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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 publishedSUERFIssueTitleAuthor(s)
Dec 2022Policy BriefNo 481Should central banks be involved in historical research?Ivo Maes
Dec 2022Policy BriefNo 480Quantitative forward guidance through interest rate projectionsBoris Hofmann, Dora Xia
Nov 2022Policy BriefNo 477Foreign demand shocks to production networks: Firm responses and worker impactsEmmanuel Dhyne, Ken Kikkawa, Toshiaki Komatsu, Magne Mogstad, Felix Tintelnot
Nov 2022Policy BriefNo 476Finance in Africa 2022: Navigating the financial landscape in turbulent timesColin Bermingham, Barbara Marchitto, Debora Revoltella
Nov 2022Policy BriefNo 474Cost efficiency in the euro area banking sector and the negative interest rate environmentGiuseppe Avignone, Claudia Girardone, Cosimo Pancaro, Livia Pancotto, Alessio Reghezza
Nov 2022Policy BriefNo 471Environmental and Social Preferences and Investments in Crypto-AssetsPavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs
Nov 2022Policy BriefNo 467A tale of three crises: synergies between ECB tasksKarin Hobelsberger, Christoffer Kok, Francesco Paolo Mongelli
Nov 2022Policy BriefNo 464Less Bank Failures Before Presidential Elections in Russia Zuzana Fungáčová, Alexei Karas, Laura Solanko, Laurent Weill
Nov 2022Policy BriefNo 462Disclosure of climate change risks in credit ratingsMiriam Breitenstein, Stefania Ciummo, Florian Walch
Nov 2022Policy BriefNo 461Dual interest rates and the transmission of monetary policyFrancesca Barbiero, Lorenzo Burlon, Maria Dimou, Jan Toczynski
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 460Demystifying wholesale central bank digital currencyFabio Panetta
Nov 2022Policy BriefNo 459Central Bank Communication with the General Public: Challenging, Yet WorthwhileAlan S. Blinder, Michael Ehrmann, Jakob de Haan, David-Jan Jansen
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 456Digital players vs. traditional banks: Fierce competition, higher concentration or a trend towards platformization?Laurent Clerc, Timothée Dufour, Pierre Harguindeguy, Stefano Ungaro
Oct 2022Policy BriefNo 451Towards the holy grail of cross-border payments; the interlinking solutionUlrich Bindseil, George Pantelopoulos
Oct 2022Policy BriefNo 448Inequality and the real economySebastian Doerr, Thomas Drechsel, Donggyu Lee
Oct 2022Policy BriefNo 447Does 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 conferencesNicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson
Oct 2022Policy BriefNo 444How do central bank lending operations interact with equity offering announcements?Massimo Giuliodori, Jan Kakes, Dimitris Mokas
Oct 2022Policy BriefNo 441The digital revolution in banking: The old, the new and the uglyJosé María Roldán
Oct 2022Policy BriefNo 440Forced migration and food crisesFederico Carril-Caccia, Jordi Paniagua, Marta Suárez-Varela
Oct 2022Policy BriefNo 439The potential of central bank digital currencies for cross-border paymentsAnneke Kosse, Ilaria Mattei
Oct 2022Policy BriefNo 438Instinctive and reflective trust in the European Central BankSiria Angino, Stefania Secola
Oct 2022Policy BriefNo 434Growth Expectations and the Dynamics of EntryEnisse Kharroubi
Oct 2022Policy BriefNo 433From macro to micro: large exporters more responsive to common shocks Jean-Charles Bricongne, Juan Carluccio, Lionel Fontagné, Guillaume Gaulier, Sebastian Stumpner
Sep 2022Policy BriefNo 432Objectified Housing Sales and Rent Prices in Representative Household Surveys: the Impact on Macroeconomic StatisticsM. Denisa Naidin, Sofie R. Waltl, Michael H. Ziegelmeyer
Sep 2022Policy BriefNo 430Central bank capitalPaul Wessels, Dirk Broeders
Sep 2022Policy BriefNo 429Liquidity Coverage Ratios and Monetary Policy Credit in the time of CoronaViktoriya Gocheva, Yvo Mudde, Jens Tapking
Sep 2022Policy BriefNo 428Natural Gas – An Unexpected Macro and Market Driver Samantha Azzarello, Gabrielle Jabre
Sep 2022Policy BriefNo 427Integrating the carbon footprint into the construction of corporate bond portfoliosMario Bajo, Emilio Rodríguez
Sep 2022Policy BriefNo 426Privacy and Central Bank Digital Currency in the Digital EconomyToni Ahnert, Peter Hoffmann, Cyril Monnet
Sep 2022Policy BriefNo 424Information Transmission between Banks and the Market for Corporate ControlChristian Bittner, Falko Fecht, Melissa Pala, Farzad Saidi
Sep 2022Policy BriefNo 416The rise of cross-border financial centresPamela Pogliani, Philip Wooldridge
Sep 2022Policy BriefNo 415How much foreign currency must a central bank buy to implement a minimum exchange rate? Estimation using the Swiss National Bank as an exampleMarkus Hertrich
Sep 2022Policy BriefNo 413The EU gas savings plan ahead of a long winterMarco Protopapa
Sep 2022Policy BriefNo 408What can CBDC designers learn from asking potential users? Results from a survey of Austrian residentsSvetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer
Aug 2022Policy NoteNo 286The optimal quantity of CBDC in the euro areaLorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz, Frank Smets
Aug 2022Policy BriefNo 402To Announce or Not To Announce: Basic Trade-offs in Public Debt ManagementAlexander Dentler, Enzo Rossi
Aug 2022Policy BriefNo 401Allocation is key? Analysis of ECB public sector bond purchases’ divergence from the capital keyCarlo Birkholz, Friedrich Heinemann
Aug 2022Policy BriefNo 395Liquidity in bond markets - navigating in troubled watersMartin Scheicher, Andreas Schrimpf
Aug 2022Policy BriefNo 394Flexibility in Asset Purchases: A Structural AnalysisJames Costain, Galo Nuño, Carlos Thomas
Aug 2022Policy BriefNo 392Consumption-led expansions lead to lower growthMatti Viren
Aug 2022Policy BriefNo 390Dissent in the ECB’s Governing Council Increases Households’ Inflation UncertaintyMoritz Grebe, Peter Tillmann
Aug 2022Policy BriefNo 388Technology Standardization matters for Competition and GrowthAntonin Bergeaud, Julia Schmidt, Riccardo Zago
Jul 2022Policy BriefNo 377What lessons can we learn from the heterogeneity in inflation expectations among economic agents?Camille Cornand, Paul Hubert
Jul 2022Policy BriefNo 375A shot in the arm: stimulus packages and firm performance during COVID-19Deniz Igan, Ali Mirzaei, Tomoe Moore
Jul 2022Policy BriefNo 374When Are “Inflation Expectations” Inflation Expectations? New Evidence From Business SurveysBrent H. Meyer, Xuguang Simon Sheng
Jul 2022Policy BriefNo 373Minibonds and intangiblesGabriele Beccari, Francesco Marchionne, Beniamino Pisicoli
Jul 2022Policy BriefNo 372Toward a green economy: the role of central bank’s asset purchasesAlessandro Ferrari, Valerio Nispi Landi
Jul 2022Policy BriefNo 371How household savings in CESEE are related to the past and the futureMelanie Koch, Thomas Scheiber
Jul 2022Policy BriefNo 370Too little too late: ECB’s normalisation path was model- rather than data-drivenDaniel Gros, Farzaneh Shamsfakhr
Jul 2022Policy BriefNo 368Inflation Expectations and Climate ConcernChristoph Meinerding, Andrea Poinelli, Yves Schüler
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 355Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis?Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer
Jun 2022Policy BriefNo 351Currency demand at negative interest ratesEdoardo Rainone
Jun 2022Policy BriefNo 350The currency channel of global bank leverage: a boost to fund-raising capacityJustine Pedrono
Jun 2022Policy NoteNo 281CBDC and Bank Intermediation in the Euro AreaRamón Adalid, Álvaro Álvarez-Blázquez, Katrin Assenmacher, et al.
Jun 2022Policy BriefNo 346How do firms respond to demand and supply shocks?Michał Gradzewicz
Jun 2022Policy BriefNo 345Can banks weather the green transition? The financial risks of increasingly stringent climate policiesMarco Belloni, Friderike Kuik, Luca Mingarelli
Jun 2022Policy BriefNo 343Cybersecurity and financial stabilityKartik Anand, Chanelle Duley, Prasanna Gai
Jun 2022Policy NoteNo 280Should the ECB consider issuing its own securities?Wim Boonstra, Bas van Geffen
May 2022Policy BriefNo 340Optimal Timing of Policy Interventions in Troubled BanksPhilipp König, Paul Mayer, David Pothier
May 2022Policy BriefNo 338Mortgage debt relief after economic shocks: lessons from the pandemicEdward Gaffney, Fergal McCann, Johannes Stroebel
May 2022Policy BriefNo 336Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central AsiaLuca Gattini, Rozália Pál, Helena Schweiger, Laura Valderrama
May 2022Policy BriefNo 331Caution: Do not cross! Distance to regulatory capital buffers and lending in Covid-19 timesCyril Couaillier, Marco Lo Duca, Alessio Reghezza, Costanza Rodriguez d’Acri
May 2022Policy NoteNo 277What business model for the Digital Euro? Lessons from Brazil and SwitzerlandPeter Bofinger, Thomas Haas
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 328Ideology and Monetary Policy: The role of political parties’ stances in the ECB’s parliamentary hearingsNicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson
Apr 2022Policy BriefNo 322Trends in Monetary Policy Transparency Around the WorldNergiz Dincer, Barry Eichengreen, Petra Geraats
Apr 2022Policy BriefNo 321Would a retail CBDC achieve its intended purpose?Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda
Apr 2022Policy NoteNo 274Stylised facts on debt and financial crisisPedro Duarte Neves
Apr 2022Policy BriefNo 320Global Banking, Regulatory Spillovers, and the Benefits of Macroprudential Policy CoordinationPierre-Richard Agénor, Timothy P Jackson, Luiz A Pereira da Silva
Apr 2022Policy BriefNo 315Who owns banks? The household-bank nexus and its implications for bank stock pricesMatías Lamas, David Martinez-Miera
Apr 2022Policy BriefNo 314Private Debt for SMEs – Market OverviewHelmut Kraemer-Eis, Jörn Block, Antonia Botsari, Salome Gvetadze, Frank Lang, Carlos Krause, Alexandra Moritz, Anna Schulze
Apr 2022Policy BriefNo 313From open banking to open financeDenis Beau
