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 743 | Impact assessment of high inflation on Greek public finances. Does the type of inflation matter? Evidence from a highly indebted country | Sophia Lazaretou, George Palaiodimos |
| 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 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 Note | No 327 | Protect the Safe Core: Restating the Central Bank Mandate | Enrico Perotti |
| Nov 2023 | Policy Brief | No 717 | The role of demand and supply factors during a period of high inflation – the case of Ireland | Thomas Conefrey, Darragh McLaughlin |
| Nov 2023 | Policy Brief | No 716 | Who Needs an e-Yuan? | Christian Pfister, Nicolas de Sèze |
| Oct 2023 | Policy Brief | No 714 | What drives inflation? Disentangling demand and supply factors | Sandra Eickmeier, Boris Hofmann |
| Oct 2023 | Policy Brief | No 710 | Energy price shocks and inflation in the euro area | Stefano Neri, Fabio Busetti, Cristina Conflitti, Francesco Corsello, Davide Delle Monache, Alex Tagliabracci |
| Oct 2023 | Policy Brief | No 705 | Global decarbonization from the perspective of fossil fuel dependent economies | Lars Jensen |
| Oct 2023 | Policy Brief | No 703 | Gross bond issuance by Italian banks: key trends in times of crisis and unconventional monetary policy | Donato Ceci, Alessandro Montino, Sara Pinoli, Andrea Silvestrini |
| 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 697 | On the Origins of the Federal Reserve System and Its Structure | Owen F. Humpage |
| Oct 2023 | Policy Note | No 325 | The European Commission’s crisis management and deposit insurance (CMDI) proposal increases system-wide liquidity risk and makes more banks systemic | Stefan W. Schmitz, Michaela Posch, Peter Strobl |
| 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 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 689 | An Unconventional FX Tail Risk Story | Carlos Cañon, Eddie Gerba, Alberto Pambira, Evarist Stoja |
| Sep 2023 | Policy Note | No 321 | Technological change and the destabilisation of bank deposits: Assessment and policy implications | Ulrich Bindseil, Richard Senner |
| Sep 2023 | Policy Brief | No 683 | Can monetary policy ignore financial stability risks? | Sulkhan Chavleishvili, Manfred Kremer, Frederik Lund-Thomsen |
| 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 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 Brief | No 654 | The macroeconomic effects from the energy transition will be large and diverse | Alberto Americo, Jesse Johal, Christian Upper |
| Aug 2023 | Policy Brief | No 652 | Rising energy prices and productivity: short-run pain, long-term gain? | Christophe André, Hélia Costa, Lilas Demmou, Guido Franco |
| 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 |
| Aug 2023 | Policy Brief | No 648 | European bank performance – as good as it gets, despite recent wobbles? | Jan Schildbach |
| Jul 2023 | Policy Brief | No 637 | How the central bank collateral framework shapes the outcomes of liquidity stress test models | Angelo Cuzzola, Claudio Barbieri, Ulrich Bindseil |
| Jul 2023 | Policy Brief | No 628 | Large shock, small adjustment – Evidence from the 2021 energy crisis | Matteo Alpino, Luca Citino, Annalisa Frigo |
| Jun 2023 | Policy Brief | No 622 | Practical Offline Payments Using One-Time Passcodes | Priscilla Huang, Emmanuel Benoist, Christian Grothoff, Sebastian Javier Marchano |
| 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 613 | A common tool for a greener future: The case for an EU Climate and Energy Security Fund | Laurent Abraham, Marguerite O’Connell, Iñigo Arruga Oleaga |
| 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 |
| May 2023 | Policy Brief | No 587 | CBDC Policies in Open Economies | Michael Kumhof, Marco Pinchetti, Phurichai Rungcharoenkitkul, Andrej Sokol |
| May 2023 | Policy Brief | No 582 | Critical metals for the low-carbon transition: macro-financial issues | Stéphane Dees, Simon Dikau, Hugh Miller, Romain Svartzman |
