Views from 600 EconomistsGene Ambrocio, Andrea Ferrero, Esa Jokivuolle, Kim Ristolainen
Jul 2022Policy BriefNo 380Old age takes its toll: long-run projections of health-related public expenditure in LuxembourgGastón Andrés Giordana, María Noel Pi Alperin
Jul 2022Policy BriefNo 379 Firms’ Inflation Expectations: New Evidence from FranceOlivier Coibion, Erwan Gautier, Yuriy Gorodnichenko, Frédérique Savignac
Jul 2022Policy BriefNo 378Estimating Growth-at-Risk: Insights from a Structural Nonlinear ModelMatthias Rottner
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 372Toward a green economy: the role of central bank’s asset purchasesAlessandro Ferrari, Valerio Nispi Landi
Jul 2022Policy BriefNo 371How household savings in CESEE are related to the past and the futureMelanie Koch, Thomas Scheiber
Jul 2022Policy BriefNo 370Too little too late: ECB’s normalisation path was model- rather than data-drivenDaniel Gros, Farzaneh Shamsfakhr
Jul 2022Policy BriefNo 369The impact of energy efficiency on Belgian house pricesPeter Reusens, Frank Vastmans, Sven Damen
Jul 2022Policy BriefNo 368Inflation Expectations and Climate ConcernChristoph Meinerding, Andrea Poinelli, Yves Schüler
Jul 2022Policy BriefNo 365Subjective inflation expectations of households and firmsMichael Weber
Jul 2022Policy BriefNo 364Uncertainty, non-linear contagion and the credit quality channel: an application to the Spanish interbank marketAdrian Carro, Patricia Stupariu
Jun 2022Policy NoteNo 283Sanctions in the context of Russia’s invasion of UkraineCristina Sofia Dias, Kristina Grigaitė, Marcel Magnus
Jun 2022Policy BriefNo 363Stablecoins - DeFi, Libra and beyondHeike Mai
Jun 2022Policy BriefNo 362On Implementing Macroprudential PolicyItai Agur, Sunil Sharma
Jun 2022Policy BriefNo 361The influence of financial corporations on IMF lending: Has it changed with the global financial crisis?Lena Lee Andresen
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 358Forecasting Inflation in France: an update of the model used at Banque de FranceYoussef Ulgazi, Paul Vertier
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 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 353How Bad Can Financial Crises Be? A GDP Tail Risk Assessment for PortugalIvan De Lorenzo Buratta, Marina Feliciano, Duarte Maia
Jun 2022Policy BriefNo 351Currency demand at negative interest ratesEdoardo Rainone
Jun 2022Policy BriefNo 350The currency channel of global bank leverage: a boost to fund-raising capacityJustine Pedrono
Jun 2022Policy NoteNo 281CBDC and Bank Intermediation in the Euro AreaRamón Adalid, Álvaro Álvarez-Blázquez, Katrin Assenmacher, et al.
Jun 2022Policy BriefNo 349How does financial openness affect inequality?Stefan Avdjiev, Tsvetana Spasova
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 344Elections Hinder Firms’ Access to CreditFlorian Léon, Laurent Weill
Jun 2022Policy BriefNo 343Cybersecurity and financial stabilityKartik Anand, Chanelle Duley, Prasanna Gai
Jun 2022Policy BriefNo 342Making Subsidies Work: Rules vs. DiscretionFederico Cingano, Filippo Palomba, Paolo Pinotti, Enrico Rettore
May 2022Policy BriefNo 340Optimal Timing of Policy Interventions in Troubled BanksPhilipp König, Paul Mayer, David Pothier
May 2022Policy BriefNo 339Does own wealth and wealth of others matter for life satisfaction?Antje Jantsch, Julia Le Blanc,Tobias Schmidt
May 2022Policy BriefNo 337Does it matter that households disagree about inflation?Alistair Macaulay
May 2022Policy BriefNo 336Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central AsiaLuca Gattini, Rozália Pál, Helena Schweiger, Laura Valderrama
May 2022Policy BriefNo 335Macroeconomic Implications and Differences of Oil and Gas Price ShocksThomas Zörner, Nico Petz
May 2022Policy BriefNo 334The local presence of global banksIñaki Aldasoro, John Caparusso, Yingyuan Chen
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 333The effect of introducing a Loan-to-Value limit on homeownershipCindy Biesenbeek, Mauro Mastrogiacomo, Rob Alessie, Jakob de Haan
May 2022Policy BriefNo 332Analysis of ESG disclosures in Pillar 3 reports. A text mining approachAngel Iván Moreno, Teresa Caminero García
May 2022Policy BriefNo 331Caution: Do not cross! Distance to regulatory capital buffers and lending in Covid-19 timesCyril Couaillier, Marco Lo Duca, Alessio Reghezza, Costanza Rodriguez d’Acri
May 2022Policy BriefNo 330How to regulate crypto currenciesEduard de Jong
May 2022Policy NoteNo 277What business model for the Digital Euro? Lessons from Brazil and SwitzerlandPeter Bofinger, Thomas Haas
May 2022Policy NoteNo 276More than an intellectual game: Exploring the monetary policy and financial stability implications of central bank digital currenciesFabio Panetta
May 2022Policy BriefNo 329Digital payment behaviour differs significantly across countriesJakob Mølgaard Heisel, Marcus Clausen Brock
May 2022Policy BriefNo 328Ideology and Monetary Policy: The role of political parties’ stances in the ECB’s parliamentary hearingsNicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson
May 2022Policy BriefNo 326The impact of QE on sovereign riskDirk Broeders, Leo de Haan, Jan Willem van den End
May 2022Policy BriefNo 325Climate Change and Individual BehaviorRené Bernard, Panagiota Tzamourani, Michael Weber
May 2022Policy BriefNo 324Uncertainty shocks and the monetary-macroprudential policy mixValeriu Nalban, Andra Smădu
Apr 2022Policy BriefNo 323Is Super-Active Fiscal Policy Desirable?Roberto M. Billi, Carl E. Walsh
Apr 2022Policy BriefNo 322Trends in Monetary Policy Transparency Around the WorldNergiz Dincer, Barry Eichengreen, Petra Geraats
Apr 2022Policy BriefNo 321Would a retail CBDC achieve its intended purpose?Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda
Apr 2022Policy NoteNo 275Balancing public and private interests: Crypto, stablecoin and central bank digital currencyWilko Bolt, Vera Lubbersen, Peter Wierts
Apr 2022Policy NoteNo 274Stylised facts on debt and financial crisisPedro Duarte Neves
Apr 2022Policy BriefNo 320Global Banking, Regulatory Spillovers, and the Benefits of Macroprudential Policy CoordinationPierre-Richard Agénor, Timothy P Jackson, Luiz A Pereira da Silva
Apr 2022Policy BriefNo 319Time for a circular business cycle clockNuno Lourenço, António Rua
Apr 2022Policy BriefNo 318How do carbon prices spillover along global production networks?Ivan Frankovic
Apr 2022Policy BriefNo 317Evidence on financial literacy and financial inclusion in AlbaniaElona Dushku
Apr 2022Policy BriefNo 316Robert Triffin and the search for Asian Monetary UnionIvo Maes, Ilaria Pasotti
