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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)
Nov 2023Policy BriefNo 747Lessons from 100 inflation shocksAnil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski, Wei Zhao
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 742Foreign economic policy uncertainty shocks and real activity in the Euro areaFilippo Arigoni, Črt Lenarčič
Nov 2023Policy BriefNo 731Monetary policy rules under bounded rationalityMichael Dobrew, Rafael Gerke, Daniel Kienzler, Alexander Schwemmer
Nov 2023Policy BriefNo 722High Debt Levels Can Impede Monetary PolicyLuis Brandao-Marques, Marco Casiraghi, Gaston Gelos, Olamide Harrison, Gunes Kamber
Oct 2023Policy BriefNo 701How supply shocks drive disagreement in monetary policyCarlos Madeira, Joao Madeira, Paulo Santos Monteiro
Oct 2023Policy BriefNo 696Mental Accounting and the Marginal Propensity to ConsumeRené Bernard
Sep 2023Policy NoteNo 322Central Banks: Firefighters or Pyromaniacs in Recent Crises?Marc-Olivier Strauss-Kahn
Aug 2023Policy BriefNo 656Should we bother with sovereign sustainability bonds?Daniel C. Hardy
Aug 2023Policy BriefNo 651Identifying money and inflation expectation shocks on real oil pricesSzilard Benk, Max Gillman
Jul 2023Policy BriefNo 640Solving the enforcement dilemma of the EU fiscal rulesPaul Dermine, Martin Larch
Jul 2023Policy BriefNo 6342020s vs 1970s: echoes, not a replayMonica Defend, Vincent Mortier
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 629Macroprudential policy is a key defense line against global financial shocksKatharina Bergant, Francesco Grigoli, Niels-Jakob Hansen, Damiano Sandri
Jun 2023Policy BriefNo 606Does it matter where and how governments spend?Ernil Sabaj, Rashid Sbia, Haytem Troug
May 2023Policy BriefNo 595Don’t blame the government!? An assessment of debt forecast errors with a view to the Economic Governance ReviewAlena Bachleitner, Doris Prammer
May 2023Policy BriefNo 591What to expect after “effortless” debt reduction in the euro area?Matthias Reith
May 2023Policy BriefNo 584Euro Area inflation differentials: the role of fiscal policies revisitedCristina Checherita-Westphal, Nadine Leiner-Killinger, Teresa Schildmann
May 2023Policy BriefNo 580Can machine learning help forecasting fiscal crises in emerging and developing countries?Raffaele De Marchi, Alessandro Moro
May 2023Policy NoteNo 310Monetary and fiscal policies as anchors of trust and stabilityAgustín Carstens
Apr 2023Policy BriefNo 574The effect of extreme temperatures on the US economy and on the conduct of monetary policyFilippo Natoli
Mar 2023Policy BriefNo 543How shocks to Chinese supply chains affect US and euro area manufacturingMakram Khalil, Marc-Daniel Weber
Feb 2023Policy NoteNo 301Consistent economic policies: a prerequisite for macroeconomic stabilityPablo Hernández de Cos
Feb 2023Policy BriefNo 532A New EU Economic Governance and Fiscal Framework: what role for the national independent fiscal institutions (IFIs)?Daniel Daianu
Feb 2023Policy BriefNo 531Austerity benefits the extremesRicardo Duque Gabriel, Mathias Klein, Ana Sofia Pessoa
Feb 2023Policy BriefNo 530Deep contractions cause economic scars that never healDavid Aikman, Mathias Drehmann, Mikael Juselius, Xiaochuan Xing
Feb 2023Policy BriefNo 529The effects of monetary policy across fiscal regimesRoben Kloosterman, Dennis Bonam, Koen van der Veer
Feb 2023Policy BriefNo 524Highly Dispersed inflation rates challenge the ECB’s monetary policy strategyThomas Url
Feb 2023Policy BriefNo 520Measuring the Optimum Currency Area properties of the euro area over its 20 years’ historyDavor Kunovac, Diego Rodriguez Palenzuela, Yiqiao Sun
Feb 2023Policy NoteNo 297Risk reduction vs risk sharing: A sticking point in the ongoing review of the EU fiscal framework?Martin Larch, Matthias Busse, Mateja Gabrijelcic, Laszlo Jankovics, Janis Malzubris
Feb 2023Policy BriefNo 516A scientific illusion in risk management?José María Roldán
Jan 2023Policy BriefNo 509EU fiscal rules 2.0, more carrot than stick plus greenwashing?Matthias Reith, Gunter Deuber
Jan 2023Policy NoteNo 296Finding the right mix: monetary-fiscal interaction at times of high inflationIsabel Schnabel
Dec 2022Policy BriefNo 492Euro area’s persistent current account surplus – a reason behind a decade of low interest rates?Tobias Schuler, Yiqiao Sun