| Apr 2023 | Policy Brief | No 577 | Will a Green Transition lead to Greenflation? | Conny Olovsson, David Vestin |
| Apr 2023 | Policy Note | No 308 | Supply matters | Andrew Bailey |
| Mar 2023 | Policy Brief | No 554 | The impact of the war in Ukraine on energy prices: consequences for firms’ financial performance | Fabrizio Ferriani, Andrea Gazzani |
| Mar 2023 | Policy Brief | No 548 | The Euro Area Great Inflation Surge | Guido Ascari, Paolo Bonomolo, Marco Hoeberichts, Riccardo Trezzi |
| Mar 2023 | Policy Brief | No 540 | The Determinants of Cash Holdings: The case of France | Franz Seitz, Lucas Devigne, Raymond de Pastor |
| Mar 2023 | Policy Brief | No 539 | When policies get in the way of profit shifting to tax havens | Joana Garcia |
| 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 |
| 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 524 | Highly Dispersed inflation rates challenge the ECB’s monetary policy strategy | Thomas Url |
| Feb 2023 | Policy Note | No 300 | Geopolitical scenarios for 2023 and beyond | Franz Eder |
| Feb 2023 | Policy Brief | No 517 | Stock Return Predictability: Comparing Macro- and Micro-Approaches | Arthur Stalla-Bourdillon |
| Jan 2023 | Policy Note | No 296 | Finding the right mix: monetary-fiscal interaction at times of high inflation | Isabel Schnabel |
| Jan 2023 | Policy Brief | No 499 | Invest One -- Get Two Extra: Public Investment Crowds In Private Investment | Olegs Matvejevs, Olegs Tkacev |
| Dec 2022 | Policy Brief | No 484 | Monetary and macroprudential policy effectiveness and spillovers | Luc Laeven, Angela Maddaloni, Caterina Mendicino |
| Dec 2022 | Policy Brief | No 481 | Should central banks be involved in historical research? | Ivo Maes |
| 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 473 | The Impact of Natural Disasters on Banks’ Impairment Flow – Evidence from Germany | Iliriana Shala, Benno Schumacher |
| Nov 2022 | Policy Note | No 292 | The complex task of reforming the EU’s electricity market - Intervention options proposed by the European Commission | Cristian Stet, Pablo Ruiz, Susan Hansen |
| 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 444 | How do central bank lending operations interact with equity offering announcements? | Massimo Giuliodori, Jan Kakes, Dimitris Mokas |
| Oct 2022 | Policy Note | No 291 | Monetary policy and inflation: recent developments | Ignazio Visco |
| Sep 2022 | Policy Note | No 290 | Seven Trends That Will Shape European Power Purchase Agreements’ Path To Growth | Cristian Stet |
| Sep 2022 | Policy Brief | No 428 | Natural Gas – An Unexpected Macro and Market Driver | Samantha Azzarello, Gabrielle Jabre |
| Sep 2022 | Policy Brief | No 416 | The rise of cross-border financial centres | Pamela Pogliani, Philip Wooldridge |
| 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 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 393 | Stagflation in the 1970s: lessons for the current situation | Almira Enders, Sebastian Giesen, Dominic Quint |
| Aug 2022 | Policy Brief | No 392 | Consumption-led expansions lead to lower growth | Matti Viren |
| Aug 2022 | Policy Brief | No 391 | Why is Swiss inflation low? | GianLuigi Mandruzzato |
| Aug 2022 | Policy Brief | No 389 | Digital Endowments and Comparative Advantage | Dario Guarascio, Roman Stöllinger |
| Jul 2022 | Policy Brief | No 376 | Climate change and inflation in the euro area | Christiane Nickel |
| 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 Brief | No 354 | A Coasian Bargain: Climate Financing to Phase Out Coal | Tobias Adrian, Patrick Bolton, Alissa M. Kleinnijenhuis |
| Jun 2022 | Policy Brief | No 353 | How Bad Can Financial Crises Be? A GDP Tail Risk Assessment for Portugal | Ivan De Lorenzo Buratta, Marina Feliciano, Duarte Maia |
| Jun 2022 | Policy Brief | No 351 | Currency demand at negative interest rates | Edoardo Rainone |
| Jun 2022 | Policy Brief | No 346 | How do firms respond to demand and supply shocks? | Michał Gradzewicz |
