SUERF Policy Notes
In September 2015, SUERF launched the SUERF Policy Notes series with focus on current financial, monetary or economic issues, designed for policy makers and financial practitioners, authored by renowned experts.
| Date published | SUERF | Issue | Title | Author(s) |
| Nov 2023 | Policy Brief | No 740 | Can the green transition be risky for Slovak banks? | Jozef Kalman, Ján Klacso, Roman Vasiľ, Juraj Zeman |
| Nov 2023 | Policy Brief | No 739 | How usable are capital buffers? An empirical analysis of the interaction between capital buffers and the leverage ratio since 2016 | Georg Leitner, Michal Dvořák, Alessandro Magi, Balázs Zsámboki |
| Nov 2023 | Policy Brief | No 738 | Transmission of interest rate hikes depends on the level of central bank reserves held by banks | Daniel Fricke, Stefan Greppmair, Karol Paludkiewicz |
| Nov 2023 | Policy Brief | No 736 | Banks’ credit forecasts excel at rank ordering but miss the evolution of losses | Martin Birn, Renzo Corrias, Christian Schmieder, Nikola Tarashev |
| Nov 2023 | Policy Brief | No 735 | The Road to Paris: stress testing the transition towards a net-zero economy | Tina Emambakhsh, Maximilian Fuchs, Simon Kördel, Charalampos Kouratzoglou, Chiara Lelli, Riccardo Pizzeghello, Carmelo Salleo, Martina Spaggiari |
| Nov 2023 | Policy Brief | No 734 | Macroprudential stance assessment: problems of measurement and literature review | Tihana Škrinjarić |
| Nov 2023 | Policy Brief | No 733 | Superkurtosis: High-frequency trading and risk management | Stavros Degiannakis, George Filis, Grigorios Siourounis |
| Nov 2023 | Policy Brief | No 731 | Monetary policy rules under bounded rationality | Michael Dobrew, Rafael Gerke, Daniel Kienzler, Alexander Schwemmer |
| Nov 2023 | Policy Brief | No 730 | Inflation expectations in CESEE are shaped by the sentiment and experiences of individuals | Katharina Allinger, Fabio Rumler |
| Nov 2023 | Policy Brief | No 728 | Firm leverage and the low-carbon transition in Europe | Olimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, Katia Vozian |
| Nov 2023 | Policy Brief | No 722 | High Debt Levels Can Impede Monetary Policy | Luis Brandao-Marques, Marco Casiraghi, Gaston Gelos, Olamide Harrison, Gunes Kamber |
| Nov 2023 | Policy Brief | No 720 | Forecasting euro area inflation with machine learning models | Michele Lenza, Inés Moutachaker, Joan Paredes |
| Oct 2023 | Policy Brief | No 714 | What drives inflation? Disentangling demand and supply factors | Sandra Eickmeier, Boris Hofmann |
| Oct 2023 | Policy Brief | No 713 | The state-dependent impact of changes in bank capital requirements | Jan Hannes Lang, Dominik Menno |
| Oct 2023 | Policy Brief | No 709 | The Mortgage Servicing Channel: Understanding Monetary Policy Transmission through Shadow Banks | Isha Agarwal, Malin Hu, Raluca A. Roman, Keling Zheng |
| Oct 2023 | Policy Brief | No 707 | The D-model for GDP nowcasting | Stavros Degiannakis |
| Oct 2023 | Policy Brief | No 706 | Asset Prices, Collateral and Bank Lending - The Case of Covid-19 and Real Estate | Aoife Horan, Barbara Jarmulska, Ellen Ryan |
| Oct 2023 | Policy Brief | No 704 | Is climate policy risk priced in by European stock investors? | Philippe Loyson, Rianne Luijendijk, Sweder van Wijnbergen |
| Oct 2023 | Policy Brief | No 702 | A two-tier system of minimum reserve requirements by De Grauwe and Ji (2023): A closer look | Claudia Kwapil |
| Oct 2023 | Policy Brief | No 699 | Asset allocation and risk taking under different interest rate regimes | Lieven Hermans, Thomas Kostka, Danilo Vassallo |
| Oct 2023 | Policy Brief | No 698 | E-commerce and Price Setting: Evidence from Europe | Georg Strasser, Elisabeth Wieland, Paweł Macias, Aneta Błażejowska, Karol Szafranek, David Wittekopf |
| Oct 2023 | Policy Brief | No 691 | Identifying the security lending channel in a central bank’s asset purchase program: a case of Bank of Japan’s ETF purchases | Mitsuru Katagiri, Junnosuke Shino, Koji Takahashi |
| Sep 2023 | Policy Note | No 322 | Central Banks: Firefighters or Pyromaniacs in Recent Crises? | Marc-Olivier Strauss-Kahn |
| Sep 2023 | Policy Brief | No 688 | Bonds at a premium: the impact of insurers on corporate bond issuers | Christian Kubitza |
| Sep 2023 | Policy Brief | No 687 | Fear The Walking Dead? Zombie Firms in the Euro Area and Their Effect on Healthy Firms’ Credit Conditions | Lea Katharina Havemeister, Kristian Horn |
| Sep 2023 | Policy Brief | No 686 | The long-term effects of inflation on inflation expectations | Fabio Braggion, Felix von Meyerinck, Nic Schaub, Michael Weber |
| Sep 2023 | Policy Brief | No 683 | Can monetary policy ignore financial stability risks? | Sulkhan Chavleishvili, Manfred Kremer, Frederik Lund-Thomsen |
| Sep 2023 | Policy Brief | No 679 | The current Polycrisis versus the Global Financial Crisis | Marc-Olivier Strauss-Kahn |
| Sep 2023 | Policy Brief | No 677 | How does changing pricing behavior affect inflation? Evidence from Euro Area microdata | Juhana Hukkinen, Matti Viren |
| Sep 2023 | Policy Brief | No 676 | Cash plays a key role for various groups at risk | Carin van der Cruijsen, Jelmer Reijerink |
| Sep 2023 | Policy Brief | No 675 | How producer price changes transmit into final goods prices | Edvin Ahlander, Mikael Carlsson, Mathias Klein |
| Aug 2023 | Policy Brief | No 674 | More uncertainty, but no financial compensation: Wage differentials between permanent and flexible jobs in The Netherlands | Cindy Biesenbeek, Maikel Volkerink |
| Aug 2023 | Policy Brief | No 672 | Explaining the endurance of price level differences in the euro area | Huw Dixon, Pavlos Petroulas, Theodora Kosma |
| Aug 2023 | Policy Brief | No 670 | How to Design Carbon Pricing Under Financial Constraints? Revisiting Pigouvian Taxation when Borrowers are “Too Levered for Pigou” | Robin Döttling, Magdalena Rola-Janicka |
| Aug 2023 | Policy Brief | No 668 | Fifty Shades of QE Revisited | Martin Weale, Tomasz Wieladek |
| Aug 2023 | Policy Brief | No 667 | Fifty shades of QE: Robust evidence | Brian Fabo, Martina Jancokova, Elisabeth Kempf, Lubos Pastor |
| Aug 2023 | Policy Brief | No 665 | The Economics of Public Policy Leaks: New Evidence from Central Banking | Michael Ehrmann, Phillipp Gnan, Kilian Rieder |
| Aug 2023 | Policy Brief | No 663 | The drivers of market-based inflation expectations in the euro area and in the US | Christian Höynck and Luca Rossi |
| Aug 2023 | Policy Brief | No 661 | Forecasting banknote circulation during the COVID-19 pandemic using structural time series models | Nikolaus Bartzsch, Marco Brandi, Lucas Devigne, Raymond de Pastor, Gianluca Maddaloni, Diana Posada Restrepo, Gabriele Sene |
| Aug 2023 | Policy Note | No 317 | The European Commission Proposals for Reform of the Stability and Growth Pact: On the right track but not there yet | Jakob de Haan, Fabian Amtenbrink |
| Aug 2023 | Policy Brief | No 659 | Rethinking the trade specialisation concept: from products to functions | Aleksandra Kordalska, Magdalena Olczyk |
| Aug 2023 | Policy Brief | No 657 | The climate change challenge and fiscal instruments and policies in the EU | Aris Avgousti, Francesco Caprioli, Giacomo Caracciolo, Marion Cochard, Pietro Dallari, Mar Delgado-Téllez, João Domingues, Marien Ferdinandusse, Daniela Filip, Carolin Nerlich, Doris Prammer, Katja Schmidt, Anastasia Theofilakou |
| Aug 2023 | Policy Note | No 316 | Peeling the onion: US bank stress not spreading to Euro area | Ravi Balakrishnan, Marco Protopapa |