Nov 2022Policy BriefNo 477Foreign demand shocks to production networks: Firm responses and worker impactsEmmanuel Dhyne, Ken Kikkawa, Toshiaki Komatsu, Magne Mogstad, Felix Tintelnot
Nov 2022Policy BriefNo 468The reform of the EU fiscal framework: an enhanced surveillance role for independent fiscal councils?Christos Chrysanthakopoulos, Athanasios Tagkalakis
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 437Is a global factor driving bond yields lately?Mattia Girotti, Guillaume Horny, Adrian Penalver, Anna Petronevich
Sep 2022Policy NoteNo 287Monetary policy and the Great VolatilityIsabel Schnabel
Aug 2022Policy BriefNo 401Allocation is key? Analysis of ECB public sector bond purchases’ divergence from the capital keyCarlo Birkholz, Friedrich Heinemann
Aug 2022Policy BriefNo 398Central Banking and Climate Change Policies: It is not Always a Positive Sum GameDonato Masciandaro, Riccardo Russo
Jul 2022Policy BriefNo 365Subjective inflation expectations of households and firmsMichael Weber
Jun 2022Policy BriefNo 360On the psychology of inflation and its implicationsPascal Blanqué
Jun 2022Policy BriefNo 359Scarring effects of major economic downturns: The role of fiscal policy and government investmentMartin Larch, Peter Claeys, Wouter van der Wielen
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 346How do firms respond to demand and supply shocks?Michał Gradzewicz
May 2022Policy BriefNo 338Mortgage debt relief after economic shocks: lessons from the pandemicEdward Gaffney, Fergal McCann, Johannes Stroebel
May 2022Policy BriefNo 335Macroeconomic Implications and Differences of Oil and Gas Price ShocksThomas Zörner, Nico Petz
May 2022Policy BriefNo 327Under Pressure: Credibility of Monetary PolicyAntoine Camous, Dmitry Matveev
May 2022Policy BriefNo 324Uncertainty shocks and the monetary-macroprudential policy mixValeriu Nalban, Andra Smădu
Apr 2022Policy BriefNo 323Is Super-Active Fiscal Policy Desirable?Roberto M. Billi, Carl E. Walsh
Mar 2022Policy BriefNo 300Household saving and fiscal policy: Evidence for the euro area from a thick modelling perspectiveCristina Checherita-Westphal, Marcel Stechert
Mar 2022Policy NoteNo 270Will the supply-driven oil price shock unanchor inflation expectations?Matthew Luzzetti, Brett Ryan, Justin Weidner, Amy Yang
Mar 2022Policy BriefNo 291The Political Economy of Currency UnionsKai Arvai
Mar 2022Policy NoteNo 267Towards a single operational indicator in the SGP – A look at the properties of the current expenditure benchmarkNicholai Benalal, Maximilian Freier, Wim Melyn, Stefan Van Parys, Lukas Reiss
Jan 2022Policy BriefNo 267Pledge or pretext? Lessons from the Fiscal CompactMartin Larch, Matthias Busse, László Jankovics
Jan 2022Policy BriefNo 262Choosing the European fiscal ruleGinters Bušs, Patrick Grüning, Oļegs Tkačevs
Jan 2022Policy BriefNo 261Firm financing and public liquidity measures during the pandemicIda Rommedahl Julin, Andreas Kuchler, Alexander Meldgaard Otte
Dec 2021Policy BriefNo 249Monetary and fiscal complementarity in the Covid-19 pandemicJagjit S Chadha, Luisa Corrado, Jack Meaning, Tobias Schuler
Nov 2021Policy BriefNo 234Optimism is bad for fiscal outcomesMartin Larch, Janis Malzubris, Matthias Busse
Nov 2021Policy BriefNo 219How do banks propagate economic shocks?Yusuf Emre Akgündüz, Seyit Mümin Cılasun, H. Özlem Dursun-de Neef, Yavuz Selim Hacıhasanoğlu, İbrahim Yarba
Oct 2021Policy BriefNo 208Human Frictions in the Transmission of Economic PolicyFrancesco D’Acunto, Daniel Hoang, Maritta Paloviita, Michael Weber
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
Sep 2021Policy BriefNo 190The Effects of Fiscal Policy when Planning Horizons are FiniteJoep Lustenhouwer, Kostas Mavromatis
Sep 2021Policy NoteNo 254Fiscal-Monetary Crosswinds in the Euro AreaLucrezia Reichlin, Giovanni Ricco, Matthieu Tarbé
Aug 2021Policy BriefNo 164Banks Fearing the Drought? Liquidity Hoarding as a Response to Idiosyncratic Interbank Funding Dry-UpsHelge C.N. Littke, Matias Ossandon Busch
Jul 2021Policy BriefNo 140How green is your budget? Green budgeting practices in the EUElva Bova
Jul 2021Policy BriefNo 137Euro area equity risk premia and monetary policyDaniel Kapp, Kristian Loft Kristiansen
Jun 2021Policy BriefNo 119Six ways to bring inflation (expectations) upErnest Gnan
May 2021Policy NoteNo 239How to prevent a too restrictive fiscal policy in Europe?Wim Boonstra
