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SUERF Policy Notes and SUERF Policy Briefs

SUERF Policy Notes & Briefs offer accessible and concise, high-quality, authoritative and informed analysis on topical issues related to European money and finance. They make research by SUERF Member institutions and academic researchers available to the SUERF network and beyond. SUERF Policy Notes & Briefs are published weekly on the SUERF webpage. The views expressed are those of the author(s) and not necessarily those of the institution(s) the author(s) is/are affiliated with.

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

All SUERF Policy Notes & Briefs  are available in PDF format.

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Date publishedSUERFIssueTitleAuthor(s)
Dec 2023Policy NoteNo 329Eurozone Banks: Higher Reserve Requirements Would Dent Profits And LiquidityNicolas Charnay, Pierre Hollegien
Nov 2023Policy BriefNo 749Monetary policy transmission below zero: In search of the reversal rateZuzana Fungáčová, Eeva Kerola, Olli-Matti Laine
Nov 2023Policy BriefNo 738Transmission of interest rate hikes depends on the level of central bank reserves held by banksDaniel Fricke, Stefan Greppmair, Karol Paludkiewicz
Oct 2023Policy NoteNo 323What An Acceleration of Quantitative Tightening Could Mean For Eurozone BanksNicolas Charnay, Pierre Hollegien, Sylvain Broyer, Aude Guez
Oct 2023Policy BriefNo 692Innovation, Industry Equilibrium, and Discount RatesMaria Cecilia Bustamante, Francesca Zucchi
Sep 2023Policy BriefNo 687Fear The Walking Dead? Zombie Firms in the Euro Area and Their Effect on Healthy Firms’ Credit ConditionsLea Katharina Havemeister, Kristian Horn
Aug 2023Policy BriefNo 648 European bank performance – as good as it gets, despite recent wobbles?Jan Schildbach
Jul 2023Policy BriefNo 645How to measure inflation volatility. A Note.Alfredo Garcia-Hiernaux, Maria T. Gonzalez-Perez, David E. Guerrero
Jul 2023Policy BriefNo 643Consumer Savings Behaviour at Low and Negative Interest RatesMarco Felici, Geoff Kenny, Roberta Friz
Jun 2023Policy BriefNo 620Insights into Credit Loss Rates: A Global DatabaseLi Lian Ong, Christian Schmieder, Min Wei
Jun 2023Policy BriefNo 614After the crypto-winter, the spring of crypto-assets regulation and supervisionDenis Beau
May 2023Policy BriefNo 579Do unrealised bank losses affect loan pricing?Matjaž Volk
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 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
Feb 2023Policy BriefNo 525FX intervention to stabilize or manipulate the exchange rate? Inference from profitabilityDamiano Sandri
Feb 2023Policy BriefNo 523Into the Universe of Unconventional Monetary Policy: State-dependence, Interaction and ComplementaritiesAndrejs Zlobins
Feb 2023Policy NoteNo 298European Housing Prices: A Sticky, Gradual DeclineSylvain Broyer, Marion Amiot, Boris S Glass, Aude Guez
Jan 2023Policy BriefNo 507Joint Ownership of Production Projects as a Commitment Device against Interest Groups Nicoletta Berardi, Paul Seabright
Dec 2022Policy BriefNo 482Shipping freight rates and inflation in the Euro AreaNektarios A. Michail, Konstantinos D. Melas, Lena T. Cleanthous
Dec 2022Policy BriefNo 480Quantitative forward guidance through interest rate projectionsBoris Hofmann, Dora Xia
Nov 2022Policy BriefNo 461Dual interest rates and the transmission of monetary policyFrancesca Barbiero, Lorenzo Burlon, Maria Dimou, Jan Toczynski
Oct 2022Policy BriefNo 450Are Liability Driven Investors (LDIs) a liability for policymakers?Giacomo Carboni, Martin Ellison
Jun 2022Policy BriefNo 351Currency demand at negative interest ratesEdoardo Rainone
Jun 2022Policy BriefNo 347Sectoral exchange rate pass-through in the euro areaChiara Osbat, Yiqiao Sun, Martin Wagner
Apr 2022Policy NoteNo 273The return of inflationAgustín Carstens
Mar 2022Policy BriefNo 304Mind the gap: The widening post-pandemic gender divideJoyce Chang, Amy Ho
Mar 2022Policy BriefNo 293Tax Race to the Bottom Harms Location Attractiveness of Western EuropeLeonie Fischer, Jost H. Heckemeyer, Christoph Spengel, Daniela Steinbrenner
Jan 2022Policy NoteNo 263Monetary Policy in a World of Radical UncertaintyMervyn King