Apr 2022Policy BriefNo 310Insurers’ investments before and after the COVID-19 outbreakFederico Apicella, Raffaele Gallo, Giovanni Guazzarotti
Apr 2022Policy BriefNo 308Investor demand in syndicated bond issuances: stylised factsMartin Hillebrand, Marko Mravlak, Peter Schwendner
Mar 2022Policy BriefNo 304Mind the gap: The widening post-pandemic gender divideJoyce Chang, Amy Ho
Mar 2022Policy NoteNo 272Financing Faster Growth For Europe’s SMEsSylvain Broyer, Sarah Limbach, Cihan Duran
Mar 2022Policy BriefNo 301Is the ECB applying lessons from the past?Anselm Küsters
Mar 2022Policy BriefNo 300Household saving and fiscal policy: Evidence for the euro area from a thick modelling perspectiveCristina Checherita-Westphal, Marcel Stechert
Mar 2022Policy BriefNo 297Central banks’ in-house credit assessment systems – supporting the Eurosystem’s response to the pandemic and its climate change action planAviram Levy, Florian Resch, Anna Maria Rossi, Stephan Sauer
Mar 2022Policy BriefNo 296The political economy of reforms in central bank designDavide Romelli
Mar 2022Policy BriefNo 295How do Asian central banks use big data? Insights from an Irving Fisher Committee surveyGiulio Cornelli, Sebastian Doerr, Leonardo Gambacorta, Bruno Tissot
Mar 2022Policy BriefNo 290Should monetary finance remain taboo?Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, Damiano Sandri
Mar 2022Policy BriefNo 289The pressing need to reform the European crisis management frameworkFernando Restoy
Mar 2022Policy NoteNo 268Crisis-tested Europe – Solidarity with Ukraine spurs European identityHeinz Handler
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 282Lessons from estimating the average option-implied volatility term-structure for the Spanish banking sectorMaria T. Gonzalez-Perez
Feb 2022Policy BriefNo 280Are complex banking groups riskier?Isabel Argimón, María Rodríguez-Moreno
Feb 2022Policy BriefNo 278The Political Phillips Curve in the Euro Area: Parliamentary Voice on ECB Monetary PolicyFederico M. Ferrara, Donato Masciandaro, Manuela Moschella, Davide Romelli
Feb 2022Policy BriefNo 277Money and psychology of inflation: an investor viewPascal Blanqué
Feb 2022Policy BriefNo 275The effectiveness of ECB euro liquidity lines: spillovers and spillbacksSilvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer
Feb 2022Policy NoteNo 265Austrian conceptions of money and the rise of digital currencyMichael Peneder
Feb 2022Policy BriefNo 270Population ageing and the digital divideSebastian Doerr, Jon Frost, Leonardo Gambacorta, Han Qiu
Feb 2022Policy BriefNo 269Recovery as a springboard for changeDebora Revoltella, Tessa Bending, Atanas Kolev
Feb 2022Policy NoteNo 264High earners in the European banking sectorEmma-Faye Dertnig, Jakob Hanzl, Mario Hübler, Christoph Prenner
Jan 2022Policy BriefNo 265Has the Impact of the ECB’s Asset Purchases Diminished Over Time?Andrejs Zlobins
Jan 2022Policy BriefNo 264Why disinflation can be more costly in a small open economy than in a closed economyOleksandr Faryna, Magnus Jonsson, Nadiia Shapovalenko
Jan 2022Policy BriefNo 263Pitfalls of Inflation Tolerance Ranges Hervé Le Bihan, Magali Marx, Julien Matheron
Jan 2022Policy NoteNo 263Monetary Policy in a World of Radical UncertaintyMervyn King
Dec 2021Policy BriefNo 252Determinants of the credit cycle: a flow analysis of the extensive marginVincenzo Cuciniello, Nicola di Iasio
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 NoteNo 261Mortgage and real estate markets: Current developments pose risks to financial stabilityFritz Zurbrügg
Dec 2021Policy NoteNo 260Identifying lessons from the current crisis for the prudential framework of the banking system Pablo Hernández de Cos
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
Dec 2021Policy BriefNo 247Bridge over troubled water? The effectiveness of macroprudential policy during the Covid-19 pandemic in PortugalKatja Neugebauer, Vítor Oliveira, Ângelo Ramos
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Dec 2021Policy BriefNo 241Mutual funds’ loyalty helped to stabilize ESG stocks during the COVID-19 market crashRui Albuquerque, Yrjo Koskinen, Raffaele Santioni
Dec 2021Policy BriefNo 239The Leverage Effect of Bank DisclosuresPhilipp J. König, Christian Laux, David Pothier
Dec 2021Policy NoteNo 258The importance of Private Equity and Venture Capital financing for Greentech companies in EuropeHelmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs
Dec 2021Policy BriefNo 237Does competition reduce agency problems within banks?Mattia Girotti, Federica Salvadè
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 232Central banks on social media – the reception of ECB communication among experts and non-experts on TwitterMichael Ehrmann, Alena Wabitsch
Nov 2021Policy BriefNo 222Central Bank Digital Currencies, Crypto Currencies, and Anonymity: Economics and ExperimentsEmanuele Borgonovo, Stefano Caselli, Alessandra Cillo, Donato Masciandaro, Giovanni Rabitti
Nov 2021Policy BriefNo 220Consumption and service sector key factors in the COVID-19 trade collapseHeli Simola