May 2021Policy NoteNo 238Monetary and Fiscal Policy: Privileged powers, entwined responsibilitiesClaudio Borio and Piti Disyatat
Apr 2021Policy BriefNo 63The role of fiscal policies in the Covid-19 crisis: scope and limitationsNiels Thygesen
Mar 2021Policy BriefNo 58Next Generation EU: can we do better?Lorenzo Codogno, Paul van den Noord
Mar 2021Policy BriefNo 55Debt cancellation by the ECB: Does it make a difference?Paul de Grauwe
Jan 2021Policy NoteNo 218Interest rate-growth differentials on government debt: an empirical investigation for the euro areaCristina Checherita-Westphal and João Domingues Semeano
Dec 2020Policy NoteNo 214Is NGEU a game changer for the ECB’s role in fighting the fall-out from COVID-19 in the euro area?Lukas Reiss, Maria Teresa Valderrama
Dec 2020Policy NoteNo 211Preparing for a higher inflation regimeElga Bartsch, Jean Boivin, Philipp Hildebrand
Nov 2020Policy BriefNo 35Keynes and Schumpeter are what the European economy needs right nowSylvain Broyer
Oct 2020Policy NoteNo 202Policy revolutionElga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand
Oct 2020Policy NoteNo 201Central banks’ response to the “tragedy on the horizon”François Villeroy de Galhau
Oct 2020Policy NoteNo 200Finding the Right “Hall of Mirrors”: The Mixed Blessings of Lessons from the Past for Shaping a Post-COVID FutureRobert Holzmann
Oct 2020Policy BriefNo 33Update of the European Fiscal Monitor (September 2020)Willem-Pieter de Groen, Inna Oliinyk
Oct 2020Policy NoteNo 198The shadow of fiscal dominance: Misconceptions, perceptions and perspectivesIsabel Schnabel
Aug 2020Policy BriefNo 24The big debt surgeRalph Solveen
Aug 2020Policy NoteNo 186European Recovery Fund: Sceptics Q&AReza Moghadam, Jacob Nell, Joao Almeida, Bruna Skarica, Markus Guetschow
Jul 2020Policy NoteNo 184Special Update of the European Fiscal MonitorWillem-Pieter de Groen, Inna Oliinyk, Sander van Veldhuizen
Jul 2020Policy NoteNo 181A sensible fiscal policy for the sharp rise in government debtForrest Capie, Meyrick Chapman, Chris Marsh, Geoffrey Wood
Jun 2020Policy NoteNo 177The EU’s recovery plan is the next generation of fiscal solidaritySylvain Broyer
Jun 2020Policy NoteNo 173A first look at fiscal dynamics in the Euro area after COVID-19: the case for a shift in the fiscal governance systemMarco Protopapa
May 2020Policy NoteNo 170International inflation co-movementsPhilip R. Lane
May 2020Policy NoteNo 162How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term contextElga Bartsch, Jean Boivin, Philipp Hildebrand
May 2020Policy NoteNo 161Shh, don’t say it! ECB Helicopter Money: Economics and PoliticsDonato Masciandaro
Apr 2020Policy NoteNo 149A diverse monetary union creates invisible transfers that justify conditional solidarityEnrico Perotti and Oscar Soons
Apr 2020Policy NoteNo 148Reflections on the health and financial crisisJacques de Larosière
Mar 2020Policy NoteNo 140The Paradox of Endogenous Nationalism and the Role of Quantitative EasingMassimo Morelli
Mar 2020Policy NoteNo 138Euro Area Economics: Greenflation?Jacob Nell, Joao Almeida, Markus Guetschow
Jan 2020Policy NoteNo 124Economic policy in EMU: What role for fiscal and monetary policy? Which has more scope left? How to combine them?Marco Buti
Nov 2019Policy NoteNo 117Euro Area Fiscal Policy: The Factual, the Possible and the SurprisingDaniele Antonucci
Nov 2019Policy NoteNo 114Central Banking in challenging timesClaudio Borio
Nov 2019Policy NoteNo 111Reforming the Stability and Growth Pact: Striving for sustainability while offering room for manoeuvreKarsten Wendorff
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 97Strengthened EU fiscal framework: fiscal discipline versus economic stabilizationBernhard Grossmann, Gottfried Haber
Sep 2019Policy NoteNo 96Reconciling risk sharing with market discipline: A constructive approach to euro area reformIsabel Schnabel
Aug 2019Policy NoteNo 88Mitigating Fiscal Risks from the Financial SectorLudger Schuknecht
Mar 2019Policy NoteNo 60Fiscal RulesVitor Gaspar, David Amaglobeli
May 2018Policy NoteNo 34Modern financial repression in the euro area crisis: making high public debt sustainable?Ad van Riet
Nov 2017Policy NoteNo 21Risk sharing in EMU: key insights from a literature reviewDemosthenes Ioannou, David Schäfer

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