SUERF Policy Notes
In September 2015, SUERF launched the SUERF Policy Notes series with focus on current financial, monetary or economic issues, designed for policy makers and financial practitioners, authored by renowned experts.
| Date published | SUERF | Issue | Title | Author(s) |
| 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 581 | On the Macroeconomic Effects of Reinvestments in Asset Purchase Programmes | Rafael Gerke, Daniel Kienzler, Alexander Scheer |
| May 2023 | Policy Brief | No 578 | The effectiveness of green collateral policy as an instrument of climate policy | Francesco Giovanardi, Matthias Kaldorf, Lucas Radke, Florian Wicknig |
| Apr 2023 | Policy Brief | No 571 | Has the euro changeover really caused extra inflation in Croatia? | Matteo Falagiarda, Christine Gartner, Ivan Mužić, Andreja Pufnik |
| Apr 2023 | Policy Brief | No 563 | Regulators as Risk Managers: Macroprudential Policy through a Risk Management Lens | Daniel Dimitrov, Sweder van Wijnbergen |
| Apr 2023 | Policy Brief | No 560 | Evaluating the macroprudential stance in a growth-at-risk framework | Dominic Cucic, Ianna Georgieva Yordanova, Niels Framroze Møller, Simon Gade Søndergaard |
| Mar 2023 | Policy Brief | No 552 | The euro interest rate swap market: Recent trends in trading activity and liquidity | Federico Babbi, Immo Frieden, Martin Scheicher |
| Mar 2023 | Policy Brief | No 544 | Using machine learning to measure financial risk in China | Alexander Al-Haschimi, Apostolos Apostolou, Andres Azqueta-Gavaldon, Martino Ricci |
| Mar 2023 | Policy Brief | No 538 | How does offshoring shape labour market imperfections? A comparative analysis of Belgian and Dutch firms | Sabien Dobbelaere, Catherine Fuss, Mark Vancauteren |
| Mar 2023 | Policy Note | No 303 | Energy shocks and corporate performance, the case of Croatia | Ivan Huljak |
| 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 529 | The effects of monetary policy across fiscal regimes | Roben Kloosterman, Dennis Bonam, Koen van der Veer |
| Feb 2023 | Policy Note | No 300 | Geopolitical scenarios for 2023 and beyond | Franz Eder |
| Feb 2023 | Policy Brief | No 519 | Borrower-based regulations push housing demand towards the suburbs | Rikke Rhode Nissen, Alessandro Tang-Andersen Martinello, Simon Juul Hviid, Christian Sinding Bentzen |
| Feb 2023 | Policy Brief | No 518 | ECB Significant-Bank Risk Profile and COVID-19 Crisis Containment Phase: What Approach in the Transitioning Phase? | Bozena Gulija, Costanza Russo, Dalvinder Singh |
| Feb 2023 | Policy Note | No 299 | Convergence in GDP per capita in the euro area and the EU at the time of COVID-19 | Mirko Licchetta, Giovanni Mattozz |
| Jan 2023 | Policy Brief | No 510 | Bank and non-bank balance sheet responses to monetary policy shocks | Fédéric Holm-Hadulla, Falk Mazelis, Sebastian Rast |
| 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 495 | Asset Purchases and Sovereign Risk Premia in the Euro Area during the Pandemic | Robert Blotevogel, Gergely Hudecz, Elisabetta Vangelista |
| Dec 2022 | Policy Brief | No 491 | Risk sharing and monetary policy transmission | Sebastian Hauptmeier, Fédéric Holm-Hadulla, Théodore Renault |
| Dec 2022 | Policy Brief | No 490 | Systemic Bank Runs: How a Misallocation of Liquidity May Trigger a Solvency Crisis | Lukas Altermatt, Hugo van Buggenum, Lukas Voellmy |
| Dec 2022 | Policy Brief | No 489 | The impact of portfolio-based green monetary policy | Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig, Carolin Nerlich |
| Nov 2022 | Policy Brief | No 459 | Central Bank Communication with the General Public: Challenging, Yet Worthwhile | Alan S. Blinder, Michael Ehrmann, Jakob de Haan, David-Jan Jansen |
| Oct 2022 | Policy Brief | No 447 | Does the European Central Bank speak differently when in parliament? A comparative textual analysis of the European Central Bank’s speeches in the European Parliament and in press conferences | Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson |
| Oct 2022 | Policy Brief | No 443 | Transition Versus Physical Climate Risk Pricing in European Financial Markets: A Text-Based Approach | Giovanna Bua, Daniel Kapp, Federico Ramella, Lavinia Rognone |
| Oct 2022 | Policy Brief | No 440 | Forced migration and food crises | Federico Carril-Caccia, Jordi Paniagua, Marta Suárez-Varela |