Apr 2022Policy BriefNo 315Who owns banks? The household-bank nexus and its implications for bank stock pricesMatías Lamas, David Martinez-Miera
Apr 2022Policy BriefNo 314Private Debt for SMEs – Market OverviewHelmut Kraemer-Eis, Jörn Block, Antonia Botsari, Salome Gvetadze, Frank Lang, Carlos Krause, Alexandra Moritz, Anna Schulze
Apr 2022Policy BriefNo 313From open banking to open financeDenis Beau
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 310Insurers’ investments before and after the COVID-19 outbreakFederico Apicella, Raffaele Gallo, Giovanni Guazzarotti
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
Apr 2022Policy BriefNo 308Investor demand in syndicated bond issuances: stylised factsMartin Hillebrand, Marko Mravlak, Peter Schwendner
Mar 2022Policy BriefNo 307On the Welfare Effects of Using Energy and Emissions Taxes to Finance a Labour Tax Reduction in a Multi-sector DSGE ModelNatascha Hinterlang, Anika Martin, Oke Röhe, Nikolai Stähler, Johannes Strobel
Mar 2022Policy BriefNo 306ECB Communication and its Impact on Financial MarketsKlodiana Istrefi, Florens Odendahl, Giulia Sestieri
Mar 2022Policy BriefNo 305Is There Financial Exclusion when Official Lenders Are Considered?María Bru Muñoz
Mar 2022Policy NoteNo 272Financing Faster Growth For Europe’s SMEsSylvain Broyer, Sarah Limbach, Cihan Duran
Mar 2022Policy NoteNo 271Financial stability and crypto-assetsPablo Hernández de Cos
Mar 2022Policy BriefNo 303Rising rent burdens following distorting investment incentives – The effects of rent controls in GermanyVera Baye, Valeriya Dinger
Mar 2022Policy BriefNo 302Optimal Monetary Policy and Capital MisallocationBeatriz González, Galo Nuño, Dominik Thaler, Silvia Albrizio
Mar 2022Policy BriefNo 301Is the ECB applying lessons from the past?Anselm Küsters
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 299When domestic and foreign QE overlapPaola Di Casola, Pär Stockhammar
Mar 2022Policy NoteNo 270Will the supply-driven oil price shock unanchor inflation expectations?Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang
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 296The political economy of reforms in central bank designDavide Romelli
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
Mar 2022Policy BriefNo 294Preparing for the Financial System of the FutureLael Brainard
Mar 2022Policy NoteNo 269CBDC and the international position of the euroWim Boonstra
Mar 2022Policy BriefNo 290Should monetary finance remain taboo?Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, Damiano Sandri
Mar 2022Policy BriefNo 289The pressing need to reform the European crisis management frameworkFernando Restoy
Mar 2022Policy NoteNo 268Crisis-tested Europe – Solidarity with Ukraine spurs European identityHeinz Handler
Feb 2022Policy BriefNo 284House Prices and Misallocation: The Impact of the Collateral Channel on ProductivitySergi Basco, David Lopez-Rodriguez, Enrique Moral-Benito
Feb 2022Policy BriefNo 283Don’t trust the (inflation) processBruce Kasman
Feb 2022Policy BriefNo 281GDP-linked bonds and the fear of ambiguityDeniz Igan, Taehoon Kim, Antoine Levy
Feb 2022Policy BriefNo 280Are complex banking groups riskier?Isabel Argimón, María Rodríguez-Moreno
Feb 2022Policy BriefNo 279Brexit: Trade diversion due to trade policy uncertaintyEduardo Gutiérrez, Aitor Lacuesta, César Martín-Machuca
Feb 2022Policy BriefNo 278The Political Phillips Curve in the Euro Area: Parliamentary Voice on ECB Monetary PolicyFederico M. Ferrara, Donato Masciandaro, Manuela Moschella, Davide Romelli
Feb 2022Policy BriefNo 277Money and psychology of inflation: an investor viewPascal Blanqué
Feb 2022Policy BriefNo 276The COVID Non-Performing Loan ’Tsunami’ that Never Happened and How to Avoid it NowReiner Martin, Piroska Nagy-Mohacsi, Elina Ribakova, Jonathan M. Fortun Vargas
Feb 2022Policy BriefNo 275The effectiveness of ECB euro liquidity lines: spillovers and spillbacksSilvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer
Feb 2022Policy BriefNo 274Regulating big tech in the public interestAgustín Carstens
Feb 2022Policy NoteNo 265Austrian conceptions of money and the rise of digital currencyMichael Peneder
Feb 2022Policy BriefNo 272Global models for a global pandemic: the impact of COVID-19 on small euro area economiesPablo Garcia, Pascal Jacquinot, Črt Lenarčič, Matija Lozej, Kostas Mavromatis
Feb 2022Policy BriefNo 271Including inflation expectations helps to improve inflation forecasts of econometric modelsMarta Bańbura, Danilo Leiva-León, Jan-Oliver Menz
Feb 2022Policy BriefNo 270Population ageing and the digital divideSebastian Doerr, Jon Frost, Leonardo Gambacorta, Han Qiu
Feb 2022Policy BriefNo 269Recovery as a springboard for changeDebora Revoltella, Tessa Bending, Atanas Kolev
Feb 2022Policy BriefNo 268Monetary policy and the green transitionLena Boneva, Gianluigi Ferrucci, Francesco Paolo Mongelli
Jan 2022Policy BriefNo 267Pledge or pretext? Lessons from the Fiscal CompactMartin Larch, Matthias Busse, László Jankovics
Jan 2022Policy BriefNo 265Has the Impact of the ECB’s Asset Purchases Diminished Over Time?Andrejs Zlobins
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 261Firm financing and public liquidity measures during the pandemicIda Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte
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 259How to analyse monetary policy transmission and inequality in a three-agent model (THRANK)Maria Eskelinen
Jan 2022Policy BriefNo 257Why do households save?Sami Oinonen, Matti Viren
Jan 2022Policy BriefNo 256Operating leverage and its importance during the Covid-19 pandemicKatharina Allinger, Ivan Huljak
Jan 2022Policy BriefNo 255Climate actions and macro-financial stability: The role of central banksFrancesca Diluiso, Barbara Annicchiarico, Matthias Kalkuhl, Jan. C. Minx
Jan 2022Policy NoteNo 263Monetary Policy in a World of Radical UncertaintyMervyn King
Jan 2022Policy NoteNo 262The encrypted threat: Bitcoin’s social cost and regulatory responsesUlrich Bindseil, Patrick Papsdorf, Jürgen Schaaf
Dec 2021Policy BriefNo 254What explains the emergence and diffusion of climate-related financial policies in G20 countries?Paola D’Orazio
Dec 2021Policy BriefNo 252Determinants of the credit cycle: a flow analysis of the extensive marginVincenzo Cuciniello, Nicola di Iasio
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 BriefNo 250Big techs in finance: a new trade-off between efficiency and privacyFrederic Boissay, Torsten Ehlers, Leonardo Gambacorta, Hyun Song Shin
Dec 2021Policy BriefNo 249Monetary and fiscal complementarity in the Covid-19 pandemicJagjit S Chadha, Luisa Corrado, Jack Meaning, Tobias Schuler
