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SUERF Policy Notes

In September 2015, SUERF launched the SUERF Policy Notes series with focus on current financial, monetary or economic issues, designed for policy makers and financial practitioners, authored by renowned experts.
 


Date publishedSUERFIssueTitleAuthor(s)
Dec 2023Policy BriefNo 755Pension Reform and Saving Behaviour: How Much Does Voluntary Saving Go Down When Mandatory Saving Goes Up?Svend E. Hougaard Jensen, Sigurdur P. Olafsson, Arnaldur Stefánsson, Thorsteinn S. Sveinsson, Gylfi Zoega
Nov 2023Policy BriefNo 750Easier said than done: Predicting downside risks to house prices in CroatiaTihana Škrinjarić, Maja Sabol
Nov 2023Policy BriefNo 746When banks’ shadow fades and shadow banking rises: Securitization and loan performance in ChinaDi Gong, Jin Wu, Jigao Zhu
Nov 2023Policy BriefNo 745The BBVA Research Geopolitics Monitor: Tracking Geopolitical Sentiment and Events using Natural Language TechniquesAlvaro Ortiz, Tomasa Rodrigo, Jorge Sicilia
Nov 2023Policy BriefNo 744Fiscal sources of inflation risk in EMDEs: the role of the external channelRyan Banerjee, Valerie Boctor, Aaron Mehrotra, Fabrizio Zampolli
Nov 2023Policy BriefNo 740Can the green transition be risky for Slovak banks?Jozef Kalman, Ján Klacso, Roman Vasiľ, Juraj Zeman
Nov 2023Policy BriefNo 734Macroprudential stance assessment: problems of measurement and literature reviewTihana Škrinjarić
Nov 2023Policy BriefNo 729How and why? Monitoring cement production with satellites and neural networksAlexandre d’Aspremont, Simon Ben Arous, Jean-Charles Bricongne, Benjamin Lietti, Baptiste Meunier
Nov 2023Policy BriefNo 728Firm leverage and the low-carbon transition in EuropeOlimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, Katia Vozian
Nov 2023Policy BriefNo 723Analysis of CBDC Narrative by Central Banks using Large Language ModelsAndrés Alonso Robisco, José Manuel Carbó
Nov 2023Policy BriefNo 720Forecasting euro area inflation with machine learning modelsMichele Lenza, Inés Moutachaker, Joan Paredes
Nov 2023Policy BriefNo 719Should credit lines be regulated?Jose E. Gutierrez
Nov 2023Policy BriefNo 715Is cash losing its role as store of value?Carl Andreas Claussen, Björn Segendorf, Franz Seitz
Oct 2023Policy BriefNo 713The state-dependent impact of changes in bank capital requirementsJan Hannes Lang, Dominik Menno
Oct 2023Policy BriefNo 708Mortgage borrowing caps: leverage, default, and welfareJoão G. Oliveira, Leonor Queiró
Oct 2023Policy BriefNo 706Asset Prices, Collateral and Bank Lending - The Case of Covid-19 and Real EstateAoife Horan, Barbara Jarmulska, Ellen Ryan
Oct 2023Policy BriefNo 705Global decarbonization from the perspective of fossil fuel dependent economiesLars Jensen
Oct 2023Policy BriefNo 704Is climate policy risk priced in by European stock investors?Philippe Loyson, Rianne Luijendijk, Sweder van Wijnbergen
Oct 2023Policy BriefNo 701How supply shocks drive disagreement in monetary policyCarlos Madeira, Joao Madeira, Paulo Santos Monteiro
Oct 2023Policy BriefNo 700Mind the gaps: Financial Cycles and Output Gap in the euro areaJustine Guillochon, Julien Le Roux
Oct 2023Policy BriefNo 698E-commerce and Price Setting: Evidence from EuropeGeorg Strasser, Elisabeth Wieland, Paweł Macias, Aneta Błażejowska, Karol Szafranek, David Wittekopf
Oct 2023Policy BriefNo 695Including Carbon Taxation Risk in Deutsche Bundesbank’s In-house Credit Assessment System (ICAS): An Empirical AnalysisJustus Grundmann, Laura Auria
Oct 2023Policy BriefNo 693Climate risks in Latin America and the Caribbean: are banks ready for the green transition?Barbara Marchitto, Ricardo Santos, Joana Conde
Oct 2023Policy BriefNo 691Identifying the security lending channel in a central bank’s asset purchase program: a case of Bank of Japan’s ETF purchasesMitsuru Katagiri, Junnosuke Shino, Koji Takahashi
Sep 2023Policy BriefNo 690Gauging price pressures in the euro area with the inflation compassNuno Lourenço, João Quelhas, António Rua
Sep 2023Policy BriefNo 689An Unconventional FX Tail Risk StoryCarlos Cañon, Eddie Gerba, Alberto Pambira, Evarist Stoja
Sep 2023Policy BriefNo 677How does changing pricing behavior affect inflation? Evidence from Euro Area microdataJuhana Hukkinen, Matti Viren
Sep 2023Policy BriefNo 676Cash plays a key role for various groups at riskCarin van der Cruijsen, Jelmer Reijerink
Aug 2023Policy BriefNo 671An Analysis of Business Cycle Fluctuations in Slovenia and the Euro AreaJan Radovan
Aug 2023Policy BriefNo 670How to Design Carbon Pricing Under Financial Constraints? Revisiting Pigouvian Taxation when Borrowers are “Too Levered for Pigou”Robin Döttling, Magdalena Rola-Janicka
Aug 2023Policy BriefNo 667Fifty shades of QE: Robust evidenceBrian Fabo, Martina Jancokova, Elisabeth Kempf, Lubos Pastor
Aug 2023Policy BriefNo 664Too Low for Too Long: Could Extended Periods of Ultra-Easy Monetary Policy Have Harmful Effects?Etibar Jafarov, Enrico Minnella
