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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)
Jan 2023Policy BriefNo 507Joint Ownership of Production Projects as a Commitment Device against Interest Groups Nicoletta Berardi, Paul Seabright
Dec 2022Policy BriefNo 489The impact of portfolio-based green monetary policy Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig, Carolin Nerlich
Dec 2022Policy BriefNo 487Pricing of green bonds – drivers and dynamics of the greeniumAllegra Pietsch, Dilyara Salakhova
Dec 2022Policy BriefNo 483The Links Between Emerging Market Bond Flows, Exchange Rates and Future Financial ConditionsPeter Hördahl, Giorgio Valente
Dec 2022Policy BriefNo 482Shipping freight rates and inflation in the Euro AreaNektarios A. Michail, Konstantinos D. Melas, Lena T. Cleanthous
Dec 2022Policy BriefNo 480Quantitative forward guidance through interest rate projectionsBoris Hofmann, Dora Xia
Nov 2022Policy BriefNo 473The Impact of Natural Disasters on Banks’ Impairment Flow – Evidence from GermanyIliriana Shala, Benno Schumacher
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 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
Oct 2022Policy BriefNo 450Are Liability Driven Investors (LDIs) a liability for policymakers?Giacomo Carboni, Martin Ellison
Sep 2022Policy BriefNo 428Natural Gas – An Unexpected Macro and Market Driver Samantha Azzarello, Gabrielle Jabre
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 412Natural Gas in Europe: The Potential Impact of Disruptions to SupplyGabriel Di Bella, Mark Flanagan, Karim Foda, Andrea Pescatori, Alex Pienkowski, Martin Stuermer, Frederik Toscani
Jul 2022Policy BriefNo 373Minibonds and intangiblesGabriele Beccari, Francesco Marchionne, Beniamino Pisicoli
Jun 2022Policy BriefNo 351Currency demand at negative interest ratesEdoardo Rainone
Jun 2022Policy BriefNo 347Sectoral exchange rate pass-through in the euro areaChiara Osbat, Yiqiao Sun, Martin Wagner
May 2022Policy BriefNo 335Macroeconomic Implications and Differences of Oil and Gas Price ShocksThomas Zörner, Nico Petz
May 2022Policy NoteNo 278Monitoring Narratives: an Application to the Equity MarketPascal Blanqué, Mohamed Ben Slimane, Amina Cherief, Théo Le Guenedal, Takaya Sekine, Lauren Stagnol
May 2022Policy BriefNo 332Analysis of ESG disclosures in Pillar 3 reports. A text mining approachAngel Iván Moreno, Teresa Caminero García
Apr 2022Policy NoteNo 273The return of inflationAgustín Carstens
Mar 2022Policy BriefNo 304Mind the gap: The widening post-pandemic gender divideJoyce Chang, Amy Ho
Mar 2022Policy NoteNo 269CBDC and the international position of the euroWim Boonstra
Mar 2022Policy BriefNo 293Tax Race to the Bottom Harms Location Attractiveness of Western EuropeLeonie Fischer, Jost H. Heckemeyer, Christoph Spengel, Daniela Steinbrenner
Jan 2022Policy BriefNo 258Why have interest rates fallen far below the return on capital?Magali Marx, Benoît Mojon, François R. Velde
Jan 2022Policy NoteNo 263Monetary Policy in a World of Radical UncertaintyMervyn King
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 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 215Monetary policy strategies in the New Normal: A model-based analysis for the euro areaFabio Busetti, Stefano Neri, Alessandro Notarpietro, Massimiliano Pisani
Oct 2021Policy BriefNo 207The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital ControlsPhilippe Bacchetta, Rachel Cordonier, Ouarda Merrouche
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 202Revisiting the link between government debt and sovereign interest rates in the euro areaStéphanie Pamies, Nicolas Carnot, Anda Pătărău
Oct 2021Policy BriefNo 196Negative interest rates and the erosion of banks’ interest marginsJorien Freriks, Jan Kakes
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 184Frozen markets: Iceland’s experience with capital controlsFrancis Breedon, Thórarinn G. Pétursson, Paolo Vitale
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 NoteNo 253Raising r*: Why, how, and if not now, when?Robert Holzmann, Maria T. Valderrama
Sep 2021Policy NoteNo 252Forging the Future of Monetary Union – taking stock and looking forwardMarkus Rodlauer, Rolf Strauch
Sep 2021Policy BriefNo 174Low-for-ultra-long policy will not be enough for JapanHiroshi Ugai
Sep 2021Policy BriefNo 173An export supply channel of exchange ratesErik Frohm
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 162The Natural Interest Rate in ChinaSUN Guofeng, Daniel M Rees
Aug 2021Policy BriefNo 150Digital euro has potential in the NetherlandsMichiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink
Jul 2021Policy BriefNo 141Some warning signals about average inflation targetingSeppo Honkapohja, Nigel McClung
