Cílem publikací České národní banky z řady Working Papers je informovat o výsledcích výzkumných projektů ČNB a dalších výzkumných aktivit zaměstnanců ČNB i externích spolupracovníků. Řada Working Papers má za cíl uveřejňovat původní výzkum relevantní pro centrální banky. Publikace z řady Working Papers jsou mezinárodně oponovány. Oponentní řízení jsou organizována samostatným odborem ekonomického výzkumu ČNB. Zveřejňování publikací z této řady má podnítit diskuzi. Jejich obsah vyjadřuje názory autorů, a nemusí tedy vyjadřovat oficiální stanovisko České národní banky. Publikace z řady Working Papers jsou v angličtině, pouze abstrakty uvedené pod následujícími odkazy jsou v českém jazyce.

2012

• Monetary Conditions and Banks’ Behaviour in the Czech Republic
  Adam Geršl, Petr Jakubík, Dorota Kowalczyk, Steven Ongena, José-Luis Peydró Alcalde
  CNB WP 2/2012
• Real Wage Flexibility in the European Union: New Evidence from the Labour Cost Data
  Jan Babecký a Kamil Dybczak
  CNB WP 1/2012

2011

• Firm-Level Labour Demand: Adjustment in Good Times and During the Crisis
  Jan Babecký, Kamil Galuščák a Lubomír Lízal
  CNB WP 15/2011
• Hedging Behaviour of Czech Exporting Firms
  Vlastimil Čadek, Helena Rottová a Branislav Saxa
  CNB WP 14/2011
• Evaluating Changes in the Monetary Transmission Mechanism in the Czech Republic
  Michal Franta, Roman Horváth a Marek Rusnák
  CNB WP 13/2011
• Monetary Policy Implications of Financial Frictions in the Czech Republic
  Jakub Ryšánek, Jaromír Tonner a Osvald Vašíček
  CNB WP 12/2011
• Models for Stress Testing Czech Banks’ Liquidity Risk
  Zlatuše Komárková, Adam Geršl a Luboš Komárek
  CNB WP 11/2011
• Are Bayesian Fan Charts Useful for Central Banks? Uncertainty, Forecasting, and Financial Stability Stress Tests
  Michal Franta, Jozef Baruník, Roman Horváth a Kateřina Šmídková
  CNB WP 10/2011
• The Impact of Capital Measurement Error Correction on Firm-Level Production Function Estimation
  Kamil Galuščák a Lubomír Lízal
  CNB WP 9/2011
• Early Warning Indicators of Economic Crises: Evidence from a Panel of 40 Developed Countries
  Jan Babecký, Tomáš Havránek, Jakub Matějů, Marek Rusnák, Kateřina Šmídková a Bořek Vašíček
  CNB WP 8/2011
• Determinants of Horizontal Spillovers from FDI: Evidence from a Large Meta-Analysis
  Tomáš Havránek a Zuzana Iršová
  CNB WP 7/2011
• How Are Inflation Targets Set?
  Roman Horváth a Jakub Matějů
  CNB WP 6/2011
• Is Monetary Policy in the New EU Member States Asymmetric?
  Bořek Vašíček
  CNB WP 5/2011
• Financial Frictions, Bubbles, and Macroprudential Policies
  Alexis Derviz
  CNB WP 4/2011
• Time-Varying Monetary-Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary Policy?
  Jaromír Baxa, Roman Horváth a Bořek Vašíček
  CNB WP 3/2011
• How to Solve the Price Puzzle? A Meta-Analysis
  Marek Rusnák, Tomáš Havránek a Roman Horváth
  CNB WP 2/2011
• Sustainable Real Exchange Rates in the New EU Member States: What did the Great Recession Change?
  Jan Babecký, Aleš Bulíř a Kateřina Šmídková
  CNB WP 1/2011