Aug 2023Policy NoteNo 317The European Commission Proposals for Reform of the Stability and Growth Pact: On the right track but not there yetJakob de Haan, Fabian Amtenbrink
Aug 2023Policy BriefNo 657The climate change challenge and fiscal instruments and policies in the EUAris 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 2023Policy BriefNo 654The macroeconomic effects from the energy transition will be large and diverseAlberto Americo, Jesse Johal, Christian Upper
Aug 2023Policy BriefNo 650Leading indicators of financial stress: a regime switching approachTihana Škrinjarić
Aug 2023Policy BriefNo 649Do non-banks need access to the lender-of-last-resort? Evidence from fund runsJohannes Breckenfelder, Marie Hoerova
Aug 2023Policy BriefNo 648 European bank performance – as good as it gets, despite recent wobbles?Jan Schildbach
Aug 2023Policy BriefNo 647Technology to combat climate change: where is investment flowing?Giulio Cornelli, Jon Frost, Leonardo Gambacorta, Ouarda Merrouche
Jul 2023Policy BriefNo 642House price expectations and inflation expectations: Evidence from survey dataVedanta Dhamija, Ricardo Nunes, Roshni Tara
Jul 2023Policy BriefNo 638Dirty home, clean abroad: Implications of the “carbon home bias”Martijn Boermans, Rients Galema
Jul 2023Policy NoteNo 315Privatization Effects on Central and Eastern European Enterprises: An Empirical Framework from a Bibliometric AnalysisMargerita Topalli, Silvester Ivanaj
Jul 2023Policy BriefNo 633Gauging the macroeconomic effects of higher carbon pricesGünter Coenen, Matija Lozej, Romanos Priftis
Jul 2023Policy BriefNo 632When Do Credit Booms Become Troublesome?Eddie Gerba, Danilo Leiva-León, Johannes Poeschl
Jul 2023Policy BriefNo 631Impact of fiscal measures in response to the COVID-19 pandemic on small-open economies: lessons from SloveniaFilippo Arigoni, Miha Breznikar, Črt Lenarčič, Matjaž Maletič
Jul 2023Policy BriefNo 630Identifying financial fragmentation in the euro areaJan Kakes, Jan Willem van den End
Jul 2023Policy BriefNo 629Macroprudential policy is a key defense line against global financial shocksKatharina Bergant, Francesco Grigoli, Niels-Jakob Hansen, Damiano Sandri
Jul 2023Policy BriefNo 626Macroprudential policy in the high inflation environment: Sailing uncharted watersCarsten Detken, Ján Klacso, Reiner Martin
Jun 2023Policy BriefNo 623Are firms credit constrained? Answers from a Swedish credit registryNiklas Amberg, Tor Jacobson, Vincenzo Quadrini, Anna Rogantini Picco
Jun 2023Policy BriefNo 622Practical Offline Payments Using One-Time PasscodesPriscilla Huang, Emmanuel Benoist, Christian Grothoff, Sebastian Javier Marchano
Jun 2023Policy BriefNo 616News or Animal Spirits? Consumer Confidence and Economic Activity: ReduxSangyup Choi, Jaehun Jeong, Dohyeon Park, Donghoon Yoo
Jun 2023Policy BriefNo 615Should inequality factor into central banks’ decisions?Niels-Jakob H. Hansen, Alessandro Lin, Rui C. Mano
Jun 2023Policy BriefNo 610Climate change risks and the energy and emission allowances market – An analysis based on EMIR dataMerel Vrolijk, Ellen van der Woerd, Elisabeth de Vogel
Jun 2023Policy BriefNo 606Does it matter where and how governments spend?Ernil Sabaj, Rashid Sbia, Haytem Troug
Jun 2023Policy BriefNo 604Back to the future: gold in international reserves as a new stabilizer (again!) of exchange rate systemsAleksandr V. Gevorkyan, Tarron Khemraj
Jun 2023Policy BriefNo 602Assessing the “Tragedy of the Horizons”: Conceptual underpinnings of the NGFS scenarios and suggestions for improvementIrene Monasterolo, María J. Nieto, Edo Schets
Jun 2023Policy BriefNo 601What are the short-to-medium-term effects of extreme weather on the Croatian economy?Tihana Škrinjarić
May 2023Policy BriefNo 597Boosting the Green Transition: Greenhouse gas emissions and bank lendingKoji Takahashi, Junnosuke Shino
May 2023Policy BriefNo 589The environmental goods and services sector is the keystone of net zero: Let’s subsidize it!Eric Jondeau, Grégory Levieuge, Jean-Guillaume Sahuc, Gauthier Vermandel
May 2023Policy BriefNo 587CBDC Policies in Open EconomiesMichael Kumhof, Marco Pinchetti, Phurichai Rungcharoenkitkul, Andrej Sokol
May 2023Policy BriefNo 579Do unrealised bank losses affect loan pricing?Matjaž Volk
Apr 2023Policy BriefNo 575Labour market differences and monetary policy in the euro areaSandra Gomes, Pascal Jacquinot, Matija Lozej
Apr 2023Policy BriefNo 572House prices and ultra-low interest rates: Exploring the non-linear nexusDaniel Dieckelmann, Hannah S. Hempell, Barbara Jarmulska, Jan Hannes Lang, Marek Rusnák
Apr 2023Policy BriefNo 571Has the euro changeover really caused extra inflation in Croatia?Matteo Falagiarda, Christine Gartner, Ivan Mužić, Andreja Pufnik
Apr 2023Policy BriefNo 568Exploring labour market tightness and its implications: a case study for SloveniaMojca Lindič
