Academic publications
Burlon, L., Muñoz, M. A., and F. Smets (2024). “The Optimal Quantity of CBDC in a Bank-Based Economy”, American Economic Journal: Macroeconomics 16 (4), 172-217.
Previous versions: final version, ECB, CEPR
Media coverage and policy notes: VoxEU, SUERF, Nada es Gratis, NEP-DEG, CoinDesk, Bitcoin.com
Speeches and presentations: Fabio Panetta (Speech), Frank Smets (EC Seminar video presentation)
Muñoz, M. A., (2021). "Rethinking Capital Regulation: the Case for a Dividend Prudential Target", International Journal of Central Banking, 17(3), 271-336.
Media coverage and policy notes: VoxEU, Nada es Gratis, Central Banking, NEP-DEG, SUERF
Working papers
Muñoz, M. A. and F. Smets (2025). “The Positive Neutral Countercyclical Capital Buffer.”
Media coverage and policy notes: VoxEU, Review of the analytical framework supporting financial policy at the Bank of England (BoE Financial Stability Paper No. 52)
Speeches and presentations: Manuel A. Muñoz (ECB Financial Stability Conference 2024)
NEW! Burlon, L., Gambacorta, L., Muñoz, M. A. and F. Smets (2025). “CBDC and Bank Capital Regulation”, ECB Working Paper Series, forthcoming, ECB WP Series.
Muñoz, M. A. and F. Smets (2023). “Macroprudential Policy and the Role of Institutional Investors in Housing Markets.”
Media coverage and policy notes: SUERF, International Banker, VoxEU, Central Banking
Speeches and presentations: Manuel A. Muñoz (SUERF Workshop video presentation)
Muñoz, M. A., and O. Soons (2024). Public Money as a Store of Value, Heterogeneous Beliefs and Banks: Implications of CBDC."
Media coverage and policy notes: VoxEU, International Banker
NEW! Ampudia, M., Muñoz, M. A., F. Smets, and A. Van der Ghote, (2026). “System-wide Dividend Restrictions: Evidence and Theory.” BIS Working Paper Series.
Occasional papers
Adalid et al. (2022). “Central Bank Digital Currency and Bank Intermediation: Exploring Different Approaches for Assessing the Effects of a Digital Euro on Euro Area Banks.” ECB Occasional Paper Series 293.
Media coverage and policy notes: SUERF, Central Banking, ECB Report (Section 2.3)
Speeches and presentations: Fabio Panetta (Speech), K. Assenmacher, M. Dimou, M. A. Muñoz and O. Soons (SUERF workshop video presentation)
Alogoskoufis, S., Dunz, N., Emambakhsh, T., Hennig, T., Kaijser, M., Kouratzoglou, C., Muñoz, M. A., Parisi, L., and C. Salleo (2021). “ECB Economy-wide Climate Stress Test.” ECB Occasional Paper Series 281.
Media coverage and policy notes: ECB Blog, ECB Press Release, Financial Times, Forbes, Forbes, Bloomberg, Reuters, Handelsblatt, Le Monde, Le Monde, Le Figaro, Il Sole 24 Ore, Expansión, Cinco Días, La Vanguardia, Index.hr, Bankingnews.gr, Agefi, TSF, Protothema, NRC, Capital.fr.
Speeches and presentations: L. de Guindos and I. Heemskerk (ECB podcast),
Work in progress
Emambakhsh, T., Muñoz, M. A., Peydro, J. L., and C. Salleo (2026). “Corporate and Bank Exposures to Climate (Physical and Transition) Risks: Stylized Facts.”
Burlon, L., Muñoz, M. A., Smets, F., and W. Wakker (2026). “Stablecoins: regulation and financial intermediation.”
Khairnar, K., Muñoz, M. A., and F. Smets (2026). “Reserves demand, backing assets and the optimal size of the central bank balance sheet.”