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.
Stay always up to date and subscribe to the monthly SUERF Policy Notes & Briefs Newsletter!
| Date published | SUERF | Issue | Title | Author(s) |
| Nov 2023 | Policy Brief | No 734 | Macroprudential stance assessment: problems of measurement and literature review | Tihana Škrinjarić |
| Nov 2023 | Policy Brief | No 731 | Monetary policy rules under bounded rationality | Michael Dobrew, Rafael Gerke, Daniel Kienzler, Alexander Schwemmer |
| Nov 2023 | Policy Note | No 327 | Protect the Safe Core: Restating the Central Bank Mandate | Enrico Perotti |
| Nov 2023 | Policy Brief | No 723 | Analysis of CBDC Narrative by Central Banks using Large Language Models | Andrés Alonso Robisco, José Manuel Carbó |
| Nov 2023 | Policy Brief | No 717 | The role of demand and supply factors during a period of high inflation – the case of Ireland | Thomas Conefrey, Darragh McLaughlin |
| Oct 2023 | Policy Brief | No 714 | What drives inflation? Disentangling demand and supply factors | Sandra Eickmeier, Boris Hofmann |
| Oct 2023 | Policy Brief | No 713 | The state-dependent impact of changes in bank capital requirements | Jan Hannes Lang, Dominik Menno |
| Oct 2023 | Policy Note | No 324 | Money and inflation | Isabel Schnabel |
| Oct 2023 | Policy Note | No 323 | What An Acceleration of Quantitative Tightening Could Mean For Eurozone Banks | Nicolas Charnay, Pierre Hollegien, Sylvain Broyer, Aude Guez |
| Sep 2023 | Policy Brief | No 683 | Can monetary policy ignore financial stability risks? | Sulkhan Chavleishvili, Manfred Kremer, Frederik Lund-Thomsen |
| Sep 2023 | Policy Note | No 319 | Stylised facts on the effectiveness of macroprudential policy | Pedro Duarte Neves |
| Aug 2023 | Policy Brief | No 669 | Could Green Growth Be An Oxymoron? | Paul Gruenwald |
| Aug 2023 | Policy Brief | No 662 | Adoption, Fragility and Regulation of Stablecoins | Christoph Bertsch |
| Aug 2023 | Policy Note | No 317 | The European Commission Proposals for Reform of the Stability and Growth Pact: On the right track but not there yet | Jakob de Haan, Fabian Amtenbrink |
| Aug 2023 | Policy Brief | No 651 | Identifying money and inflation expectation shocks on real oil prices | Szilard Benk, Max Gillman |
| Jul 2023 | Policy Brief | No 640 | Solving the enforcement dilemma of the EU fiscal rules | Paul Dermine, Martin Larch |
| Jul 2023 | Policy Brief | No 639 | Money growth and consumer price inflation in the euro area | Martin Mandler, Michael Scharnagl |
| Jun 2023 | Policy Brief | No 617 | On the effectiveness of dividend restrictions as supervisory policy tool | Ernest Dautović, Leonardo Gambacorta, Alessio Reghezza |
| Jun 2023 | Policy Brief | No 608 | Is the EU Money Market Fund Regulation fit for purpose? Lessons from the COVID-19 turmoil | Laura-Dona Capotă, Michael Grill, Luis Molestina Vivar, Niklas Schmitz, Christian Weistroffer |
| Jun 2023 | Policy Note | No 312 | Empowering central bank money for a digital future | Martin Diehl, Constantin Drott |
| May 2023 | Policy Brief | No 590 | Is digitalisation the gamechanger it promised to be for firms’ productivity growth? | Robert Anderton, Vasco Botelho, Paul Reimers |
| May 2023 | Policy Brief | No 589 | The environmental goods and services sector is the keystone of net zero: Let’s subsidize it! | Eric Jondeau, Grégory Levieuge, Jean-Guillaume Sahuc, Gauthier Vermandel |
| May 2023 | Policy Brief | No 587 | CBDC Policies in Open Economies | Michael Kumhof, Marco Pinchetti, Phurichai Rungcharoenkitkul, Andrej Sokol |
| Apr 2023 | Policy Brief | No 567 | Catching the green-tech train: technology and climate change mitigation | Claire Alestra, Gilbert Cette, Valérie Chouard, Rémy Lecat |
| Apr 2023 | Policy Note | No 309 | The Digital Euro (CBDC) as a Monetary Anchor of the Financial System | Peter Bofinger, Thomas Haas |
| Apr 2023 | Policy Brief | No 565 | Monetary Policy in the Presence of Supply Constraints | Almut Balleer, Marvin Noeller |
| Apr 2023 | Policy Note | No 308 | Supply matters | Andrew Bailey |
| Apr 2023 | Policy Note | No 307 | Back to normal? Balance sheet size and interest rate control | Isabel Schnabel |