Nov 2021Policy BriefNo 219How do banks propagate economic shocks?Yusuf Emre Akgündüz, Seyit Mümin Cılasun, H. Özlem Dursun-de Neef, Yavuz Selim Hacıhasanoğlu, İbrahim Yarba
Nov 2021Policy BriefNo 218When the panic broke out: Covid-19 and investment funds’ portfolio rebalancing around the worldMassimiliano Affinito, Raffaele Santioni
Nov 2021Policy BriefNo 217How Pandemics Affect the Financial System: Fintech Adoption, and the Digital DivideOrkun Saka, Barry Eichengreen, Cevat Giray Aksoy
Oct 2021Policy BriefNo 211Technical barriers to trade play the most important role in trade of goods in information and communications technologyMahdi Ghodsi
Oct 2021Policy BriefNo 210Exploring DORA - the Digital Operational Resilience Act and its impact on banks and their supervisorsJoachim Wuermeling
Oct 2021Policy BriefNo 209The one trillion euro CBDC: Issuing a digital euro without disrupting the bank lending channelPaolo Fegatelli
Oct 2021Policy BriefNo 208Human Frictions in the Transmission of Economic PolicyFrancesco D’Acunto, Daniel Hoang, Maritta Paloviita, Michael Weber
Oct 2021Policy BriefNo 205Mind the promotional gap! Climate-related financial policies and institutional dynamicsMoritz Baer, Emanuele Campiglio, Jérôme Deyris
Oct 2021Policy BriefNo 201Basel III implementation in the European UnionPablo Hernández de Cos
Oct 2021Policy BriefNo 197How to Design a CBDC? Remuneration, Collateral Haircuts and Quantity ConstraintsKatrin Assenmacher, Aleksander Berentsen, Claus Brand, Nora Lamersdorf
Oct 2021Policy BriefNo 196Negative interest rates and the erosion of banks’ interest marginsJorien Freriks, Jan Kakes
Oct 2021Policy BriefNo 195Is window dressing by banks systemically important?Luis Garcia, Ulf Lewrick, Taja Sečnik
Oct 2021Policy BriefNo 194The impact of COVID-19 on analysts’ sentiment about the banking sectorAlicia Aguilar, Diego Torres
Oct 2021Policy NoteNo 257Systemic Implications of the Bail-in Design: A Precis of our Main TextJ. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis
Sep 2021Policy BriefNo 188The Path to Euro Area and Banking Union Membership: Assessing the Incentives for “Close Cooperation” and Adherence to the Exchange Rate Mechanism IIMaria J. Nieto, Dalvinder Singh
Sep 2021Policy BriefNo 183Central bank’s financial result and inter-sectoral transfers of benefitsKrzysztof Kruszewski, Mikołaj Szadkowski
Sep 2021Policy NoteNo 255Navigating by r*: safe or hazardous?Claudio Borio
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 175The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from SwedenMarianna Blix Grimaldi, Alberto Crosta, Dong Zhang
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 168Monetary Gold and Central Bank CapitalKenneth Sullivan
Aug 2021Policy BriefNo 167Limits of stress-test based bank regulationTirupam Goel, Isha Agarwal
Aug 2021Policy BriefNo 164Banks Fearing the Drought? Liquidity Hoarding as a Response to Idiosyncratic Interbank Funding Dry-UpsHelge C.N. Littke, Matias Ossandon Busch
Aug 2021Policy BriefNo 161Banks’ complexity-risk nexus and the role of regulationNatalya Martynova, Ursula Vogel
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 158Bank pricing of corporate loansMárcio Mateus, Tiago Pinheiro
Aug 2021Policy BriefNo 157Covid-19 and Capital Flows: The Responses of Investors to the Responses of GovernmentsStefan Goldbach, Volker Nitsch
Aug 2021Policy BriefNo 156More aware societies suffered less from Covid-19Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara
Aug 2021Policy BriefNo 154Can Internet banking affect households’ participation in financial markets and financial awareness?Valentina Michelangeli, Eliana Viviano
Aug 2021Policy BriefNo 153What’s the Message? Interpreting Monetary Policy Through Central Bankers’ SpeechesMartin Feldkircher, Paul Hofmarcher, Pierre Siklos
Aug 2021Policy BriefNo 152Patchy data is a good start: from Kuznets and Clark to supervisors and climateFrank Elderson
Aug 2021Policy BriefNo 150Digital euro has potential in the NetherlandsMichiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink
Aug 2021Policy BriefNo 149Regulation of crypto-assets is a must for governments and central banksDaniel Daianu
Aug 2021Policy BriefNo 148The role of information channels and experience for households’ inflation expectationsChristian Conrad, Zeno Enders and Alexander Glas
Aug 2021Policy NoteNo 251Green Liquidity Moves MainstreamPatrick Drury Byrne, Sandeep Chana and Sylvain Broyer
Aug 2021Policy BriefNo 147Proportionality in banking regulation: who, what and how?Raihan Zamil
Aug 2021Policy BriefNo 146Digital payments and European sovereigntyBurkhard Balz
Aug 2021Policy NoteNo 250Roads for the future: Central Bank Digital Currency (CBDC) and Innovative PaymentsFrançois Villeroy de Galhau
Aug 2021Policy BriefNo 145It’s in the Tails: The Distributional Income Effects of Monetary PolicyNiklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco
Jul 2021Policy BriefNo 139Consistent recovery and resolution of small and large banks in EuropeAnne Dyrberg Rommer, Louise Kleiner
