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Caterina worked as Adviser in the Monetary Analysis Division of the Directorate General Monetary Policy and Senior Lead Economist in the Research Directorate of the European Central Bank. 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. She coordinated the ECB research task force on  Monetary Policy, Macro-Prudential Policy and Financial Stability 

In 2021, together with H. Rey, Caterina launched the ECB-BIS-CePR WE ARE IN (Women in Economics: Advancing Research in Economics Internationally) Conference, and in 2025 she founded the WIRE (Women in Research in the European System of Central Banks). She also organizes the Corporate finance and Financial intermediation IBEO Meeting. 

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  ECB WP

• 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

NEW: VoxEU  ECB WP

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

The ECB Research Bulletin Article on our paper

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, 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

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, 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

FULL LIST OF PUBLICATIONS 

Selected PUBLICATIONS IN ACADEMIC JOURNALS

Glossy Green Banks: The Disconnect Between European Banks’ Sustainability Reporting and Lending Activities Management Science, April 2026. https://doi.org/10.1287/mnsc.2024.07420 

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

Saving externality: when depositing too much breaks the bank  Coauthors:  A. Leonello, E. Panetti and D. Porcellacchia, Review of Finance,  Volume 29, Issue 2, March 2025, Pages 501–530.

Twin Defaults and Bank Capital Requirements (with K. Nikolov, J. Rubio-Ramirez, J. Suarez, and D. Supera),  Journal of Finance,  Issue 81:5, October 2026,  Pages 2887-2931.

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: 

The bank collateral channel of monetary policy: evidence from security losses (with M. Giannetti, M. Jasova, D. Supera) Research Bulletin Article,145 European Central Bank, July 2026. VOXEU 15 Aug 2026.

How cross-border flows via non-bank financial institutions contrain financing for eauro area firms (with D. Henricot, L. Molestina Vivar, W. Wakker, J. Wenzl) THE ECB BLOG, May 2026.

When collateral loses value: How securities losses shape monetary policy transmission  (with M. Giannetti, M. Jasova, D. Supera) SUERF Policy Brief 1433, April 2026.

How rising bank lending to non-bank financial institutions reallocates credit away from firms (with J. Li, Y. Ma,D. Supera), VOxEU, 14 March 2026.

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 Bulletin Article, October 2024.

Do European banks burnish their disclosures glossy green?  (with M. Giannetti, M. Jasova, M. Loumioti),  SUERF Policy Brief 859, April 2024

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

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

Systemic Risk and policy interventions: monetary and macroprudential policy (with A. Martin and A. Van der Ghote), ECB Research Bulletin Article, June 2022.

Monetary and Macroprudential policy effectiveness and spillovers (with L. Laeven and A. Maddaloni), SUERF Policy Brief 484, December 2022.

Monetary and Macroprudential policies: trade-offs and interactions (with L. Laeven and A. Maddaloni), ECB Research Bulletin Article, February 2022. VOXEU, 12 April 2022.

How Much Capital Should Banks Hold? (with K. Nikolov, J. Rubio-Ramirez, J. Suarez, and D. Supera) ECB Research Bulletin Article, January 2021. VOXEU, 24 February 2021.

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.