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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)
Jun 2023Policy NoteNo 312Empowering central bank money for a digital futureMartin Diehl, Constantin Drott
Jun 2023Policy BriefNo 600Navigating the Tightrope: Balancing Financial Stability and Inflation in the Age of Persistent Financial Cycles and CrisesThore Kockerols, Erling Motzfeldt Kravik, Yasin Mimir
May 2023Policy BriefNo 598Do hawks sit on stronger branches? Central banks’ equity and policy reactionsMarcel Barmeier, André Casalis
May 2023Policy BriefNo 597Boosting the Green Transition: Greenhouse gas emissions and bank lendingKoji Takahashi, Junnosuke Shino
May 2023Policy BriefNo 596Reforming the Monetary System for the Digital AgeBurkhard Drees, Sunil Sharma
May 2023Policy NoteNo 311Getting up from the floorClaudio Borio
May 2023Policy BriefNo 591What to expect after “effortless” debt reduction in the euro area?Matthias Reith
May 2023Policy BriefNo 588The digital euro: a precautionary device, not a deus-ex-machinaIgnazio Angeloni
May 2023Policy BriefNo 587CBDC Policies in Open EconomiesMichael Kumhof, Marco Pinchetti, Phurichai Rungcharoenkitkul, Andrej Sokol
May 2023Policy BriefNo 586The Big Problem of Small SyndicatesMingze Gao, Iftekhar Hasan, Buhui Qiu, Eliza Wu
May 2023Policy BriefNo 585Does IFRS 9 increase banks’ resilience?Arndt Kund, Daniel Rugilo
May 2023Policy BriefNo 584Euro Area inflation differentials: the role of fiscal policies revisitedCristina Checherita-Westphal, Nadine Leiner-Killinger, Teresa Schildmann
May 2023Policy BriefNo 579Do unrealised bank losses affect loan pricing?Matjaž Volk
May 2023Policy BriefNo 578The effectiveness of green collateral policy as an instrument of climate policyFrancesco Giovanardi, Matthias Kaldorf, Lucas Radke, Florian Wicknig
May 2023Policy NoteNo 310Monetary and fiscal policies as anchors of trust and stabilityAgustín Carstens
Apr 2023Policy BriefNo 576Monetary policy and the drifting natural rate of interestSandra Daudignon, Oreste Tristani
Apr 2023Policy BriefNo 574The effect of extreme temperatures on the US economy and on the conduct of monetary policyFilippo Natoli
Apr 2023Policy BriefNo 570Learning with uncertain inflation targetStefano Marzioni, Guido Traficante
Apr 2023Policy BriefNo 569Window dressing of Regulatory Metrics: Evidence from Repo MarketsClaudio Bassi, Markus Behn, Michael Grill, Martin Waibel
Apr 2023Policy BriefNo 567Catching the green-tech train: technology and climate change mitigationClaire Alestra, Gilbert Cette, Valérie Chouard, Rémy Lecat
Apr 2023Policy NoteNo 309The Digital Euro (CBDC) as a Monetary Anchor of the Financial SystemPeter Bofinger, Thomas Haas
Apr 2023Policy BriefNo 565Monetary Policy in the Presence of Supply ConstraintsAlmut Balleer, Marvin Noeller
Apr 2023Policy BriefNo 564The Stability and Growth Pact three decades laterJuhana Hukkinen, Matti Viren
Apr 2023Policy BriefNo 563Regulators as Risk Managers: Macroprudential Policy through a Risk Management LensDaniel Dimitrov, Sweder van Wijnbergen
Apr 2023Policy NoteNo 308Supply mattersAndrew Bailey
Apr 2023Policy NoteNo 307Back to normal? Balance sheet size and interest rate controlIsabel Schnabel
Apr 2023Policy BriefNo 562Loose Monetary Policy and Financial InstabilityMaximilian Grimm, Òscar Jordà, Moritz Schularick, Alan M. Taylor
Apr 2023Policy BriefNo 561Leaning against the Global Financial CycleAndrea Ferrero, Maurizio Michael Habib, Livio Stracca, Fabrizio Venditti
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 NoteNo 306Why there is no need to stray from the original ideas behind the Bank Recovery and Resolution DirectiveJesper Berg, Steffen Ulrik Lind
Mar 2023Policy BriefNo 558Unraveling the Structure of Nested Decentralized Finance (DeFi) ProtocolsStefan Kitzler, Friedhelm Victor, Pietro Saggese, Bernhard Haslhofer
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 551Who funds zombie firms: banks or non-banks?Saara Tuuli
Mar 2023Policy BriefNo 549CCPs United: the hidden dangers of shared clearing membershipLuitgard A. M. Veraart, Iñaki Aldasoro
Mar 2023Policy BriefNo 546Bank lending to small firms: metamorphosis of a financing modelPaolo Finaldi Russo, Valentina Nigro, Sabrina Pastorelli