Jul 2021Policy BriefNo 138Three questions on the outlook for bankingCarolyn Rogers
Jul 2021Policy BriefNo 135Liquidity in the German corporate bond market: has the CSPP made a difference?Kathi Schlepper
Jul 2021Policy BriefNo 134Future Challenges: Old Problems in New ShapesJosé María Roldán
Jul 2021Policy BriefNo 132Euro area portfolio flows in 2020: the impact of the Covid-19 crisisJulia Schmidt, Olivier Sirello
Jul 2021Policy BriefNo 131Investment funds, monetary policy, and the global financial cycleChristoph Kaufmann
Jul 2021Policy NoteNo 249Gender, women economic concerns and monetary policy decision-makingSylvie Goulard
Jul 2021Policy BriefNo 127Women and Monetary PolicyPaola Profeta
Jul 2021Policy BriefNo 126Intergenerational macroeconomicsGabriel Makhlouf
Jul 2021Policy BriefNo 123Five stylized facts on the Great LockdownFrancesco Grigoli, Daniel Leigh, and Antonio Spilimbergo
Jul 2021Policy BriefNo 122Barriers to net zero: How firms can make or break the green transitionRalph De Haas, Ralf Martin, Mirabelle Muûls, Helena Schweiger
Jun 2021Policy BriefNo 119Six ways to bring inflation (expectations) upErnest Gnan
Jun 2021Policy BriefNo 118The reduction in homeownership rates for the youngGonzalo Paz-Pardo
Jun 2021Policy BriefNo 116The euro area sovereign debt markets in the crisis: role and impact on financial stability perspectivesDenis Beau
Jun 2021Policy NoteNo 247Not alone: Financial support of the Western BalkansMauro Giorgio Marrano
Jun 2021Policy BriefNo 115Understanding the financial risks of nature loss: exploring policy options for financial authoritiesKatie Kedward, Josh Ryan-Collins, Hugues Chenet
Jun 2021Policy BriefNo 114How to issue a privacy-preserving central bank digital currencyChristian Grothoff, Thomas Moser
Jun 2021Policy BriefNo 112Fund Cross-Holdings and Financial StabilityDaniel Fricke, Hannes Wilke
Jun 2021Policy BriefNo 111A rising core lifts all basketsBruce Kasman, Joseph Lupton, Michael S Hanson
Jun 2021Policy BriefNo 108Can central bank communication help to stabilise inflation expectations?Alexander Jung, Patrick Kuehl
Jun 2021Policy BriefNo 102Assessing the impact of Basel III: Evidence from macroeconomic modelsOlivier de Bandt, Bora Durdu, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolov, Sigrid Röhrs, Jean-Guillaume Sahuc, Valerio Scalone, Michael Straughan
Jun 2021Policy BriefNo 101The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidenceGert Bijnens, John Hutchinson, Jozef Konings, Arthur Saint Guilhem
Jun 2021Policy BriefNo 100Shocks to bank capital as a driver of lending standards to corporates. What can macroprudential policy learn from bank lending surveys?Ewa Wróbel
May 2021Policy NoteNo 241Digital Disruption: The Inevitable Rise of CBDCChetan Ahya, Derrick Kam, Julian Richers
May 2021Policy BriefNo 98Detecting turning point in the Danish economy in real time – nowcasting in Danmarks Nationalbank during the covid-19 crisisJesper Pedersen
May 2021Policy BriefNo 95A digital euro to meet the expectations of EuropeansFabio Panetta
May 2021Policy BriefNo 94Climate risks and collateral: a methodological experimentPierre-François Weber, Bünyamin Erkan, Antoine Oustry, Romain Svartzman
May 2021Policy NoteNo 240What Caused The Resurgence In FDI Screening?Simon J. Evenett
May 2021Policy NoteNo 239How to prevent a too restrictive fiscal policy in Europe?Wim Boonstra
May 2021Policy NoteNo 237Will consumers save the EU recovery? - Insights from the Commission’s consumer surveyRoberta Friz, Fiona Morice
May 2021Policy BriefNo 88Strengthening the international role of the euroGergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe
May 2021Policy BriefNo 87Banking regulation and the benefits of international cooperation – views from a banking supervisorJoachim Wuermeling
May 2021Policy BriefNo 86The Bewildering Effects of COVID-19 and Other Recessions on Forecast Accuracy MeasurementsBoriss Siliverstovs
May 2021Policy BriefNo 85Navigating the Digital Transition, Maintaining a Stable Payment SystemDenis Beau
Apr 2021Policy BriefNo 82The banking supervisors dilemma: wearing many hats on one headSasin Kirakul, Jeffery Yong, Raihan Zamil
Apr 2021Policy BriefNo 81How the Capital Markets Union can help Europe avoid a liquidity trapSylvain Broyer
Apr 2021Policy BriefNo 78Not all debt is bank debt: Nonbank borrowing in Central, Eastern and Southeastern EuropeKatharina Allinger, Elisabeth Beckmann
Apr 2021Policy BriefNo 77Smoke and Mirrors: On cancelling public debts held by the EurosystemJef Boeckx and Xavier Debrun
Apr 2021Policy BriefNo 76The Impact of COVID-19 on European BanksShekhar Aiyar, Mai Chi Dao, Andreas A. Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan
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 BriefNo 69Crisis management of credit institutions: Senior unsecured creditors must prepare for bail-inChristine Sif Larsen, Anne Dyrberg Rommer
Apr 2021Policy BriefNo 68Banking union - achievements and challengesLuis de Guindos