Dec 2021Policy BriefNo 251Have Bail-in Policies Reduced Too-Big-To-Fail Expectations? Evidence from the European Overnight Interbank MarketEero Tölö, Esa Jokivuolle, Matti Virén
Dec 2021Policy BriefNo 236How to steer interest rates in negative territory? An analysis of reserve tiering and interbank market activityLucas Marc Fuhrer, Matthias Jüttner, Jan Wrampelmeyer, Matthias Zwicker
Nov 2021Policy BriefNo 215Monetary policy strategies in the New Normal: A model-based analysis for the euro areaFabio Busetti, Stefano Neri, Alessandro Notarpietro, Massimiliano Pisani
Oct 2021Policy BriefNo 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 196Negative interest rates and the erosion of banks’ interest marginsJorien Freriks, Jan Kakes
Sep 2021Policy BriefNo 184Frozen markets: Iceland’s experience with capital controlsFrancis Breedon, Thórarinn G. Pétursson, Paolo Vitale
Sep 2021Policy NoteNo 256Ultra low interest rates from the perspective of a central bankerLars Rohde
Sep 2021Policy NoteNo 255Navigating by r*: safe or hazardous?Claudio Borio
Sep 2021Policy NoteNo 253Raising r*: Why, how, and if not now, when?Robert Holzmann, Maria T. Valderrama
Sep 2021Policy BriefNo 174Low-for-ultra-long policy will not be enough for JapanHiroshi Ugai
Sep 2021Policy BriefNo 173An export supply channel of exchange ratesErik Frohm
Sep 2021Policy BriefNo 172Central banks as bank supervisors: how does this double role affect their inflation outcomes?Vasco Gabriel, Ioannis Lazopoulos, Diana Lima
Aug 2021Policy BriefNo 162The Natural Interest Rate in ChinaSUN Guofeng, Daniel M Rees
Aug 2021Policy BriefNo 150Digital euro has potential in the NetherlandsMichiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink
Jul 2021Policy BriefNo 141Some warning signals about average inflation targetingSeppo Honkapohja, Nigel McClung
Jul 2021Policy BriefNo 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
Jun 2021Policy BriefNo 113The economics of interest rates and population growthJesse Edgerton
Jun 2021Policy NoteNo 246Integrated policy frameworks: The constraints of policy horizons and adjustment frequenciesClaudio Borio and Piti Disyatat
May 2021Policy BriefNo 96Real interest rates and demographic developments: the role of population growth and migrationLucas Fuhrer, Nils Herger
May 2021Policy BriefNo 91Low Interest Rates and the Distribution of Household DebtMarina Emiris, François Koulischer
May 2021Policy NoteNo 235Negative Interest Rate Policy – The Experience So FarLuis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber, Roland Meeks
Apr 2021Policy BriefNo 75Europe: the shock of Covid-19 and the fear of accelerated zombificationHélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Dec 2020Policy BriefNo 40Could housing booms undermine productivity growth?Sebastian Doerr
Dec 2020Policy NoteNo 212Monetary policy effects when interest rates are negativeJoost Bats, Massimo Giuliodori, Aerdt Houben
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
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Oct 2020Policy NoteNo 199Macroeconomic stabilisation when nominal interest rates are constrained: A role for household inflation expectations?Geoff Kenny, Ioana Duca-Radu, Andreas Reuter
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
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 6Never Let a Good Crisis Go to Waste!Kai A. Konrad, Marcel Thum
Apr 2020Policy NoteNo 149A diverse monetary union creates invisible transfers that justify conditional solidarityEnrico Perotti and Oscar Soons
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 137R-star decline and monetary hysteresisPhurichai Rungcharoenkitkul
Oct 2019Policy NoteNo 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Aug 2019Policy NoteNo 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
Sep 2018Policy NoteNo 42Preserving regulatory certainty: The review of insurers’ capital requirementsGabriel Bernardino
Feb 2018Policy NoteNo 27Euro area quantitative easing: Large volumes, small impact?Daniel Gros
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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