Mar 2023Policy BriefNo 545Is the ECB Monetary Tightening Effective? The Role of Bank Funding and Asset StructureMatjaž Volk
Mar 2023Policy BriefNo 541Climate Risks in Albania and their Relevance to the Central BankMargerita Topalli, Pierre Monnin
Mar 2023Policy BriefNo 540The Determinants of Cash Holdings: The case of FranceFranz Seitz, Lucas Devigne, Raymond de Pastor
Mar 2023Policy NoteNo 304Should central banks raise inflation targets?Ernest Gnan, Robert Holzmann
Mar 2023Policy BriefNo 537Navigating the housing channel of monetary policy across euro area regionsNiccolò Battistini, Matteo Falagiarda, Angelina Hackmann, Moreno Roma
Feb 2023Policy NoteNo 301Consistent economic policies: a prerequisite for macroeconomic stabilityPablo Hernández de Cos
Feb 2023Policy BriefNo 531Austerity benefits the extremesRicardo Duque Gabriel, Mathias Klein, Ana Sofia Pessoa
Feb 2023Policy BriefNo 530Deep contractions cause economic scars that never healDavid Aikman, Mathias Drehmann, Mikael Juselius, Xiaochuan Xing
Feb 2023Policy BriefNo 529The effects of monetary policy across fiscal regimesRoben Kloosterman, Dennis Bonam, Koen van der Veer
Feb 2023Policy BriefNo 528Federal Reserve Speeches Meet Transformer ModelsChristoph Bertsch, Isaiah Hull, Robin L. Lumsdaine, Xin Zhang
Feb 2023Policy BriefNo 527Central Bank digital currencies in Africa: catching upEnrique Alberola, Ilaria Mattei
Feb 2023Policy BriefNo 524Highly Dispersed inflation rates challenge the ECB’s monetary policy strategyThomas Url
Feb 2023Policy BriefNo 523Into the Universe of Unconventional Monetary Policy: State-dependence, Interaction and ComplementaritiesAndrejs Zlobins
Feb 2023Policy BriefNo 522Macroprudential FX Regulations: Sacrificing Small Firms for Stability?María Alejandra Amado
Feb 2023Policy BriefNo 519Borrower-based regulations push housing demand towards the suburbsRikke Rhode Nissen, Alessandro Tang-Andersen Martinello, Simon Juul Hviid, Christian Sinding Bentzen
Feb 2023Policy BriefNo 518ECB Significant-Bank Risk Profile and COVID-19 Crisis Containment Phase: What Approach in the Transitioning Phase?Bozena Gulija, Costanza Russo, Dalvinder Singh
Feb 2023Policy NoteNo 297Risk reduction vs risk sharing: A sticking point in the ongoing review of the EU fiscal framework?Martin Larch, Matthias Busse, Mateja Gabrijelcic, Laszlo Jankovics, Janis Malzubris
Feb 2023Policy BriefNo 516A scientific illusion in risk management?José María Roldán
Jan 2023Policy BriefNo 513Gender diversity in bank boardrooms helps to combat climate changeLeonardo Gambacorta, Livia Pancotto, Alessio Reghezza, Martina Spaggiari
Jan 2023Policy BriefNo 511Eurozone Government Bond Spreads: A Tale of Different ECB Policy RegimesSylvester C W Eijffinger, Mary Pieterse-Bloem
Jan 2023Policy BriefNo 510Bank and non-bank balance sheet responses to monetary policy shocksFédéric Holm-Hadulla, Falk Mazelis, Sebastian Rast
Jan 2023Policy BriefNo 509EU fiscal rules 2.0, more carrot than stick plus greenwashing?Matthias Reith, Gunter Deuber
Jan 2023Policy BriefNo 508Bank Competition and Bargaining over RefinancingMarina Emiris, François Koulischer, Christophe Spaenjers
Jan 2023Policy BriefNo 505Adjusted regulation can improve capital buffer usability Ianna Georgieva Yordanova
Jan 2023Policy BriefNo 504Introduction of the composite indicator of cyclical systemic risk in Croatia: possibilities and limitationsTihana Škrinjarić
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
Jan 2023Policy BriefNo 500The use of the Eurosystem’s monetary policy instruments and its monetary policy implementation framework in 2020 and 2021Marco Corsi, Yvo Mudde
Jan 2023Policy BriefNo 498Get your bearings: guidelines for newspaper based economic indicatorsErik Andres-Escayola, Corinna Ghirelli, Luis Molina, Javier Perez, Elena Vidal
Dec 2022Policy NoteNo 294A modern credit guidance regime for the green transitionKatie Kedward, Daniela Gabor, Josh Ryan-Collins
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
Dec 2022Policy BriefNo 497European Small Business Finance Outlook: SMEs in between crisesHelmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs
Dec 2022Policy BriefNo 496New Frontiers in Monetary Policy Communication: Discovering Central Bank TweetingDonato Masciandaro, Oana Peia, Davide Romelli
Dec 2022Policy BriefNo 494Introducing Green Bank Equity to fund the low-carbon transitionAaron Janowski
Dec 2022Policy BriefNo 493Financial exposure and bank mergers - Micro and macro evidence from the EULaura Lebastard
Dec 2022Policy BriefNo 492Euro area’s persistent current account surplus – a reason behind a decade of low interest rates?Tobias Schuler, Yiqiao Sun
Dec 2022Policy BriefNo 491Risk sharing and monetary policy transmissionSebastian Hauptmeier, Fédéric Holm-Hadulla, Théodore Renault
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
Dec 2022Policy BriefNo 480Quantitative forward guidance through interest rate projectionsBoris Hofmann, Dora Xia
Nov 2022Policy BriefNo 476Finance in Africa 2022: Navigating the financial landscape in turbulent timesColin Bermingham, Barbara Marchitto, Debora Revoltella
Nov 2022Policy BriefNo 475Do stablecoins alter the monetary policy transmission mechanism?Pietro Cova, Alessandro Notarpietro, Patrizio Pagano, Massimiliano Pisani
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 472(R-)Star gazing: Macro drivers suggest real neutral rate may have risen Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang
Nov 2022Policy BriefNo 468The reform of the EU fiscal framework: an enhanced surveillance role for independent fiscal councils?Christos Chrysanthakopoulos, Athanasios Tagkalakis
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 453Under-researched areas of CBDCShalva Mkhatrishvili, Wim Boonstra
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 445Fiscal deficits and inflation risks: the role of fiscal and monetary policy regimesRyan Banerjee, Valerie Boctor, Aaron Mehrotra, Fabrizio Zampolli
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 439The potential of central bank digital currencies for cross-border paymentsAnneke Kosse, Ilaria Mattei
Oct 2022Policy NoteNo 291Monetary policy and inflation: recent developmentsIgnazio Visco
Oct 2022Policy BriefNo 438Instinctive and reflective trust in the European Central BankSiria Angino, Stefania Secola
Oct 2022Policy BriefNo 437Is a global factor driving bond yields lately?Mattia Girotti, Guillaume Horny, Adrian Penalver, Anna Petronevich
Oct 2022Policy BriefNo 436The double materiality of climate physical and transition risks in the euro areaRegis Gourdel, Irene Monasterolo, Nepo Dunz, Andrea Mazzocchetti, Laura Parisi
Oct 2022Policy BriefNo 435Using household-level data to guide borrower-based macro-prudential policyGastón Andrés Giordana, Michael Heinrich Ziegelmeyer
Sep 2022Policy BriefNo 430Central bank capitalPaul Wessels, Dirk Broeders
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 NoteNo 289Monetary policy in the euro area: the next phasePhilip R. Lane
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 414The effects of Monetary Policy on Capital Flows: A Meta-AnalysisMauricio Villamizar-Villegas, Lucía Arango-Lozano, Geraldine Castelblanco-Arias, Nicolás Fajardo-Baquero, María A. Ruiz-Sánchez
Sep 2022Policy NoteNo 287Monetary policy and the Great VolatilityIsabel Schnabel
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 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 403What Can We Learn from 60 Years of PCE Inflation Data?Raphael Schoenle, Dominic Smith
Aug 2022Policy BriefNo 402To Announce or Not To Announce: Basic Trade-offs in Public Debt ManagementAlexander Dentler, Enzo Rossi
Aug 2022Policy BriefNo 398Central Banking and Climate Change Policies: It is not Always a Positive Sum GameDonato Masciandaro, Riccardo Russo
Aug 2022Policy BriefNo 396The pass-through from inflation perceptions to inflation expectationsStefanie J. Huber, Daria Minina, Tobias Schmidt
Aug 2022Policy BriefNo 393Stagflation in the 1970s: lessons for the current situationAlmira Enders, Sebastian Giesen, Dominic Quint
Aug 2022Policy BriefNo 391Why is Swiss inflation low?GianLuigi Mandruzzato
Aug 2022Policy BriefNo 390Dissent in the ECB’s Governing Council Increases Households’ Inflation UncertaintyMoritz Grebe, Peter Tillmann