| Mar 2023 | Policy Brief | No 548 | The Euro Area Great Inflation Surge | Guido Ascari, Paolo Bonomolo, Marco Hoeberichts, Riccardo Trezzi |
| Mar 2023 | Policy Brief | No 543 | How shocks to Chinese supply chains affect US and euro area manufacturing | Makram Khalil, Marc-Daniel Weber |
| Mar 2023 | Policy Brief | No 536 | Disruptions in global supply chains drive inflation in the euro area | David Finck, Peter Tillmann |
| Mar 2023 | Policy Brief | No 535 | The fear of job loss as a driver of households’ labour supply | Wouter Gelade, Maud Nautet, Céline Piton |
| Feb 2023 | Policy Brief | No 527 | Central Bank digital currencies in Africa: catching up | Enrique Alberola, Ilaria Mattei |
| Jan 2023 | Policy Brief | No 509 | EU fiscal rules 2.0, more carrot than stick plus greenwashing? | Matthias Reith, Gunter Deuber |
| Jan 2023 | Policy Note | No 296 | Finding the right mix: monetary-fiscal interaction at times of high inflation | Isabel Schnabel |
| Dec 2022 | Policy Brief | No 497 | European Small Business Finance Outlook: SMEs in between crises | Helmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs |
| Dec 2022 | Policy Brief | No 486 | How do borrowers adjust in a household foreign currency debt crisis? | Győző Gyöngyösi, Judit Rariga, Emil Verner |
| Dec 2022 | Policy Brief | No 482 | Shipping freight rates and inflation in the Euro Area | Nektarios A. Michail, Konstantinos D. Melas, Lena T. Cleanthous |
| Oct 2022 | Policy Note | No 291 | Monetary policy and inflation: recent developments | Ignazio Visco |
| Oct 2022 | Policy Brief | No 434 | Growth Expectations and the Dynamics of Entry | Enisse Kharroubi |
| Sep 2022 | Policy Brief | No 428 | Natural Gas – An Unexpected Macro and Market Driver | Samantha Azzarello, Gabrielle Jabre |
| Sep 2022 | Policy Brief | No 417 | Friendshoring: Who will benefit? | Michael Every, Erik-Jan van Harn |
| Sep 2022 | Policy Note | No 287 | Monetary policy and the Great Volatility | Isabel Schnabel |
| Sep 2022 | Policy Brief | No 412 | Natural Gas in Europe: The Potential Impact of Disruptions to Supply | Gabriel Di Bella, Mark Flanagan, Karim Foda, Andrea Pescatori, Alex Pienkowski, Martin Stuermer, Frederik Toscani |
| Sep 2022 | Policy Brief | No 408 | What can CBDC designers learn from asking potential users? Results from a survey of Austrian residents | Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer |
| Aug 2022 | Policy Brief | No 392 | Consumption-led expansions lead to lower growth | Matti Viren |
| Jul 2022 | Policy Brief | No 378 | Estimating Growth-at-Risk: Insights from a Structural Nonlinear Model | Matthias Rottner |
| Jul 2022 | Policy Brief | No 367 | The Eurosystem’s bond market share at an all-time high: what does it mean for repo markets? | Tomás Carrera de Souza, Tom Hudepohl |
| Jun 2022 | Policy Brief | No 360 | On the psychology of inflation and its implications | Pascal Blanqué |
| Jun 2022 | Policy Brief | No 351 | Currency demand at negative interest rates | Edoardo Rainone |
| Jun 2022 | Policy Brief | No 346 | How do firms respond to demand and supply shocks? | Michał Gradzewicz |
| Apr 2022 | Policy Brief | No 321 | Would a retail CBDC achieve its intended purpose? | Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda |
| Apr 2022 | Policy Note | No 273 | The return of inflation | Agustín Carstens |
| Mar 2022 | Policy Note | No 272 | Financing Faster Growth For Europe’s SMEs | Sylvain Broyer, Sarah Limbach, Cihan Duran |
| Mar 2022 | Policy Brief | No 303 | Rising rent burdens following distorting investment incentives – The effects of rent controls in Germany | Vera Baye, Valeriya Dinger |
| Mar 2022 | Policy Brief | No 290 | Should monetary finance remain taboo? | Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, Damiano Sandri |
| Mar 2022 | Policy Brief | No 286 | Private and Public Debt: Some Implications on Economic Growth | Patrizio Morganti |
| Mar 2022 | Policy Note | No 267 | Towards a single operational indicator in the SGP – A look at the properties of the current expenditure benchmark | Nicholai Benalal, Maximilian Freier, Wim Melyn, Stefan Van Parys, Lukas Reiss |
| Feb 2022 | Policy Brief | No 277 | Money and psychology of inflation: an investor view | Pascal Blanqué |