Apr 2021Policy NoteNo 231The challenges to the banking sector a year after the outbreak of the COVID-19 pandemicPablo Hernández de Cos
Apr 2021Policy BriefNo 67How do central banks use big data and machine learning?Sebastian Doerr, Leonardo Gambacorta, Jose Maria Serena
Apr 2021Policy BriefNo 63The role of fiscal policies in the Covid-19 crisis: scope and limitationsNiels Thygesen
Apr 2021Policy BriefNo 61A backstop liquidity facility for a greener economyEric Jondeau, Benoit Mojon, Cyril Monnet
Mar 2021Policy BriefNo 59Whatever it takes to save the planet? Central banks and unconventional green policyAlessandro Ferrari, Valerio Nispi Landi
Mar 2021Policy BriefNo 57Central bank communication with the general public: effective or not?Nils Brouwer, Jakob de Haan
Mar 2021Policy NoteNo 228CBDC: Where is the unique selling proposition?Peter Bofinger,Thomas Haas
Mar 2021Policy BriefNo 55Debt cancellation by the ECB: Does it make a difference?Paul de Grauwe
Mar 2021Policy NoteNo 226Greening the UK financial system – a fit for purpose approachYannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
Feb 2021Policy BriefNo 52Pandemic Recession, Recovery Plan and Helicopter Money: A Tale from the SerenissimaCharles Goodhart, Donato Masciandaro, Stefano Ugolini
Feb 2021Policy NoteNo 225Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley ValueAaron Janowski, Moritz Plenk, Mirko Haselwander
Feb 2021Policy BriefNo 50The rise of digital watchersTill Ebner, Thomas Nellen, Jörn Tenhofen
Feb 2021Policy BriefNo 48Crisis management for medium-sized banks: the case for a European approachAndrea Enria
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
Feb 2021Policy BriefNo 47Banking Across Borders: Are Chinese Banks Different?Eugenio Cerutti, Catherine Koch, Swapan-Kumar Pradhan
Feb 2021Policy BriefNo 45The crisis management framework for banks in the EU: how Can we deal with small and medium-sized banks?Ignazio Visco
Feb 2021Policy NoteNo 222A pragmatic solution for the liquidity in resolution problemMatthias Gruber, Stefan W. Schmitz
Feb 2021Policy BriefNo 44The evolution of bond and swap tradingMartin Scheicher
Feb 2021Policy NoteNo 221The future of data collection & data management: Agile RegOps for digitalizing the regulatory value chainMartina Drvar, Johannes Turner, Maciej Piechocki, Eric Stiegeler, Daniel Münch
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 217The post-COVID-19 recovery: what challenges and roadmap for the banking industry?Jordi Gual
Dec 2020Policy NoteNo 214Is 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 2020Policy NoteNo 213COVID-19 pandemic: Perception, confusion and conspiraciesStefan Schneider
Dec 2020Policy NoteNo 215Consequences for banks’ business from COVID-19 and policy responsesFrancesco Mazzaferro
Dec 2020Policy NoteNo 212Monetary policy effects when interest rates are negativeJoost Bats, Massimo Giuliodori, Aerdt Houben
Dec 2020Policy NoteNo 211Preparing for a higher inflation regimeElga Bartsch, Jean Boivin, Philipp Hildebrand
Nov 2020Policy BriefNo 36A stronger voice for Europe in global developmentWerner Hoyer
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Nov 2020Policy NoteNo 205Retail CBDC Remuneration: The Sign MattersChristian Pfister
Nov 2020Policy NoteNo 204Lessons from the Swedish anti-corona strategyLieven Noppe
Oct 2020Policy NoteNo 203Tracking Covid: What Worked?Markus Guetschow
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Oct 2020Policy NoteNo 201Central banks’ response to the “tragedy on the horizon”François Villeroy de Galhau
Oct 2020Policy NoteNo 200Finding the Right “Hall of Mirrors”: The Mixed Blessings of Lessons from the Past for Shaping a Post-COVID FutureRobert Holzmann
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Oct 2020Policy NoteNo 197The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation RevivalC.A.E. Goodhart, Manoj Pradhan
Sep 2020Policy NoteNo 196The Eurosystem collateral framework in 2018 and 2019Marco Corsi, Benjamin Hartung, Viktoriya Gocheva
Sep 2020Policy NoteNo 195The EU’s “Northern enlargement” 25 years on – stocktaking and some thoughts for the futureErnest Gnan and Robert Holzmann
Sep 2020Policy BriefNo 29A Journey through the Monetary Cyber WorldChristian Pfister
Sep 2020Policy NoteNo 194Home- and host-country prudential regulation and spillovers in dollar creditStefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter
Sep 2020Policy BriefNo 26Global value chains and the challenge of Covid-19Antoine Berthou, Juan Carluccio, Guillaume Gaulier
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Sep 2020Policy NoteNo 191Are bank capital requirements optimally set? Evidence from researchers’ viewsGene Ambrocio, Iftekhar Hasan, Esa Jokivuolle, Kim Ristolainen
Aug 2020Policy NoteNo 190Finland and monetary policy through three crisesTuomas Välimäki and Meri Obstbaum
Aug 2020Policy NoteNo 189Financial integration in the Nordic-Baltic region vis-à-vis the EU: A Swedish perspectiveDavid Farelius, Stefan Ingves, Magnus Jonsson