| Sep 2022 | Policy Brief | No 431 | Consumer Inflation Expectations and Regional Price Changes | Tomasz Łyziak, Michael Pedersen, Ewa Stanisławska |
| Sep 2022 | Policy Brief | No 430 | Central bank capital | Paul Wessels, Dirk Broeders |
| Sep 2022 | Policy Brief | No 423 | Country biases in equity portfolios are less pronounced and less irrational than one might think | Martijn Boermans, Ian Cooper, Piet Sercu, Rosanne Vanpée |
| Sep 2022 | Policy Brief | No 417 | Friendshoring: Who will benefit? | Michael Every, Erik-Jan van Harn |
| 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 409 | A model of system-wide stress simulation: market-based finance and the COVID-19 event | Giovanni di Iasio, Giulio Nicoletti, Nicholas Vause |
| Sep 2022 | Policy Brief | No 407 | Household inflation expectations react to high euro area inflation | Gabriele Galati, Richhild Moessner, Maarten van Rooij |
| Aug 2022 | Policy Note | No 285 | From SEPA to the digital euro: payments past, present and future | Johannes Asel, Simone Mingione, Petia Niederlaender, Georg Nitsche |
| Aug 2022 | Policy Brief | No 406 | Sustainable 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 2022 | Policy Brief | No 402 | To Announce or Not To Announce: Basic Trade-offs in Public Debt Management | Alexander Dentler, Enzo Rossi |
| Aug 2022 | Policy Brief | No 399 | The effects of internationally coordinated carbon pricing on the economy and welfare | Anne Ernst, Natascha Hinterlang, Alexander Mahle, Nikolai Stähler |
| Aug 2022 | Policy Brief | No 397 | Unbalanced macroeconomic risks over the business cycle | Martin Iseringhausen, Ivan Petrella, Konstantinos Theodoridis |
| Aug 2022 | Policy Brief | No 393 | Stagflation in the 1970s: lessons for the current situation | Almira Enders, Sebastian Giesen, Dominic Quint |
| Jul 2022 | Policy Brief | No 379 | Firms’ Inflation Expectations: New Evidence from France | Olivier Coibion, Erwan Gautier, Yuriy Gorodnichenko, Frédérique Savignac |
| Jun 2022 | Policy Brief | No 359 | Scarring effects of major economic downturns: The role of fiscal policy and government investment | Martin Larch, Peter Claeys, Wouter van der Wielen |
| Jun 2022 | Policy Brief | No 355 | Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis? | Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer |
| Jun 2022 | Policy Brief | No 353 | How Bad Can Financial Crises Be? A GDP Tail Risk Assessment for Portugal | Ivan De Lorenzo Buratta, Marina Feliciano, Duarte Maia |
| Jun 2022 | Policy Brief | No 345 | Can banks weather the green transition? The financial risks of increasingly stringent climate policies | Marco Belloni, Friderike Kuik, Luca Mingarelli |
| Jun 2022 | Policy Brief | No 342 | Making Subsidies Work: Rules vs. Discretion | Federico Cingano, Filippo Palomba, Paolo Pinotti, Enrico Rettore |
| Jun 2022 | Policy Brief | No 341 | Economic adjustment in the euro area and the United States during the COVID-19 crisis | Mirko Licchetta, Giovanni Mattozzi, Rafal Raciborski, Rupert Willis |
| Jun 2022 | Policy Note | No 280 | Should the ECB consider issuing its own securities? | Wim Boonstra, Bas van Geffen |
| May 2022 | Policy Brief | No 336 | Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central Asia | Luca Gattini, Rozália Pál, Helena Schweiger, Laura Valderrama |
| May 2022 | Policy Brief | No 332 | Analysis of ESG disclosures in Pillar 3 reports. A text mining approach | Angel Iván Moreno, Teresa Caminero García |
| May 2022 | Policy Brief | No 328 | Ideology and Monetary Policy: The role of political parties’ stances in the ECB’s parliamentary hearings | Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson |
| May 2022 | Policy Brief | No 326 | The impact of QE on sovereign risk | Dirk Broeders, Leo de Haan, Jan Willem van den End |
| Apr 2022 | Policy Brief | No 318 | How do carbon prices spillover along global production networks? | Ivan Frankovic |
| Apr 2022 | Policy Brief | No 310 | Insurers’ investments before and after the COVID-19 outbreak | Federico Apicella, Raffaele Gallo, Giovanni Guazzarotti |
| Mar 2022 | Policy Brief | No 298 | Covid-19 government subsidies and their implications for pandemic labour productivity | Tommaso Bighelli, Tibor Lalinsky, Juuso Vanhala |
| Mar 2022 | Policy Brief | No 290 | Should monetary finance remain taboo? | Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, Damiano Sandri |