Apr 2023Policy BriefNo 566Dump the Hump: How Education Impacts Consumption Smoothing and Macroeconomic OutcomesSvend E. Hougaard Jensen, Sigurdur P. Olafsson, Thorsteinn S. Sveinsson, Gylfi Zoega
Apr 2023Policy BriefNo 564The Stability and Growth Pact three decades laterJuhana Hukkinen, Matti Viren
Apr 2023Policy BriefNo 563Regulators as Risk Managers: Macroprudential Policy through a Risk Management LensDaniel Dimitrov, Sweder van Wijnbergen
Apr 2023Policy BriefNo 562Loose Monetary Policy and Financial InstabilityMaximilian Grimm, Òscar Jordà, Moritz Schularick, Alan M. Taylor
Mar 2023Policy NoteNo 306Why there is no need to stray from the original ideas behind the Bank Recovery and Resolution DirectiveJesper Berg, Steffen Ulrik Lind
Mar 2023Policy BriefNo 553Machine Learning Methods in Climate Finance: a Systematic ReviewAndrés Alonso-Robisco, José Manuel Carbó, José Manuel Marqués
Mar 2023Policy BriefNo 547Conditional density forecasting: a tempered importance sampling approachCarlos Montes-Galdón, Joan Paredes, Elias Wolf
Mar 2023Policy BriefNo 545Is the ECB Monetary Tightening Effective? The Role of Bank Funding and Asset StructureMatjaž Volk
Mar 2023Policy BriefNo 539When policies get in the way of profit shifting to tax havensJoana Garcia
Mar 2023Policy NoteNo 303Energy shocks and corporate performance, the case of CroatiaIvan Huljak
Feb 2023Policy BriefNo 530Deep contractions cause economic scars that never healDavid Aikman, Mathias Drehmann, Mikael Juselius, Xiaochuan Xing
Feb 2023Policy BriefNo 526Consumption Inequality in the Digital AgeKai Arvai, Katja Mann
Feb 2023Policy BriefNo 523Into the Universe of Unconventional Monetary Policy: State-dependence, Interaction and ComplementaritiesAndrejs Zlobins
Feb 2023Policy BriefNo 522Macroprudential FX Regulations: Sacrificing Small Firms for Stability?María Alejandra Amado
Feb 2023Policy BriefNo 521Can Machine Learning Methods Help Nowcast GDP?Andreas Pick, Jasper de Winter
Feb 2023Policy BriefNo 519Borrower-based regulations push housing demand towards the suburbsRikke Rhode Nissen, Alessandro Tang-Andersen Martinello, Simon Juul Hviid, Christian Sinding Bentzen
Feb 2023Policy BriefNo 518ECB Significant-Bank Risk Profile and COVID-19 Crisis Containment Phase: What Approach in the Transitioning Phase?Bozena Gulija, Costanza Russo, Dalvinder Singh
Feb 2023Policy NoteNo 297Risk reduction vs risk sharing: A sticking point in the ongoing review of the EU fiscal framework?Martin Larch, Matthias Busse, Mateja Gabrijelcic, Laszlo Jankovics, Janis Malzubris
Feb 2023Policy BriefNo 516A scientific illusion in risk management?José María Roldán
Feb 2023Policy BriefNo 514Fund Flow Externalities Under the MicroscopeDaniel Fricke, Stephan Jank, Hannes Wilke
Jan 2023Policy BriefNo 511Eurozone Government Bond Spreads: A Tale of Different ECB Policy RegimesSylvester C W Eijffinger, Mary Pieterse-Bloem
Jan 2023Policy BriefNo 508Bank Competition and Bargaining over RefinancingMarina Emiris, François Koulischer, Christophe Spaenjers
Jan 2023Policy BriefNo 506Is it easy to hide money in the crypto economy? The case of RussiaArmin Ahari, Johannes Duong, Jakob Hanzl, Elsa Maria Lichtenegger, Lukas Lobnik, Andreas Timel
Jan 2023Policy BriefNo 504Introduction of the composite indicator of cyclical systemic risk in Croatia: possibilities and limitationsTihana Škrinjarić
Jan 2023Policy BriefNo 499Invest One -- Get Two Extra: Public Investment Crowds In Private InvestmentOlegs Matvejevs, Olegs Tkacev
Jan 2023Policy BriefNo 498Get your bearings: guidelines for newspaper based economic indicatorsErik Andres-Escayola, Corinna Ghirelli, Luis Molina, Javier Perez, Elena Vidal
Dec 2022Policy NoteNo 294A modern credit guidance regime for the green transitionKatie Kedward, Daniela Gabor, Josh Ryan-Collins
Dec 2022Policy BriefNo 494Introducing Green Bank Equity to fund the low-carbon transitionAaron Janowski
Dec 2022Policy BriefNo 488Can we have a sudden stop for inflation?Juhana Hukkinen, Matti Viren
Dec 2022Policy BriefNo 486How do borrowers adjust in a household foreign currency debt crisis?Győző Gyöngyösi, Judit Rariga, Emil Verner
Nov 2022Policy BriefNo 478The surprisingly untapped potential of reallocation of economic activity to reduce carbon emissionsGert Bijnens, Carine Swartenbroekx
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 471Environmental and Social Preferences and Investments in Crypto-AssetsPavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs
Nov 2022Policy BriefNo 466Price-at-risk: systemic risk from price-impact induced contagionGábor Fukker, Michiel Kaijser, Luca Mingarelli, Matthias Sydow
Nov 2022Policy BriefNo 463Country Characteristics and Institutions as Significant Factor in Global Value Chain IntegrationMojca Lindič
Nov 2022Policy BriefNo 461Dual interest rates and the transmission of monetary policyFrancesca Barbiero, Lorenzo Burlon, Maria Dimou, Jan Toczynski