Aug 2020Policy BriefNo 22Radical UncertaintyJohn Kay
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
Jul 2020Policy BriefNo 17Financial resilience of German households to Corona triggered income shockOrcun Kaya
Jun 2020Policy NoteNo 177The EU’s recovery plan is the next generation of fiscal solidaritySylvain Broyer
Jun 2020Policy NoteNo 176Credit Guarantees in the COVID-19 crisis – Relevance and Economic ImpactJulien Brault, Simone Signore
Jun 2020Policy BriefNo 15There is nothing magic in central bank moneyJean Barthélemy, Adrian Penalver
Jun 2020Policy BriefNo 14Do contactless cards really change the way we pay?Martin Brown, Nicole Hentschel, Hannes Mettler, Helmut Stix
May 2020Policy BriefNo 12An ECB digital currency – a flight of fancy?Yves Mersch
May 2020Policy NoteNo 171US dollar funding markets during the Covid-19 crisis – the international dimensionEgemen Eren, Andreas Schrimpf, Vladyslav Sushko
May 2020Policy NoteNo 169Making banking integration work for better risk sharing in the eurozone: the role of cross-border banking consolidationMathias Hoffmann
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
May 2020Policy BriefNo 10German Constitutional Court vs ECB: Law, Economics and PoliticsDonato Masciandaro
May 2020Policy BriefNo 9ECB needs to finance Corona budget deficitsPaul De Grauwe
May 2020Policy NoteNo 166Turning collective savings into private equity investments: The Covid-19 crisis as a catalyst for pan-European efficient resource allocationGeorges Hübner
May 2020Policy NoteNo 164Can we compare the COVID-19 and 2008 crises?Marc-Olivier Strauss-Kahn
May 2020Policy BriefNo 5An EU Recovery Fund: How to square the circle?Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias
May 2020Policy NoteNo 161Shh, don’t say it! ECB Helicopter Money: Economics and PoliticsDonato Masciandaro
Apr 2020Policy NoteNo 160Interlinking Europe’s recovery plan and the next EU budgetKevin Körner and Barbara Böttcher
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Apr 2020Policy NoteNo 156Navigation tools in the semi-normal corona eraAndy Langenkamp
Apr 2020Policy BriefNo 1Regulation, Corporate Culture and Individual Responsibility in BankingDavid T Llewellyn
Apr 2020Policy NoteNo 155The range of different opinions and moods in Germany on collective ‘corona bonds’Ingobert Waltenberger
Apr 2020Policy NoteNo 152European banks in the corona crisisJan Schildbach
Apr 2020Policy NoteNo 150How deep will it fall? Comparing the euro area recessions of 2020 and 2009Andreas Breitenfellner, Paul Ramskogler
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Apr 2020Policy NoteNo 147Does It Fit? Tweeting on Monetary Policy and Central Bank CommunicationDonato Masciandaro, Davide Romelli, Gaia Rubera
Apr 2020Policy NoteNo 146The European Deposit Insurance Scheme: Economic Rationale, Issues and Policy SolutionsEttore Panetti
Mar 2020Policy NoteNo 145A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recoveryErnest Gnan
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 139Capital Regulations and the Management of Credit Commitments during Crisis TimesPaul Pelzl, María Teresa Valderrama
Mar 2020Policy NoteNo 138Euro Area Economics: Greenflation?Jacob Nell, Joao Almeida, Markus Guetschow
Feb 2020Policy NoteNo 135Cost-Efficiency and Productivity of euro area banksIvan Huljak, Reiner Martin, Diego Moccero
Feb 2020Policy NoteNo 133Making sure your bot colleague is less biased than you!Frank De Jonghe
Feb 2020Policy NoteNo 132The European Banking UnionMargarita Delgado
Feb 2020Policy NoteNo 131Populism, Economic Policies and Central Banking: an OverviewErnest Gnan, Donato Masciandaro
Feb 2020Policy NoteNo 130European Banking Consolidation: Can a view to the past inform current policy efforts?Peter Hahn
Jan 2020Policy NoteNo 127Europe’s role in the global financial systemLuis de Guindos
Jan 2020Policy NoteNo 126Bank resolution, the need to recognize reality in order to prepare for the next crisisJesper Berg, Henrik Bjerre-Nielsen
Jan 2020Policy NoteNo 125Should central banks also be supervisors: a political economy perspectiveDonato Masciandaro
Jan 2020Policy NoteNo 123DLT-Based Regulatory Reporting - A game changer for the regulatory regime?Daniel Münch, Noah Bellon
Jan 2020Policy NoteNo 121The quest for policy scope: Implications for monetary policy strategiesKlaas Knot
Dec 2019Policy NoteNo 119Central bank independence and inflationRyszard Kokoszczyński, Joanna Mackiewicz-Łyziak
Dec 2019Policy NoteNo 118Deposit facility rate, bank reserves, and portfolio reallocation incentivesManuel Buchholz, Kirsten Schmidt, Lena Tonzer
Nov 2019Policy NoteNo 116Following “Libra” German banks say: The economy needs a programmable digital euroAndreas Krautscheid, Tobias Tenner, Siegfried Utzig
Nov 2019Policy NoteNo 114Central Banking in challenging timesClaudio Borio
Nov 2019Policy NoteNo 113Ten years after Lehman, is the financial system safer?Denis Beau