| May 2022 | Policy Brief | No 340 | Optimal Timing of Policy Interventions in Troubled Banks | Philipp König, Paul Mayer, David Pothier |
| May 2022 | Policy Brief | No 339 | Does own wealth and wealth of others matter for life satisfaction? | Antje Jantsch, Julia Le Blanc,Tobias Schmidt |
| May 2022 | Policy Brief | No 335 | Macroeconomic Implications and Differences of Oil and Gas Price Shocks | Thomas Zörner, Nico Petz |
| Apr 2022 | Policy Brief | No 321 | Would a retail CBDC achieve its intended purpose? | Romain Baeriswyl, Samuel Reynard, Alexandre Swoboda |
| Apr 2022 | Policy Note | No 273 | The return of inflation | Agustín Carstens |
| 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 305 | Is There Financial Exclusion when Official Lenders Are Considered? | María Bru Muñoz |
| Mar 2022 | Policy Note | No 271 | Financial stability and crypto-assets | Pablo Hernández de Cos |
| Mar 2022 | Policy Brief | No 291 | The Political Economy of Currency Unions | Kai Arvai |
| Feb 2022 | Policy Note | No 265 | Austrian conceptions of money and the rise of digital currency | Michael Peneder |
| 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 257 | Why do households save? | Sami Oinonen, Matti Viren |
| 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 248 | Africa and COVID-19: Can the financial sector stay on course for a green and digital future? | Debora Revoltella, Claudio Cali, Barbara Marchitto, Nina Fenton, Ricardo Santos |
| Nov 2021 | Policy Brief | No 220 | Consumption and service sector key factors in the COVID-19 trade collapse | Heli Simola |
| Nov 2021 | Policy Brief | No 215 | Monetary policy strategies in the New Normal: A model-based analysis for the euro area | Fabio Busetti, Stefano Neri, Alessandro Notarpietro, Massimiliano Pisani |
| Sep 2021 | Policy Brief | No 189 | How do real and monetary integrations affect inflation dynamics in Turkey? | Hülya Saygılı |
| 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 182 | The FX Global Code | Guy Debelle |
| Sep 2021 | Policy Brief | No 181 | A liquidity risk early warning indicator for Italian banks: a machine learning approach | Maria Ludovica Drudi, Stefano Nobili |
| 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 176 | Does the ECB’s monetary policy react to the balance of risks? | Philippine Cour-Thimann, Alexander Jung |
| Sep 2021 | Policy Brief | No 174 | Low-for-ultra-long policy will not be enough for Japan | Hiroshi Ugai |
| Sep 2021 | Policy Brief | No 173 | An export supply channel of exchange rates | Erik Frohm |
| Aug 2021 | Policy Brief | No 166 | Record global FX reserves after COVID shock | Michael S Hanson |
| 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 158 | Bank pricing of corporate loans | Márcio Mateus, Tiago Pinheiro |
| Aug 2021 | Policy Brief | No 156 | More aware societies suffered less from Covid-19 | Alejandro Buesa, Javier J. Pérez, Daniel Santabárbara |
| Aug 2021 | Policy Brief | No 149 | Regulation of crypto-assets is a must for governments and central banks | Daniel Daianu |
| Aug 2021 | Policy Note | No 250 | Roads for the future: Central Bank Digital Currency (CBDC) and Innovative Payments | François Villeroy de Galhau |
| Aug 2021 | Policy Brief | No 142 | Consumption patterns in Italy during COVID-19 | Elisa Guglielminetti and Concetta Rondinelli |
| Jul 2021 | Policy Note | No 248 | The Future of Bitcoin | Wim Boonstra |
| Jul 2021 | Policy Brief | No 122 | Barriers to net zero: How firms can make or break the green transition | Ralph De Haas, Ralf Martin, Mirabelle Muûls, Helena Schweiger |
| Jun 2021 | Policy Brief | No 118 | The reduction in homeownership rates for the young | Gonzalo Paz-Pardo |
| 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 101 | The interplay between green policy, electricity prices, financial constraints and jobs: firm-level evidence | Gert Bijnens, John Hutchinson, Jozef Konings, Arthur Saint Guilhem |