2010

• Financial Frictions and Credit Spreads
  Ke Pang a Pierre L. Siklos
  CNB WP 15/2010
• Assessment of Consensus Forecasts Accuracy: The Czech National Bank Perspective
  Filip Novotný a Marie Raková
  CNB WP 14/2010
• Central Bank Forecasts as a Coordination Device
  Jan Filáček a Branislav Saxa
  CNB WP 13/2010
• Short-Term Forecasting of Czech Quarterly GDP Using Monthly Indicators
  Kateřina Arnoštová, David Havrlant, Luboš Růžička a Peter Tóth
  CNB WP 12/2010
• Central Banks’ Voting Records and Future Policy
  Roman Horváth, Kateřina Šmídková a Jan Zápal
  CNB WP 11/2010
• Who Borrows and Who May Not Repay?
  Alena Bičáková, Zuzana Prelcová a Renata Pašaličová
  CNB WP 10/2010
• Financial Integration at Times of Financial Instability
  Jan Babecký, Luboš Komárek a Zlatuše Komárková
  CNB WP 9/2010
• Effects of Price Shocks to Consumer Demand. Estimating the QUAIDS Demand System on Czech Household Budget Survey Data
  Kamil Dybczak, Peter Tóth a David Voňka
  CNB WP 8/2010
• The Margins of Labour Cost Adjustment: Survey Evidence from European Firms
  Jan Babecký, Philip Du Caju, Theodora Kosma, Martina Lawless, Julián Messina a Tairi Rõõm
  CNB WP 7/2010
• Do Financial Variables Help Predict Macroeconomic Environment?
  Tomáš Havránek, Roman Horváth a Jakub Matějů
  CNB WP 6/2010
• Does Money Help Predict Inflation? An Empirical Assessment for Central Europe
  Roman Horváth, Luboš Komárek a Filip Rozsypal
  CNB WP 5/2010
• A Gravity Approach to Modelling International Trade in South-Eastern Europe and the Commonwealth of Independent States: The Role of Geography, Policy and Institutions
  Oxana Babecká Kucharčuková, Jan Babecký a Martin Raiser
  CNB WP 4/2010
• Which Foreigners are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI
  Tomáš Havránek a Zuzana Iršová
  CNB WP 3/2010
• How Does Monetary Policy Change? Evidence on Inflation Targeting Countries
  Jaromír Baxa, Roman Horváth a Bořek Vašíček
  CNB WP 2/2010
• Relationship Lending in the Czech Republic
  Adam Geršl a Petr Jakubík
  CNB WP 1/2010

2009

• Efficient Likelihood Evaluation of State-Space Representations
  David N. DeJong, Hariharan Dharmarajan, Roman Liesenfeld, Guilherme Moura a Jean-Francois Richard
  CNB WP 15/2009
• Banking Crises and the Rules of the Game
  Charles W. Calomiris
  CNB WP 14/2009
• The Merton Approach to Estimating Loss Given Default: Application to the Czech Republic
  Jakub Seidler and Petr Jakubík
  CNB WP 13/2009
• Housing Price Bubbles and their Determinants in the Czech Republic and its Regions
  Michal Hlaváček, Luboš Komárek
  CNB WP 12/2009
• Changes in the Czech Wage Structure: Does Immigration Matter?
  Kamil Dybczak, Kamil Galuščák
  CNB WP 11/2009
• Perception is always Right: CNB´s Monetary Policy in the Media
  Jiří Böhm, Petr Král, Branislav Saxa
  CNB WP 10/2009
• Funding Costs and Loan Pricing by Multinational Bank Affiliates
  Alexis Derviz, Marie Raková
  CNB WP 9/2009
• Heterogeneity in Bank Pricing Policies:The Czech Evidence
  Roman Horváth, Anca Maria Podpiera
  CNB WP 8/2009
• The Impact of Early Retirement Incentives on Labor Market Participation: Evidence from a Parametric Change in the Czech Republic
  David Kocourek, Filip Pertold
  CNB WP 7/2009
• Reform Redux: Measurement, Determinants and Reversals
  Nauro F. Campos, Roman Horváth
  CNB WP 6/2009
• The Determination of Wages of Newly Hired Employees: Survey Evidence on Internal versus External Factors
  Kamil Galuščák, Mary Keeney, Daphne Nicolitsas, Frank Smets, Pawel Strzelecki, Matija Vodopivec
  CNB WP 5/2009
• Downward Nominal and Real Wage Rigidity: Survey Evidence from European Firms
  Jan Babecký, Philip Du Caju, Theodora Kosma, Martina Lawless, Julián Messina and Tairi Rõõm
  CNB WP 4/2009
• Measuring Excessive Risk-Taking in Banking
  Jiří Podpiera, Laurent Weill
  CNB WP 3/2009
• Implementing the New Structural Model of the Czech National Bank
  Michal Andrle, Tibor Hlédik, Ondra Kameník, Jan Vlček
  CNB WP 2/2009
• The Impact of Population Ageing on the Czech Economy
  Jan Babecký, Kamil Dybczak
  CNB WP 1/2009