| Feb 2022 | Policy Brief | No 273 | Revisiting the Properties of Money | Isaiah Hull, Or Sattath |
| Feb 2022 | Policy Note | No 265 | Austrian conceptions of money and the rise of digital currency | Michael Peneder |
| Feb 2022 | Policy Brief | No 268 | Monetary policy and the green transition | Lena Boneva, Gianluigi Ferrucci, Francesco Paolo Mongelli |
| Jan 2022 | Policy Brief | No 266 | Feeling the Heat? – Assessing Labor Shortages in the Euro area | Paul Ramskogler |
| Jan 2022 | Policy Brief | No 262 | Choosing the European fiscal rule | Ginters Bušs, Patrick Grüning, Oļegs Tkačevs |
| Jan 2022 | Policy Brief | No 257 | Why do households save? | Sami Oinonen, Matti Viren |
| Dec 2021 | Policy Brief | No 253 | Money market funds in the euro area: Vulnerabilities and the role of macroprudential policy | Tom Hudepohl, Jeroen Huiting, Annelie Petersen |
| Dec 2021 | Policy Brief | No 244 | Switching-track after the Great Recession | Francesca Vinci, Omar Licandro |
| Nov 2021 | Policy Brief | No 227 | Did liquidity limits amplify money market fund redemptions during the COVID crisis? | Peter Dunne, Raffaele Giuliana |
| Nov 2021 | Policy Brief | No 219 | How do banks propagate economic shocks? | Yusuf Emre Akgündüz, Seyit Mümin Cılasun, H. Özlem Dursun-de Neef, Yavuz Selim Hacıhasanoğlu, İbrahim Yarba |
| Sep 2021 | Policy Note | No 253 | Raising r*: Why, how, and if not now, when? | Robert Holzmann, Maria T. Valderrama |
| Sep 2021 | Policy Brief | No 174 | Low-for-ultra-long policy will not be enough for Japan | Hiroshi Ugai |
| Aug 2021 | Policy Brief | No 150 | Digital euro has potential in the Netherlands | Michiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink |
| Aug 2021 | Policy Brief | No 149 | Regulation of crypto-assets is a must for governments and central banks | Daniel Daianu |
| Aug 2021 | Policy Note | No 250 | Roads for the future: Central Bank Digital Currency (CBDC) and Innovative Payments | François Villeroy de Galhau |
| Jul 2021 | Policy Brief | No 126 | Intergenerational macroeconomics | Gabriel Makhlouf |
| Jul 2021 | Policy Note | No 248 | The Future of Bitcoin | Wim Boonstra |
| May 2021 | Policy Note | No 242 | Does the upturn in Eurozone money growth imply 5% inflation? | Tim Congdon |
| May 2021 | Policy Brief | No 96 | Real interest rates and demographic developments: the role of population growth and migration | Lucas Fuhrer, Nils Herger |
| May 2021 | Policy Note | No 239 | How to prevent a too restrictive fiscal policy in Europe? | Wim Boonstra |
| Apr 2021 | Policy Brief | No 75 | Europe: the shock of Covid-19 and the fear of accelerated zombification | Hélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef |
| Apr 2021 | Policy Note | No 231 | The challenges to the banking sector a year after the outbreak of the COVID-19 pandemic | Pablo Hernández de Cos |
| Mar 2021 | Policy Note | No 227 | Scarring in Europe | Reza Moghadam, Markus Guetschow, Camille White |
| Mar 2021 | Policy Brief | No 54 | Are lower bank capital requirements an efficient policy tool for supporting credit to SMEs? | Michel Dietsch, Henri Fraisse, Mathias Lé, Sandrine Lecarpentier |
| Feb 2021 | Policy Brief | No 52 | Pandemic Recession, Recovery Plan and Helicopter Money: A Tale from the Serenissima | Charles Goodhart, Donato Masciandaro, Stefano Ugolini |
| Jan 2021 | Policy Note | No 220 | Is the 100% Reserve Reform Finally Getting Topical? | Christian Pfister |
| Jan 2021 | Policy Note | No 218 | Interest rate-growth differentials on government debt: an empirical investigation for the euro area | Cristina Checherita-Westphal and João Domingues Semeano |
| Oct 2020 | Policy Note | No 202 | Policy revolution | Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand |
| Sep 2020 | Policy Note | No 193 | Inclusive payments for the post-pandemic world | Raphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth |
| Jul 2020 | Policy Note | No 183 | Retail Central Bank Digital Currencies: means of payment vs store of value | Santiago Fernández de Lis, Pablo Urbiola |
| Jul 2020 | Policy Note | No 182 | Europe’s answer to Libra – potential and prerequisites of a programmable euro | Andreas Krautscheid, Tobias Tenner, Siegfried Utzig |