| May 2021 | Policy Note | No 242 | Does the upturn in Eurozone money growth imply 5% inflation? | Tim Congdon |
| May 2021 | Policy Note | No 237 | Will consumers save the EU recovery? - Insights from the Commission’s consumer survey | Roberta Friz, Fiona Morice |
| 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 74 | The Great Depression, banking crisis, and Keynes’ paradox of thrift | Victor Degorce, Eric Monnet |
| 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 |
| Nov 2020 | Policy Note | No 207 | Surge in corporate insolvencies hitting German banks | Jan Schildbach |
| Nov 2020 | Policy Note | No 204 | Lessons from the Swedish anti-corona strategy | Lieven Noppe |
| Oct 2020 | Policy Note | No 203 | Tracking Covid: What Worked? | Markus Guetschow |
| Oct 2020 | Policy Note | No 198 | The shadow of fiscal dominance: Misconceptions, perceptions and perspectives | Isabel Schnabel |
| 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 183 | Retail Central Bank Digital Currencies: means of payment vs store of value | Santiago Fernández de Lis, Pablo Urbiola |
| Jul 2020 | Policy Note | No 182 | Europe’s answer to Libra – potential and prerequisites of a programmable euro | Andreas Krautscheid, Tobias Tenner, Siegfried Utzig |
| Jun 2020 | Policy Note | No 174 | The international role of the euro | Marco Buti |
| Jun 2020 | Policy Brief | No 14 | Do contactless cards really change the way we pay? | Martin Brown, Nicole Hentschel, Hannes Mettler, Helmut Stix |
| 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 168 | Cross-border consolidation in the European banking sector: between dreams and reality | Jan Van Hove |
| Apr 2020 | Policy Note | No 159 | Embedded supervision: how to build regulation into Libra 2.0 and the token economy | Raphael Auer |
| Apr 2020 | Policy Brief | No 2 | Politics and Economics of Global Currencies | Paul De Grauwe |
| Apr 2020 | Policy Note | No 152 | European banks in the corona crisis | Jan Schildbach |
| Apr 2020 | Policy Note | No 147 | Does It Fit? Tweeting on Monetary Policy and Central Bank Communication | Donato Masciandaro, Davide Romelli, Gaia Rubera |
| 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 138 | Euro Area Economics: Greenflation? | Jacob Nell, Joao Almeida, Markus Guetschow |
| Mar 2020 | Policy Note | No 136 | Mortgage Lending and Macroprudential Policy in the UK and US | Alan Brener |
| Sep 2019 | Policy Note | No 99 | The euro’s global role: past, present and future | Arnaud Mehl |
| Jun 2019 | Policy Note | No 79 | Financial aspects of Brexit | Thomas Url |
| May 2019 | Policy Note | No 71 | Rethinking the Trade-offs for Monetary Policy in an Era of Globalization | Enrique Martínez-García |
| May 2019 | Policy Note | No 70 | The impact of Brexit on growth and the public finances | Iain Begg |
| Mar 2019 | Policy Note | No 59 | New Frontiers in the Euro Debate in Iceland | Thorsteinn Thorgeirsson |
| 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 |
| 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 |
| Mar 2018 | Policy Note | No 28 | Credit conditions and corporate investment in Europe | Laurent Maurin, Rozalia Pal, Philipp-Bastian Brutscher |
| Jan 2018 | Policy Note | No 24 | Fairness and Support for the Reforms: Lessons from the Transition Economies | Sergei Guriev |
| Jan 2018 | Policy Note | No 23 | The occasional importance of the current account in an era of a global savings glut | Jesper Berg, Steffen Lind |
| Oct 2017 | Policy Note | No 19 | Is cash back? Assessing the recent increase in cash demand | Clemens Jobst, Helmut Stix |
| May 2016 | Policy Note | No 7 | Ten Myths in the Brexit Debate | David T. Llewellyn |
| Apr 2016 | Policy Note | No 5 | Some seeming paradoxes or interesting points of Russia’s economy and banking sector | Stephan Barisitz |
| Dec 2015 | Policy Note | No 3 | Cash without future? Future without cash? A wider view | Christian Beer, Urs W. Birchler, Ernest Gnan |
| Oct 2015 | Policy Note | No 2 | Modigliani–Miller, Basel 3 and CRD 4 | Morten Balling |