Nov 2022Policy BriefNo 459Central Bank Communication with the General Public: Challenging, Yet WorthwhileAlan S. Blinder, Michael Ehrmann, Jakob de Haan, David-Jan Jansen
Nov 2022Policy BriefNo 458Immigrants and the distribution of income and wealth in the euro areaMaarten Dossche, Aleksandra Kolndrekaj, Maximilian Propst, Javier Ramos Perez, Jiri Slacalek
Oct 2022Policy BriefNo 454Augmented credit-to-GDP gap as a more reliable indicator for macroprudential policy decision-makingTihana Škrinjarić
Oct 2022Policy BriefNo 447Does the European Central Bank speak differently when in parliament? A comparative textual analysis of the European Central Bank’s speeches in the European Parliament and in press conferencesNicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson
Oct 2022Policy BriefNo 445Fiscal deficits and inflation risks: the role of fiscal and monetary policy regimesRyan Banerjee, Valerie Boctor, Aaron Mehrotra, Fabrizio Zampolli
Oct 2022Policy BriefNo 444How do central bank lending operations interact with equity offering announcements?Massimo Giuliodori, Jan Kakes, Dimitris Mokas
Oct 2022Policy BriefNo 442New insights into inequality and wealth in the euro areaJanina Engel, Pau Gayà Riera, Joseph Grilli, Pierre Sola
Oct 2022Policy BriefNo 441The digital revolution in banking: The old, the new and the uglyJosé María Roldán
Oct 2022Policy BriefNo 440Forced migration and food crisesFederico Carril-Caccia, Jordi Paniagua, Marta Suárez-Varela
Oct 2022Policy BriefNo 433From macro to micro: large exporters more responsive to common shocks Jean-Charles Bricongne, Juan Carluccio, Lionel Fontagné, Guillaume Gaulier, Sebastian Stumpner
Sep 2022Policy BriefNo 429Liquidity Coverage Ratios and Monetary Policy Credit in the time of CoronaViktoriya Gocheva, Yvo Mudde, Jens Tapking
Sep 2022Policy BriefNo 428Natural Gas – An Unexpected Macro and Market Driver Samantha Azzarello, Gabrielle Jabre
Sep 2022Policy BriefNo 427Integrating the carbon footprint into the construction of corporate bond portfoliosMario Bajo, Emilio Rodríguez
Sep 2022Policy BriefNo 423Country biases in equity portfolios are less pronounced and less irrational than one might thinkMartijn Boermans, Ian Cooper, Piet Sercu, Rosanne Vanpée
Sep 2022Policy BriefNo 422Job polarisation decreases the access to credit in Europe Michele Cantarella, Ilja Kristian Kavonius
Sep 2022Policy BriefNo 421Nothing spreads like technology: Digitalisation and its Interaction with Institutions and GovernanceClaudio Baccianti, Vincent Labhard, Jonne Lehtimäki
Sep 2022Policy BriefNo 419Was globalization just a little thing in the process of inflation? Juhana Hukkinen, Matti Viren
Sep 2022Policy BriefNo 417Friendshoring: Who will benefit? Michael Every, Erik-Jan van Harn
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 BriefNo 411Subjective Expectations and UncertaintyAndrzej Kocięcki, Tomasz Łyziak, Ewa Stanisławska
Sep 2022Policy BriefNo 410 Should we trust the credit decisions provided by machine learning models?Andrés Alonso, José Manuel Carbó
Sep 2022Policy BriefNo 407Household inflation expectations react to high euro area inflationGabriele Galati, Richhild Moessner, Maarten van Rooij
Aug 2022Policy NoteNo 285From SEPA to the digital euro: payments past, present and futureJohannes Asel, Simone Mingione, Petia Niederlaender, Georg Nitsche
Aug 2022Policy BriefNo 404Entity-based vs activity-based regulation: a framework and applications to traditional financial firms and big techsClaudio Borio, Stijn Claessens, Nikola Tarashev
Aug 2022Policy BriefNo 396The pass-through from inflation perceptions to inflation expectationsStefanie J. Huber, Daria Minina, Tobias Schmidt
Aug 2022Policy BriefNo 394Flexibility in Asset Purchases: A Structural AnalysisJames Costain, Galo Nuño, Carlos Thomas
Aug 2022Policy BriefNo 388Technology Standardization matters for Competition and GrowthAntonin Bergeaud, Julia Schmidt, Riccardo Zago
Jul 2022Policy BriefNo 386Application of machine learning models and interpretability techniques to identify the determinants of the price of bitcoinSergio Gorjón, Jose Manuel Carbó
Jul 2022Policy BriefNo 384Aim High, Shoot Low? The Impact of Product Characteristics on Product Survival in Latvia’s Export MarketsKonstantīns Beņkovskis, Peter Jarret, Ze’ev Krill, Oļegs Tkačevs, Naomitsu Yashiro
Jul 2022Policy BriefNo 382What Should the Inflation Target Be? Views from 600 EconomistsGene Ambrocio, Andrea Ferrero, Esa Jokivuolle, Kim Ristolainen
Jun 2022Policy BriefNo 355Japan’s Sovereign Rating in the Post-Pandemic Era: Quo Vadis?Jinho Choi, Alexander den Ruijter, Kimi Xu Jiang, Edmund Moshammer
Jun 2022Policy BriefNo 354A Coasian Bargain: Climate Financing to Phase Out CoalTobias Adrian, Patrick Bolton, Alissa M. Kleinnijenhuis
Jun 2022Policy BriefNo 350The currency channel of global bank leverage: a boost to fund-raising capacityJustine Pedrono