| Aug 2023 | Policy Brief | No 653 | Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter? | Mohamed Belkhir, Sami Ben Naceur, Bertrand Candelon, Woon Gyu Choi, Farah Mugrabi |
| Aug 2023 | Policy Brief | No 651 | Identifying money and inflation expectation shocks on real oil prices | Szilard Benk, Max Gillman |
| Aug 2023 | Policy Brief | No 650 | Leading indicators of financial stress: a regime switching approach | Tihana Škrinjarić |
| Aug 2023 | Policy Brief | No 649 | Do non-banks need access to the lender-of-last-resort? Evidence from fund runs | Johannes Breckenfelder, Marie Hoerova |
| Jul 2023 | Policy Brief | No 646 | CBDC and business cycle dynamics in a New Monetarist New Keynesian model | Katrin Assenmacher, Lea Bitter, Annukka Ristiniemi |
| Jul 2023 | Policy Brief | No 643 | Consumer Savings Behaviour at Low and Negative Interest Rates | Marco Felici, Geoff Kenny, Roberta Friz |
| Jul 2023 | Policy Brief | No 635 | No time to slack: nowcasting employment in the euro area | Marta Bańbura, Irina Belousova, Katalin Bodnár, Máté Barnabás Tóth |
| Jul 2023 | Policy Brief | No 631 | Impact of fiscal measures in response to the COVID-19 pandemic on small-open economies: lessons from Slovenia | Filippo Arigoni, Miha Breznikar, Črt Lenarčič, Matjaž Maletič |
| Jul 2023 | Policy Brief | No 630 | Identifying financial fragmentation in the euro area | Jan Kakes, Jan Willem van den End |
| Jul 2023 | Policy Brief | No 629 | Macroprudential policy is a key defense line against global financial shocks | Katharina Bergant, Francesco Grigoli, Niels-Jakob Hansen, Damiano Sandri |
| Jul 2023 | Policy Brief | No 626 | Macroprudential policy in the high inflation environment: Sailing uncharted waters | Carsten Detken, Ján Klacso, Reiner Martin |
| Jun 2023 | Policy Brief | No 625 | Who holds sovereign debt and why it matters | Xiang Fang, Bryan Hardy, Karen K Lewis |
| Jun 2023 | Policy Brief | No 623 | Are firms credit constrained? Answers from a Swedish credit registry | Niklas Amberg, Tor Jacobson, Vincenzo Quadrini, Anna Rogantini Picco |
| Jun 2023 | Policy Brief | No 618 | Misallocation and Productivity Growth: a Meta-analysis | Maurice Bun, Theoplasti Kolaiti, Tolga Özden |
| Jun 2023 | Policy Brief | No 616 | News or Animal Spirits? Consumer Confidence and Economic Activity: Redux | Sangyup Choi, Jaehun Jeong, Dohyeon Park, Donghoon Yoo |
| Jun 2023 | Policy Brief | No 615 | Should inequality factor into central banks’ decisions? | Niels-Jakob H. Hansen, Alessandro Lin, Rui C. Mano |
| Jun 2023 | Policy Brief | No 612 | Digital Euro: An assessment of the first two progress reports | Dirk Niepelt |
| Jun 2023 | Policy Brief | No 611 | Sovereign exposures of European banks - revisited | Heike Mai |
| Jun 2023 | Policy Brief | No 610 | Climate change risks and the energy and emission allowances market – An analysis based on EMIR data | Merel Vrolijk, Ellen van der Woerd, Elisabeth de Vogel |
| Jun 2023 | Policy Brief | No 609 | The effects of negative interest rates on bank market power: implications for euro area banks’ lending channel and stability | Yener Altunbas, Giuseppe Avignone, Christoffer Kok, Cosimo Pancaro |
| Jun 2023 | Policy Brief | No 608 | Is the EU Money Market Fund Regulation fit for purpose? Lessons from the COVID-19 turmoil | Laura-Dona Capotă, Michael Grill, Luis Molestina Vivar, Niklas Schmitz, Christian Weistroffer |
| Jun 2023 | Policy Brief | No 604 | Back to the future: gold in international reserves as a new stabilizer (again!) of exchange rate systems | Aleksandr V. Gevorkyan, Tarron Khemraj |
| Jun 2023 | Policy Brief | No 601 | What are the short-to-medium-term effects of extreme weather on the Croatian economy? | Tihana Škrinjarić |
| Jun 2023 | Policy Brief | No 600 | Navigating the Tightrope: Balancing Financial Stability and Inflation in the Age of Persistent Financial Cycles and Crises | Thore Kockerols, Erling Motzfeldt Kravik, Yasin Mimir |
| May 2023 | Policy Brief | No 597 | Boosting the Green Transition: Greenhouse gas emissions and bank lending | Koji Takahashi, Junnosuke Shino |
| May 2023 | Policy Brief | No 596 | Reforming the Monetary System for the Digital Age | Burkhard Drees, Sunil Sharma |
| May 2023 | Policy Brief | No 594 | Lessons from forecast averaging residential investment | Carlos Cañizares Martínez, Gabe de Bondt, Arne Gieseck |
| May 2023 | Policy Brief | No 587 | CBDC Policies in Open Economies | Michael Kumhof, Marco Pinchetti, Phurichai Rungcharoenkitkul, Andrej Sokol |
| May 2023 | Policy Brief | No 586 | The Big Problem of Small Syndicates | Mingze Gao, Iftekhar Hasan, Buhui Qiu, Eliza Wu |
| May 2023 | Policy Brief | No 585 | Does IFRS 9 increase banks’ resilience? | Arndt Kund, Daniel Rugilo |
| May 2023 | Policy Brief | No 584 | Euro Area inflation differentials: the role of fiscal policies revisited | Cristina Checherita-Westphal, Nadine Leiner-Killinger, Teresa Schildmann |
| May 2023 | Policy Brief | No 582 | Critical metals for the low-carbon transition: macro-financial issues | Stéphane Dees, Simon Dikau, Hugh Miller, Romain Svartzman |
| May 2023 | Policy Brief | No 581 | On the Macroeconomic Effects of Reinvestments in Asset Purchase Programmes | Rafael Gerke, Daniel Kienzler, Alexander Scheer |
| May 2023 | Policy Brief | No 579 | Do unrealised bank losses affect loan pricing? | Matjaž Volk |
| May 2023 | Policy Brief | No 578 | The effectiveness of green collateral policy as an instrument of climate policy | Francesco Giovanardi, Matthias Kaldorf, Lucas Radke, Florian Wicknig |
| Apr 2023 | Policy Brief | No 573 | Moving apart – the financial sectors in UK and EU post-Brexit | Thorsten Beck, Christy Ann Petit |
| Apr 2023 | Policy Brief | No 572 | House prices and ultra-low interest rates: Exploring the non-linear nexus | Daniel Dieckelmann, Hannah S. Hempell, Barbara Jarmulska, Jan Hannes Lang, Marek Rusnák |
| Apr 2023 | Policy Brief | No 571 | Has the euro changeover really caused extra inflation in Croatia? | Matteo Falagiarda, Christine Gartner, Ivan Mužić, Andreja Pufnik |
| Apr 2023 | Policy Brief | No 569 | Window dressing of Regulatory Metrics: Evidence from Repo Markets | Claudio Bassi, Markus Behn, Michael Grill, Martin Waibel |
| Apr 2023 | Policy Brief | No 564 | The Stability and Growth Pact three decades later | Juhana Hukkinen, Matti Viren |
| Apr 2023 | Policy Brief | No 562 | Loose Monetary Policy and Financial Instability | Maximilian Grimm, Òscar Jordà, Moritz Schularick, Alan M. Taylor |
| Mar 2023 | Policy Note | No 306 | Why there is no need to stray from the original ideas behind the Bank Recovery and Resolution Directive | Jesper Berg, Steffen Ulrik Lind |
| Mar 2023 | Policy Brief | No 558 | Unraveling the Structure of Nested Decentralized Finance (DeFi) Protocols | Stefan Kitzler, Friedhelm Victor, Pietro Saggese, Bernhard Haslhofer |
| Mar 2023 | Policy Brief | No 557 | A friend in need is a friend indeed? Nonbanks and lending relationships during crises | Iñaki Aldasoro, Sebastian Doerr, Haonan Zhou |
| Mar 2023 | Policy Brief | No 550 | Lower for longer under Endogenous Technology Growth | Michaela Elfsbacka Schmöller, Martin Spitzer |
| Mar 2023 | Policy Brief | No 549 | CCPs United: the hidden dangers of shared clearing membership | Luitgard A. M. Veraart, Iñaki Aldasoro |
| Mar 2023 | Policy Brief | No 545 | Is the ECB Monetary Tightening Effective? The Role of Bank Funding and Asset Structure | Matjaž Volk |
| Mar 2023 | Policy Brief | No 543 | How shocks to Chinese supply chains affect US and euro area manufacturing | Makram Khalil, Marc-Daniel Weber |