Jul 2022Policy BriefNo 382What Should the Inflation Target Be? Views from 600 EconomistsGene Ambrocio, Andrea Ferrero, Esa Jokivuolle, Kim Ristolainen
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 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 367The Eurosystem’s bond market share at an all-time high: what does it mean for repo markets?Tomás Carrera de Souza, Tom Hudepohl
Jul 2022Policy BriefNo 366Firm-level expectations and macroeconomic conditions: underpinnings and disagreementMonique Reid, Pierre Siklos
Jul 2022Policy BriefNo 365Subjective inflation expectations of households and firmsMichael Weber
Jul 2022Policy BriefNo 364Uncertainty, non-linear contagion and the credit quality channel: an application to the Spanish interbank marketAdrian Carro, Patricia Stupariu
Jun 2022Policy BriefNo 363Stablecoins - DeFi, Libra and beyondHeike Mai
Jun 2022Policy BriefNo 362On Implementing Macroprudential PolicyItai Agur, Sunil Sharma
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 NoteNo 282Trade and Climate – The Disrupted NexusStefan P. Schleicher
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 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 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 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
May 2022Policy BriefNo 327Under Pressure: Credibility of Monetary PolicyAntoine Camous, Dmitry Matveev
May 2022Policy BriefNo 324Uncertainty shocks and the monetary-macroprudential policy mixValeriu Nalban, Andra Smădu
Apr 2022Policy BriefNo 323Is Super-Active Fiscal Policy Desirable?Roberto M. Billi, Carl E. Walsh
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 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 NoteNo 273The return of inflationAgustín Carstens
Mar 2022Policy BriefNo 307On the Welfare Effects of Using Energy and Emissions Taxes to Finance a Labour Tax Reduction in a Multi-sector DSGE ModelNatascha Hinterlang, Anika Martin, Oke Röhe, Nikolai Stähler, Johannes Strobel
Mar 2022Policy BriefNo 306ECB Communication and its Impact on Financial MarketsKlodiana Istrefi, Florens Odendahl, Giulia Sestieri
Mar 2022Policy BriefNo 302Optimal Monetary Policy and Capital MisallocationBeatriz González, Galo Nuño, Dominik Thaler, Silvia Albrizio
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 294Preparing for the Financial System of the FutureLael Brainard
Mar 2022Policy BriefNo 291The Political Economy of Currency UnionsKai Arvai
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 BriefNo 287The implications of demographics, pension systems, and migration for monetary policyMarcin Bielecki, Michał Brzoza-Brzezina, Marcin Kolasa
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 279Brexit: Trade diversion due to trade policy uncertaintyEduardo Gutiérrez, Aitor Lacuesta, César Martín-Machuca
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 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 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 BriefNo 268Monetary policy and the green transitionLena Boneva, Gianluigi Ferrucci, Francesco Paolo Mongelli
Feb 2022Policy NoteNo 264High earners in the European banking sectorEmma-Faye Dertnig, Jakob Hanzl, Mario Hübler, Christoph Prenner
Jan 2022Policy BriefNo 267Pledge or pretext? Lessons from the Fiscal CompactMartin Larch, Matthias Busse, László Jankovics
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 BriefNo 261Firm financing and public liquidity measures during the pandemicIda Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte
Jan 2022Policy BriefNo 259How to analyse monetary policy transmission and inequality in a three-agent model (THRANK)Maria Eskelinen
Jan 2022Policy BriefNo 255Climate actions and macro-financial stability: The role of central banksFrancesca Diluiso, Barbara Annicchiarico, Matthias Kalkuhl, Jan. C. Minx
Jan 2022Policy NoteNo 263Monetary Policy in a World of Radical UncertaintyMervyn King
Dec 2021Policy BriefNo 253Money market funds in the euro area: Vulnerabilities and the role of macroprudential policyTom Hudepohl, Jeroen Huiting, Annelie Petersen
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 BriefNo 245How to set Cyclical and Structural capital buffers via Stress tests? A Risk-to-Buffer approachCyril Couaillier, Valerio Scalone