Dec 2021Policy NoteNo 261Mortgage and real estate markets: Current developments pose risks to financial stabilityFritz Zurbrügg
Dec 2021Policy NoteNo 260Identifying lessons from the current crisis for the prudential framework of the banking system Pablo Hernández de Cos
Dec 2021Policy BriefNo 248Africa and COVID-19: Can the financial sector stay on course for a green and digital future?Debora Revoltella, Claudio Cali, Barbara Marchitto, Nina Fenton, Ricardo Santos
Dec 2021Policy BriefNo 246Public trust only partly immune to COVID-19 pandemicCarin van der Cruijsen, Jakob de Haan, Nicole Jonker
Dec 2021Policy BriefNo 245How to set Cyclical and Structural capital buffers via Stress tests? A Risk-to-Buffer approachCyril Couaillier, Valerio Scalone
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Dec 2021Policy BriefNo 242The Role of Contact Tracing in the Long Pandemic WarLeonardo Melosi, Matthias Rottner
Dec 2021Policy BriefNo 241Mutual funds’ loyalty helped to stabilize ESG stocks during the COVID-19 market crashRui Albuquerque, Yrjo Koskinen, Raffaele Santioni
Dec 2021Policy BriefNo 239The Leverage Effect of Bank DisclosuresPhilipp J. König, Christian Laux, David Pothier
Dec 2021Policy NoteNo 258The importance of Private Equity and Venture Capital financing for Greentech companies in EuropeHelmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs
Dec 2021Policy BriefNo 237Does competition reduce agency problems within banks?Mattia Girotti, Federica Salvadè
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 235Does one (unconventional) size fit all? Effects of the ECB’s unconventional monetary policies on the euro area economiesMaria Sole Pagliari
Nov 2021Policy BriefNo 233Caveat EmptorJosé María Roldán
Nov 2021Policy BriefNo 231A Multi-level Network Approach to Spillovers Analysis: An Application to the Maltese Domestic Investment Funds SectorFrancesco Meglioli, Stephanie Gauci
Nov 2021Policy BriefNo 230Temporary panic or fundamental change in payment habits in Europe? Lesson from COVID-19 pandemic shift towards cashless paymentsMichal Polasik, Radoslaw Kotkowski
Nov 2021Policy BriefNo 229Earnings expectations signal a heterogenous recovery after COVID-19Joost Bats, William Greif, Daniel Kapp
Nov 2021Policy BriefNo 227Did liquidity limits amplify money market fund redemptions during the COVID crisis?Peter Dunne, Raffaele Giuliana
Nov 2021Policy BriefNo 226Benefits of internationalisation for acquirers and targets – but unevenly distributedRainer Frey, Stefan Goldbach
Nov 2021Policy BriefNo 225Population aging and the persistence of three key global trendsAndrea Papetti
Nov 2021Policy BriefNo 224Does the shadow economy explain household saving?Sami Oinonen, Matti Viren
Nov 2021Policy BriefNo 223A taxonomy of sustainable finance taxonomiesTorsten Ehlers, Diwen Gao, Frank Packer
Nov 2021Policy BriefNo 221External Costs of Freight Transport – Relevance and Implications of Internalisation at the European LevelElisabeth Christen, Bettina Meinhart, Franz Sinabell, Gerhard Streicher
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
Nov 2021Policy BriefNo 218When the panic broke out: Covid-19 and investment funds’ portfolio rebalancing around the worldMassimiliano Affinito, Raffaele Santioni
Nov 2021Policy BriefNo 217How Pandemics Affect the Financial System: Fintech Adoption, and the Digital DivideOrkun Saka, Barry Eichengreen, Cevat Giray Aksoy
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
Nov 2021Policy BriefNo 214How do Loan-to-Value Caps Impact Bank Lending and Credit Spillover?Selva Bahar Baziki, Tanju Çapacıoğlu
Oct 2021Policy BriefNo 212Private equity buyouts and firm exports: Evidence from UK firmsPaul Lavery, Jose-Maria Serena, Marina-Eliza Spaliara, Serafeim Tsoukas
Oct 2021Policy BriefNo 211Technical barriers to trade play the most important role in trade of goods in information and communications technologyMahdi Ghodsi
Oct 2021Policy BriefNo 210Exploring DORA - the Digital Operational Resilience Act and its impact on banks and their supervisorsJoachim Wuermeling
Oct 2021Policy BriefNo 208Human Frictions in the Transmission of Economic PolicyFrancesco D’Acunto, Daniel Hoang, Maritta Paloviita, Michael Weber
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 206Cost-Benefit Analysis of Borrower-Based Measures in SlovakiaMartin Cesnak, Ján Klacso, Roman Vasiľ
Oct 2021Policy BriefNo 205Mind the promotional gap! Climate-related financial policies and institutional dynamicsMoritz Baer, Emanuele Campiglio, Jérôme Deyris
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 201Basel III implementation in the European UnionPablo Hernández de Cos
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
Oct 2021Policy BriefNo 199The impact of macroprudential policies on capital flows in CESEEMarkus Eller, Niko Hauzenberger, Florian Huber, Helene Schuberth, Lukas Vashold
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 197How to Design a CBDC? Remuneration, Collateral Haircuts and Quantity ConstraintsKatrin Assenmacher, Aleksander Berentsen, Claus Brand, Nora Lamersdorf
Oct 2021Policy BriefNo 196Negative interest rates and the erosion of banks’ interest marginsJorien Freriks, Jan Kakes
Oct 2021Policy BriefNo 195Is window dressing by banks systemically important?Luis Garcia, Ulf Lewrick, Taja Sečnik
Oct 2021Policy BriefNo 194The impact of COVID-19 on analysts’ sentiment about the banking sectorAlicia Aguilar, Diego Torres
Oct 2021Policy BriefNo 193The effect of Eurosystem asset purchase programmes on euro area sovereign bond yields during the COVID-19 pandemicGeorge Hondroyiannis, Dimitrios Papaoikonomou
Oct 2021Policy BriefNo 192Optimal Robust Monetary Policy with Parameters and Output Gap UncertaintyAdriana Grasso, Guido Traficante
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 190The Effects of Fiscal Policy when Planning Horizons are FiniteJoep Lustenhouwer, Kostas Mavromatis
Sep 2021Policy BriefNo 189How do real and monetary integrations affect inflation dynamics in Turkey?Hülya Saygılı
Sep 2021Policy BriefNo 188The Path to Euro Area and Banking Union Membership: Assessing the Incentives for “Close Cooperation” and Adherence to the Exchange Rate Mechanism IIMaria J. Nieto, Dalvinder Singh
Sep 2021Policy BriefNo 187Can policy boost the international role of currencies? Lessons from international trade invoicingGeorgios Georgiadis, Helena Le Mezo, Arnaud Mehl, Cédric Tille
Sep 2021Policy BriefNo 186Prudential responses to COVID-19 in G20 countries: a missed opportunity to enhance "green" financial policy and regulations?Paola D’Orazio
Sep 2021Policy BriefNo 185The grocery trolley race in times of Covid-19. Evidence from ItalyEmanuela Ciapanna, Gabriele Rovigatti