| 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 278 | The Political Phillips Curve in the Euro Area: Parliamentary Voice on ECB Monetary Policy | Federico M. Ferrara, Donato Masciandaro, Manuela Moschella, Davide Romelli |
| Feb 2022 | Policy Brief | No 275 | The effectiveness of ECB euro liquidity lines: spillovers and spillbacks | Silvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer |
| Feb 2022 | Policy Note | No 265 | Austrian conceptions of money and the rise of digital currency | Michael Peneder |
| Feb 2022 | Policy Note | No 264 | High earners in the European banking sector | Emma-Faye Dertnig, Jakob Hanzl, Mario Hübler, Christoph Prenner |
| Jan 2022 | Policy Brief | No 261 | Firm financing and public liquidity measures during the pandemic | Ida Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte |
| Jan 2022 | Policy Brief | No 256 | Operating leverage and its importance during the Covid-19 pandemic | Katharina Allinger, Ivan Huljak |
| Dec 2021 | Policy Brief | No 250 | Big techs in finance: a new trade-off between efficiency and privacy | Frederic Boissay, Torsten Ehlers, Leonardo Gambacorta, Hyun Song Shin |
| Dec 2021 | Policy Brief | No 246 | Public trust only partly immune to COVID-19 pandemic | Carin van der Cruijsen, Jakob de Haan, Nicole Jonker |
| Dec 2021 | Policy Note | No 258 | The importance of Private Equity and Venture Capital financing for Greentech companies in Europe | Helmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs |
| Dec 2021 | Policy Brief | No 237 | Does competition reduce agency problems within banks? | Mattia Girotti, Federica Salvadè |
| Nov 2021 | Policy Brief | No 222 | Central Bank Digital Currencies, Crypto Currencies, and Anonymity: Economics and Experiments | Emanuele Borgonovo, Stefano Caselli, Alessandra Cillo, Donato Masciandaro, Giovanni Rabitti |
| Oct 2021 | Policy Brief | No 203 | The reform of the EU’s fiscal governance framework in a new macroeconomic environment | Mario Alloza, Javier Andrés, Pablo Burriel, Iván Kataryniuk, Javier J. Pérez, Juan Luis Vega |
| Oct 2021 | Policy Brief | No 200 | The highly heterogeneous impact of the Covid-19 crisis on French firms | Benjamin Bureau, Anne Duquerroy, Julien Giorgi, Mathias Lé, Suzanne Scott, Frédéric Vinas |
| Oct 2021 | Policy Brief | No 198 | Why did the pass-through from labor cost to price inflation decline in the US? | Elena Bobeica, Matteo Ciccarelli, Isabel Vansteenkiste |
| Oct 2021 | Policy Brief | No 197 | How to Design a CBDC? Remuneration, Collateral Haircuts and Quantity Constraints | Katrin Assenmacher, Aleksander Berentsen, Claus Brand, Nora Lamersdorf |
| Sep 2021 | Policy Brief | No 188 | The Path to Euro Area and Banking Union Membership: Assessing the Incentives for “Close Cooperation” and Adherence to the Exchange Rate Mechanism II | Maria J. Nieto, Dalvinder Singh |
| Sep 2021 | Policy Note | No 254 | Fiscal-Monetary Crosswinds in the Euro Area | Lucrezia Reichlin, Giovanni Ricco, Matthieu Tarbé |
| 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 176 | Does the ECB’s monetary policy react to the balance of risks? | Philippine Cour-Thimann, Alexander Jung |
| Sep 2021 | Policy Brief | No 170 | Pension funds’ portfolio choices and investment beliefs | Dirk Broeders, Kristy Jansen |
| Aug 2021 | Policy Brief | No 168 | Monetary Gold and Central Bank Capital | Kenneth Sullivan |
| Aug 2021 | Policy Brief | No 159 | On the Effectiveness of Macroprudential Policy | Miguel Ampudia, Marco Lo Duca, Mátyás Farkas, Gabriel Perez Quiros, Mara Pirovano, Gerhard Rünstler, Eugen Tereanu |
| Aug 2021 | Policy Brief | No 152 | Patchy data is a good start: from Kuznets and Clark to supervisors and climate | Frank Elderson |
| 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 148 | The role of information channels and experience for households’ inflation expectations | Christian Conrad, Zeno Enders and Alexander Glas |
| Aug 2021 | Policy Brief | No 143 | The dynamics of macroeconomic downside risk | By Davide Delle Monache, Andrea De Polis and Ivan Petrella |
| Jul 2021 | Policy Brief | No 133 | Evidence of a macroeconomic reversal rate | Paul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End |
| Jul 2021 | Policy Brief | No 130 | How well are consumers’ inflation expectations anchored to the ECB’s inflation aim? | Gabriele Galati, Richhild Moessner, Maarten van Rooij |