| Mar 2023 | Policy Brief | No 538 | How does offshoring shape labour market imperfections? A comparative analysis of Belgian and Dutch firms | Sabien Dobbelaere, Catherine Fuss, Mark Vancauteren |
| Mar 2023 | Policy Note | No 303 | Energy shocks and corporate performance, the case of Croatia | Ivan Huljak |
| Mar 2023 | Policy Brief | No 537 | Navigating the housing channel of monetary policy across euro area regions | Niccolò Battistini, Matteo Falagiarda, Angelina Hackmann, Moreno Roma |
| Mar 2023 | Policy Brief | No 536 | Disruptions in global supply chains drive inflation in the euro area | David Finck, Peter Tillmann |
| Mar 2023 | Policy Brief | No 534 | Modeling Semiconductor Export Restrictions and the US-China Trade Conflict | Michael Funke, Adrian Wende |
| Feb 2023 | Policy Note | No 302 | Macroprudential policy and real estate funds | Manuel A. Muñoz, Frank Smets |
| Feb 2023 | Policy Brief | No 531 | Austerity benefits the extremes | Ricardo Duque Gabriel, Mathias Klein, Ana Sofia Pessoa |
| Feb 2023 | Policy Brief | No 530 | Deep contractions cause economic scars that never heal | David Aikman, Mathias Drehmann, Mikael Juselius, Xiaochuan Xing |
| Feb 2023 | Policy Brief | No 529 | The effects of monetary policy across fiscal regimes | Roben Kloosterman, Dennis Bonam, Koen van der Veer |
| Feb 2023 | Policy Brief | No 526 | Consumption Inequality in the Digital Age | Kai Arvai, Katja Mann |
| Feb 2023 | Policy Brief | No 521 | Can Machine Learning Methods Help Nowcast GDP? | Andreas Pick, Jasper de Winter |
| Feb 2023 | Policy Brief | No 520 | Measuring the Optimum Currency Area properties of the euro area over its 20 years’ history | Davor Kunovac, Diego Rodriguez Palenzuela, Yiqiao Sun |
| Feb 2023 | Policy Brief | No 519 | Borrower-based regulations push housing demand towards the suburbs | Rikke Rhode Nissen, Alessandro Tang-Andersen Martinello, Simon Juul Hviid, Christian Sinding Bentzen |
| Feb 2023 | Policy Note | No 299 | Convergence in GDP per capita in the euro area and the EU at the time of COVID-19 | Mirko Licchetta, Giovanni Mattozz |
| Feb 2023 | Policy Note | No 297 | Risk 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 2023 | Policy Brief | No 514 | Fund Flow Externalities Under the Microscope | Daniel Fricke, Stephan Jank, Hannes Wilke |
| Jan 2023 | Policy Brief | No 510 | Bank and non-bank balance sheet responses to monetary policy shocks | Fédéric Holm-Hadulla, Falk Mazelis, Sebastian Rast |
| Jan 2023 | Policy Brief | No 508 | Bank Competition and Bargaining over Refinancing | Marina Emiris, François Koulischer, Christophe Spaenjers |
| Jan 2023 | Policy Brief | No 506 | Is it easy to hide money in the crypto economy? The case of Russia | Armin Ahari, Johannes Duong, Jakob Hanzl, Elsa Maria Lichtenegger, Lukas Lobnik, Andreas Timel |
| Jan 2023 | Policy Brief | No 504 | Introduction of the composite indicator of cyclical systemic risk in Croatia: possibilities and limitations | Tihana Škrinjarić |
| Jan 2023 | Policy Brief | No 499 | Invest One -- Get Two Extra: Public Investment Crowds In Private Investment | Olegs Matvejevs, Olegs Tkacev |
| Jan 2023 | Policy Brief | No 498 | Get your bearings: guidelines for newspaper based economic indicators | Erik Andres-Escayola, Corinna Ghirelli, Luis Molina, Javier Perez, Elena Vidal |
| Dec 2022 | Policy Note | No 294 | A modern credit guidance regime for the green transition | Katie Kedward, Daniela Gabor, Josh Ryan-Collins |
| Dec 2022 | Policy Brief | No 497 | European Small Business Finance Outlook: SMEs in between crises | Helmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs |
| Dec 2022 | Policy Brief | No 494 | Introducing Green Bank Equity to fund the low-carbon transition | Aaron Janowski |
| Dec 2022 | Policy Brief | No 490 | Systemic Bank Runs: How a Misallocation of Liquidity May Trigger a Solvency Crisis | Lukas Altermatt, Hugo van Buggenum, Lukas Voellmy |
| Dec 2022 | Policy Brief | No 488 | Can we have a sudden stop for inflation? | Juhana Hukkinen, Matti Viren |
| Dec 2022 | Policy Brief | No 487 | Pricing of green bonds – drivers and dynamics of the greenium | Allegra Pietsch, Dilyara Salakhova |
| Dec 2022 | Policy Brief | No 485 | Dynamic Macroeconomic Implications of Immigration | Conny Olovsson, Karl Walentin, Andreas Westermark |
| Dec 2022 | Policy Brief | No 482 | Shipping freight rates and inflation in the Euro Area | Nektarios A. Michail, Konstantinos D. Melas, Lena T. Cleanthous |
| Nov 2022 | Policy Brief | No 478 | The surprisingly untapped potential of reallocation of economic activity to reduce carbon emissions | Gert Bijnens, Carine Swartenbroekx |
| Nov 2022 | Policy Brief | No 477 | Foreign demand shocks to production networks: Firm responses and worker impacts | Emmanuel Dhyne, Ken Kikkawa, Toshiaki Komatsu, Magne Mogstad, Felix Tintelnot |
| Nov 2022 | Policy Brief | No 471 | Environmental and Social Preferences and Investments in Crypto-Assets | Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs |
| Nov 2022 | Policy Brief | No 468 | The reform of the EU fiscal framework: an enhanced surveillance role for independent fiscal councils? | Christos Chrysanthakopoulos, Athanasios Tagkalakis |
| Nov 2022 | Policy Brief | No 467 | A tale of three crises: synergies between ECB tasks | Karin Hobelsberger, Christoffer Kok, Francesco Paolo Mongelli |
| Nov 2022 | Policy Brief | No 466 | Price-at-risk: systemic risk from price-impact induced contagion | Gábor Fukker, Michiel Kaijser, Luca Mingarelli, Matthias Sydow |
| Nov 2022 | Policy Brief | No 465 | Did COVID-19 induce a reallocation wave? | Agostino Consolo, Filippos Petroulakis |
| Nov 2022 | Policy Brief | No 464 | Less Bank Failures Before Presidential Elections in Russia | Zuzana Fungáčová, Alexei Karas, Laura Solanko, Laurent Weill |
| Nov 2022 | Policy Brief | No 461 | Dual interest rates and the transmission of monetary policy | Francesca Barbiero, Lorenzo Burlon, Maria Dimou, Jan Toczynski |
| Nov 2022 | Policy Brief | No 459 | Central Bank Communication with the General Public: Challenging, Yet Worthwhile | Alan S. Blinder, Michael Ehrmann, Jakob de Haan, David-Jan Jansen |
| Nov 2022 | Policy Brief | No 458 | Immigrants and the distribution of income and wealth in the euro area | Maarten Dossche, Aleksandra Kolndrekaj, Maximilian Propst, Javier Ramos Perez, Jiri Slacalek |
| Oct 2022 | Policy Brief | No 454 | Augmented credit-to-GDP gap as a more reliable indicator for macroprudential policy decision-making | Tihana Škrinjarić |
| Oct 2022 | Policy Brief | No 453 | Under-researched areas of CBDC | Shalva Mkhatrishvili, Wim Boonstra |
| Oct 2022 | Policy Brief | No 444 | How do central bank lending operations interact with equity offering announcements? | Massimo Giuliodori, Jan Kakes, Dimitris Mokas |
| Oct 2022 | Policy Brief | No 443 | Transition Versus Physical Climate Risk Pricing in European Financial Markets: A Text-Based Approach | Giovanna Bua, Daniel Kapp, Federico Ramella, Lavinia Rognone |
| Oct 2022 | Policy Brief | No 439 | The potential of central bank digital currencies for cross-border payments | Anneke Kosse, Ilaria Mattei |
| Oct 2022 | Policy Brief | No 434 | Growth Expectations and the Dynamics of Entry | Enisse Kharroubi |
| Sep 2022 | Policy Brief | No 431 | Consumer Inflation Expectations and Regional Price Changes | Tomasz Łyziak, Michael Pedersen, Ewa Stanisławska |
| Sep 2022 | Policy Brief | No 430 | Central bank capital | Paul Wessels, Dirk Broeders |
| Sep 2022 | Policy Brief | No 429 | Liquidity Coverage Ratios and Monetary Policy Credit in the time of Corona | Viktoriya Gocheva, Yvo Mudde, Jens Tapking |
