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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.

Stay always up to date and subscribe to the monthly SUERF Policy Notes & Briefs Newsletter!


Date publishedSUERFIssueTitleAuthor(s)
Nov 2023Policy BriefNo 750Easier said than done: Predicting downside risks to house prices in CroatiaTihana Škrinjarić, Maja Sabol
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 740Can the green transition be risky for Slovak banks?Jozef Kalman, Ján Klacso, Roman Vasiľ, Juraj Zeman
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 732Quantitative easing, accounting and prudential frameworks, and bank lendingAndrea Orame, Rodney Ramcharan, Roberto Robatto
Nov 2023Policy BriefNo 726How would banks respond to central bank digital currency?Barbara Meller, Oscar Soons
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 708Mortgage borrowing caps: leverage, default, and welfareJoão G. Oliveira, Leonor Queiró
Oct 2023Policy BriefNo 698E-commerce and Price Setting: Evidence from EuropeGeorg Strasser, Elisabeth Wieland, Paweł Macias, Aneta Błażejowska, Karol Szafranek, David Wittekopf
Oct 2023Policy NoteNo 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
Sep 2023Policy NoteNo 322Central Banks: Firefighters or Pyromaniacs in Recent Crises?Marc-Olivier Strauss-Kahn
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 675How producer price changes transmit into final goods pricesEdvin Ahlander, Mikael Carlsson, Mathias Klein
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 662Adoption, Fragility and Regulation of StablecoinsChristoph Bertsch
Aug 2023Policy BriefNo 660Central clearing in turbulent times: frontiers in regulation and oversightFabio Panetta
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 NoteNo 316Peeling the onion: US bank stress not spreading to Euro areaRavi Balakrishnan, Marco Protopapa
Aug 2023Policy BriefNo 652Rising energy prices and productivity: short-run pain, long-term gain?Christophe André, Hélia Costa, Lilas Demmou, Guido Franco
Aug 2023Policy BriefNo 651Identifying money and inflation expectation shocks on real oil pricesSzilard Benk, Max Gillman
Jul 2023Policy BriefNo 642House price expectations and inflation expectations: Evidence from survey dataVedanta Dhamija, Ricardo Nunes, Roshni Tara
Jul 2023Policy BriefNo 640Solving the enforcement dilemma of the EU fiscal rulesPaul Dermine, Martin Larch
Jul 2023Policy BriefNo 628Large shock, small adjustment – Evidence from the 2021 energy crisisMatteo Alpino, Luca Citino, Annalisa Frigo
Jun 2023Policy BriefNo 614After the crypto-winter, the spring of crypto-assets regulation and supervisionDenis Beau
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 603Alexandre Lamfalussy and the origins of instability in capitalist economiesIvo Maes
Jun 2023Policy NoteNo 313Monetary and financial stability – can they be separated?Isabel Schnabel
May 2023Policy BriefNo 596Reforming the Monetary System for the Digital AgeBurkhard Drees, Sunil Sharma
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 588The digital euro: a precautionary device, not a deus-ex-machinaIgnazio Angeloni
May 2023Policy BriefNo 583Commodity prices and the US dollarDaniel Rees
May 2023Policy BriefNo 582Critical metals for the low-carbon transition: macro-financial issuesStéphane Dees, Simon Dikau, Hugh Miller, Romain Svartzman
May 2023Policy NoteNo 310Monetary and fiscal policies as anchors of trust and stabilityAgustín Carstens
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 566Dump the Hump: How Education Impacts Consumption Smoothing and Macroeconomic OutcomesSvend E. Hougaard Jensen, Sigurdur P. Olafsson, Thorsteinn S. Sveinsson, Gylfi Zoega
Apr 2023Policy BriefNo 565Monetary Policy in the Presence of Supply ConstraintsAlmut Balleer, Marvin Noeller
Apr 2023Policy BriefNo 560Evaluating the macroprudential stance in a growth-at-risk frameworkDominic Cucic, Ianna Georgieva Yordanova, Niels Framroze Møller, Simon Gade Søndergaard