Dec 2021Policy BriefNo 244Switching-track after the Great RecessionFrancesca Vinci, Omar Licandro
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Dec 2021Policy BriefNo 239The Leverage Effect of Bank DisclosuresPhilipp J. König, Christian Laux, David Pothier
Dec 2021Policy BriefNo 238Business Dynamism, Sectoral Reallocation and Productivity in a PandemicGuido Ascari, Andrea Colciago, Riccardo Silvestrini
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 235Does one (unconventional) size fit all? Effects of the ECB’s unconventional monetary policies on the euro area economiesMaria Sole Pagliari
Nov 2021Policy BriefNo 234Optimism is bad for fiscal outcomesMartin Larch, Janis Malzubris, Matthias Busse
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 228The effect of monetary policy on stock market valuation is maybe not what you thinkOlli-Matti Laine
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 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 216Employment Composition Matters for the slope of the Phillips CurveDaniele Siena, Riccardo Zago
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
Nov 2021Policy BriefNo 213The role of prudential policy in addressing climate changeFernando Restoy
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 204Combining negative rates, forward guidance and asset purchases: Identification and impacts of the ECB’s unconventional policiesMassimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem
Oct 2021Policy BriefNo 203The reform of the EU’s fiscal governance framework in a new macroeconomic environmentMario Alloza, Javier Andrés, Pablo Burriel, Iván Kataryniuk, Javier J. Pérez, Juan Luis Vega
Oct 2021Policy BriefNo 201Basel III implementation in the European UnionPablo Hernández de Cos
Oct 2021Policy BriefNo 199The impact of macroprudential policies on capital flows in CESEEMarkus Eller, Niko Hauzenberger, Florian Huber, Helene Schuberth, Lukas Vashold
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 BriefNo 192Optimal Robust Monetary Policy with Parameters and Output Gap UncertaintyAdriana Grasso, Guido Traficante
Oct 2021Policy BriefNo 191Macroeconomic stabilisation in the presence of the effective lower bound: the case of the euro areaGünter Coenen, Carlos Montes-Galdón, Sebastian Schmidt
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 190The Effects of Fiscal Policy when Planning Horizons are FiniteJoep Lustenhouwer, Kostas Mavromatis
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 256Ultra low interest rates from the perspective of a central bankerLars Rohde
Sep 2021Policy NoteNo 255Navigating by r*: safe or hazardous?Claudio Borio
Sep 2021Policy BriefNo 181A liquidity risk early warning indicator for Italian banks: a machine learning approachMaria Ludovica Drudi, Stefano Nobili
Sep 2021Policy BriefNo 180Sovereign CDS Volatility as an Indicator of Economic UncertaintyMaximilian Böck, Martin Feldkircher, Burkhard Raunig
Sep 2021Policy BriefNo 178Contagious ZombiesChristian Bittner, Falko Fecht, Co-Pierre Georg
Sep 2021Policy NoteNo 254Fiscal-Monetary Crosswinds in the Euro AreaLucrezia Reichlin, Giovanni Ricco, Matthieu Tarbé
Sep 2021Policy NoteNo 253Raising r*: Why, how, and if not now, when?Robert Holzmann, Maria T. Valderrama
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 172Central banks as bank supervisors: how does this double role affect their inflation outcomes?Vasco Gabriel, Ioannis Lazopoulos, Diana Lima
Sep 2021Policy BriefNo 171Curb your enthusiasm: the aggregate short-run effects of a borrower-based measureJoana Passinhas, Daniel Abreu
Sep 2021Policy BriefNo 169Recycling carbon tax revenuesÁngel Estrada, Daniel Santabárbara
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 165Assessment of the effectiveness of the macroprudential measures implemented in the context of the Covid-19 pandemicLucas Avezum, Vítor Oliveira, Diogo Serra
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 162The Natural Interest Rate in ChinaSUN Guofeng, Daniel M Rees