| Sep 2022 | Policy Brief | No 425 | What Moves Markets? | Mark Kerssenfischer, Maik Schmeling |
| Sep 2022 | Policy Brief | No 424 | Information Transmission between Banks and the Market for Corporate Control | Christian Bittner, Falko Fecht, Melissa Pala, Farzad Saidi |
| Sep 2022 | Policy Brief | No 422 | Job polarisation decreases the access to credit in Europe | Michele Cantarella, Ilja Kristian Kavonius |
| Sep 2022 | Policy Brief | No 421 | Nothing spreads like technology: Digitalisation and its Interaction with Institutions and Governance | Claudio Baccianti, Vincent Labhard, Jonne Lehtimäki |
| Sep 2022 | Policy Brief | No 420 | Smart or Smash? The Effect of Financial Sanctions on Trade in Goods and Services | Tibor Besedeš, Stefan Goldbach, Volker Nitsch |
| Sep 2022 | Policy Brief | No 419 | Was globalization just a little thing in the process of inflation? | Juhana Hukkinen, Matti Viren |
| Sep 2022 | Policy Note | No 288 | Product level greenhouse gas contents – how to get there? | Ulf von Kalckreuth |
| Sep 2022 | Policy Brief | No 417 | Friendshoring: Who will benefit? | Michael Every, Erik-Jan van Harn |
| Sep 2022 | Policy Brief | No 415 | How much foreign currency must a central bank buy to implement a minimum exchange rate? Estimation using the Swiss National Bank as an example | Markus Hertrich |
| Sep 2022 | Policy Brief | No 412 | Natural Gas in Europe: The Potential Impact of Disruptions to Supply | Gabriel Di Bella, Mark Flanagan, Karim Foda, Andrea Pescatori, Alex Pienkowski, Martin Stuermer, Frederik Toscani |
| Sep 2022 | Policy Brief | No 411 | Subjective Expectations and Uncertainty | Andrzej Kocięcki, Tomasz Łyziak, Ewa Stanisławska |
| Aug 2022 | Policy Note | No 286 | The optimal quantity of CBDC in the euro area | Lorenzo Burlon, Carlos Montes-Galdón, Manuel A. Muñoz, Frank Smets |
| Aug 2022 | Policy Brief | No 406 | Sustainable finance data for central banks: a new Irving Fisher Committee survey | Merve Artman, Pierre Bui Quang, Nadia Esham, Nur Izzati, Leah Kling, David Nefzi, Romana Peronaci, Christine Schlitzer, Christian Schmieder, Ömer Kayhan Seyhun, Bruno Tissot, Elena Triebskorn, Huiming Yang |
| Aug 2022 | Policy Brief | No 404 | Entity-based vs activity-based regulation: a framework and applications to traditional financial firms and big techs | Claudio Borio, Stijn Claessens, Nikola Tarashev |
| Aug 2022 | Policy Brief | No 401 | Allocation is key? Analysis of ECB public sector bond purchases’ divergence from the capital key | Carlo Birkholz, Friedrich Heinemann |
| Aug 2022 | Policy Brief | No 399 | The effects of internationally coordinated carbon pricing on the economy and welfare | Anne Ernst, Natascha Hinterlang, Alexander Mahle, Nikolai Stähler |
| Aug 2022 | Policy Note | No 284 | The design of a data governance system | Siddharth Tiwari, Sharad Sharma, Siddharth Shetty, Frank Packer |
| Aug 2022 | Policy Brief | No 397 | Unbalanced macroeconomic risks over the business cycle | Martin Iseringhausen, Ivan Petrella, Konstantinos Theodoridis |
| Jul 2022 | Policy Brief | No 384 | Aim High, Shoot Low? The Impact of Product Characteristics on Product Survival in Latvia’s Export Markets | Konstantīns Beņkovskis, Peter Jarret, Ze’ev Krill, Oļegs Tkačevs, Naomitsu Yashiro |
| Jul 2022 | Policy Brief | No 382 | What Should the Inflation Target Be? Views from 600 Economists | Gene Ambrocio, Andrea Ferrero, Esa Jokivuolle, Kim Ristolainen |
| Jul 2022 | Policy Brief | No 381 | Wage Effects of Labor Market Tightness | Christian Philip Hoeck |
| Jul 2022 | Policy Brief | No 379 | Firms’ Inflation Expectations: New Evidence from France | Olivier Coibion, Erwan Gautier, Yuriy Gorodnichenko, Frédérique Savignac |
| Jul 2022 | Policy Brief | No 376 | Climate change and inflation in the euro area | Christiane Nickel |
| Jul 2022 | Policy Brief | No 371 | How household savings in CESEE are related to the past and the future | Melanie Koch, Thomas Scheiber |
| Jul 2022 | Policy Brief | No 370 | Too little too late: ECB’s normalisation path was model- rather than data-driven | Daniel Gros, Farzaneh Shamsfakhr |
| Jul 2022 | Policy Brief | No 369 | The impact of energy efficiency on Belgian house prices | Peter Reusens, Frank Vastmans, Sven Damen |
| Jul 2022 | Policy Brief | No 366 | Firm-level expectations and macroeconomic conditions: underpinnings and disagreement | Monique Reid, Pierre Siklos |
| Jun 2022 | Policy Note | No 283 | Sanctions in the context of Russia’s invasion of Ukraine | Cristina Sofia Dias, Kristina Grigaitė, Marcel Magnus |
| Jun 2022 | Policy Brief | No 363 | Stablecoins - DeFi, Libra and beyond | Heike Mai |
| Jun 2022 | Policy Brief | No 355 | Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis? | Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer |
| Jun 2022 | Policy Brief | No 354 | A Coasian Bargain: Climate Financing to Phase Out Coal | Tobias Adrian, Patrick Bolton, Alissa M. Kleinnijenhuis |
| Jun 2022 | Policy Note | No 281 | CBDC and Bank Intermediation in the Euro Area | Ramón Adalid, Álvaro Álvarez-Blázquez, Katrin Assenmacher, et al. |
| Jun 2022 | Policy Brief | No 345 | Can banks weather the green transition? The financial risks of increasingly stringent climate policies | Marco Belloni, Friderike Kuik, Luca Mingarelli |
| Jun 2022 | Policy Brief | No 343 | Cybersecurity and financial stability | Kartik Anand, Chanelle Duley, Prasanna Gai |
| Jun 2022 | Policy Brief | No 341 | Economic adjustment in the euro area and the United States during the COVID-19 crisis | Mirko Licchetta, Giovanni Mattozzi, Rafal Raciborski, Rupert Willis |
| May 2022 | Policy Brief | No 340 | Optimal Timing of Policy Interventions in Troubled Banks | Philipp König, Paul Mayer, David Pothier |
| May 2022 | Policy Note | No 279 | Who comes after us? The correct mindset for designing a Central Bank Digital Currency | Antoine d’Aligny, Emmanuel Benoist, Florian Dold, Christian Grothoff, Özgür Kesim, Martin Schanzenbach |
| May 2022 | Policy Brief | No 334 | The local presence of global banks | Iñaki Aldasoro, John Caparusso, Yingyuan Chen |
| May 2022 | Policy Note | No 278 | Monitoring Narratives: an Application to the Equity Market | Pascal Blanqué, Mohamed Ben Slimane, Amina Cherief, Théo Le Guenedal, Takaya Sekine, Lauren Stagnol |
| May 2022 | Policy Brief | No 333 | The effect of introducing a Loan-to-Value limit on homeownership | Cindy Biesenbeek, Mauro Mastrogiacomo, Rob Alessie, Jakob de Haan |
| May 2022 | Policy Brief | No 329 | Digital payment behaviour differs significantly across countries | Jakob Mølgaard Heisel, Marcus Clausen Brock |
| May 2022 | Policy Brief | No 326 | The impact of QE on sovereign risk | Dirk Broeders, Leo de Haan, Jan Willem van den End |
| Apr 2022 | Policy Note | No 275 | Balancing public and private interests: Crypto, stablecoin and central bank digital currency | Wilko Bolt, Vera Lubbersen, Peter Wierts |
| Apr 2022 | Policy Brief | No 320 | Global Banking, Regulatory Spillovers, and the Benefits of Macroprudential Policy Coordination | Pierre-Richard Agénor, Timothy P Jackson, Luiz A Pereira da Silva |
| Apr 2022 | Policy Brief | No 318 | How do carbon prices spillover along global production networks? | Ivan Frankovic |
| Apr 2022 | Policy Brief | No 317 | Evidence on financial literacy and financial inclusion in Albania | Elona Dushku |
| Apr 2022 | Policy Brief | No 314 | Private Debt for SMEs – Market Overview | Helmut Kraemer-Eis, Jörn Block, Antonia Botsari, Salome Gvetadze, Frank Lang, Carlos Krause, Alexandra Moritz, Anna Schulze |