Sep 2021Policy BriefNo 183Central bank’s financial result and inter-sectoral transfers of benefitsKrzysztof Kruszewski, Mikołaj Szadkowski
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 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 179The relevance of trade policy: Evidence from the 19th centuryJacopo Timini
Sep 2021Policy BriefNo 178Contagious ZombiesChristian Bittner, Falko Fecht, Co-Pierre Georg
Sep 2021Policy NoteNo 254Fiscal-Monetary Crosswinds in the Euro AreaLucrezia Reichlin, Giovanni Ricco, Matthieu Tarbé
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 175The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from SwedenMarianna Blix Grimaldi, Alberto Crosta, Dong Zhang
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
Sep 2021Policy BriefNo 170Pension funds’ portfolio choices and investment beliefsDirk Broeders, Kristy Jansen
Aug 2021Policy BriefNo 167Limits of stress-test based bank regulationTirupam Goel, Isha Agarwal
Aug 2021Policy BriefNo 164Banks Fearing the Drought? Liquidity Hoarding as a Response to Idiosyncratic Interbank Funding Dry-UpsHelge C.N. Littke, Matias Ossandon Busch
Aug 2021Policy BriefNo 163Heterogeneous firm-level impact and responses to the COVID-19 crisisAlejandro Fernández-Cerezo, Beatriz González, Mario Izquierdo, Enrique Moral-Benito
Aug 2021Policy BriefNo 162The Natural Interest Rate in ChinaSUN Guofeng, Daniel M Rees
Aug 2021Policy BriefNo 161Banks’ complexity-risk nexus and the role of regulationNatalya Martynova, Ursula Vogel
Aug 2021Policy BriefNo 160Have scale effects on cost margins of pension fund investment portfolios disappeared?Jacob A. Bikker, Jeroen J. Meringa
Aug 2021Policy BriefNo 159On the Effectiveness of Macroprudential PolicyMiguel Ampudia, Marco Lo Duca, Mátyás Farkas, Gabriel Perez Quiros, Mara Pirovano, Gerhard Rünstler, Eugen Tereanu
Aug 2021Policy BriefNo 158Bank pricing of corporate loansMárcio Mateus, Tiago Pinheiro
Aug 2021Policy BriefNo 155The anatomy of bond ETF arbitrageKaramfil Todorov
Aug 2021Policy BriefNo 154Can Internet banking affect households’ participation in financial markets and financial awareness?Valentina Michelangeli, Eliana Viviano
Aug 2021Policy BriefNo 153What’s the Message? Interpreting Monetary Policy Through Central Bankers’ SpeechesMartin Feldkircher, Paul Hofmarcher, Pierre Siklos
Aug 2021Policy BriefNo 151No country is an island: International cooperation and climate changeMassimo Ferrari, Maria Sole Pagliari
Aug 2021Policy BriefNo 150Digital euro has potential in the NetherlandsMichiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink
Aug 2021Policy BriefNo 149Regulation of crypto-assets is a must for governments and central banksDaniel Daianu
Aug 2021Policy BriefNo 148The role of information channels and experience for households’ inflation expectationsChristian Conrad, Zeno Enders and Alexander Glas
Aug 2021Policy NoteNo 251Green Liquidity Moves MainstreamPatrick Drury Byrne, Sandeep Chana and Sylvain Broyer
Aug 2021Policy BriefNo 147Proportionality in banking regulation: who, what and how?Raihan Zamil
Aug 2021Policy NoteNo 250Roads for the future: Central Bank Digital Currency (CBDC) and Innovative PaymentsFrançois Villeroy de Galhau
Aug 2021Policy BriefNo 145It’s in the Tails: The Distributional Income Effects of Monetary PolicyNiklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco
Aug 2021Policy BriefNo 144A quantitative analysis of the countercyclical capital bufferMiguel Faria e Castro
Aug 2021Policy BriefNo 143The dynamics of macroeconomic downside riskBy Davide Delle Monache, Andrea De Polis and Ivan Petrella
Aug 2021Policy BriefNo 142Consumption patterns in Italy during COVID-19Elisa Guglielminetti and Concetta Rondinelli
Jul 2021Policy BriefNo 141Some warning signals about average inflation targetingSeppo Honkapohja, Nigel McClung
Jul 2021Policy BriefNo 140How green is your budget? Green budgeting practices in the EUElva Bova
Jul 2021Policy BriefNo 139Consistent recovery and resolution of small and large banks in EuropeAnne Dyrberg Rommer, Louise Kleiner
Jul 2021Policy BriefNo 138Three questions on the outlook for bankingCarolyn Rogers
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 134Future Challenges: Old Problems in New ShapesJosé María Roldán
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 131Investment funds, monetary policy, and the global financial cycleChristoph Kaufmann
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 128Effects of a European Unemployment Benefit Scheme on consumption risk sharing and production efficiencyZeno Enders, David Vespermann
Jul 2021Policy BriefNo 129Nearshoring Perspectives after COVID-19: Can Western Balkans Benefit?Branimir Jovanovic, Mahdi Ghodsi
Jul 2021Policy BriefNo 126Intergenerational macroeconomicsGabriel Makhlouf
Jul 2021Policy NoteNo 248The Future of BitcoinWim Boonstra
Jul 2021Policy BriefNo 125Monetary policy surprises trigger different responses in the housing market across European regionsWinfried Koeniger, Benedikt Lennartz, Marc-Antoine Ramelet
Jul 2021Policy BriefNo 124Global Financial Uncertainty: Does it Matter for the Global Business Cycle?Giovanni Caggiano, Efrem Castelnuovo
Jul 2021Policy BriefNo 122Barriers to net zero: How firms can make or break the green transitionRalph De Haas, Ralf Martin, Mirabelle Muûls, Helena Schweiger
Jul 2021Policy BriefNo 121How climate protection adds to inflationJörg Krämer, Ralph Solveen
Jul 2021Policy BriefNo 120What is the true resilience of our financial systems to climate change with the buffers we currently have?Alejandro Díaz de León
Jun 2021Policy BriefNo 119Six ways to bring inflation (expectations) upErnest Gnan
Jun 2021Policy BriefNo 118The reduction in homeownership rates for the youngGonzalo Paz-Pardo
Jun 2021Policy BriefNo 117Regulating liquidity risk in mutual fundsDominic Cucic
Jun 2021Policy BriefNo 116The euro area sovereign debt markets in the crisis: role and impact on financial stability perspectivesDenis Beau
Jun 2021Policy BriefNo 115Understanding the financial risks of nature loss: exploring policy options for financial authoritiesKatie Kedward, Josh Ryan-Collins, Hugues Chenet
Jun 2021Policy BriefNo 114How to issue a privacy-preserving central bank digital currencyChristian Grothoff, Thomas Moser
Jun 2021Policy BriefNo 113The economics of interest rates and population growthJesse Edgerton
Jun 2021Policy BriefNo 112Fund Cross-Holdings and Financial StabilityDaniel Fricke, Hannes Wilke
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 BriefNo 108Can central bank communication help to stabilise inflation expectations?Alexander Jung, Patrick Kuehl
