Caterina also worked as Adviser in the Monetary Analysis Division of the Directorate General Monetary Policy and Senior Lead Economist in the Research Directorate of the ECB. Prior to that she was an Economist at the Bank of Portugal, and the Bank of Canada. She holds a Ph.D in Economics from the Stockholm School of Economics.

Her research and policy interests cover a wide range of monetary and financial issues. Recently, she has been focusing on the real and financial stability effects of central bank policies and the interaction between monetary and macroprudential policies. Her research has been published in the Journal of Monetary Economics, the Review of Financial Studies and the Journal of Finance, among others. She also published articles in general audience outlets including VoxEU, SUERF Policy Brief and The ECB BLOG. Caterina currently serves as an associated editor at Economica and the Journal of Money, Credit and Banking.  

In 2021, together with H. Rey, Caterina launched the ECB-BIS-CePR WE ARE IN (Women in Economics: Advancing Research in Economics Internationally) Macroeconomic and Finance Conference, and in 2025 she founded the WIRE (Women in Research in the European System of Central Banks) Network. She is also organizing of the Corporate finance and Financial intermediation IBEO Meeting. She also coordinated the ECB research task force on  Monetary Policy, Macro-Prudential Policy and Financial Stability 

Additional information can be found on her ECB webpage Google Scholar

PAPERS Under Revision

The Foreign Liabilities Channel of Bank Capital Requirements Coauthors: L. Falasconi, P. Herrero, D. Supera  

• Revise and Resubmit at the Journal of Financial Economics

We examine the effects of tighter capital requirements in a quantitative model of risky financial intermediaries partly funded with foreign currency debt. Setting bank capital requirements at appropriately high levels is crucial to enhance the resilience of banks against sudden losses and the risk of insolvency. As bank default risk declines, the cost of foreign funding decreases, encouraging greater reliance on foreign liabilities. This reveals a novel trade-off in bank capital regulation. On the one hand, higher capital requirements strengthen the resilience of both banks and the broader economy against shocks originating from the banking sector. On the other hand, they increase banks' exposure to potential disruptions in foreign funding. Our findings suggest that in the presence of bank solvency risk, foreign prudential tools, such as capital flow management taxes or foreign exchange rate interventions, are complementary to bank capital requirements in mitigating financial vulnerabilities. Empirical evidence on Peru's transition to higher capital requirements lend support to the foreign liability channel of bank capital requirements.

Securities Losses, Interbank Markets, and Monetary Policy Transmission: Evidence from the Eurozone  Coauthors: M. Giannetti, M. Jasova, D. Supera 

• Reject and Resubmit at the Journal of Finance

Banks that experienced larger losses in their pledgeable securities portfolios following the July 2022 monetary policy tightening became less able to borrow through the interbank market and subsequently reduced their corporate lending, regardless of whether the securities were booked at market or historical value. These effects were less pronounced for banks with abundant collateral and for domestic subsidiaries of banking groups, which received liquidity through their group's internal capital market. Our results highlight a collateral channel in the bank-based transmission of monetary policy and show how differences in banking structure can contribute to an uneven transmission of monetary policy. 

WORKING PAPERS

Bank to Non-Bank Lending and the Reallocation of Credit Coauthors: J. Li, Y. Ma,D. Supera

Distributive Effects of Bank Sector Losses Coauthors: L. Nord and M. Peruffo

The ECB Research Bulletin Article on our paper

Monetary Policy, Labor Income Redistribution and the Credit Channel: Evidence from Matched Employer-Employee and Credit Registers Coauthors:  M. Jasova, E. Panetti, J-L Peydro, D. Supera CEPR WP

The ECB Blog post on our paper Press coverage: El confidencial

Tighter Credit and Consumer Bankruptcy Insurance CEPR WP Coauthors: A. Antunes, T.Cavalcanti, M. Peruffo and A.Villamill 

Presented at EEA 2020 Invited session on The Micro and Macro of Consumer Credit

The Aggregate Demand Channel of Loan-to-Value Shocks Coauthors: P. Herrero, C. Schang

Monetary Policy Tightening and Macroprudential Policy Coauthors: L. Herrera, K. Nikolov, V. Scalone

Beyond Policy Rates: Macroeconomic Effects of Lender-of-Last-Resort Shocks Coauthors: M. Jasova, I. Petrella, F. Puglisi, D. Supera

Selected ON GOING PAPERS

Entwined Risks: Sovereign Default, Bank Failures and Economic Activity Coauthors: L. Falasconi, A. Hannon, E. Mendoza

Bank Capital Regulation in a Monetary Union Coauthors: L. Falasconi, K. Nikolov, D. Supera

Global Uncertainty, Local Credit: The Bank Lending Channel of International Spillovers Coauthors: M. Behn, G. Bozzelli, A. Reghezza, D. Supera

The Credit Channel of Economic Policy Uncertainty Coauthors: A. Allayioti, I. Petrella, F. Puglisi, A. Skoblar