| Apr 2022 | Policy Brief | No 309 | The low-carbon transition, climate commitments and firm credit risk | Sante Carbone, Margherita Giuzio, Sujit Kapadia, Johannes Sebastian Krämer, Ken Nyholm, Katia Vozian |
| Apr 2022 | Policy Brief | No 308 | Investor demand in syndicated bond issuances: stylised facts | Martin Hillebrand, Marko Mravlak, Peter Schwendner |
| Mar 2022 | Policy Brief | No 307 | On the Welfare Effects of Using Energy and Emissions Taxes to Finance a Labour Tax Reduction in a Multi-sector DSGE Model | Natascha Hinterlang, Anika Martin, Oke Röhe, Nikolai Stähler, Johannes Strobel |
| Mar 2022 | Policy Brief | No 306 | ECB Communication and its Impact on Financial Markets | Klodiana Istrefi, Florens Odendahl, Giulia Sestieri |
| Mar 2022 | Policy Brief | No 302 | Optimal Monetary Policy and Capital Misallocation | Beatriz González, Galo Nuño, Dominik Thaler, Silvia Albrizio |
| Mar 2022 | Policy Brief | No 301 | Is the ECB applying lessons from the past? | Anselm Küsters |
| Mar 2022 | Policy Brief | No 299 | When domestic and foreign QE overlap | Paola Di Casola, Pär Stockhammar |
| Mar 2022 | Policy Brief | No 298 | Covid-19 government subsidies and their implications for pandemic labour productivity | Tommaso Bighelli, Tibor Lalinsky, Juuso Vanhala |
| Mar 2022 | Policy Brief | No 293 | Tax Race to the Bottom Harms Location Attractiveness of Western Europe | Leonie Fischer, Jost H. Heckemeyer, Christoph Spengel, Daniela Steinbrenner |
| Mar 2022 | Policy Brief | No 292 | The role of systemic risk spillovers in the transmission of Euro Area monetary policy | Alexandros Skouralis |
| Mar 2022 | Policy Brief | No 291 | The Political Economy of Currency Unions | Kai Arvai |
| Mar 2022 | Policy Brief | No 288 | Economists: not enough transparency? Evidence from a reproducibility exercise of a top economic journal | Sylvérie Herbert, Hautahi Kingi, Flavio Stanchi, Lars Vilhuber |
| Mar 2022 | Policy Brief | No 287 | The implications of demographics, pension systems, and migration for monetary policy | Marcin Bielecki, Michał Brzoza-Brzezina, Marcin Kolasa |
| Mar 2022 | Policy Note | No 267 | Towards a single operational indicator in the SGP – A look at the properties of the current expenditure benchmark | Nicholai Benalal, Maximilian Freier, Wim Melyn, Stefan Van Parys, Lukas Reiss |
| Feb 2022 | Policy Brief | No 283 | Don’t trust the (inflation) process | Bruce Kasman |
| Feb 2022 | Policy Brief | No 281 | GDP-linked bonds and the fear of ambiguity | Deniz Igan, Taehoon Kim, Antoine Levy |
| Feb 2022 | Policy Brief | No 276 | The COVID Non-Performing Loan ’Tsunami’ that Never Happened and How to Avoid it Now | Reiner Martin, Piroska Nagy-Mohacsi, Elina Ribakova, Jonathan M. Fortun Vargas |
| Feb 2022 | Policy Brief | No 275 | The effectiveness of ECB euro liquidity lines: spillovers and spillbacks | Silvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer |
| Feb 2022 | Policy Brief | No 272 | Global models for a global pandemic: the impact of COVID-19 on small euro area economies | Pablo Garcia, Pascal Jacquinot, Črt Lenarčič, Matija Lozej, Kostas Mavromatis |
| Feb 2022 | Policy Brief | No 269 | Recovery as a springboard for change | Debora Revoltella, Tessa Bending, Atanas Kolev |
| Feb 2022 | Policy Note | No 264 | High earners in the European banking sector | Emma-Faye Dertnig, Jakob Hanzl, Mario Hübler, Christoph Prenner |
| Jan 2022 | Policy Brief | No 267 | Pledge or pretext? Lessons from the Fiscal Compact | Martin Larch, Matthias Busse, László Jankovics |
| Jan 2022 | Policy Brief | No 266 | Feeling the Heat? – Assessing Labor Shortages in the Euro area | Paul Ramskogler |
| Jan 2022 | Policy Brief | No 264 | Why disinflation can be more costly in a small open economy than in a closed economy | Oleksandr Faryna, Magnus Jonsson, Nadiia Shapovalenko |
| Jan 2022 | Policy Brief | No 262 | Choosing the European fiscal rule | Ginters Bušs, Patrick Grüning, Oļegs Tkačevs |
| Jan 2022 | Policy Brief | No 261 | Firm financing and public liquidity measures during the pandemic | Ida Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte |
| Jan 2022 | Policy Brief | No 260 | Credit Constrained Firms and Government Subsidies: Evidence from a European Union Program | Tirupam Goel, Péter Lang, Eszter Balogh, Ádám Banai, Martin Stancsics, Előd Takáts, Álmos Telegdy |
| Jan 2022 | Policy Brief | No 259 | How to analyse monetary policy transmission and inequality in a three-agent model (THRANK) | Maria Eskelinen |
| Jan 2022 | Policy Brief | No 256 | Operating leverage and its importance during the Covid-19 pandemic | Katharina Allinger, Ivan Huljak |
| Jan 2022 | Policy Brief | No 255 | Climate actions and macro-financial stability: The role of central banks | Francesca Diluiso, Barbara Annicchiarico, Matthias Kalkuhl, Jan. C. Minx |
| Jan 2022 | Policy Note | No 263 | Monetary Policy in a World of Radical Uncertainty | Mervyn King |
| Jan 2022 | Policy Note | No 262 | The encrypted threat: Bitcoin’s social cost and regulatory responses | Ulrich Bindseil, Patrick Papsdorf, Jürgen Schaaf |
| Dec 2021 | Policy Brief | No 251 | Have Bail-in Policies Reduced Too-Big-To-Fail Expectations? Evidence from the European Overnight Interbank Market | Eero Tölö, Esa Jokivuolle, Matti Virén |
| Dec 2021 | Policy Brief | No 249 | Monetary and fiscal complementarity in the Covid-19 pandemic | Jagjit S Chadha, Luisa Corrado, Jack Meaning, Tobias Schuler |
| Dec 2021 | Policy Brief | No 247 | Bridge over troubled water? The effectiveness of macroprudential policy during the Covid-19 pandemic in Portugal | Katja Neugebauer, Vítor Oliveira, Ângelo Ramos |
| Dec 2021 | Policy Brief | No 246 | Public trust only partly immune to COVID-19 pandemic | Carin van der Cruijsen, Jakob de Haan, Nicole Jonker |
| Dec 2021 | Policy Brief | No 241 | Mutual funds’ loyalty helped to stabilize ESG stocks during the COVID-19 market crash | Rui Albuquerque, Yrjo Koskinen, Raffaele Santioni |
| Dec 2021 | Policy Brief | No 239 | The Leverage Effect of Bank Disclosures | Philipp J. König, Christian Laux, David Pothier |
| Dec 2021 | Policy Note | No 258 | The importance of Private Equity and Venture Capital financing for Greentech companies in Europe | Helmut Kraemer-Eis, Antonia Botsari, Salome Gvetadze, Frank Lang, Wouter Torfs |
| Dec 2021 | Policy Brief | No 236 | How to steer interest rates in negative territory? An analysis of reserve tiering and interbank market activity | Lucas Marc Fuhrer, Matthias Jüttner, Jan Wrampelmeyer, Matthias Zwicker |
| Nov 2021 | Policy Brief | No 230 | Temporary panic or fundamental change in payment habits in Europe? Lesson from COVID-19 pandemic shift towards cashless payments | Michal Polasik, Radoslaw Kotkowski |
| Nov 2021 | Policy Brief | No 229 | Earnings expectations signal a heterogenous recovery after COVID-19 | Joost Bats, William Greif, Daniel Kapp |
| Nov 2021 | Policy Brief | No 223 | A taxonomy of sustainable finance taxonomies | Torsten Ehlers, Diwen Gao, Frank Packer |
| Nov 2021 | Policy Brief | No 219 | How do banks propagate economic shocks? | Yusuf Emre Akgündüz, Seyit Mümin Cılasun, H. Özlem Dursun-de Neef, Yavuz Selim Hacıhasanoğlu, İbrahim Yarba |
| Nov 2021 | Policy Brief | No 217 | How Pandemics Affect the Financial System: Fintech Adoption, and the Digital Divide | Orkun Saka, Barry Eichengreen, Cevat Giray Aksoy |
| Nov 2021 | Policy Brief | No 214 | How do Loan-to-Value Caps Impact Bank Lending and Credit Spillover? | Selva Bahar Baziki, Tanju Çapacıoğlu |
| Oct 2021 | Policy Brief | No 212 | Private equity buyouts and firm exports: Evidence from UK firms | Paul Lavery, Jose-Maria Serena, Marina-Eliza Spaliara, Serafeim Tsoukas |
