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) |
| Dec 2023 | Policy Note | No 329 | Eurozone Banks: Higher Reserve Requirements Would Dent Profits And Liquidity | Nicolas Charnay, Pierre Hollegien |
| Nov 2023 | Policy Brief | No 749 | Monetary policy transmission below zero: In search of the reversal rate | Zuzana Fungáčová, Eeva Kerola, Olli-Matti Laine |
| 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 719 | Should credit lines be regulated? | Jose E. Gutierrez |
| Oct 2023 | Policy Note | No 323 | What An Acceleration of Quantitative Tightening Could Mean For Eurozone Banks | Nicolas Charnay, Pierre Hollegien, Sylvain Broyer, Aude Guez |
| Oct 2023 | Policy Brief | No 695 | Including Carbon Taxation Risk in Deutsche Bundesbank’s In-house Credit Assessment System (ICAS): An Empirical Analysis | Justus Grundmann, Laura Auria |
| Oct 2023 | Policy Brief | No 692 | Innovation, Industry Equilibrium, and Discount Rates | Maria Cecilia Bustamante, Francesca Zucchi |
| 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 680 | US Monetary Policy Spillovers To Emerging Markets: The Role of Trade Credit | Mélina London, Maéva Silvestrini |
| Sep 2023 | Policy Note | No 319 | Stylised facts on the effectiveness of macroprudential policy | Pedro Duarte Neves |
| Aug 2023 | Policy Brief | No 648 | European bank performance – as good as it gets, despite recent wobbles? | Jan Schildbach |
| 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 641 | Exploring the informational role of inflated credit ratings | Anna Bayona, Oana Peia, Razvan Vlahu |
| Jul 2023 | Policy Brief | No 632 | When Do Credit Booms Become Troublesome? | Eddie Gerba, Danilo Leiva-León, Johannes Poeschl |
| 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 620 | Insights into Credit Loss Rates: A Global Database | Li Lian Ong, Christian Schmieder, Min Wei |
| Jun 2023 | Policy Brief | No 617 | On the effectiveness of dividend restrictions as supervisory policy tool | Ernest Dautović, Leonardo Gambacorta, Alessio Reghezza |
| Jun 2023 | Policy Brief | No 614 | After the crypto-winter, the spring of crypto-assets regulation and supervision | Denis Beau |
| May 2023 | Policy Brief | No 587 | CBDC Policies in Open Economies | Michael Kumhof, Marco Pinchetti, Phurichai Rungcharoenkitkul, Andrej Sokol |
| May 2023 | Policy Brief | No 579 | Do unrealised bank losses affect loan pricing? | Matjaž Volk |
| 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 563 | Regulators as Risk Managers: Macroprudential Policy through a Risk Management Lens | Daniel Dimitrov, Sweder van Wijnbergen |
| Mar 2023 | Policy Brief | No 555 | Technology and Asset Liquidations: Evidence from Real Estate Collateral | Francesco Mazzola |
| Mar 2023 | Policy Brief | No 551 | Who funds zombie firms: banks or non-banks? | Saara Tuuli |
| Mar 2023 | Policy Brief | No 546 | Bank lending to small firms: metamorphosis of a financing model | Paolo Finaldi Russo, Valentina Nigro, Sabrina Pastorelli |
| Feb 2023 | Policy Brief | No 525 | FX intervention to stabilize or manipulate the exchange rate? Inference from profitability | Damiano Sandri |
| Feb 2023 | Policy Note | No 298 | European Housing Prices: A Sticky, Gradual Decline | Sylvain Broyer, Marion Amiot, Boris S Glass, Aude Guez |
| Jan 2023 | Policy Brief | No 513 | Gender diversity in bank boardrooms helps to combat climate change | Leonardo Gambacorta, Livia Pancotto, Alessio Reghezza, Martina Spaggiari |
| Jan 2023 | Policy Brief | No 502 | Latent Fragility: Conditioning Banks’ Joint Probability of Default on the Financial Cycle | Paul Bochmann, Paul Hiebert, Yves Schüler, Miguel Segoviano |
| 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 482 | Shipping freight rates and inflation in the Euro Area | Nektarios A. Michail, Konstantinos D. Melas, Lena T. Cleanthous |
| Nov 2022 | Policy Brief | No 476 | Finance in Africa 2022: Navigating the financial landscape in turbulent times | Colin Bermingham, Barbara Marchitto, Debora Revoltella |