Jun 2022Policy BriefNo 349How does financial openness affect inequality?Stefan Avdjiev, Tsvetana Spasova
May 2022Policy BriefNo 339Does own wealth and wealth of others matter for life satisfaction?Antje Jantsch, Julia Le Blanc,Tobias Schmidt
May 2022Policy BriefNo 338Mortgage debt relief after economic shocks: lessons from the pandemicEdward Gaffney, Fergal McCann, Johannes Stroebel
May 2022Policy BriefNo 334The local presence of global banksIñaki Aldasoro, John Caparusso, Yingyuan Chen
May 2022Policy BriefNo 333The effect of introducing a Loan-to-Value limit on homeownershipCindy Biesenbeek, Mauro Mastrogiacomo, Rob Alessie, Jakob de Haan
May 2022Policy BriefNo 330How to regulate crypto currenciesEduard de Jong
May 2022Policy BriefNo 329Digital payment behaviour differs significantly across countriesJakob Mølgaard Heisel, Marcus Clausen Brock
May 2022Policy BriefNo 328Ideology and Monetary Policy: The role of political parties’ stances in the ECB’s parliamentary hearingsNicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet, Eric Persson
May 2022Policy BriefNo 326The impact of QE on sovereign riskDirk Broeders, Leo de Haan, Jan Willem van den End
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 314Private Debt for SMEs – Market OverviewHelmut Kraemer-Eis, Jörn Block, Antonia Botsari, Salome Gvetadze, Frank Lang, Carlos Krause, Alexandra Moritz, Anna Schulze
Apr 2022Policy BriefNo 309The low-carbon transition, climate commitments and firm credit riskSante Carbone, Margherita Giuzio, Sujit Kapadia, Johannes Sebastian Krämer, Ken Nyholm, Katia Vozian
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 304Mind the gap: The widening post-pandemic gender divideJoyce Chang, Amy Ho
Mar 2022Policy NoteNo 270Will the supply-driven oil price shock unanchor inflation expectations?Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang
Mar 2022Policy BriefNo 298Covid-19 government subsidies and their implications for pandemic labour productivityTommaso Bighelli, Tibor Lalinsky, Juuso Vanhala
Mar 2022Policy BriefNo 293Tax Race to the Bottom Harms Location Attractiveness of Western EuropeLeonie Fischer, Jost H. Heckemeyer, Christoph Spengel, Daniela Steinbrenner
Feb 2022Policy BriefNo 276The COVID Non-Performing Loan ’Tsunami’ that Never Happened and How to Avoid it NowReiner Martin, Piroska Nagy-Mohacsi, Elina Ribakova, Jonathan M. Fortun Vargas
Feb 2022Policy BriefNo 275The effectiveness of ECB euro liquidity lines: spillovers and spillbacksSilvia Albrizio, Iván Kataryniuk, Luis Molina, Jan Schäfer
Feb 2022Policy 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 271Including inflation expectations helps to improve inflation forecasts of econometric modelsMarta Bańbura, Danilo Leiva-León, Jan-Oliver Menz
Feb 2022Policy BriefNo 270Population ageing and the digital divideSebastian Doerr, Jon Frost, Leonardo Gambacorta, Han Qiu
Feb 2022Policy NoteNo 264High earners in the European banking sectorEmma-Faye Dertnig, Jakob Hanzl, Mario Hübler, Christoph Prenner
Jan 2022Policy BriefNo 267Pledge or pretext? Lessons from the Fiscal CompactMartin Larch, Matthias Busse, László Jankovics
Jan 2022Policy BriefNo 265Has the Impact of the ECB’s Asset Purchases Diminished Over Time?Andrejs Zlobins
Jan 2022Policy BriefNo 264Why disinflation can be more costly in a small open economy than in a closed economyOleksandr Faryna, Magnus Jonsson, Nadiia Shapovalenko
Jan 2022Policy BriefNo 263Pitfalls of Inflation Tolerance Ranges Hervé Le Bihan, Magali Marx, Julien Matheron
Jan 2022Policy BriefNo 261Firm financing and public liquidity measures during the pandemicIda Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte
Jan 2022Policy BriefNo 258Why have interest rates fallen far below the return on capital?Magali Marx, Benoît Mojon, François R. Velde
Jan 2022Policy BriefNo 256Operating leverage and its importance during the Covid-19 pandemicKatharina Allinger, Ivan Huljak
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 262The encrypted threat: Bitcoin’s social cost and regulatory responsesUlrich Bindseil, Patrick Papsdorf, Jürgen Schaaf
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 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 249Monetary and fiscal complementarity in the Covid-19 pandemicJagjit S Chadha, Luisa Corrado, Jack Meaning, Tobias Schuler
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 246Public trust only partly immune to COVID-19 pandemicCarin van der Cruijsen, Jakob de Haan, Nicole Jonker
Dec 2021Policy NoteNo 259Crises as a catalyst for change – lessons from the past, challenges for the futureJens Weidmann
Dec 2021Policy BriefNo 241Mutual funds’ loyalty helped to stabilize ESG stocks during the COVID-19 market crashRui Albuquerque, Yrjo Koskinen, Raffaele Santioni
Dec 2021Policy BriefNo 239The Leverage Effect of Bank DisclosuresPhilipp J. König, Christian Laux, David Pothier