| Oct 2021 | Policy Brief | No 206 | Cost-Benefit Analysis of Borrower-Based Measures in Slovakia | Martin Cesnak, Ján Klacso, Roman Vasiľ |
| Oct 2021 | Policy Brief | No 204 | Combining negative rates, forward guidance and asset purchases: Identification and impacts of the ECB’s unconventional policies | Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem |
| Oct 2021 | Policy Brief | No 203 | The reform of the EU’s fiscal governance framework in a new macroeconomic environment | Mario Alloza, Javier Andrés, Pablo Burriel, Iván Kataryniuk, Javier J. Pérez, Juan Luis Vega |
| Oct 2021 | Policy Brief | No 199 | The impact of macroprudential policies on capital flows in CESEE | Markus Eller, Niko Hauzenberger, Florian Huber, Helene Schuberth, Lukas Vashold |
| Oct 2021 | Policy Brief | No 198 | Why did the pass-through from labor cost to price inflation decline in the US? | Elena Bobeica, Matteo Ciccarelli, Isabel Vansteenkiste |
| Oct 2021 | Policy Brief | No 197 | How to Design a CBDC? Remuneration, Collateral Haircuts and Quantity Constraints | Katrin Assenmacher, Aleksander Berentsen, Claus Brand, Nora Lamersdorf |
| Oct 2021 | Policy Brief | No 196 | Negative interest rates and the erosion of banks’ interest margins | Jorien Freriks, Jan Kakes |
| Oct 2021 | Policy Brief | No 195 | Is window dressing by banks systemically important? | Luis Garcia, Ulf Lewrick, Taja Sečnik |
| Oct 2021 | Policy Brief | No 193 | The effect of Eurosystem asset purchase programmes on euro area sovereign bond yields during the COVID-19 pandemic | George Hondroyiannis, Dimitrios Papaoikonomou |
| Oct 2021 | Policy Note | No 257 | Systemic Implications of the Bail-in Design: A Precis of our Main Text | J. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis |
| Sep 2021 | Policy Brief | No 190 | The Effects of Fiscal Policy when Planning Horizons are Finite | Joep Lustenhouwer, Kostas Mavromatis |
| Sep 2021 | Policy Brief | No 183 | Central bank’s financial result and inter-sectoral transfers of benefits | Krzysztof Kruszewski, Mikołaj Szadkowski |
| Sep 2021 | Policy Brief | No 180 | Sovereign CDS Volatility as an Indicator of Economic Uncertainty | Maximilian Böck, Martin Feldkircher, Burkhard Raunig |
| Sep 2021 | Policy Brief | No 178 | Contagious Zombies | Christian Bittner, Falko Fecht, Co-Pierre Georg |
| Sep 2021 | Policy Note | No 252 | Forging the Future of Monetary Union – taking stock and looking forward | Markus Rodlauer, Rolf Strauch |
| Sep 2021 | Policy Brief | No 177 | Labor adjustment and productivity dynamics: cross-country evidence and policy implications | Maarten Dossche, Andrea Gazzani, Vivien Lewis |
| Sep 2021 | Policy Brief | No 173 | An export supply channel of exchange rates | Erik Frohm |
| Sep 2021 | Policy Brief | No 170 | Pension funds’ portfolio choices and investment beliefs | Dirk Broeders, Kristy Jansen |
| Aug 2021 | Policy Brief | No 168 | Monetary Gold and Central Bank Capital | Kenneth Sullivan |
| Aug 2021 | Policy Brief | No 164 | Banks Fearing the Drought? Liquidity Hoarding as a Response to Idiosyncratic Interbank Funding Dry-Ups | Helge C.N. Littke, Matias Ossandon Busch |
| Aug 2021 | Policy Brief | No 160 | Have scale effects on cost margins of pension fund investment portfolios disappeared? | Jacob A. Bikker, Jeroen J. Meringa |
| Aug 2021 | Policy Brief | No 159 | On the Effectiveness of Macroprudential Policy | Miguel Ampudia, Marco Lo Duca, Mátyás Farkas, Gabriel Perez Quiros, Mara Pirovano, Gerhard Rünstler, Eugen Tereanu |
| Aug 2021 | Policy Brief | No 157 | Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments | Stefan Goldbach, Volker Nitsch |
| Aug 2021 | Policy Brief | No 155 | The anatomy of bond ETF arbitrage | Karamfil Todorov |
| Aug 2021 | Policy Brief | No 153 | What’s the Message? Interpreting Monetary Policy Through Central Bankers’ Speeches | Martin Feldkircher, Paul Hofmarcher, Pierre Siklos |
| Aug 2021 | Policy Brief | No 152 | Patchy data is a good start: from Kuznets and Clark to supervisors and climate | Frank Elderson |
| Aug 2021 | Policy Brief | No 150 | Digital euro has potential in the Netherlands | Michiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink |
| Aug 2021 | Policy Note | No 251 | Green Liquidity Moves Mainstream | Patrick Drury Byrne, Sandeep Chana and Sylvain Broyer |
| Aug 2021 | Policy Brief | No 146 | Digital payments and European sovereignty | Burkhard Balz |
| Aug 2021 | Policy Brief | No 145 | It’s in the Tails: The Distributional Income Effects of Monetary Policy | Niklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco |
| Jul 2021 | Policy Brief | No 141 | Some warning signals about average inflation targeting | Seppo Honkapohja, Nigel McClung |
| Jul 2021 | Policy Brief | No 139 | Consistent recovery and resolution of small and large banks in Europe | Anne Dyrberg Rommer, Louise Kleiner |
| Jul 2021 | Policy Brief | No 137 | Euro area equity risk premia and monetary policy | Daniel Kapp, Kristian Loft Kristiansen |
| Jul 2021 | Policy Brief | No 136 | What does “below, but close to, two per cent” mean? Assessing the ECB’s reaction function with real time data | Maritta Paloviita, Markus Haavio, Pirkka Jalasjoki, Juha Kilponen |
| Jul 2021 | Policy Brief | No 135 | Liquidity in the German corporate bond market: has the CSPP made a difference? | Kathi Schlepper |
| Jul 2021 | Policy Brief | No 133 | Evidence of a macroeconomic reversal rate | Paul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End |
| Jul 2021 | Policy Brief | No 131 | Investment funds, monetary policy, and the global financial cycle | Christoph Kaufmann |
| Jul 2021 | Policy Brief | No 126 | Intergenerational macroeconomics | Gabriel Makhlouf |
| Jul 2021 | Policy Brief | No 125 | Monetary policy surprises trigger different responses in the housing market across European regions | Winfried Koeniger, Benedikt Lennartz, Marc-Antoine Ramelet |
| Jul 2021 | Policy Brief | No 121 | How climate protection adds to inflation | Jörg Krämer, Ralph Solveen |
| Jun 2021 | Policy Brief | No 115 | Understanding the financial risks of nature loss: exploring policy options for financial authorities | Katie Kedward, Josh Ryan-Collins, Hugues Chenet |
| Jun 2021 | Policy Brief | No 112 | Fund Cross-Holdings and Financial Stability | Daniel Fricke, Hannes Wilke |
| Jun 2021 | Policy Brief | No 111 | A rising core lifts all baskets | Bruce Kasman, Joseph Lupton, Michael S Hanson |
| Jun 2021 | Policy Brief | No 110 | Global vulnerabilities to the COVID-19 variant B.1.617.2 | David Mackie |
| Jun 2021 | Policy Brief | No 109 | Quantifying bias and inaccuracy of upper-level aggregation in Harmonised Index of Consumer Prices for Germany and the euro area | By Thomas Knetsch, Julika Herzberg , Patrick Schwind and Sebastian Weinand |
| Jun 2021 | Policy Brief | No 108 | Can central bank communication help to stabilise inflation expectations? | Alexander Jung, Patrick Kuehl |
| Jun 2021 | Policy Brief | No 106 | What consumption habits tell us about the joint dynamics of government bond yields and stock prices internationally | Thomas Nitschka, Shajivan Satkurunathan |
| Jun 2021 | Policy Brief | No 105 | Monetary policy space and monetary policy strategies for the euro area | Markus Haavio, Olli-Matti Laine |
| Jun 2021 | Policy Brief | No 104 | The Economic Case for Global Vaccinations: An Epidemiological Model with International Production Networks | Cem Çakmaklı, Selva Demiralp, Şebnem Kalemli-Özcan, Sevcan Yeşiltaş, Muhammed A. Yıldırım |