Jul 2021Policy BriefNo 135Liquidity in the German corporate bond market: has the CSPP made a difference?Kathi Schlepper
Jul 2021Policy BriefNo 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
Jun 2021Policy BriefNo 116The euro area sovereign debt markets in the crisis: role and impact on financial stability perspectivesDenis Beau
Jun 2021Policy BriefNo 113The economics of interest rates and population growthJesse Edgerton
Jun 2021Policy NoteNo 246Integrated policy frameworks: The constraints of policy horizons and adjustment frequenciesClaudio Borio and Piti Disyatat
Jun 2021Policy NoteNo 244External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging MarketsAbdullah Kazdal, Muhammed Hasan Yılmaz
Jun 2021Policy BriefNo 99Stress-testing CESEE borrowers in the light of the COVID-19 pandemicAleksandra Riedl
May 2021Policy BriefNo 96Real interest rates and demographic developments: the role of population growth and migrationLucas Fuhrer, Nils Herger
May 2021Policy BriefNo 91Low Interest Rates and the Distribution of Household DebtMarina Emiris, François Koulischer
May 2021Policy NoteNo 235Negative Interest Rate Policy – The Experience So FarLuis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber, Roland Meeks
Apr 2021Policy BriefNo 75Europe: the shock of Covid-19 and the fear of accelerated zombificationHélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef
Mar 2021Policy BriefNo 53Who has purchased euro area debt since the start of the health crisis?Olivier Sirello
Feb 2021Policy BriefNo 49Should developed economies manage international capital flows? An empirical and welfare analysisDennis Bonam, Gavin Goy, Emmanuel de Veirman
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Dec 2020Policy BriefNo 40Could housing booms undermine productivity growth?Sebastian Doerr
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
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 209Are equity markets currently overvalued? The role of the time horizon in earnings expectationsRoberto Blanco and Irene Roibás
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Oct 2020Policy NoteNo 199Macroeconomic stabilisation when nominal interest rates are constrained: A role for household inflation expectations?Geoff Kenny, Ioana Duca-Radu, Andreas Reuter
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Sep 2020Policy BriefNo 28Limits and pitfalls of QE in emerging marketsDaniel Daianu
Sep 2020Policy NoteNo 192A rule-based monetary strategy for the European Central Bank: a call for monetary stabilityJuan E. Castañeda
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Jul 2020Policy NoteNo 183Retail Central Bank Digital Currencies: means of payment vs store of valueSantiago Fernández de Lis, Pablo Urbiola
Jun 2020Policy NoteNo 176Credit Guarantees in the COVID-19 crisis – Relevance and Economic ImpactJulien Brault, Simone Signore
Jun 2020Policy BriefNo 16Assessing the efficacy of COVID-19 tracing regimesDavid Mackie
May 2020Policy NoteNo 170International inflation co-movementsPhilip R. Lane
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 6Never Let a Good Crisis Go to Waste!Kai A. Konrad, Marcel Thum
Apr 2020Policy BriefNo 4How the economy will recover from the Corona shockJörg Krämer and Bernd Weidensteiner
Apr 2020Policy BriefNo 1Regulation, Corporate Culture and Individual Responsibility in BankingDavid T Llewellyn
Apr 2020Policy NoteNo 149A diverse monetary union creates invisible transfers that justify conditional solidarityEnrico Perotti and Oscar Soons
Mar 2020Policy NoteNo 145A “European Capitalization and Development Fund” (ECDF) to facilitate Europe’s post-corona recoveryErnest Gnan
Mar 2020Policy NoteNo 137R-star decline and monetary hysteresisPhurichai Rungcharoenkitkul
Jan 2020Policy NoteNo 121The quest for policy scope: Implications for monetary policy strategiesKlaas Knot
Dec 2019Policy NoteNo 118Deposit facility rate, bank reserves, and portfolio reallocation incentivesManuel Buchholz, Kirsten Schmidt, Lena Tonzer
Oct 2019Policy NoteNo 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Aug 2019Policy NoteNo 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
Mar 2019Policy NoteNo 59New Frontiers in the Euro Debate in IcelandThorsteinn Thorgeirsson
Feb 2019Policy NoteNo 58Disintermediation and re-intermediation effects of the CSPPÓscar Arce, Ricardo Gimeno, Sergio Mayordomo
Sep 2018Policy NoteNo 42Preserving regulatory certainty: The review of insurers’ capital requirementsGabriel Bernardino
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
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
Apr 2016Policy NoteNo 5Some seeming paradoxes or interesting points of Russia’s economy and banking sectorStephan Barisitz
Sep 2015Policy NoteNo 1What is money and who says so?Peter R. Fisher

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