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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)
Sep 2022Policy NoteNo 289Monetary policy in the euro area: the next phasePhilip R. Lane
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
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
Jul 2022Policy BriefNo 382What Should the Inflation Target Be? Views from 600 EconomistsGene Ambrocio, Andrea Ferrero, Esa Jokivuolle, Kim Ristolainen
Jul 2022Policy BriefNo 375A shot in the arm: stimulus packages and firm performance during COVID-19Deniz Igan, Ali Mirzaei, Tomoe Moore
Jul 2022Policy BriefNo 372Toward a green economy: the role of central bank’s asset purchasesAlessandro Ferrari, Valerio Nispi Landi
Jul 2022Policy BriefNo 370Too little too late: ECB’s normalisation path was model- rather than data-drivenDaniel Gros, Farzaneh Shamsfakhr
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 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 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 NoteNo 280Should the ECB consider issuing its own securities?Wim Boonstra, Bas van Geffen
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 276More than an intellectual game: Exploring the monetary policy and financial stability implications of central bank digital currenciesFabio Panetta
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 320Global Banking, Regulatory Spillovers, and the Benefits of Macroprudential Policy CoordinationPierre-Richard Agénor, Timothy P Jackson, Luiz A Pereira da Silva
Apr 2022Policy BriefNo 316Robert Triffin and the search for Asian Monetary UnionIvo Maes, Ilaria Pasotti
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 NoteNo 269CBDC and the international position of the euroWim Boonstra
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 287The implications of demographics, pension systems, and migration for monetary policyMarcin Bielecki, Michał Brzoza-Brzezina, Marcin Kolasa
Feb 2022Policy BriefNo 279Brexit: Trade diversion due to trade policy uncertaintyEduardo Gutiérrez, Aitor Lacuesta, César Martín-Machuca
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 272Global models for a global pandemic: the impact of COVID-19 on small euro area economiesPablo Garcia, Pascal Jacquinot, Črt Lenarčič, Matija Lozej, Kostas Mavromatis
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
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 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 249Monetary and fiscal complementarity in the Covid-19 pandemicJagjit S Chadha, Luisa Corrado, Jack Meaning, Tobias Schuler
Dec 2021Policy NoteNo 261Mortgage and real estate markets: Current developments pose risks to financial stabilityFritz Zurbrügg
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 238Business Dynamism, Sectoral Reallocation and Productivity in a PandemicGuido Ascari, Andrea Colciago, Riccardo Silvestrini
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 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 208Human Frictions in the Transmission of Economic PolicyFrancesco D’Acunto, Daniel Hoang, Maritta Paloviita, Michael Weber
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 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 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
Sep 2021Policy BriefNo 190The Effects of Fiscal Policy when Planning Horizons are FiniteJoep Lustenhouwer, Kostas Mavromatis
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 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 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 162The Natural Interest Rate in ChinaSUN Guofeng, Daniel M Rees
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 153What’s the Message? Interpreting Monetary Policy Through Central Bankers’ SpeechesMartin Feldkircher, Paul Hofmarcher, Pierre Siklos
Aug 2021Policy BriefNo 151No country is an island: International cooperation and climate changeMassimo Ferrari, Maria Sole Pagliari
Aug 2021Policy BriefNo 149Regulation of crypto-assets is a must for governments and central banksDaniel Daianu
Aug 2021Policy NoteNo 251Green Liquidity Moves MainstreamPatrick Drury Byrne, Sandeep Chana and Sylvain Broyer
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 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 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 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 115Understanding the financial risks of nature loss: exploring policy options for financial authoritiesKatie Kedward, Josh Ryan-Collins, Hugues Chenet
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 101The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidenceGert Bijnens, John Hutchinson, Jozef Konings, Arthur Saint Guilhem
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 BriefNo 88Strengthening the international role of the euroGergely Hudecz, Gong Cheng, Edmund Moshammer, Alexander Raabe
May 2021Policy NoteNo 236Europe’s growth gap: reconciling Keynes and SchumpeterFrançois Villeroy de Galhau
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 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 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 68Banking union - achievements and challengesLuis de Guindos
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
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 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 223Bank stress tests: their philosophy and their use by prudential authorities during the Covid-19 crisisValère Fourel, Julien Idier, Valerio Scalone, Aurore Schilte
Jan 2021Policy NoteNo 220Is the 100% Reserve Reform Finally Getting Topical?Christian Pfister
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 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 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 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
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
Aug 2020Policy NoteNo 190Finland and monetary policy through three crisesTuomas Välimäki and Meri Obstbaum
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Aug 2020Policy BriefNo 23Eurozone in times of Covid-19: Debt monetisation by stealthPeter Vanden Houte
Aug 2020Policy NoteNo 186European Recovery Fund: Sceptics Q&AReza Moghadam, Jacob Nell, Joao Almeida, Bruna Skarica, Markus Guetschow
Aug 2020Policy BriefNo 22Radical UncertaintyJohn Kay
Jul 2020Policy BriefNo 18The liquidity trap, monetary policy and the health crisisStéphane Lhuissier
Jun 2020Policy NoteNo 178Covalization: Europe on the Rack Between Globalization and Covid - A Historian’s Perspective on the European Union: Europe and GlobalizationHarold James
Jun 2020Policy NoteNo 177The EU’s recovery plan is the next generation of fiscal solidaritySylvain Broyer
May 2020Policy BriefNo 12An ECB digital currency – a flight of fancy?Yves Mersch
May 2020Policy NoteNo 170International inflation co-movementsPhilip R. Lane
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 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 BriefNo 2Politics and Economics of Global CurrenciesPaul De Grauwe
Apr 2020Policy NoteNo 154The Prudent Algorithm Principle: A new paradigm for financial supervisionJakob Thomä
Apr 2020Policy NoteNo 149A diverse monetary union creates invisible transfers that justify conditional solidarityEnrico Perotti and Oscar Soons
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
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 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 131Populism, Economic Policies and Central Banking: an OverviewErnest Gnan, Donato Masciandaro
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 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 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 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 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Oct 2019Policy NoteNo 104On Crypto AssetsAndrei Kirilenko
Sep 2019Policy NoteNo 103Non-banks in the EU: ensuring a smooth transition to a Capital Markets UnionFatima Pires
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 94Escaping the Trap: Secular Stagnation, Monetary Policy and Financial FragilityMartin Wolf
Aug 2019Policy NoteNo 89Central banks still run money creationDaniel Daianu
Jul 2019Policy NoteNo 85Libra: A new competitor among international currencies?Beat Weber
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
Apr 2019Policy NoteNo 67What is „Modern Money Theory“ (MMT)?Beat Weber
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
Mar 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Jan 2019Policy NoteNo 52Monetary Policy beyond normalizationMaria Demertzis
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 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
Mar 2018Policy NoteNo 29European Monetary Union reform preferences of French and German parliamentariansSebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj
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
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
Jun 2017Policy NoteNo 13The political economy of central banking in the digital ageSir Paul Tucker
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
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
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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