| Nov 2022 | Policy Brief | No 473 | The Impact of Natural Disasters on Banks’ Impairment Flow – Evidence from Germany | Iliriana Shala, Benno Schumacher |
| Nov 2022 | Policy Brief | No 462 | Disclosure of climate change risks in credit ratings | Miriam Breitenstein, Stefania Ciummo, Florian Walch |
| Nov 2022 | Policy Brief | No 461 | Dual interest rates and the transmission of monetary policy | Francesca Barbiero, Lorenzo Burlon, Maria Dimou, Jan Toczynski |
| 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 450 | Are Liability Driven Investors (LDIs) a liability for policymakers? | Giacomo Carboni, Martin Ellison |
| 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 410 | Should we trust the credit decisions provided by machine learning models? | Andrés Alonso, José Manuel Carbó |
| Jul 2022 | Policy Brief | No 387 | Climate Change-Related Regulatory Risks and Bank Lending | Isabella Mueller, Eleonora Sfrappini |
| Jul 2022 | Policy Brief | No 378 | Estimating Growth-at-Risk: Insights from a Structural Nonlinear Model | Matthias Rottner |
| 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 351 | Currency demand at negative interest rates | Edoardo Rainone |
| Jun 2022 | Policy Brief | No 347 | Sectoral exchange rate pass-through in the euro area | Chiara Osbat, Yiqiao Sun, Martin Wagner |
| Jun 2022 | Policy Brief | No 344 | Elections Hinder Firms’ Access to Credit | Florian Léon, Laurent Weill |
| Apr 2022 | Policy Note | No 274 | Stylised facts on debt and financial crisis | Pedro Duarte Neves |
| 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 |
| Mar 2022 | Policy Brief | No 305 | Is There Financial Exclusion when Official Lenders Are Considered? | María Bru Muñoz |
| Mar 2022 | Policy Brief | No 304 | Mind the gap: The widening post-pandemic gender divide | Joyce Chang, Amy Ho |
| Mar 2022 | Policy Brief | No 297 | Central banks’ in-house credit assessment systems – supporting the Eurosystem’s response to the pandemic and its climate change action plan | Aviram Levy, Florian Resch, Anna Maria Rossi, Stephan Sauer |
| 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 |
| 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 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 Note | No 263 | Monetary Policy in a World of Radical Uncertainty | Mervyn King |
| Dec 2021 | Policy Brief | No 252 | Determinants of the credit cycle: a flow analysis of the extensive margin | Vincenzo Cuciniello, Nicola di Iasio |
| 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 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 214 | How do Loan-to-Value Caps Impact Bank Lending and Credit Spillover? | Selva Bahar Baziki, Tanju Çapacıoğlu |
| 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 202 | Revisiting the link between government debt and sovereign interest rates in the euro area | Stéphanie Pamies, Nicolas Carnot, Anda Pătărău |
| Oct 2021 | Policy Brief | No 196 | Negative interest rates and the erosion of banks’ interest margins | Jorien Freriks, Jan Kakes |
| Sep 2021 | Policy Brief | No 184 | Frozen markets: Iceland’s experience with capital controls | Francis Breedon, Thórarinn G. Pétursson, Paolo Vitale |
| Sep 2021 | Policy Note | No 256 | Ultra low interest rates from the perspective of a central banker | Lars Rohde |
| 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 Brief | No 173 | An export supply channel of exchange rates | Erik Frohm |
| Sep 2021 | Policy Brief | No 172 | Central banks as bank supervisors: how does this double role affect their inflation outcomes? | Vasco Gabriel, Ioannis Lazopoulos, Diana Lima |
| Sep 2021 | Policy Brief | No 171 | Curb your enthusiasm: the aggregate short-run effects of a borrower-based measure | Joana Passinhas, Daniel Abreu |
| Aug 2021 | Policy Brief | No 150 | Digital euro has potential in the Netherlands | Michiel Bijlsma, Carin van der Cruijsen, Nicole Jonker and Jelmer Reijerink |