Jun 2021Policy BriefNo 107Building a more effective financial safety net for poor countriesBruno Cabrillac, Luc Jacolin
Jun 2021Policy NoteNo 246Integrated policy frameworks: The constraints of policy horizons and adjustment frequenciesClaudio Borio and Piti Disyatat
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 BriefNo 103A bigger house at the cost of an empty fridge? The effect of households’ indebtedness on their consumption: Micro-evidence using Belgian HFCS dataPhilip Du Caju, Guillaume Périlleux, François Rycx, Ilan Tojerow
Jun 2021Policy NoteNo 245A technical toolkit to monitor a pandemic outbreak from a central bank perspectiveAlexie Alupoaiei, Csaba Bálint, Matei Kubinschi
Jun 2021Policy NoteNo 244External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging MarketsAbdullah Kazdal, Muhammed Hasan Yılmaz
Jun 2021Policy BriefNo 101The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidenceGert Bijnens, John Hutchinson, Jozef Konings, Arthur Saint Guilhem
Jun 2021Policy BriefNo 100Shocks to bank capital as a driver of lending standards to corporates. What can macroprudential policy learn from bank lending surveys?Ewa Wróbel
Jun 2021Policy BriefNo 99Stress-testing CESEE borrowers in the light of the COVID-19 pandemicAleksandra Riedl
Jun 2021Policy NoteNo 243What does research say about the effects of central bank balance sheet policies?Paola Di Casola
May 2021Policy NoteNo 242Does the upturn in Eurozone money growth imply 5% inflation?Tim Congdon
May 2021Policy NoteNo 241Digital Disruption: The Inevitable Rise of CBDCChetan Ahya, Derrick Kam, Julian Richers
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 96Real interest rates and demographic developments: the role of population growth and migrationLucas Fuhrer, Nils Herger
May 2021Policy BriefNo 97Stress-Testing Net Trading Income: The Case of European BanksCarla Giglio, Frances Shaw, Nicolas Syrichas and Giuseppe Cappelletti
May 2021Policy BriefNo 94Climate risks and collateral: a methodological experimentPierre-François Weber, Bünyamin Erkan, Antoine Oustry, Romain Svartzman
May 2021Policy BriefNo 93Set-up costs and the financing of young firmsFrançois Derrien, Jean-Stéphane Mésonnier, Guillaume Vuillemey
May 2021Policy BriefNo 92The pandemic year from a consumer behaviour perspective: The Slovak experienceMilan Gylanik, Viera Mrazikova and Roman Vrbovsky
May 2021Policy BriefNo 91Low Interest Rates and the Distribution of Household DebtMarina Emiris, François Koulischer
May 2021Policy NoteNo 240What Caused The Resurgence In FDI Screening?Simon J. Evenett
May 2021Policy NoteNo 238Monetary and Fiscal Policy: Privileged powers, entwined responsibilitiesClaudio Borio and Piti Disyatat
May 2021Policy NoteNo 237Will consumers save the EU recovery? - Insights from the Commission’s consumer surveyRoberta Friz, Fiona Morice
May 2021Policy BriefNo 90SPACs (special purpose acquisition companies)Mario Hübler, Jakob Hanzl, Christoph Prenner
May 2021Policy BriefNo 88Strengthening the international role of the euroGergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe
May 2021Policy BriefNo 87Banking regulation and the benefits of international cooperation – views from a banking supervisorJoachim Wuermeling
May 2021Policy NoteNo 236Europe’s growth gap: reconciling Keynes and SchumpeterFrançois Villeroy de Galhau
May 2021Policy BriefNo 86The Bewildering Effects of COVID-19 and Other Recessions on Forecast Accuracy MeasurementsBoriss Siliverstovs
May 2021Policy BriefNo 84Data sharing for better policy makingClaudia Buch
May 2021Policy NoteNo 235Negative Interest Rate Policy – The Experience So FarLuis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber, Roland Meeks
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 82The banking supervisors dilemma: wearing many hats on one headSasin Kirakul, Jeffery Yong, Raihan Zamil
Apr 2021Policy BriefNo 81How the Capital Markets Union can help Europe avoid a liquidity trapSylvain Broyer
Apr 2021Policy BriefNo 80Fed’s financial stability concerns and monetary policyKlodiana Istrefi, Florens Odendahl, Giulia Sestieri
Apr 2021Policy BriefNo 79A New Measure of Synthetic LeverageDaniel Fricke
Apr 2021Policy BriefNo 78Not all debt is bank debt: Nonbank borrowing in Central, Eastern and Southeastern EuropeKatharina Allinger, Elisabeth Beckmann
Apr 2021Policy BriefNo 76The Impact of COVID-19 on European BanksShekhar Aiyar, Mai Chi Dao, Andreas A. Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan
Apr 2021Policy BriefNo 75Europe: the shock of Covid-19 and the fear of accelerated zombificationHélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef
Apr 2021Policy BriefNo 74The Great Depression, banking crisis, and Keynes’ paradox of thriftVictor Degorce, Eric Monnet
Apr 2021Policy BriefNo 73The Saving and Employment Effects of Higher Job Loss RiskRagnar E. Juelsrud, Ella Getz Wold
Apr 2021Policy BriefNo 72Uncertainty Is Not an Excuse. Integrating Climate Risks into Monetary Policy Operations and Financial SupervisionJulia Anna Bingler, Chiara Colesanti Senni, Pierre Monnin
Apr 2021Policy BriefNo 71CESEE’s Macroprudential Policy Response to Covid-19Markus Eller, Reiner Martin, Lukas Vashold
Apr 2021Policy BriefNo 70The impact of Covid-19 on global value chainsHeli Simola
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 67How do central banks use big data and machine learning?Sebastian Doerr, Leonardo Gambacorta, Jose Maria Serena
Apr 2021Policy BriefNo 66Unconventional monetary policies and expectations on economic variablesAlessio Anzuini, Luca Rossi
Apr 2021Policy BriefNo 65EMU deepening and sovereign debt spreads: using political space to achieve policy spaceIván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez
Apr 2021Policy NoteNo 230Immovable property: where, why and how should it be taxed?Doris Prammer
Apr 2021Policy BriefNo 64Shaken but not deterred: business confidence and Covid-19 in the Euro areaGene Ambrocio
Apr 2021Policy BriefNo 62The way forward for EU-wide stress testsPedro Duarte Neves
Apr 2021Policy BriefNo 61A backstop liquidity facility for a greener economyEric Jondeau, Benoit Mojon, Cyril Monnet
Apr 2021Policy NoteNo 229Shifts in the portfolio holdings of euro area investors in the midst of COVID-19: looking-through investment fundsDaniel Carvalho, Martin Schmitz
Mar 2021Policy BriefNo 60EU – US: Towards renewed transatlantic cooperation?Maartje Wijffelaars, Philip Marey
Mar 2021Policy BriefNo 59Whatever it takes to save the planet? Central banks and unconventional green policyAlessandro Ferrari, Valerio Nispi Landi
Mar 2021Policy BriefNo 58Next Generation EU: can we do better?Lorenzo Codogno, Paul van den Noord