Nov 2019Policy NoteNo 111Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvreKarsten Wendorff
Nov 2019Policy NoteNo 110Towards a European Governance Framework for CryptoassetsJason Grant Allen, Rosa María Lastra
Oct 2019Policy NoteNo 109The rise of central banks as sovereign debt holders: Implications for investor basesAlvise Lennkh, Bernhard Bartels, Thibault Vasse
Oct 2019Policy NoteNo 107Tackling non-performing loans in EuropePeter Grasmann, Markus Aspegren, Nicolas Willems
Oct 2019Policy NoteNo 106Banks’ behavioral reactions to Basel III: mostly as intendedStefan W. Schmitz
Oct 2019Policy NoteNo 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
Sep 2019Policy NoteNo 102How to improve crisis management in the banking union: a European FDIC?Fernando Restoy
Sep 2019Policy NoteNo 101Central bank digital currency: institutional issuesWim Boonstra
Sep 2019Policy NoteNo 96Reconciling risk sharing with market discipline: A constructive approach to euro area reformIsabel Schnabel
Sep 2019Policy NoteNo 95Controlling CBDC through tiered remunerationUlrich Bindseil
Aug 2019Policy NoteNo 89Central banks still run money creationDaniel Daianu
Jul 2019Policy NoteNo 87Loan portfolio diversification in the euro area, capital requirements, and the European Banking UnionEsa Jokivuolle, Matti Virén
Jul 2019Policy NoteNo 83Global economic governance at a crossroadsCarlo Monticelli
Jul 2019Policy NoteNo 82Rethinking Capital Regulation: The Case for a Dividend Prudential Target in the Euro AreaManuel Muñoz
Jun 2019Policy NoteNo 80A products and activities approach to managing risk in asset managementBarbara Novick
Jun 2019Policy NoteNo 78Central banks are too risk averse as investorsMassimiliano Castelli, Stefan Gerlach
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 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
Feb 2019Policy NoteNo 56What lies in store for the eurozone? An assessment of the Greek bailout programmes: Has the EU become wiser?Yannis Stournaras
Jan 2019Policy NoteNo 53The output cost of the global financial crisis: A reappraisal after ten yearsDavid Turner, Patrice Ollivaud
Dec 2018Policy NoteNo 49Bank business models: time to actRudi Vander Vennet
Nov 2018Policy NoteNo 48Trends and Cycles in Financial IntermediationPhilip R. Lane
Oct 2018Policy NoteNo 45A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologiesAngela Köppl, Sigrid Stagl
Oct 2018Policy NoteNo 44A Financial Union for the Euro AreaPoul M. Thomsen
Oct 2018Policy NoteNo 43A Green Supporting Factor — The Right Policy?Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen
Sep 2018Policy NoteNo 41Central banks should reflect climate risks in monetary policy operationsPierre Monnin
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
Jun 2018Policy NoteNo 37A solid common landing ground for EMUJeroen Dijsselbloem
May 2018Policy NoteNo 34Modern financial repression in the euro area crisis: making high public debt sustainable?Ad van Riet
May 2018Policy NoteNo 33Populism and Central Bank IndependenceDonato Masciandaro, Francesco Passarelli
May 2018Policy NoteNo 32Central Bank Accountability and Judicial ReviewCharles Goodhart, Rosa Lastra
Apr 2018Policy NoteNo 31Opportunities and challenges for banking regulation and supervision in the digital ageJosé Manuel González-Páramo
Apr 2018Policy NoteNo 30In the euro area, discipline is of the essence, but risk-sharing is no less importantDaniel Daianu
Mar 2018Policy NoteNo 28Credit conditions and corporate investment in EuropeLaurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher
Feb 2018Policy NoteNo 27Euro area quantitative easing: Large volumes, small impact?Daniel Gros
Feb 2018Policy NoteNo 26Comparability of Basel risk weights in the EU banking sectorZsofia Döme, Stefan Kerbl
Jan 2018Policy NoteNo 25The New Silk Road: Implications for EuropeStephan Barisitz, Alice Radzyner
Dec 2017Policy NoteNo 22Deepening the Economic and Monetary Union: the EU priorities by 2025 and beyondMarco Buti
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer
Nov 2017Policy NoteNo 20Recent developments in Chinese shadow bankingMichael Chui, Christian Upper
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
Aug 2017Policy NoteNo 15Technological Change and the Future of CashFrançois R. Velde
Jul 2017Policy NoteNo 14Banks or platforms: The digital futurePatricia Jackson
Jun 2017Policy NoteNo 13The political economy of central banking in the digital ageSir Paul Tucker
Jan 2017Policy NoteNo 10Bail-ins: Issues of Credibility and ContagionClas Wihlborg
Dec 2016Policy NoteNo 9Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016Ernest Gnan, Clemens Jobst
Nov 2016Policy NoteNo 8Doves, Hawks and Pigeons: Behavioral Monetary Policy MakingDonato Masciandaro
May 2016Policy NoteNo 6Bank secrecy in offshore centres, capital flows and blacklisting: It takes two to tangoDonato Masciandaro
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
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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