Claudia Kwapil

implementation of monetary policy
design of monetary policy tools
transmission of monetary policy

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OeNB publications

Economics

02 October 2025

OeNB Bulletin

Understanding central bank balance sheets: drivers, determinants, and projections of the OeNB’s profits and losses

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This paper examines the OeNB’s balance sheet and profit trends in light of Eurosystem losses from unconventional monetary policy during the low inflation period. Simulations show that future demand for central bank money is a key profit factor. Losses and negative capital do not ...

Economics

12 April 2024

Former series

Monetary Policy and the Economy Q4/23

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Economics

04 December 2023

Former series

Monetary Policy and the Economy Q2-Q3/23

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Economics

11 March 2021

Former series

Monetary Policy and the Economy Q4/20 – Q1/21

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Economics

02 May 2019

Former series

Monetary Policy and the Economy Q1-Q2/19

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External publications

Kwapil, C., Scharler, J. (2013). Expected Monetary Policy and the Dynamics of Bank Lending Rates. International Review of Economics and Finance, 27, 542–551.

Fabiani, S., Galuscak, K., Kwapil, C., Lamo, A., Rööm, T. (2010). Wage Rigidities and Labor Market Adjustment in Europe. Journal of the European Economic Association, 8 (2–3), 497–505.

Álvarez, L., Dhyne, E., Hoeberichts, M., Kwapil, C., Le Bihan, H., Lünnemann, P., Martins, F., Sabbatini, R., Stahl, H., Vermeulen, P., Vilmunen, J. (2006). Sticky Prices in the Euro Area: A Summary of New Micro-Evidence. Journal of the European Economic Association 4(2-3), April-May, 575–584.