Apr 2023Policy BriefNo 559Will the Green Transition Be Inflationary? Expectations MatterAlessandro Ferrari, Valerio Nispi Landi
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 541Climate Risks in Albania and their Relevance to the Central BankMargerita Topalli, Pierre Monnin
Feb 2023Policy BriefNo 533When food bites back: What quarterly firm-level data reveal about food inflationAndré Casalis
Feb 2023Policy BriefNo 528Federal Reserve Speeches Meet Transformer ModelsChristoph Bertsch, Isaiah Hull, Robin L. Lumsdaine, Xin Zhang
Feb 2023Policy BriefNo 524Highly Dispersed inflation rates challenge the ECB’s monetary policy strategyThomas Url
Jan 2023Policy BriefNo 512Price Setting Before and During the Pandemic: Evidence from Swiss Consumer PricesBarbara Rudolf, Pascal Seiler
Jan 2023Policy BriefNo 509EU fiscal rules 2.0, more carrot than stick plus greenwashing?Matthias Reith, Gunter Deuber
Jan 2023Policy BriefNo 505Adjusted regulation can improve capital buffer usability Ianna Georgieva Yordanova
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
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
Nov 2022Policy BriefNo 470What micro price data teach us about the inflation process: web-scraping in PRISMAChiara Osbat
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 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 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 453Under-researched areas of CBDCShalva Mkhatrishvili, Wim Boonstra
Oct 2022Policy NoteNo 291Monetary policy and inflation: recent developmentsIgnazio Visco
Sep 2022Policy BriefNo 431Consumer Inflation Expectations and Regional Price ChangesTomasz Łyziak, Michael Pedersen, Ewa Stanisławska
Sep 2022Policy BriefNo 425What Moves Markets?Mark Kerssenfischer, Maik Schmeling
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 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 391Why is Swiss inflation low?GianLuigi Mandruzzato
Jul 2022Policy BriefNo 383Measuring the engagement in climate-related financial policymaking: the climate-related financial policy indexPaola D’Orazio
Jul 2022Policy BriefNo 376Climate change and inflation in the euro areaChristiane Nickel
Jul 2022Policy BriefNo 369The impact of energy efficiency on Belgian house pricesPeter Reusens, Frank Vastmans, Sven Damen
Jun 2022Policy BriefNo 362On Implementing Macroprudential PolicyItai Agur, Sunil Sharma
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 347Sectoral exchange rate pass-through in the euro areaChiara Osbat, Yiqiao Sun, Martin Wagner
May 2022Policy BriefNo 335Macroeconomic Implications and Differences of Oil and Gas Price ShocksThomas Zörner, Nico Petz
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
Apr 2022Policy NoteNo 274Stylised facts on debt and financial crisisPedro Duarte Neves
Apr 2022Policy BriefNo 315Who owns banks? The household-bank nexus and its implications for bank stock pricesMatías Lamas, David Martinez-Miera
Apr 2022Policy BriefNo 310Insurers’ investments before and after the COVID-19 outbreakFederico Apicella, Raffaele Gallo, Giovanni Guazzarotti
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 NoteNo 270Will the supply-driven oil price shock unanchor inflation expectations?Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang
Mar 2022Policy BriefNo 294Preparing for the Financial System of the FutureLael Brainard
Mar 2022Policy NoteNo 267Towards a single operational indicator in the SGP – A look at the properties of the current expenditure benchmarkNicholai Benalal, Maximilian Freier, Wim Melyn, Stefan Van Parys, Lukas Reiss
Feb 2022Policy BriefNo 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 274Regulating big tech in the public interestAgustín Carstens
Dec 2021Policy BriefNo 254What explains the emergence and diffusion of climate-related financial policies in G20 countries?Paola D’Orazio
Dec 2021Policy NoteNo 261Mortgage and real estate markets: Current developments pose risks to financial stabilityFritz Zurbrügg