| Jun 2021 | Policy Note | No 245 | A technical toolkit to monitor a pandemic outbreak from a central bank perspective | Alexie Alupoaiei, Csaba Bálint, Matei Kubinschi |
| Jun 2021 | Policy Note | No 244 | External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging Markets | Abdullah Kazdal, Muhammed Hasan Yılmaz |
| Jun 2021 | Policy Brief | No 102 | Assessing the impact of Basel III: Evidence from macroeconomic models | Olivier de Bandt, Bora Durdu, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolov, Sigrid Röhrs, Jean-Guillaume Sahuc, Valerio Scalone, Michael Straughan |
| Jun 2021 | Policy Brief | No 101 | The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidence | Gert Bijnens, John Hutchinson, Jozef Konings, Arthur Saint Guilhem |
| Jun 2021 | Policy Brief | No 99 | Stress-testing CESEE borrowers in the light of the COVID-19 pandemic | Aleksandra Riedl |
| May 2021 | Policy Note | No 241 | Digital Disruption: The Inevitable Rise of CBDC | Chetan Ahya, Derrick Kam, Julian Richers |
| May 2021 | Policy Brief | No 94 | Climate risks and collateral: a methodological experiment | Pierre-François Weber, Bünyamin Erkan, Antoine Oustry, Romain Svartzman |
| May 2021 | Policy Brief | No 92 | The pandemic year from a consumer behaviour perspective: The Slovak experience | Milan Gylanik, Viera Mrazikova and Roman Vrbovsky |
| May 2021 | Policy Brief | No 91 | Low Interest Rates and the Distribution of Household Debt | Marina Emiris, François Koulischer |
| May 2021 | Policy Brief | No 90 | SPACs (special purpose acquisition companies) | Mario Hübler, Jakob Hanzl, Christoph Prenner |
| May 2021 | Policy Note | No 235 | Negative Interest Rate Policy – The Experience So Far | Luis Brandao Marques, Marco Casiraghi, Gaston Gelos, Gunes Kamber, Roland Meeks |
| May 2021 | Policy Note | No 234 | Building-back-better after the Covid-19 crisis in Europe: The twin transition and divergence | Marco Buti, István P. Székely |
| Apr 2021 | Policy Brief | No 82 | The banking supervisors dilemma: wearing many hats on one head | Sasin Kirakul, Jeffery Yong, Raihan Zamil |
| Apr 2021 | Policy Note | No 233 | How should the COVID restrictions in England be eased? | David K. Miles, Adrian H Heald, Michael Stedman |
| Apr 2021 | Policy Brief | No 80 | Fed’s financial stability concerns and monetary policy | Klodiana Istrefi, Florens Odendahl, Giulia Sestieri |
| Apr 2021 | Policy Brief | No 79 | A New Measure of Synthetic Leverage | Daniel Fricke |
| Apr 2021 | Policy Brief | No 78 | Not all debt is bank debt: Nonbank borrowing in Central, Eastern and Southeastern Europe | Katharina Allinger, Elisabeth Beckmann |
| Apr 2021 | Policy Brief | No 77 | Smoke and Mirrors: On cancelling public debts held by the Eurosystem | Jef Boeckx and Xavier Debrun |
| Apr 2021 | Policy Brief | No 76 | The Impact of COVID-19 on European Banks | Shekhar Aiyar, Mai Chi Dao, Andreas A. Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan |
| Apr 2021 | Policy Brief | No 75 | Europe: the shock of Covid-19 and the fear of accelerated zombification | Hélène Baudchon, Louis Boisset, Guillaume Derrien, Kenza Charef |
| Apr 2021 | Policy Brief | No 71 | CESEE’s Macroprudential Policy Response to Covid-19 | Markus Eller, Reiner Martin, Lukas Vashold |
| Apr 2021 | Policy Brief | No 65 | EMU deepening and sovereign debt spreads: using political space to achieve policy space | Iván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez |
| Mar 2021 | Policy Brief | No 57 | Central bank communication with the general public: effective or not? | Nils Brouwer, Jakob de Haan |
| Mar 2021 | Policy Note | No 227 | Scarring in Europe | Reza Moghadam, Markus Guetschow, Camille White |
| Mar 2021 | Policy Note | No 226 | Greening the UK financial system – a fit for purpose approach | Yannis Dafermos, Daniela Gabor, Maria Nikolaidi, Frank van Lerven |
| Feb 2021 | Policy Note | No 225 | Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley Value | Aaron Janowski, Moritz Plenk, Mirko Haselwander |
| Feb 2021 | Policy Note | No 224 | Vaccination delay to cost Europe EUR90bn in 2021 | Ludovic Subran, Ana Boata, Patrick Krizan, Katharina Utermöhl |
| Feb 2021 | Policy Brief | No 46 | The crisis management framework for banks in the EU: what can be done with small and medium-sized banks? | Elke König |
| Feb 2021 | Policy Brief | No 47 | Banking Across Borders: Are Chinese Banks Different? | Eugenio Cerutti, Catherine Koch, Swapan-Kumar Pradhan |
| Feb 2021 | Policy Note | No 221 | The future of data collection & data management: Agile RegOps for digitalizing the regulatory value chain | Martina Drvar, Johannes Turner, Maciej Piechocki, Eric Stiegeler, Daniel Münch |
| Dec 2020 | Policy Note | No 214 | Is NGEU a game changer for the ECB’s role in fighting the fall-out from COVID-19 in the euro area? | Lukas Reiss, Maria Teresa Valderrama |
| Nov 2020 | Policy Brief | No 37 | In Support of Monetary Policy: Using the Countercyclical Capital Buffer to Avoid a Reversal Interest Rate | Matthieu Darracq Pariès, Christoffer Kok, Matthias Rottner |
| Nov 2020 | Policy Note | No 208 | The world economy under Covid-19: Can emerging market economies keep the engine running? | Kristel Buysse, Dennis Essers |
| Nov 2020 | Policy Note | No 206 | Cyber risk in the financial sector | Iñaki Aldasoro, Jon Frost, Leonardo Gambacorta, Thomas Leach, David Whyte |
| Oct 2020 | Policy Brief | No 34 | Cross-country differences in Europe’s second COVID wave | David Mackie |
| Oct 2020 | Policy Note | No 203 | Tracking Covid: What Worked? | Markus Guetschow |
| Oct 2020 | Policy Brief | No 33 | Update of the European Fiscal Monitor (September 2020) | Willem-Pieter de Groen, Inna Oliinyk |
| Oct 2020 | Policy Note | No 199 | Macroeconomic stabilisation when nominal interest rates are constrained: A role for household inflation expectations? | Geoff Kenny, Ioana Duca-Radu, Andreas Reuter |
| Oct 2020 | Policy Brief | No 31 | Monitoring economic activity in times of Covid-19: moving up to higher frequency | Barbara Castelletti, Marie Delorme, Pavel Diev, Yannick Kalantzis, Antoine Lalliard, Matteo Mogliani |
| Sep 2020 | Policy Note | No 196 | The Eurosystem collateral framework in 2018 and 2019 | Marco Corsi, Benjamin Hartung, Viktoriya Gocheva |
| Sep 2020 | Policy Note | No 194 | Home- and host-country prudential regulation and spillovers in dollar credit | Stefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter |
| Sep 2020 | Policy Note | No 191 | Are bank capital requirements optimally set? Evidence from researchers’ views | Gene Ambrocio, Iftekhar Hasan, Esa Jokivuolle, Kim Ristolainen |
| Aug 2020 | Policy Note | No 190 | Finland and monetary policy through three crises | Tuomas Välimäki and Meri Obstbaum |
| Aug 2020 | Policy Note | No 186 | European Recovery Fund: Sceptics Q&A | Reza Moghadam, Jacob Nell, Joao Almeida, Bruna Skarica, Markus Guetschow |
| Aug 2020 | Policy Brief | No 22 | Radical Uncertainty | John Kay |
| Jul 2020 | Policy Note | No 185 | The Macroeconomic Impact of NPLs in Euro Area Countries | Ivan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro |
| Jul 2020 | Policy Brief | No 21 | How effective are bank levies in reducing leverage given the debt bias of corporate income taxation? | Franziska Bremus, Kirsten Schmidt, Lena Tonzer |
| Jul 2020 | Policy Note | No 184 | Special Update of the European Fiscal Monitor | Willem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen |
| Jul 2020 | Policy Note | No 182 | Europe’s answer to Libra – potential and prerequisites of a programmable euro | Andreas Krautscheid, Tobias Tenner, Siegfried Utzig |