| Jul 2021 | Policy Brief | No 124 | Global Financial Uncertainty: Does it Matter for the Global Business Cycle? | Giovanni Caggiano, Efrem Castelnuovo |
| 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 113 | The economics of interest rates and population growth | Jesse Edgerton |
| Jun 2021 | Policy Note | No 246 | Integrated policy frameworks: The constraints of policy horizons and adjustment frequencies | Claudio Borio and Piti Disyatat |
| 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 |
| May 2021 | Policy Brief | No 91 | Low Interest Rates and the Distribution of Household Debt | Marina Emiris, François Koulischer |
| 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 |
| Apr 2021 | Policy Note | No 232 | The Macroeconomics of Covid-19 Leverage | Théophile Jégard, Simon Ray |
| 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 Note | No 231 | The challenges to the banking sector a year after the outbreak of the COVID-19 pandemic | Pablo Hernández de Cos |
| Mar 2021 | Policy Brief | No 54 | Are lower bank capital requirements an efficient policy tool for supporting credit to SMEs? | Michel Dietsch, Henri Fraisse, Mathias Lé, Sandrine Lecarpentier |
| Jan 2021 | Policy Note | No 218 | Interest rate-growth differentials on government debt: an empirical investigation for the euro area | Cristina Checherita-Westphal and João Domingues Semeano |
| Dec 2020 | Policy Brief | No 40 | Could housing booms undermine productivity growth? | Sebastian Doerr |
| Dec 2020 | Policy Note | No 212 | Monetary policy effects when interest rates are negative | Joost Bats, Massimo Giuliodori, Aerdt Houben |
| Dec 2020 | Policy Note | No 210 | On the risk-adjusted performance of machine learning models in credit default prediction | Andres Alonso, Jose Manuel Carbo |
| 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 207 | Surge in corporate insolvencies hitting German banks | Jan Schildbach |
| Oct 2020 | Policy Note | No 202 | Policy revolution | Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand |
| 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 |
| Jul 2020 | Policy Note | No 183 | Retail Central Bank Digital Currencies: means of payment vs store of value | Santiago Fernández de Lis, Pablo Urbiola |
| 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 Note | No 176 | Credit Guarantees in the COVID-19 crisis – Relevance and Economic Impact | Julien Brault, Simone Signore |
| May 2020 | Policy Note | No 162 | How large is the coronavirus macro shock? Putting the near-term record-breaking shock in the long-term context | Elga Bartsch, Jean Boivin, Philipp Hildebrand |
| Apr 2020 | Policy Note | No 152 | European banks in the corona crisis | Jan Schildbach |
| Apr 2020 | Policy Note | No 149 | A diverse monetary union creates invisible transfers that justify conditional solidarity | Enrico Perotti and Oscar Soons |
| Mar 2020 | Policy Note | No 139 | Capital Regulations and the Management of Credit Commitments during Crisis Times | Paul Pelzl, María Teresa Valderrama |
| Oct 2019 | Policy Note | No 105 | Dealing with the next downturn: From unconventional monetary policy to unprecedented policy coordination | Elga Bartsch, Jean Boivin, Stanley Fischer, Philipp Hildebrand |
| 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 89 | Central banks still run money creation | Daniel Daianu |
| Feb 2019 | Policy Note | No 58 | Disintermediation and re-intermediation effects of the CSPP | Óscar Arce, Ricardo Gimeno, Sergio Mayordomo |
| Mar 2018 | Policy Note | No 28 | Credit conditions and corporate investment in Europe | Laurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher |
| Feb 2018 | Policy Note | No 27 | Euro area quantitative easing: Large volumes, small impact? | Daniel Gros |
| Nov 2017 | Policy Note | No 21 | Risk sharing in EMU: key insights from a literature review | Demosthenes Ioannou, David Schäfer |
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