Nov 2021Policy BriefNo 225Population aging and the persistence of three key global trendsAndrea Papetti
Oct 2021Policy BriefNo 201Basel III implementation in the European UnionPablo Hernández de Cos
Oct 2021Policy BriefNo 195Is window dressing by banks systemically important?Luis Garcia, Ulf Lewrick, Taja Sečnik
Sep 2021Policy BriefNo 186Prudential responses to COVID-19 in G20 countries: a missed opportunity to enhance "green" financial policy and regulations?Paola D’Orazio
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 149Regulation of crypto-assets is a must for governments and central banksDaniel Daianu
Jul 2021Policy BriefNo 139Consistent recovery and resolution of small and large banks in EuropeAnne Dyrberg Rommer, Louise Kleiner
Jul 2021Policy BriefNo 126Intergenerational macroeconomicsGabriel Makhlouf
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 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 115Understanding the financial risks of nature loss: exploring policy options for financial authoritiesKatie Kedward, Josh Ryan-Collins, Hugues Chenet
May 2021Policy NoteNo 239How to prevent a too restrictive fiscal policy in Europe?Wim Boonstra
May 2021Policy BriefNo 89Foreclosures and House PricesMichele Loberto
May 2021Policy BriefNo 84Data sharing for better policy makingClaudia Buch
Apr 2021Policy BriefNo 80Fed’s financial stability concerns and monetary policyKlodiana Istrefi, Florens Odendahl, Giulia Sestieri
Apr 2021Policy BriefNo 71CESEE’s Macroprudential Policy Response to Covid-19Markus Eller, Reiner Martin, Lukas Vashold
Apr 2021Policy BriefNo 69Crisis management of credit institutions: Senior unsecured creditors must prepare for bail-inChristine Sif Larsen, Anne Dyrberg Rommer
Apr 2021Policy BriefNo 61A backstop liquidity facility for a greener economyEric Jondeau, Benoit Mojon, Cyril Monnet
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
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
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 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 212Monetary policy effects when interest rates are negativeJoost Bats, Massimo Giuliodori, Aerdt Houben
Nov 2020Policy NoteNo 205Retail CBDC Remuneration: The Sign MattersChristian Pfister
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Sep 2020Policy BriefNo 29A Journey through the Monetary Cyber WorldChristian Pfister
Sep 2020Policy NoteNo 192A rule-based monetary strategy for the European Central Bank: a call for monetary stabilityJuan E. Castañeda
Jun 2020Policy NoteNo 179The need for a new financial architecture after CORONA, an opinionFreddy Van den Spiegel
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
Apr 2020Policy NoteNo 153Passive Funds Actively Affect Prices: Evidence from the Largest ETF MarketsKaramfil Todorov
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 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
Jan 2020Policy NoteNo 122TCFD: strengthening the foundations of sustainable financeMark Carney
Nov 2019Policy NoteNo 115Putting macroprudential policy to work: a case study on the Dutch housing marketPaul Hilbers, Marco van Hengel
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
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Aug 2019Policy NoteNo 89Central banks still run money creationDaniel Daianu
Aug 2019Policy NoteNo 88Mitigating Fiscal Risks from the Financial SectorLudger Schuknecht
Jul 2019Policy NoteNo 82Rethinking Capital Regulation: The Case for a Dividend Prudential Target in the Euro AreaManuel Muñoz
Jun 2019Policy NoteNo 75The future of financial stability: Maintaining effectiveness while reducing complexityAndreas Ittner
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
Jan 2019Policy NoteNo 52Monetary Policy beyond normalizationMaria Demertzis
Nov 2018Policy NoteNo 48Trends and Cycles in Financial IntermediationPhilip R. Lane
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
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz

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