2008
ISSN 1803-7070 (Online - 2008-)

• Macroeconomic adjustment to monetary union
  Gabriel Fagan, Vitor Gaspar
  CNB WP 14/2008
• Openness, financial markets, and policies: Cross-country and dynamic patterns
  Giuseppe Bertola, Anna Lo Prete
  CNB WP 13/2008
• Survey on wage and price formation of Czech firms
  Jan Babecký, Kamil Dybczak, Kamil Galuščák
  CNB WP 12/2008
• The measurement of capital services in the Czech Republic
  Dana Hájková
  CNB WP 11/2008
• Time aggregation bias in discrete time models of aggregate duration data
  Michal Franta
  CNB WP 10/2008
• Stress testing credit risk: Is the Czech Republic different from Germany?
  Petr Jakubík, Christian Schmieder
  CNB WP 9/2008
• Monetary policy rules with financial instability
  Sofia Bauducco, Aleš Bulíř, Martin Čihák
  CNB WP 8/2008
• The origins of global imbalances
  Jan Brůha, Jiří Podpiera
  CNB WP 7/2008
• The price effects of an emerging retail market
  Jiří Podpiera, Marie Raková
  CNB WP No. 6/2008
• The effect of oil price shocks on the Czech economy
  Kamil Dybczak, David Voňka, Nico van der Windt
  CNB WP No. 5/2008
• The effects of monetary policy in the Czech Republic: An empirical study
  Magdalena Morgese Borys, Roman Horváth
  CNB WP No. 4/2008
• Central bank losses and economic convergence
  Martin Cincibuch, Tomáš Holub, Jaromír Hurník
  CNB WP No. 3/2008
• Policy rate decisions and unbiased parameter estimation in conventionally estimated monetary policy rules
  Jiří Podpiera
  CNB WP No. 2/2008
• Determinants of house prices in Central and Eastern Europe
  Balázs Égert, Dubravko Mihaljek
  CNB WP No. 1/2008