Mar 2021Policy BriefNo 56On the Origin of Systemic RiskMattia Montagna, Giovanni Covi, Gabriele Torri
Mar 2021Policy NoteNo 228CBDC: Where is the unique selling proposition?Peter Bofinger,Thomas Haas
Mar 2021Policy BriefNo 55Debt cancellation by the ECB: Does it make a difference?Paul de Grauwe
Mar 2021Policy NoteNo 227Scarring in EuropeReza Moghadam, Markus Guetschow, Camille White
Mar 2021Policy BriefNo 54Are lower bank capital requirements an efficient policy tool for supporting credit to SMEs?Michel Dietsch, Henri Fraisse, Mathias Lé, Sandrine Lecarpentier
Mar 2021Policy NoteNo 226Greening the UK financial system – a fit for purpose approachYannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
Feb 2021Policy BriefNo 52Pandemic Recession, Recovery Plan and Helicopter Money: A Tale from the SerenissimaCharles Goodhart, Donato Masciandaro, Stefano Ugolini
Feb 2021Policy NoteNo 225Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley ValueAaron Janowski, Moritz Plenk, Mirko Haselwander
Feb 2021Policy BriefNo 48Crisis management for medium-sized banks: the case for a European approachAndrea Enria
Feb 2021Policy NoteNo 224Vaccination delay to cost Europe EUR90bn in 2021Ludovic Subran, Ana Boata, Patrick Krizan, Katharina Utermöhl
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 46The crisis management framework for banks in the EU: what can be done with small and medium-sized banks?Elke König
Feb 2021Policy BriefNo 47Banking Across Borders: Are Chinese Banks Different?Eugenio Cerutti, Catherine Koch, Swapan-Kumar Pradhan
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 NoteNo 222A pragmatic solution for the liquidity in resolution problemMatthias Gruber, Stefan W. Schmitz
Feb 2021Policy BriefNo 44The evolution of bond and swap tradingMartin Scheicher
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
Jan 2021Policy BriefNo 42Scars of youth non-employment and labour market conditionsGiulia Martina Tanzi
Jan 2021Policy BriefNo 41Is inflation dead or hibernating?Claudio Borio
Jan 2021Policy NoteNo 220Is the 100% Reserve Reform Finally Getting Topical?Christian Pfister
Jan 2021Policy NoteNo 219Buffer usability and potential stigma effectsStefan W. Schmitz, Viola Nellessen, Michaela Posch, Peter Strobl
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Jan 2021Policy NoteNo 217The post-COVID-19 recovery: what challenges and roadmap for the banking industry?Jordi Gual
Jan 2021Policy NoteNo 216Capital Buffer Assignments to Other Systemically Important Institutions in the Euro area – Is the Country Heterogeneity in the EU caused by Regulatory Capture?Michael Sigmund
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 213COVID-19 pandemic: Perception, confusion and conspiraciesStefan Schneider
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 BriefNo 39Thriving in a post-pandemic worldDebora Revoltella, Pedro de Lima
Dec 2020Policy NoteNo 212Monetary policy effects when interest rates are negativeJoost Bats, Massimo Giuliodori, Aerdt Houben
Dec 2020Policy BriefNo 38Limits of the MarketPaul De Grauwe
Dec 2020Policy NoteNo 211Preparing for a higher inflation regimeElga Bartsch, Jean Boivin, Philipp Hildebrand
Dec 2020Policy NoteNo 210On the risk-adjusted performance of machine learning models in credit default predictionAndres Alonso, Jose Manuel Carbo
Nov 2020Policy BriefNo 36A stronger voice for Europe in global developmentWerner Hoyer
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 208The world economy under Covid-19: Can emerging market economies keep the engine running?Kristel Buysse, Dennis Essers
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Nov 2020Policy NoteNo 206Cyber risk in the financial sectorIñaki Aldasoro, Jon Frost, Leonardo Gambacorta, Thomas Leach, David Whyte
Nov 2020Policy NoteNo 205Retail CBDC Remuneration: The Sign MattersChristian Pfister
Oct 2020Policy BriefNo 34Cross-country differences in Europe’s second COVID waveDavid Mackie
Oct 2020Policy NoteNo 203Tracking Covid: What Worked?Markus Guetschow
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 199Macroeconomic stabilisation when nominal interest rates are constrained: A role for household inflation expectations?Geoff Kenny, Ioana Duca-Radu, Andreas Reuter
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
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
Oct 2020Policy NoteNo 197The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation RevivalC.A.E. Goodhart, Manoj Pradhan
Sep 2020Policy BriefNo 30Can we expect the economy to rebound rapidly?Stéphane Dupraz
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 29A Journey through the Monetary Cyber WorldChristian Pfister
Sep 2020Policy BriefNo 28Limits and pitfalls of QE in emerging marketsDaniel Daianu
Sep 2020Policy NoteNo 194Home- and host-country prudential regulation and spillovers in dollar creditStefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter
Sep 2020Policy BriefNo 26Global value chains and the challenge of Covid-19Antoine Berthou, Juan Carluccio, Guillaume Gaulier
Sep 2020Policy BriefNo 25After Coronavirus: Deflation or Inflation?C.A.E. Goodhart
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Aug 2020Policy NoteNo 190Finland and monetary policy through three crisesTuomas Välimäki and Meri Obstbaum
Aug 2020Policy NoteNo 189Financial integration in the Nordic-Baltic region vis-à-vis the EU: A Swedish perspectiveDavid Farelius, Stefan Ingves, Magnus Jonsson
Aug 2020Policy NoteNo 188The Growth of Indexing - What is happening, and why?Craig Lazzara
Aug 2020Policy NoteNo 187Measuring Regulatory ComplexityJean-Edouard Colliard, Co-Pierre Georg
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Aug 2020Policy BriefNo 23Eurozone in times of Covid-19: Debt monetisation by stealthPeter Vanden Houte
Aug 2020Policy BriefNo 22Radical UncertaintyJohn Kay
Jul 2020Policy NoteNo 184Special Update of the European Fiscal MonitorWillem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen
Jul 2020Policy BriefNo 20How firms are adapting to the lockdown: insights from text miningMathilde Gerardin, Martial Ranvier
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
Jul 2020Policy NoteNo 182Europe’s answer to Libra – potential and prerequisites of a programmable euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Jul 2020Policy BriefNo 18The liquidity trap, monetary policy and the health crisisStéphane Lhuissier
Jul 2020Policy BriefNo 17Financial resilience of German households to Corona triggered income shockOrcun Kaya
Jul 2020Policy NoteNo 181A sensible fiscal policy for the sharp rise in government debtForrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood
Jun 2020Policy NoteNo 180Which factors drive consumers to adopt crypto-assets? Results from an Austrian surveyHelmut Stix
Jun 2020Policy NoteNo 179The need for a new financial architecture after CORONA, an opinionFreddy Van den Spiegel
Jun 2020Policy NoteNo 178Covalization: Europe on the Rack Between Globalization and Covid - A Historian’s Perspective on the European Union: Europe and GlobalizationHarold James
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
Jun 2020Policy NoteNo 175Towards a wider international role for the euroFrancesco Papadia, Konstantinos Efstathiou
Jun 2020Policy NoteNo 174The international role of the euroMarco Buti
Jun 2020Policy BriefNo 14Do contactless cards really change the way we pay?Martin Brown, Nicole Hentschel, Hannes Mettler, Helmut Stix
May 2020Policy NoteNo 171US dollar funding markets during the Covid-19 crisis – the international dimensionEgemen Eren, Andreas Schrimpf, Vladyslav Sushko
May 2020Policy BriefNo 11Simulating the distributive effects of the Macron-Merkel Recovery FundFriedrich Heinemann
May 2020Policy NoteNo 170International inflation co-movementsPhilip R. Lane
May 2020Policy NoteNo 169Making banking integration work for better risk sharing in the eurozone: the role of cross-border banking consolidationMathias Hoffmann
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
May 2020Policy NoteNo 167Services are the next – and fast approaching – frontier of global trade and financial services is a sector leading the wayRobert Koopman
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 BriefNo 8The currency composition of foreign exchange reservesHiro Ito and Robert N McCauley
May 2020Policy NoteNo 165Monetary policy implications of digital currenciesKatrin Assenmacher
May 2020Policy NoteNo 164Can we compare the COVID-19 and 2008 crises?Marc-Olivier Strauss-Kahn
May 2020Policy NoteNo 163Coronavirus and the world of workMonika Kiss
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
May 2020Policy BriefNo 6Never Let a Good Crisis Go to Waste!Kai A. Konrad, Marcel Thum
Apr 2020Policy NoteNo 160Interlinking Europe’s recovery plan and the next EU budgetKevin Körner and Barbara Böttcher
Apr 2020Policy NoteNo 158Overview of Central Bank Digital Currency - State of PlayJohannes Duong
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Apr 2020Policy BriefNo 2Politics and Economics of Global CurrenciesPaul De Grauwe
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy NoteNo 157The search for the right European Financing Instruments in the Corona Pandemic - ESM Liquidity Assistance versus Corona BondsFriedrich Heinemann
Apr 2020Policy BriefNo 1Regulation, Corporate Culture and Individual Responsibility in BankingDavid T Llewellyn
Apr 2020Policy NoteNo 155The range of different opinions and moods in Germany on collective ‘corona bonds’Ingobert Waltenberger
Apr 2020Policy NoteNo 154The Prudent Algorithm Principle: A new paradigm for financial supervisionJakob Thomä
Apr 2020Policy NoteNo 153Passive Funds Actively Affect Prices: Evidence from the Largest ETF MarketsKaramfil Todorov
Apr 2020Policy NoteNo 152European banks in the corona crisisJan Schildbach
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
Apr 2020Policy NoteNo 147Does It Fit? Tweeting on Monetary Policy and Central Bank CommunicationDonato Masciandaro, Davide Romelli, Gaia Rubera
Apr 2020Policy NoteNo 146The European Deposit Insurance Scheme: Economic Rationale, Issues and Policy SolutionsEttore Panetti
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 143Central Bank Digital Currency: A PrimerChristian Pfister
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
Mar 2020Policy NoteNo 138Euro Area Economics: Greenflation?Jacob Nell, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 137R-star decline and monetary hysteresisPhurichai Rungcharoenkitkul
Mar 2020Policy NoteNo 136Mortgage Lending and Macroprudential Policy in the UK and USAlan Brener
Feb 2020Policy NoteNo 135Cost-Efficiency and Productivity of euro area banksIvan Huljak, Reiner Martin, Diego Moccero
Feb 2020Policy NoteNo 134Regulating fintech: what is going on, and where are the challenges?Fernando Restoy
Feb 2020Policy NoteNo 133Making sure your bot colleague is less biased than you!Frank De Jonghe
Feb 2020Policy NoteNo 132The European Banking UnionMargarita Delgado
Feb 2020Policy NoteNo 131Populism, Economic Policies and Central Banking: an OverviewErnest Gnan, Donato Masciandaro
Feb 2020Policy NoteNo 130European Banking Consolidation: Can a view to the past inform current policy efforts?Peter Hahn
Feb 2020Policy NoteNo 129How Could Central Bank Digital Currencies Be Designed?Itai Agur, Anil Ari, Giovanni Dell’Ariccia
Feb 2020Policy NoteNo 128Interests and alliancesKlaas Knot
Jan 2020Policy NoteNo 127Europe’s role in the global financial systemLuis de Guindos
Jan 2020Policy NoteNo 126Bank resolution, the need to recognize reality in order to prepare for the next crisisJesper Berg, Henrik Bjerre-Nielsen
Jan 2020Policy NoteNo 125Should central banks also be supervisors: a political economy perspectiveDonato Masciandaro
Jan 2020Policy NoteNo 123DLT-Based Regulatory Reporting - A game changer for the regulatory regime?Daniel Münch, Noah Bellon
Jan 2020Policy NoteNo 122TCFD: strengthening the foundations of sustainable financeMark Carney
Jan 2020Policy NoteNo 121The quest for policy scope: Implications for monetary policy strategiesKlaas Knot
Dec 2019Policy NoteNo 120Investing in Europe’s Competitiveness and SustainabilityWerner Hoyer
Dec 2019Policy NoteNo 119Central bank independence and inflationRyszard Kokoszczyński, Joanna Mackiewicz-Łyziak
Nov 2019Policy NoteNo 117Euro Area Fiscal Policy: The Factual, the Possible and the SurprisingDaniele Antonucci
Nov 2019Policy NoteNo 116Following “Libra” German banks say: The economy needs a programmable digital euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Nov 2019Policy NoteNo 115Putting macroprudential policy to work: a case study on the Dutch housing marketPaul Hilbers, Marco van Hengel
Nov 2019Policy NoteNo 114Central Banking in challenging timesClaudio Borio
Nov 2019Policy NoteNo 112Inflation In The Eurozone Is Dead. Long Live (The Right Kind Of) InflationSylvain Broyer
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 109The rise of central banks as sovereign debt holders: Implications for investor basesAlvise Lennkh, Bernhard Bartels, Thibault Vasse
Oct 2019Policy NoteNo 108Libra – a view from EuropeHeike Mai
Oct 2019Policy NoteNo 107Tackling non-performing loans in EuropePeter Grasmann, Markus Aspegren, Nicolas Willems