Uncertainty, Bank Lending Standards, and the Transmission of Monetary Policy Coauthors: D. Henricot, L. Herrera, D. Supera

Bank Capital Regulation, Production Networks, and the Supply of Corporate Credit Coauthors: G. Bozzelli, M. Giannetti, M. Jasova, D. Supera

FULL LIST OF PUBLICATIONS 

Selected PUBLICATIONS IN ACADEMIC JOURNALS

Glossy Green Banks: The Disconnect Between European Banks’ Sustainability Reporting and Lending Activities  forthcoming Management Science

Coauthors: M. Giannetti, M. Jasova, M. Loumioti  

Press coverage: FT, Sole 24 Ore, Naftemporiki, Handelsblatt, Reuter

Mariassunta Keynote at the ECB Banking Supervision Research Conference 

SUERF and The ECB Blog post on our paper

Savings, Efficiency and the Nature of Bank Runs Coauthors:  Agnese Leonello, Ettore Panetti and Davide Porcellacchia, Forthcoming Review of Finance

Twin Defaults and Bank Capital Requirements (with K. Nikolov, J. Rubio-Ramirez, J. Suarez, and D. Supera), Forthcoming Journal of Finance

Columns on the paper: @ECB @VoxEU

Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort (with Martina Jasova, Luc Laeven, Jose-Luis Peydro and D. Supera) CEPR WP, The Review of Financial Studies, Volume 37, Issue 7, July 2024, Pages 2191–2243.

Winner of the 2021 Best Paper Award, MARC Conference

Policy Uncertainty, Lender of Last Resort and the Real Economy (with M. Jasova and D. Supera) Journal of Monetary Economics,  Volume 118, March 2021, Pages 381-398.  

Bank Capital in the Short and in the Long Run (with K. Nikolov, J. Suarez,  and D. Supera), Journal of Monetary Economics, Volume 115, November 2020, Pages 64-79 . PDF

Optimal Inflation with Corporate Taxation and Financial Constraints (with D. Finocchiaro, G. Lombardo and P. Weil), Journal of Monetary Economics, Volume 95, May 2018, Pages 18-31.

Recent GENERAL AUDIENCE ARTICLES: 

Mind the gap: credit dynamics in the euro area (with P. Di Casola, G. Nicoletti, A. Skoblar), THE ECB BLOG,  January 2026.

More uncertainty, less lending: how US policy affects firm financing in Europe (with A. Allayioti, G. Bozzelli, P. Di Casola, A. Skoblar, S. Velasco), THE ECB BLOG,  October 2025.

Banks Lose – someone gains: Households’ unequal exposure to financial distress (with Lukas Nord and M. Peruffo), ECB RESEARCH BULLETTIN, October 2024.

Green Lending: do banks walk the talk? (with M. Giannetti, M. Jasova, M. Loumioti), The ECB  BLOG, December 2023. 

Monetary and Macroprudential policy effectiveness and spillovers (with L. Laeven and A. Maddaloni),SUERF Policy Brief 484, 2023.

Which workers are most affected by changes in the policy rate?  (with M. Jasova and D. Supera) ECB BLOG, October 2022.

Systemic Risk and policy interventions: monetary and macroprudential policy (with A. Martin and A. Van der Ghote), Research Bulletin Article, nr.97 European Central Bank, June 2022.

Monetary and Macroprudential policies: trade-offs and interactions (with L. Laeven and A. Maddaloni), Research Bulletin Article, nr.92 European Central Bank, February 2022. VOXEU

How Much Capital Should Banks Hold? (with K. Nikolov, J. Rubio-Ramirez, J. Suarez, and D. Supera) Research Bulletin Article, nr.80 European Central Bank, January 2021. VOXEU

Selected DISCUSSIONS:

Falling Natural Rates, Rising Housing Price Volatility and the Optimal Inflation Target, by Klaus Adam, Oliver Pfaeuti and Timo Reinelt-- Qatar Centre for Global Banking & Finance Annual Conference: Challenges facing central banks in the 2020s, May 2021.

Monetary Easing, Leveraged Payouts and Lack of Investment by Viral V. Acharya and Guillaume Plantin -- Conference on Advances in Monetary Economics, IMF, July 2020.

How does the Interaction of Macroprudential and Monetary Policy Affect Cross-Border Lending? by Elod Takats (BIS) and Judit Temesvary (FRB) -- 7th Research Workshop, MPC Task Force on Banking Analysisi, February 2020.

The Forced Safety Effect: How Higher Capital Requirements Can Increase Bank Lending? by Saleem Bahaj (BOE and CFM) and Frederic Malherbe (LBS and CEPR) -- 21th Annual DNB Research Conference, November 2018.

Citation count 

GOOGLE SCHOLAR 

REPEC  

Disclaimer: The information in this website represents the views of the author and should not be interpreted as reflecting the views of the European Central Bank or the Eurosystem.