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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)
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
Feb 2023Policy BriefNo 529The effects of monetary policy across fiscal regimesRoben Kloosterman, Dennis Bonam, Koen van der Veer
Feb 2023Policy BriefNo 517Stock Return Predictability: Comparing Macro- and Micro-ApproachesArthur Stalla-Bourdillon
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Jan 2023Policy BriefNo 499Invest One -- Get Two Extra: Public Investment Crowds In Private InvestmentOlegs Matvejevs, Olegs Tkacev
Dec 2022Policy BriefNo 484Monetary and macroprudential policy effectiveness and spilloversLuc Laeven, Angela Maddaloni, Caterina Mendicino
Dec 2022Policy BriefNo 481Should central banks be involved in historical research?Ivo Maes
Nov 2022Policy BriefNo 473The Impact of Natural Disasters on Banks’ Impairment Flow – Evidence from GermanyIliriana Shala, Benno Schumacher
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
Oct 2022Policy BriefNo 454Augmented credit-to-GDP gap as a more reliable indicator for macroprudential policy decision-makingTihana Škrinjarić
Oct 2022Policy BriefNo 444How do central bank lending operations interact with equity offering announcements?Massimo Giuliodori, Jan Kakes, Dimitris Mokas
Sep 2022Policy BriefNo 416The rise of cross-border financial centresPamela Pogliani, Philip Wooldridge
Sep 2022Policy BriefNo 411Subjective Expectations and UncertaintyAndrzej Kocięcki, Tomasz Łyziak, Ewa Stanisławska
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 393Stagflation in the 1970s: lessons for the current situationAlmira Enders, Sebastian Giesen, Dominic Quint
Aug 2022Policy BriefNo 389Digital Endowments and Comparative AdvantageDario Guarascio, Roman Stöllinger
Jul 2022Policy BriefNo 366Firm-level expectations and macroeconomic conditions: underpinnings and disagreementMonique Reid, Pierre Siklos
Jun 2022Policy BriefNo 360On the psychology of inflation and its implicationsPascal Blanqué
Jun 2022Policy BriefNo 354A Coasian Bargain: Climate Financing to Phase Out CoalTobias Adrian, Patrick Bolton, Alissa M. Kleinnijenhuis
Jun 2022Policy BriefNo 353How Bad Can Financial Crises Be? A GDP Tail Risk Assessment for PortugalIvan De Lorenzo Buratta, Marina Feliciano, Duarte Maia
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
Apr 2022Policy BriefNo 321Would a retail CBDC achieve its intended purpose?Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda
Apr 2022Policy NoteNo 273The return of inflationAgustín Carstens
Mar 2022Policy BriefNo 305Is There Financial Exclusion when Official Lenders Are Considered?María Bru Muñoz
Mar 2022Policy NoteNo 271Financial stability and crypto-assetsPablo Hernández de Cos
Mar 2022Policy BriefNo 291The Political Economy of Currency UnionsKai Arvai
Feb 2022Policy BriefNo 277Money and psychology of inflation: an investor viewPascal Blanqué
Feb 2022Policy NoteNo 265Austrian conceptions of money and the rise of digital currencyMichael Peneder
Jan 2022Policy BriefNo 267Pledge or pretext? Lessons from the Fiscal CompactMartin Larch, Matthias Busse, László Jankovics
Jan 2022Policy BriefNo 257Why do households save?Sami Oinonen, Matti Viren
Jan 2022Policy NoteNo 262The encrypted threat: Bitcoin’s social cost and regulatory responsesUlrich Bindseil, Patrick Papsdorf, Jürgen Schaaf
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
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
Sep 2021Policy BriefNo 189How do real and monetary integrations affect inflation dynamics in Turkey?Hülya Saygılı
Sep 2021Policy BriefNo 183Central bank’s financial result and inter-sectoral transfers of benefitsKrzysztof Kruszewski, Mikołaj Szadkowski
Sep 2021Policy BriefNo 182The FX Global CodeGuy Debelle
Sep 2021Policy BriefNo 181A liquidity risk early warning indicator for Italian banks: a machine learning approachMaria Ludovica Drudi, Stefano Nobili
Sep 2021Policy NoteNo 252Forging the Future of Monetary Union – taking stock and looking forwardMarkus Rodlauer, Rolf Strauch
Sep 2021Policy BriefNo 176Does the ECB’s monetary policy react to the balance of risks?Philippine Cour-Thimann, Alexander Jung
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
Aug 2021Policy BriefNo 166Record global FX reserves after COVID shockMichael S Hanson
Aug 2021Policy BriefNo 160Have scale effects on cost margins of pension fund investment portfolios disappeared?Jacob A. Bikker, Jeroen J. Meringa
Aug 2021Policy BriefNo 158Bank pricing of corporate loansMárcio Mateus, Tiago Pinheiro
Aug 2021Policy BriefNo 156More aware societies suffered less from Covid-19Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara
Aug 2021Policy BriefNo 149Regulation of crypto-assets is a must for governments and central banksDaniel Daianu
Aug 2021Policy NoteNo 250Roads for the future: Central Bank Digital Currency (CBDC) and Innovative PaymentsFrançois Villeroy de Galhau
Aug 2021Policy BriefNo 142Consumption patterns in Italy during COVID-19Elisa Guglielminetti and Concetta Rondinelli
Jul 2021Policy NoteNo 248The Future of BitcoinWim Boonstra
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
May 2021Policy NoteNo 242Does the upturn in Eurozone money growth imply 5% inflation?Tim Congdon
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 NoteNo 231The challenges to the banking sector a year after the outbreak of the COVID-19 pandemicPablo Hernández de Cos
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Nov 2020Policy NoteNo 204Lessons from the Swedish anti-corona strategyLieven Noppe
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Jul 2020Policy BriefNo 21How effective are bank levies in reducing leverage given the debt bias of corporate income taxation?Franziska Bremus, Kirsten Schmidt, Lena Tonzer
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
Jun 2020Policy NoteNo 174The international role of the euroMarco Buti
May 2020Policy NoteNo 171US dollar funding markets during the Covid-19 crisis – the international dimensionEgemen Eren, Andreas Schrimpf, Vladyslav Sushko
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
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 152European banks in the corona crisisJan Schildbach
Apr 2020Policy NoteNo 147Does It Fit? Tweeting on Monetary Policy and Central Bank CommunicationDonato Masciandaro, Davide Romelli, Gaia Rubera
Mar 2020Policy NoteNo 144Euro Area Economics: Putting the OOH into HICPJacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 138Euro Area Economics: Greenflation?Jacob Nell, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 136Mortgage Lending and Macroprudential Policy in the UK and USAlan Brener
Sep 2019Policy NoteNo 99The euro’s global role: past, present and futureArnaud Mehl
Jun 2019Policy NoteNo 79Financial aspects of BrexitThomas Url
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
Mar 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Mar 2018Policy NoteNo 29European Monetary Union reform preferences of French and German parliamentariansSebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
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
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
May 2016Policy NoteNo 7Ten Myths in the Brexit DebateDavid T. Llewellyn
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz
Dec 2015Policy NoteNo 3Cash without future? Future without cash? A wider viewChristian Beer, Urs W. Birchler, Ernest Gnan
Oct 2015Policy NoteNo 2Modigliani–Miller, Basel 3 and CRD 4Morten Balling

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