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 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Sep 2019Policy NoteNo 102How to improve crisis management in the banking union: a European FDIC?Fernando Restoy
Sep 2019Policy NoteNo 101Central bank digital currency: institutional issuesWim Boonstra
Sep 2019Policy NoteNo 100Integration and convergence in the EMU: a complex dynamicBruno Cabrillac
Sep 2019Policy NoteNo 99The euro’s global role: past, present and futureArnaud Mehl
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 94Escaping the Trap: Secular Stagnation, Monetary Policy and Financial FragilityMartin Wolf
Sep 2019Policy NoteNo 93European Economic and Monetary Union: from the Past into the FutureJean-Claude Trichet
Aug 2019Policy NoteNo 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
Aug 2019Policy NoteNo 91How to Make Capitalism Work for All?Anita Angelovska Bezhoska
Aug 2019Policy NoteNo 90Restricting or Abolishing Cash: An Effective Instrument for Eliminating the Shadow Economy, Corruption and Terrorism?Friedrich Schneider
Aug 2019Policy NoteNo 89Central banks still run money creationDaniel Daianu
Aug 2019Policy NoteNo 88Mitigating Fiscal Risks from the Financial SectorLudger Schuknecht
Jul 2019Policy NoteNo 87Loan portfolio diversification in the euro area, capital requirements, and the European Banking UnionEsa Jokivuolle, Matti Virén
Jul 2019Policy NoteNo 86Regulatory complexity and the quest for robust regulationPrasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel Schnabel
Jul 2019Policy NoteNo 84Main findings from a survey on the long-term impact of Brexit on the UK and EU economiesPatrick Bisciari
Jul 2019Policy NoteNo 83Global economic governance at a crossroadsCarlo Monticelli
Jul 2019Policy NoteNo 82Rethinking Capital Regulation: The Case for a Dividend Prudential Target in the Euro AreaManuel Muñoz
Jun 2019Policy NoteNo 81Bilateral Trade Balances Under FocusFlorence Jaumotte
Jun 2019Policy NoteNo 80A products and activities approach to managing risk in asset managementBarbara Novick
Jun 2019Policy NoteNo 79Financial aspects of BrexitThomas Url
Jun 2019Policy NoteNo 77Thoughts for a third EU Referendum: Revoke Article 50 OR Leave with “a” dealGraham Bishop
Jun 2019Policy NoteNo 76Chinese foreign investment: a dangerous obsession or a new normal? Get ready for the latter!Peter Havlik
Jun 2019Policy NoteNo 75The future of financial stability: Maintaining effectiveness while reducing complexityAndreas Ittner
May 2019Policy NoteNo 74The future of the UK services trade post-Brexit: unlikely to be brightOlga Pindyuk
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
May 2019Policy NoteNo 69The post-crisis Phillips Curve and its policy implications: cumulative wage gap matters for inflationLiviu Voinea
Apr 2019Policy NoteNo 68How to assess the adequacy of capital requirements based on internal models?Susanne Roehrig
Apr 2019Policy NoteNo 67What is „Modern Money Theory“ (MMT)?Beat Weber
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 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Feb 2019Policy NoteNo 57Creating an enabling environment for innovation and digitalisationDebora Revoltella, Tim Bending, Christoph Weiss, Philipp-Bastian Brutscher
Feb 2019Policy NoteNo 55Europe needs reforms for inclusive growth. Do Europeans agree?Pier Carlo Padoan
Jan 2019Policy NoteNo 53The output cost of the global financial crisis: A reappraisal after ten yearsDavid Turner, Patrice Ollivaud
Jan 2019Policy NoteNo 52Monetary Policy beyond normalizationMaria Demertzis
Jan 2019Policy NoteNo 51Africa needs investments beyond its pockets of growthOlivier de Boysson, Clément Gillet
Dec 2018Policy NoteNo 50Business models in prudential policiesIsabelle Vaillant, Marina Cernov
Dec 2018Policy NoteNo 49Bank business models: time to actRudi Vander Vennet
Nov 2018Policy NoteNo 48Trends and Cycles in Financial IntermediationPhilip R. Lane
Nov 2018Policy NoteNo 47Regtech meets financial supervision: how climate scenario analysis by supervisors is ushering in a new regulatory paradigmJakob Thomä
Nov 2018Policy NoteNo 46Global financial vulnerabilities: Get ready for a bumpy rideClaudio Borio
Oct 2018Policy NoteNo 45A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologiesAngela Köppl, Sigrid Stagl
Oct 2018Policy NoteNo 44A Financial Union for the Euro AreaPoul M. Thomsen
Sep 2018Policy NoteNo 42Preserving regulatory certainty: The review of insurers’ capital requirementsGabriel Bernardino
Sep 2018Policy NoteNo 41Central banks should reflect climate risks in monetary policy operationsPierre Monnin
Aug 2018Policy NoteNo 4021st century cash: Central banking, technological innovation and digital currenciesFabio Panetta
Jun 2018Policy NoteNo 38The future for central bank balance sheets and their potential use as a macroprudential toolPaul Fisher
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
May 2018Policy NoteNo 33Populism and Central Bank IndependenceDonato Masciandaro, Francesco Passarelli
May 2018Policy NoteNo 32Central Bank Accountability and Judicial ReviewCharles Goodhart, Rosa Lastra
Apr 2018Policy NoteNo 31Opportunities and challenges for banking regulation and supervision in the digital ageJosé Manuel González-Páramo
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
Feb 2018Policy NoteNo 27Euro area quantitative easing: Large volumes, small impact?Daniel Gros
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
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer
Nov 2017Policy NoteNo 20Recent developments in Chinese shadow bankingMichael Chui, Christian Upper
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
Aug 2017Policy NoteNo 15Technological Change and the Future of CashFrançois R. Velde
Jul 2017Policy NoteNo 14Banks or platforms: The digital futurePatricia Jackson
Jun 2017Policy NoteNo 13The political economy of central banking in the digital ageSir Paul Tucker
May 2017Policy NoteNo 12(No) worries about the new shape of international capital flowsMatthieu Bussiére, Julia Schmidt, Natacha Valla
Jan 2017Policy NoteNo 10Bail-ins: Issues of Credibility and ContagionClas Wihlborg
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
May 2016Policy NoteNo 7Ten Myths in the Brexit DebateDavid T. Llewellyn
May 2016Policy NoteNo 6Bank secrecy in offshore centres, capital flows and blacklisting: It takes two to tangoDonato Masciandaro
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
Dec 2015Policy NoteNo 3Cash without future? Future without cash? A wider viewChristian Beer, Urs W. Birchler, Ernest Gnan
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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