Dec 2021Policy 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 234Optimism is bad for fiscal outcomesMartin Larch, Janis Malzubris, Matthias Busse
Nov 2021Policy BriefNo 233Caveat EmptorJosé María Roldán
Nov 2021Policy BriefNo 229Earnings expectations signal a heterogenous recovery after COVID-19Joost Bats, William Greif, Daniel Kapp
Nov 2021Policy BriefNo 214How do Loan-to-Value Caps Impact Bank Lending and Credit Spillover?Selva Bahar Baziki, Tanju Çapacıoğlu
Oct 2021Policy BriefNo 212Private equity buyouts and firm exports: Evidence from UK firmsPaul Lavery, Jose-Maria Serena, Marina-Eliza Spaliara, Serafeim Tsoukas
Oct 2021Policy BriefNo 210Exploring DORA - the Digital Operational Resilience Act and its impact on banks and their supervisorsJoachim Wuermeling
Oct 2021Policy BriefNo 206Cost-Benefit Analysis of Borrower-Based Measures in SlovakiaMartin Cesnak, Ján Klacso, Roman Vasiľ
Oct 2021Policy BriefNo 205Mind the promotional gap! Climate-related financial policies and institutional dynamicsMoritz Baer, Emanuele Campiglio, Jérôme Deyris
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 200The highly heterogeneous impact of the Covid-19 crisis on French firmsBenjamin Bureau, Anne Duquerroy, Julien Giorgi, Mathias Lé, Suzanne Scott, Frédéric Vinas
Oct 2021Policy BriefNo 196Negative interest rates and the erosion of banks’ interest marginsJorien Freriks, Jan Kakes
Oct 2021Policy BriefNo 195Is window dressing by banks systemically important?Luis Garcia, Ulf Lewrick, Taja Sečnik
Oct 2021Policy NoteNo 257Systemic Implications of the Bail-in Design: A Precis of our Main TextJ. Doyne Farmer, Charles Goodhart, Alissa M. Kleinnijenhuis
Sep 2021Policy BriefNo 190The Effects of Fiscal Policy when Planning Horizons are FiniteJoep Lustenhouwer, Kostas Mavromatis
Sep 2021Policy BriefNo 188The Path to Euro Area and Banking Union Membership: Assessing the Incentives for “Close Cooperation” and Adherence to the Exchange Rate Mechanism IIMaria J. Nieto, Dalvinder Singh
Sep 2021Policy BriefNo 183Central bank’s financial result and inter-sectoral transfers of benefitsKrzysztof Kruszewski, Mikołaj Szadkowski
Sep 2021Policy BriefNo 179The relevance of trade policy: Evidence from the 19th centuryJacopo Timini
Sep 2021Policy BriefNo 176Does the ECB’s monetary policy react to the balance of risks?Philippine Cour-Thimann, Alexander Jung
Sep 2021Policy BriefNo 171Curb your enthusiasm: the aggregate short-run effects of a borrower-based measureJoana Passinhas, Daniel Abreu
Sep 2021Policy BriefNo 170Pension funds’ portfolio choices and investment beliefsDirk Broeders, Kristy Jansen
Aug 2021Policy BriefNo 163Heterogeneous firm-level impact and responses to the COVID-19 crisisAlejandro Fernández-Cerezo, Beatriz González, Mario Izquierdo, Enrique Moral-Benito
Aug 2021Policy BriefNo 160Have scale effects on cost margins of pension fund investment portfolios disappeared?Jacob A. Bikker, Jeroen J. Meringa
Aug 2021Policy BriefNo 156More aware societies suffered less from Covid-19Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara
Aug 2021Policy BriefNo 150Digital euro has potential in the NetherlandsMichiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink
Aug 2021Policy BriefNo 145It’s in the Tails: The Distributional Income Effects of Monetary PolicyNiklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco
Jul 2021Policy BriefNo 141Some warning signals about average inflation targetingSeppo Honkapohja, Nigel McClung
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 134Future Challenges: Old Problems in New ShapesJosé María Roldán
Jul 2021Policy BriefNo 133Evidence of a macroeconomic reversal ratePaul Konietschke, Anna Samarina, Irina Stanga, Jan Willem van den End
Jul 2021Policy BriefNo 132Euro area portfolio flows in 2020: the impact of the Covid-19 crisisJulia Schmidt, Olivier Sirello
Jul 2021Policy BriefNo 130How well are consumers’ inflation expectations anchored to the ECB’s inflation aim?Gabriele Galati, Richhild Moessner, Maarten van Rooij
Jul 2021Policy BriefNo 129Nearshoring Perspectives after COVID-19: Can Western Balkans Benefit?Branimir Jovanovic, Mahdi Ghodsi
Jul 2021Policy BriefNo 121How climate protection adds to inflationJörg Krämer, Ralph Solveen
Jul 2021Policy BriefNo 120What is the true resilience of our financial systems to climate change with the buffers we currently have?Alejandro Díaz de León
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 113The economics of interest rates and population growthJesse Edgerton
Jun 2021Policy BriefNo 111A rising core lifts all basketsBruce Kasman, Joseph Lupton, Michael S Hanson
Jun 2021Policy BriefNo 109Quantifying bias and inaccuracy of upper-level aggregation in Harmonised Index of Consumer Prices for Germany and the euro areaBy Thomas Knetsch, Julika Herzberg , Patrick Schwind and Sebastian Weinand
Jun 2021Policy BriefNo 108Can central bank communication help to stabilise inflation expectations?Alexander Jung, Patrick Kuehl