| Jun 2020 | Policy Brief | No 15 | There is nothing magic in central bank money | Jean Barthélemy, Adrian Penalver |
| Jun 2020 | Policy Brief | No 14 | Do contactless cards really change the way we pay? | Martin Brown, Nicole Hentschel, Hannes Mettler, Helmut Stix |
| May 2020 | Policy Note | No 171 | US dollar funding markets during the Covid-19 crisis – the international dimension | Egemen Eren, Andreas Schrimpf, Vladyslav Sushko |
| May 2020 | Policy Note | No 165 | Monetary policy implications of digital currencies | Katrin Assenmacher |
| May 2020 | Policy Note | No 161 | Shh, don’t say it! ECB Helicopter Money: Economics and Politics | Donato Masciandaro |
| Apr 2020 | Policy Note | No 158 | Overview of Central Bank Digital Currency - State of Play | Johannes Duong |
| Apr 2020 | Policy Brief | No 2 | Politics and Economics of Global Currencies | Paul De Grauwe |
| Apr 2020 | Policy Note | No 148 | Reflections on the health and financial crisis | Jacques de Larosière |
| Mar 2020 | Policy Note | No 144 | Euro Area Economics: Putting the OOH into HICP | Jacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow |
| Mar 2020 | Policy Note | No 141 | Reforms, Reversals and the Road Ahead: Lessons from Three Decades of Transition in Central and Eastern Europe | Beata Javorcik |
| Jan 2020 | Policy Note | No 122 | TCFD: strengthening the foundations of sustainable finance | Mark Carney |
| Nov 2019 | Policy Note | No 116 | Following “Libra” German banks say: The economy needs a programmable digital euro | Andreas Krautscheid, Tobias Tenner, Siegfried Utzig |
| Nov 2019 | Policy Note | No 111 | Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvre | Karsten Wendorff |
| Nov 2019 | Policy Note | No 110 | Towards a European Governance Framework for Cryptoassets | Jason Grant Allen, Rosa María Lastra |
| Oct 2019 | Policy Note | No 108 | Libra – a view from Europe | Heike Mai |
| Oct 2019 | Policy Note | No 107 | Tackling non-performing loans in Europe | Peter Grasmann, Markus Aspegren, Nicolas Willems |
| Oct 2019 | Policy Note | No 104 | On Crypto Assets | Andrei Kirilenko |
| Sep 2019 | Policy Note | No 101 | Central bank digital currency: institutional issues | Wim Boonstra |
| Sep 2019 | Policy Note | No 95 | Controlling CBDC through tiered remuneration | Ulrich Bindseil |
| Sep 2019 | Policy Note | No 93 | European Economic and Monetary Union: from the Past into the Future | Jean-Claude Trichet |
| Aug 2019 | Policy Note | No 90 | Restricting or Abolishing Cash: An Effective Instrument for Eliminating the Shadow Economy, Corruption and Terrorism? | Friedrich Schneider |
| Aug 2019 | Policy Note | No 89 | Central banks still run money creation | Daniel Daianu |
| Jul 2019 | Policy Note | No 85 | Libra: A new competitor among international currencies? | Beat Weber |
| May 2019 | Policy Note | No 70 | The impact of Brexit on growth and the public finances | Iain Begg |
| Apr 2019 | Policy Note | No 67 | What is „Modern Money Theory“ (MMT)? | Beat Weber |
| Jan 2019 | Policy Note | No 51 | Africa needs investments beyond its pockets of growth | Olivier de Boysson, Clément Gillet |
| Aug 2018 | Policy Note | No 40 | 21st century cash: Central banking, technological innovation and digital currencies | Fabio Panetta |
| Nov 2017 | Policy Note | No 21 | Risk sharing in EMU: key insights from a literature review | Demosthenes Ioannou, David Schäfer |
| Nov 2017 | Policy Note | No 20 | Recent developments in Chinese shadow banking | Michael Chui, Christian Upper |
| Oct 2017 | Policy Note | No 19 | Is cash back? Assessing the recent increase in cash demand | Clemens Jobst, Helmut Stix |
| Jun 2017 | Policy Note | No 13 | The political economy of central banking in the digital age | Sir Paul Tucker |
| Feb 2016 | Policy Note | No 4 | Gender diversity and monetary policy | Donato Masciandaro, Paola Profeta, Davide Romelli |
| Dec 2015 | Policy Note | No 3 | Cash without future? Future without cash? A wider view | Christian Beer, Urs W. Birchler, Ernest Gnan |
© SUERF - The European Money and Finance Forum 2010-2018 .:. Société Universitaire Européenne de Recherches Financières
Privacy Policy .:. Legal notice
Design by draganmarkovic.net