| Jul 2020 | Policy Brief | No 19 | Banking between two crises | Karel Lannoo |
| Jul 2020 | Policy Brief | No 17 | Financial resilience of German households to Corona triggered income shock | Orcun Kaya |
| Jul 2020 | Policy Note | No 181 | A sensible fiscal policy for the sharp rise in government debt | Forrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood |
| Jun 2020 | Policy Brief | No 16 | Assessing the efficacy of COVID-19 tracing regimes | David Mackie |
| Jun 2020 | Policy Note | No 175 | Towards a wider international role for the euro | Francesco Papadia, Konstantinos Efstathiou |
| Jun 2020 | Policy Brief | No 13 | Keeping the COVID-19 R number below 1 as mobility rises | David Mackie |
| May 2020 | Policy Note | No 172 | Does the EU convergence machine still work and how will the Covid-19 crisis impact it? | Patrick Bisciari, Dennis Essers, Evelien Vincent |
| May 2020 | Policy Note | No 171 | US dollar funding markets during the Covid-19 crisis – the international dimension | Egemen Eren, Andreas Schrimpf, Vladyslav Sushko |
| May 2020 | Policy Note | No 167 | Services are the next – and fast approaching – frontier of global trade and financial services is a sector leading the way | Robert Koopman |
| May 2020 | Policy Note | No 165 | Monetary policy implications of digital currencies | Katrin Assenmacher |
| May 2020 | Policy Note | No 164 | Can we compare the COVID-19 and 2008 crises? | Marc-Olivier Strauss-Kahn |
| May 2020 | Policy Note | No 163 | Coronavirus and the world of work | Monika Kiss |
| May 2020 | Policy Brief | No 5 | An EU Recovery Fund: How to square the circle? | Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias |
| May 2020 | Policy Brief | No 6 | Never Let a Good Crisis Go to Waste! | Kai A. Konrad, Marcel Thum |
| Apr 2020 | Policy Brief | No 4 | How the economy will recover from the Corona shock | Jörg Krämer and Bernd Weidensteiner |
| Apr 2020 | Policy Note | No 160 | Interlinking Europe’s recovery plan and the next EU budget | Kevin Körner and Barbara Böttcher |
| Apr 2020 | Policy Note | No 156 | Navigation tools in the semi-normal corona era | Andy Langenkamp |
| Apr 2020 | Policy Note | No 154 | The Prudent Algorithm Principle: A new paradigm for financial supervision | Jakob Thomä |
| Apr 2020 | Policy Note | No 153 | Passive Funds Actively Affect Prices: Evidence from the Largest ETF Markets | Karamfil Todorov |
| Apr 2020 | Policy Note | No 150 | How deep will it fall? Comparing the euro area recessions of 2020 and 2009 | Andreas Breitenfellner, Paul Ramskogler |
| Mar 2020 | Policy Note | No 144 | Euro Area Economics: Putting the OOH into HICP | Jacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow |
| Mar 2020 | Policy Note | No 142 | Are Standard Macro and Credit Policies Enough to Deal with the Economic Fallout from a Global Pandemic? A Proposal for a Negative SME Tax | Thomas Drechsel, Şebnem Kalemli-Özcan |
| Mar 2020 | Policy Note | No 141 | Reforms, Reversals and the Road Ahead: Lessons from Three Decades of Transition in Central and Eastern Europe | Beata Javorcik |
| Mar 2020 | Policy Note | No 138 | Euro Area Economics: Greenflation? | Jacob Nell, Joao Almeida, Markus Guetschow |
| Mar 2020 | Policy Note | No 137 | R-star decline and monetary hysteresis | Phurichai Rungcharoenkitkul |
| Feb 2020 | Policy Note | No 135 | Cost-Efficiency and Productivity of euro area banks | Ivan Huljak, Reiner Martin, Diego Moccero |
| Feb 2020 | Policy Note | No 133 | Making sure your bot colleague is less biased than you! | Frank De Jonghe |
| Feb 2020 | Policy Note | No 128 | Interests and alliances | Klaas Knot |
| Jan 2020 | Policy Note | No 126 | Bank resolution, the need to recognize reality in order to prepare for the next crisis | Jesper Berg, Henrik Bjerre-Nielsen |
| Jan 2020 | Policy Note | No 122 | TCFD: strengthening the foundations of sustainable finance | Mark Carney |
| Jan 2020 | Policy Note | No 121 | The quest for policy scope: Implications for monetary policy strategies | Klaas Knot |
| Dec 2019 | Policy Note | No 119 | Central bank independence and inflation | Ryszard Kokoszczyński, Joanna Mackiewicz-Łyziak |
| Dec 2019 | Policy Note | No 118 | Deposit facility rate, bank reserves, and portfolio reallocation incentives | Manuel Buchholz, Kirsten Schmidt, Lena Tonzer |
| Nov 2019 | Policy Note | No 116 | Following “Libra” German banks say: The economy needs a programmable digital euro | Andreas Krautscheid, Tobias Tenner, Siegfried Utzig |
| Nov 2019 | Policy Note | No 111 | Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvre | Karsten Wendorff |
| Oct 2019 | Policy Note | No 109 | The rise of central banks as sovereign debt holders: Implications for investor bases | Alvise Lennkh, Bernhard Bartels, Thibault Vasse |
| Oct 2019 | Policy Note | No 108 | Libra – a view from Europe | Heike Mai |
| Oct 2019 | Policy Note | No 107 | Tackling non-performing loans in Europe | Peter Grasmann, Markus Aspegren, Nicolas Willems |
| Oct 2019 | Policy Note | No 104 | On Crypto Assets | Andrei Kirilenko |
| Aug 2019 | Policy Note | No 92 | Beliefs and Portfolios: New Measurement and Facts | Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus |
| Aug 2019 | Policy Note | No 91 | How to Make Capitalism Work for All? | Anita Angelovska Bezhoska |
| Aug 2019 | Policy Note | No 88 | Mitigating Fiscal Risks from the Financial Sector | Ludger Schuknecht |
| Jul 2019 | Policy Note | No 87 | Loan portfolio diversification in the euro area, capital requirements, and the European Banking Union | Esa Jokivuolle, Matti Virén |
| Jul 2019 | Policy Note | No 86 | Regulatory complexity and the quest for robust regulation | Prasanna Gai, Malcolm Kemp, Antonio Sánchez Serrano, Isabel Schnabel |
| Jul 2019 | Policy Note | No 84 | Main findings from a survey on the long-term impact of Brexit on the UK and EU economies | Patrick Bisciari |
| Jun 2019 | Policy Note | No 80 | A products and activities approach to managing risk in asset management | Barbara Novick |
| Jun 2019 | Policy Note | No 76 | Chinese foreign investment: a dangerous obsession or a new normal? Get ready for the latter! | Peter Havlik |
| May 2019 | Policy Note | No 74 | The future of the UK services trade post-Brexit: unlikely to be bright | Olga Pindyuk |
| Apr 2019 | Policy Note | No 65 | A New Horizon | Mark Carney |
| Nov 2018 | Policy Note | No 47 | Regtech meets financial supervision: how climate scenario analysis by supervisors is ushering in a new regulatory paradigm | Jakob Thomä |
| Oct 2018 | Policy Note | No 45 | A plea for a paradigm shift in financial decision-making in the age of climate change and disruptive technologies | Angela Köppl, Sigrid Stagl |
| Oct 2018 | Policy Note | No 43 | A Green Supporting Factor — The Right Policy? | Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen |
| Jul 2018 | Policy Note | No 39 | Green bond finance and certification | Torsten Ehlers, Frank Packer |
| Mar 2018 | Policy Note | No 29 | European Monetary Union reform preferences of French and German parliamentarians | Sebastian Blesse, Pierre C. Boyer, Friedrich Heinemann, Eckhard Janeba, Anasuya Raj |
| Feb 2018 | Policy Note | No 26 | Comparability of Basel risk weights in the EU banking sector | Zsofia Döme, Stefan Kerbl |
| Jul 2017 | Policy Note | No 14 | Banks or platforms: The digital future | Patricia Jackson |
| Jun 2017 | Policy Note | No 13 | The political economy of central banking in the digital age | Sir Paul Tucker |
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