| Jul 2021 | Policy Brief | No 128 | Effects of a European Unemployment Benefit Scheme on consumption risk sharing and production efficiency | Zeno Enders, David Vespermann |
| Jul 2021 | Policy Brief | No 129 | Nearshoring Perspectives after COVID-19: Can Western Balkans Benefit? | Branimir Jovanovic, Mahdi Ghodsi |
| Jul 2021 | Policy Brief | No 124 | Global Financial Uncertainty: Does it Matter for the Global Business Cycle? | Giovanni Caggiano, Efrem Castelnuovo |
| Jun 2021 | Policy Brief | No 108 | Can central bank communication help to stabilise inflation expectations? | Alexander Jung, Patrick Kuehl |
| Jun 2021 | Policy Brief | No 106 | What consumption habits tell us about the joint dynamics of government bond yields and stock prices internationally | Thomas Nitschka, Shajivan Satkurunathan |
| May 2021 | Policy Note | No 241 | Digital Disruption: The Inevitable Rise of CBDC | Chetan Ahya, Derrick Kam, Julian Richers |
| May 2021 | Policy Brief | No 98 | Detecting turning point in the Danish economy in real time – nowcasting in Danmarks Nationalbank during the covid-19 crisis | Jesper Pedersen |
| May 2021 | Policy Brief | No 93 | Set-up costs and the financing of young firms | François Derrien, Jean-Stéphane Mésonnier, Guillaume Vuillemey |
| May 2021 | Policy Brief | No 88 | Strengthening the international role of the euro | Gergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe |
| May 2021 | Policy Note | No 234 | Building-back-better after the Covid-19 crisis in Europe: The twin transition and divergence | Marco Buti, István P. Székely |
| 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 Brief | No 65 | EMU deepening and sovereign debt spreads: using political space to achieve policy space | Iván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez |
| Mar 2021 | Policy Brief | No 58 | Next Generation EU: can we do better? | Lorenzo Codogno, Paul van den Noord |
| Mar 2021 | Policy Brief | No 56 | On the Origin of Systemic Risk | Mattia Montagna, Giovanni Covi, Gabriele Torri |
| Mar 2021 | Policy Note | No 226 | Greening the UK financial system – a fit for purpose approach | Yannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven |
| Feb 2021 | Policy Note | No 225 | Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley Value | Aaron Janowski, Moritz Plenk, Mirko Haselwander |
| Dec 2020 | Policy Note | No 214 | Is 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 2020 | Policy Note | No 213 | COVID-19 pandemic: Perception, confusion and conspiracies | Stefan Schneider |
| Aug 2020 | Policy Brief | No 23 | Eurozone in times of Covid-19: Debt monetisation by stealth | Peter Vanden Houte |
| Jul 2020 | Policy Note | No 185 | The Macroeconomic Impact of NPLs in Euro Area Countries | Ivan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro |
| Jul 2020 | Policy Note | No 184 | Special Update of the European Fiscal Monitor | Willem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen |
| Jun 2020 | Policy Note | No 179 | The need for a new financial architecture after CORONA, an opinion | Freddy Van den Spiegel |
| May 2020 | Policy Note | No 168 | Cross-border consolidation in the European banking sector: between dreams and reality | Jan Van Hove |
| Mar 2020 | Policy Note | No 139 | Capital Regulations and the Management of Credit Commitments during Crisis Times | Paul Pelzl, María Teresa Valderrama |
| Feb 2020 | Policy Note | No 135 | Cost-Efficiency and Productivity of euro area banks | Ivan Huljak, Reiner Martin, Diego Moccero |
| Feb 2020 | Policy Note | No 129 | How Could Central Bank Digital Currencies Be Designed? | Itai Agur, Anil Ari, Giovanni Dell’Ariccia |
| Nov 2019 | Policy Note | No 115 | Putting macroprudential policy to work: a case study on the Dutch housing market | Paul Hilbers, Marco van Hengel |
| Aug 2019 | Policy Note | No 90 | Restricting or Abolishing Cash: An Effective Instrument for Eliminating the Shadow Economy, Corruption and Terrorism? | Friedrich Schneider |
| Dec 2018 | Policy Note | No 49 | Bank business models: time to act | Rudi Vander Vennet |
| Oct 2018 | Policy Note | No 43 | A Green Supporting Factor — The Right Policy? | Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen |
| May 2018 | Policy Note | No 34 | Modern financial repression in the euro area crisis: making high public debt sustainable? | Ad van Riet |
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