Jun 2021Policy BriefNo 107Building a more effective financial safety net for poor countriesBruno Cabrillac, Luc Jacolin
Jun 2021Policy BriefNo 106What consumption habits tell us about the joint dynamics of government bond yields and stock prices internationallyThomas Nitschka, Shajivan Satkurunathan
Jun 2021Policy BriefNo 103A bigger house at the cost of an empty fridge? The effect of households’ indebtedness on their consumption: Micro-evidence using Belgian HFCS dataPhilip Du Caju, Guillaume Périlleux, François Rycx, Ilan Tojerow
Jun 2021Policy BriefNo 102Assessing the impact of Basel III: Evidence from macroeconomic modelsOlivier de Bandt, Bora Durdu, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolov, Sigrid Röhrs, Jean-Guillaume Sahuc, Valerio Scalone, Michael Straughan
Jun 2021Policy BriefNo 101The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidenceGert Bijnens, John Hutchinson, Jozef Konings, Arthur Saint Guilhem
May 2021Policy NoteNo 241Digital Disruption: The Inevitable Rise of CBDCChetan Ahya, Derrick Kam, Julian Richers
May 2021Policy BriefNo 98Detecting turning point in the Danish economy in real time – nowcasting in Danmarks Nationalbank during the covid-19 crisisJesper Pedersen
May 2021Policy BriefNo 93Set-up costs and the financing of young firmsFrançois Derrien, Jean-Stéphane Mésonnier, Guillaume Vuillemey
May 2021Policy NoteNo 240What Caused The Resurgence In FDI Screening?Simon J. Evenett
May 2021Policy BriefNo 90SPACs (special purpose acquisition companies)Mario Hübler, Jakob Hanzl, Christoph Prenner
May 2021Policy BriefNo 87Banking regulation and the benefits of international cooperation – views from a banking supervisorJoachim Wuermeling
Apr 2021Policy BriefNo 82The banking supervisors dilemma: wearing many hats on one headSasin Kirakul, Jeffery Yong, Raihan Zamil
Apr 2021Policy NoteNo 232The Macroeconomics of Covid-19 LeverageThéophile Jégard, Simon Ray
Apr 2021Policy BriefNo 77Smoke and Mirrors: On cancelling public debts held by the EurosystemJef Boeckx and Xavier Debrun
Apr 2021Policy BriefNo 76The Impact of COVID-19 on European BanksShekhar Aiyar, Mai Chi Dao, Andreas A. Jobst, Aiko Mineshima, Srobona Mitra, Mahmood Pradhan
Apr 2021Policy BriefNo 73The Saving and Employment Effects of Higher Job Loss RiskRagnar E. Juelsrud, Ella Getz Wold
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 67How do central banks use big data and machine learning?Sebastian Doerr, Leonardo Gambacorta, Jose Maria Serena
Apr 2021Policy BriefNo 65EMU deepening and sovereign debt spreads: using political space to achieve policy spaceIván Kataryniuk, Víctor Mora-Bajén, Javier J. Pérez
Apr 2021Policy BriefNo 61A backstop liquidity facility for a greener economyEric Jondeau, Benoit Mojon, Cyril Monnet
Mar 2021Policy BriefNo 60EU – US: Towards renewed transatlantic cooperation?Maartje Wijffelaars, Philip Marey
Mar 2021Policy BriefNo 57Central bank communication with the general public: effective or not?Nils Brouwer, Jakob de Haan
Feb 2021Policy NoteNo 225Sharing Economy in the Financial Industry: A Platform Approach towards Sharing in Regulatory Reporting using the Shapley ValueAaron Janowski, Moritz Plenk, Mirko Haselwander
Feb 2021Policy BriefNo 50The rise of digital watchersTill Ebner, Thomas Nellen, Jörn Tenhofen
Feb 2021Policy NoteNo 223Bank stress tests: their philosophy and their use by prudential authorities during the Covid-19 crisisValère Fourel, Julien Idier, Valerio Scalone, Aurore Schilte
Feb 2021Policy NoteNo 221The future of data collection & data management: Agile RegOps for digitalizing the regulatory value chainMartina Drvar, Johannes Turner, Maciej Piechocki, Eric Stiegeler, Daniel Münch
Feb 2021Policy BriefNo 43Nowcasting world GDP growth with high-frequency dataCaroline Jardet, Baptiste Meunier
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Jan 2021Policy NoteNo 217The post-COVID-19 recovery: what challenges and roadmap for the banking industry?Jordi Gual
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
Dec 2020Policy NoteNo 210On the risk-adjusted performance of machine learning models in credit default predictionAndres Alonso, Jose Manuel Carbo
Nov 2020Policy NoteNo 207Surge in corporate insolvencies hitting German banksJan Schildbach
Nov 2020Policy NoteNo 206Cyber risk in the financial sectorIñaki Aldasoro, Jon Frost, Leonardo Gambacorta, Thomas Leach, David Whyte
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Oct 2020Policy NoteNo 197The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation RevivalC.A.E. Goodhart, Manoj Pradhan
Sep 2020Policy NoteNo 196The Eurosystem collateral framework in 2018 and 2019Marco Corsi, Benjamin Hartung, Viktoriya Gocheva
Sep 2020Policy NoteNo 194Home- and host-country prudential regulation and spillovers in dollar creditStefan Avdjiev, Bryan Hardy, Patrick McGuire, Goetz von Peter