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 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 151No country is an island: International cooperation and climate changeMassimo Ferrari, Maria Sole Pagliari
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
Aug 2021Policy BriefNo 144A quantitative analysis of the countercyclical capital bufferMiguel Faria e Castro
Jul 2021Policy BriefNo 138Three questions on the outlook for bankingCarolyn Rogers
Jul 2021Policy BriefNo 137Euro area equity risk premia and monetary policyDaniel Kapp, Kristian Loft Kristiansen
Jul 2021Policy BriefNo 136What does “below, but close to, two per cent” mean? Assessing the ECB’s reaction function with real time dataMaritta Paloviita, Markus Haavio, Pirkka Jalasjoki, Juha Kilponen
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 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
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 125Monetary policy surprises trigger different responses in the housing market across European regionsWinfried Koeniger, Benedikt Lennartz, Marc-Antoine Ramelet
Jul 2021Policy BriefNo 121How climate protection adds to inflationJörg Krämer, Ralph Solveen
Jun 2021Policy BriefNo 119Six ways to bring inflation (expectations) upErnest Gnan
Jun 2021Policy BriefNo 116The euro area sovereign debt markets in the crisis: role and impact on financial stability perspectivesDenis Beau
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 111A rising core lifts all basketsBruce Kasman, Joseph Lupton, Michael S Hanson
Jun 2021Policy NoteNo 246Integrated policy frameworks: The constraints of policy horizons and adjustment frequenciesClaudio Borio and Piti Disyatat
Jun 2021Policy BriefNo 105Monetary policy space and monetary policy strategies for the euro areaMarkus Haavio, Olli-Matti Laine
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 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 239How to prevent a too restrictive fiscal policy in Europe?Wim Boonstra
May 2021Policy NoteNo 238Monetary and Fiscal Policy: Privileged powers, entwined responsibilitiesClaudio Borio and Piti Disyatat
May 2021Policy NoteNo 236Europe’s growth gap: reconciling Keynes and SchumpeterFrançois Villeroy de Galhau
May 2021Policy BriefNo 85Navigating the Digital Transition, Maintaining a Stable Payment SystemDenis Beau
May 2021Policy BriefNo 84Data sharing for better policy makingClaudia Buch
May 2021Policy NoteNo 235Negative Interest Rate Policy – The Experience So FarLuis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber, Roland Meeks
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 80Fed’s financial stability concerns and monetary policyKlodiana Istrefi, Florens Odendahl, Giulia Sestieri
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 72Uncertainty Is Not an Excuse. Integrating Climate Risks into Monetary Policy Operations and Financial SupervisionJulia Anna Bingler, Chiara Colesanti Senni, Pierre Monnin
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 66Unconventional monetary policies and expectations on economic variablesAlessio Anzuini, Luca Rossi
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 58Next Generation EU: can we do better?Lorenzo Codogno, Paul van den Noord
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
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 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
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 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 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 BriefNo 37In Support of Monetary Policy: Using the Countercyclical Capital Buffer to Avoid a Reversal Interest RateMatthieu Darracq Pariès, Christoffer Kok, Matthias Rottner
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Nov 2020Policy NoteNo 205Retail CBDC Remuneration: The Sign MattersChristian Pfister
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 BriefNo 32More travel warnings are almost like a new lockdown for the hospitality industryEric Heymann
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 BriefNo 27To each crisis its analogy, to each analogy its critical reflectionRobert Holzmann
Sep 2020Policy NoteNo 194Home- and host-country prudential regulation and spillovers in dollar creditStefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter
Sep 2020Policy NoteNo 192A rule-based monetary strategy for the European Central Bank: a call for monetary stabilityJuan E. Castañeda
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 24The big debt surgeRalph Solveen
Aug 2020Policy NoteNo 186European Recovery Fund: Sceptics Q&AReza Moghadam, Jacob Nell, Joao Almeida, Bruna Skarica, Markus Guetschow
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 18The liquidity trap, monetary policy and the health crisisStéphane Lhuissier
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
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 170International inflation co-movementsPhilip R. Lane
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 NoteNo 164Can we compare the COVID-19 and 2008 crises?Marc-Olivier Strauss-Kahn
May 2020Policy NoteNo 163Coronavirus and the world of workMonika Kiss
May 2020Policy NoteNo 162How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term contextElga Bartsch, Jean Boivin, Philipp Hildebrand
May 2020Policy BriefNo 7Covid-19 policy response and the role of the EIBDebora Revoltella
May 2020Policy NoteNo 161Shh, don’t say it! ECB Helicopter Money: Economics and PoliticsDonato Masciandaro
Apr 2020Policy NoteNo 158Overview of Central Bank Digital Currency - State of PlayJohannes Duong
Apr 2020Policy NoteNo 159Embedded supervision: how to build regulation into Libra 2.0 and the token economyRaphael Auer
Apr 2020Policy NoteNo 154The Prudent Algorithm Principle: A new paradigm for financial supervisionJakob Thomä
Apr 2020Policy NoteNo 152European banks in the corona crisisJan Schildbach
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 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
Mar 2020Policy NoteNo 137R-star decline and monetary hysteresisPhurichai Rungcharoenkitkul
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
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 124Economic policy in EMU: What role for fiscal and monetary policy? Which has more scope left? How to combine them?Marco Buti
Jan 2020Policy NoteNo 123DLT-Based Regulatory Reporting - A game changer for the regulatory regime?Daniel Münch, Noah Bellon
Jan 2020Policy NoteNo 122TCFD: strengthening the foundations of sustainable financeMark Carney
Jan 2020Policy NoteNo 121The quest for policy scope: Implications for monetary policy strategiesKlaas Knot
Dec 2019Policy NoteNo 120Investing in Europe’s Competitiveness and SustainabilityWerner Hoyer
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 117Euro Area Fiscal Policy: The Factual, the Possible and the SurprisingDaniele Antonucci
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 112Inflation In The Eurozone Is Dead. Long Live (The Right Kind Of) InflationSylvain Broyer
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 99The euro’s global role: past, present and futureArnaud Mehl
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
Sep 2019Policy NoteNo 94Escaping the Trap: Secular Stagnation, Monetary Policy and Financial FragilityMartin Wolf
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 69The post-crisis Phillips Curve and its policy implications: cumulative wage gap matters for inflationLiviu Voinea
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 60Fiscal RulesVitor Gaspar, David Amaglobeli
Jan 2019Policy NoteNo 53The output cost of the global financial crisis: A reappraisal after ten yearsDavid Turner, Patrice Ollivaud
Jan 2019Policy NoteNo 52Monetary Policy beyond normalizationMaria Demertzis
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 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 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
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
Jan 2018Policy NoteNo 23The occasional importance of the current account in an era of a global savings glutJesper Berg, Steffen Lind
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
Feb 2016Policy NoteNo 4Gender diversity and monetary policyDonato Masciandaro, Paola Profeta, Davide Romelli
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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