Sep 2020Policy BriefNo 26Global value chains and the challenge of Covid-19Antoine Berthou, Juan Carluccio, Guillaume Gaulier
Sep 2020Policy NoteNo 192A rule-based monetary strategy for the European Central Bank: a call for monetary stabilityJuan E. Castañeda
Sep 2020Policy NoteNo 193Inclusive payments for the post-pandemic worldRaphael Auer, Jon Frost, Thomas Lammer, Tara Rice, Amber Wadsworth
Sep 2020Policy NoteNo 191Are bank capital requirements optimally set? Evidence from researchers’ viewsGene Ambrocio, Iftekhar Hasan, Esa Jokivuolle, Kim Ristolainen
Aug 2020Policy NoteNo 189Financial integration in the Nordic-Baltic region vis-à-vis the EU: A Swedish perspectiveDavid Farelius, Stefan Ingves, Magnus Jonsson
Aug 2020Policy NoteNo 187Measuring Regulatory ComplexityJean-Edouard Colliard, Co-Pierre Georg
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 NoteNo 185The Macroeconomic Impact of NPLs in Euro Area CountriesIvan Huljak, Reiner Martin, Diego Moccero, Cosimo Pancaro
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 176Credit Guarantees in the COVID-19 crisis – Relevance and Economic ImpactJulien Brault, Simone Signore
Jun 2020Policy BriefNo 15There is nothing magic in central bank moneyJean Barthélemy, Adrian Penalver
May 2020Policy NoteNo 168Cross-border consolidation in the European banking sector: between dreams and realityJan Van Hove
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 5An EU Recovery Fund: How to square the circle?Kajus Hagelstam, Alice Zoppè, Cristina Sofia Dias
Apr 2020Policy BriefNo 4How the economy will recover from the Corona shockJörg Krämer and Bernd Weidensteiner
Apr 2020Policy NoteNo 158Overview of Central Bank Digital Currency - State of PlayJohannes Duong
Apr 2020Policy NoteNo 154The Prudent Algorithm Principle: A new paradigm for financial supervisionJakob Thomä
Apr 2020Policy NoteNo 152European banks in the corona crisisJan Schildbach
Apr 2020Policy NoteNo 151Mother Nature: The gender-climate nexusJessica Murray
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Mar 2020Policy NoteNo 144Euro Area Economics: Putting the OOH into HICPJacob Nell, Bruna Skarica, Joao Almeida, Markus Guetschow
Mar 2020Policy NoteNo 141Reforms, Reversals and the Road Ahead: Lessons from Three Decades of Transition in Central and Eastern EuropeBeata Javorcik
Mar 2020Policy NoteNo 138Euro Area Economics: Greenflation?Jacob Nell, Joao Almeida, Markus Guetschow
Feb 2020Policy NoteNo 135Cost-Efficiency and Productivity of euro area banksIvan Huljak, Reiner Martin, Diego Moccero
Feb 2020Policy NoteNo 133Making sure your bot colleague is less biased than you!Frank De Jonghe
Jan 2020Policy NoteNo 126Bank resolution, the need to recognize reality in order to prepare for the next crisisJesper Berg, Henrik Bjerre-Nielsen
Dec 2019Policy NoteNo 119Central bank independence and inflationRyszard Kokoszczyński, Joanna Mackiewicz-Łyziak
Nov 2019Policy NoteNo 110Towards a European Governance Framework for CryptoassetsJason Grant Allen, Rosa María Lastra
Oct 2019Policy NoteNo 105Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Sep 2019Policy NoteNo 93European Economic and Monetary Union: from the Past into the FutureJean-Claude Trichet
Aug 2019Policy NoteNo 92Beliefs and Portfolios: New Measurement and FactsStefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus
Jul 2019Policy NoteNo 87Loan portfolio diversification in the euro area, capital requirements, and the European Banking UnionEsa Jokivuolle, Matti Virén
Jun 2019Policy NoteNo 81Bilateral Trade Balances Under FocusFlorence Jaumotte
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
Nov 2018Policy NoteNo 47Regtech meets financial supervision: how climate scenario analysis by supervisors is ushering in a new regulatory paradigmJakob Thomä
Oct 2018Policy NoteNo 43A Green Supporting Factor — The Right Policy?Jacob Dankert, Lars van Doorn, Henk Jan Reinders, Olaf Sleijpen
Jun 2018Policy NoteNo 37A solid common landing ground for EMUJeroen Dijsselbloem
Apr 2018Policy NoteNo 31Opportunities and challenges for banking regulation and supervision in the digital ageJosé Manuel González-Páramo
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 23The occasional importance of the current account in an era of a global savings glutJesper Berg, Steffen Lind
Oct 2017Policy NoteNo 19Is cash back? Assessing the recent increase in cash demandClemens Jobst, Helmut Stix
Sep 2017Policy NoteNo 16International financial crises: new understandings, new dataJaime Caruana
Jul 2017Policy NoteNo 14Banks or platforms: The digital futurePatricia Jackson
May 2017Policy NoteNo 12(No) worries about the new shape of international capital flowsMatthieu Bussiére, Julia Schmidt, Natacha Valla
Dec 2016Policy NoteNo 9Two turbulent centuries: Lessons from Austria’s monetary policy, 1816-2016Ernest Gnan, Clemens Jobst

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