2007
ISSN 1803-2397(Print - 2002-2007)

• U.S. Unemployment Duration: Has Long Become Longer or Short Become Shorter?
  Pedro Portugal
  CNB WP No. 17/2007
• Welfare-Based Optimal Monetary Policy in a Two-Sector Small Open Economy
  Yuliya Rychalovská
  CNB WP No. 16/2007
• The Effects of Anticipated Future Change in the Monetary Policy Regime
  Juraj Antal a František Brázdik
  CNB WP No. 15/2007
• Inflation Targeting and Communication: Should the Public Read Inflation Reports or Tea Leaves?
  Aleš Bulíř, Kateřina Šmídková, Viktor Kotlán a David Navrátil
  CNB WP No. 14/2007
• Measuring the Financial Markets' Perception of EMU Enlargement: The Role of Ambiguity Aversion
  Martin Cincibuch a Martina Horníková
  CNB WP No. 13/2007
• Transmission of Exchange Rate Shocks into Domestic Inflation: The Case of the Czech Republic
  Oxana Babetskaia-Kukharchuk
  CNB WP No. 12/2007
• Why and How to Assess Inflation Target Fulfilment
  Jan Filáček
  CNB WP No. 11/2007
• Inflation Persistence in New EU Member States: Is It Different Than in the Euro Area Members?
  Michal Franta, Branislav Saxa a Kateřina Šmídková
  CNB WP No. 10/2007
• Unemployment and Inactivity Traps in the Czech Republic: Incentive Effects of Policies
  Kamil Galuščák a Jan Pavel
  CNB WP No. 9/2007
• Foreign Direct Investment and Productivity Spillovers: Updated Evidence from Central and Eastern Europe
  Adam Geršl, Ieva Rubene a Tina Zumer
  CNB WP No. 8/2007
• Financial Integration of Stock Markets among New EU Member States and the Euro Area
  Ian Babetskii, Luboš Komárek a Zlatuše Komárková
  CNB WP No. 7/2007
• Market Power and Efficiency in the Czech Banking Sector
  Anca Pruteanu-Podpiera, Laurent Weill a Franziska Schobert
  CNB WP No. 6/2007
• Bad Luck or Bad Management? Emerging Banking Market Experience
  Jiří Podpiera a Laurent Weill
  CNB WP No. 5/2007
• The Time-Varying Policy Neutral Rate in Real Time: A Predictor for Future Inflation?
  Roman Horváth
  CNB WP No. 4/2007
• The Convergence of a Transition Economy: The Case of the Czech Republic
  Jan Brůha, Jiří Podpiera a Stanislav Polák
  CNB WP No. 3/2007
• Does Reform Work? An Econometric Examination of the Reform-Growth Puzzle
  Ian Babetskii a Nauro F. Campos
  CNB WP No. 2/2007
• Measuring and Explaining Inflation Persistence: Disaggregate Evidence on the Czech Republic
  Ian Babetskii, Fabrizio Coricelli a Roman Horváth
  CNB WP No. 1/2007

2006

• Does Inflation Targeting Make a Difference?
  Frederic S. Mishkin, Klaus Schmidt-Hebbel
  CNB WP No. 13/2006
• Housing Wealth and Household Indebtedness: Is there a Household 'Financial Accelerator'?
  Richard Disney, Sarah Bridges, John Gathergood
  CNB WP No. 12/2006
• Measures of Potential Output from an Estimated DSGE Model of the United States
  Michel Juillard, Ondřej Kameník, Michael Kumhof, Douglas Laxton
  CNB WP No. 11/2006
• Degree of Competition and Export-Production Relative Prices when the Exchange Rate Changes: Evidence from a Panel of Czech Exporting Companies
  Jiří Podpiera, Marie Raková
  CNB WP No. 10/2006
• Cross-Border Lending Contagion in Multinational Banks
  Alexis Derviz a Jiří Podpiera
  CNB WP No. 9/2006
• The Maastricht Inflation Criterion: 'Saints" and 'Sinners"
  Aleš Bulíř a Jaromír Hurník
  CNB WP No. 8/2006
• Fiscal Implications of Personal Tax Adjustments in the Czech Republic
  Alena Bičáková, Jiří Slačálek, Michal Slavík
  CNB WP No. 7/2006
• Issues in Adopting DSGE Models for Use in the Policy Process
  Martin Fukač a Adrian Pagan
  CNB WP No. 6/2006
• New Keynesian Model Dynamics under Heterogeneous Expectations and Adaptive Learning
  Martin Fukač
  CNB WP No. 5/2006
• Supply-Side Performance and Structure in the Czech Republic (1995-2005)
  Kamil Dybczak, Vladislav Flek, Dana Hájková and Jaromír Hurník
  CNB WP No. 4/2006
• Fiscal Sustainability - Definition, Indicators and Assessment of Czech Public Finance Sustainability
  Aleš Krejdl
  CNB WP No. 3/2006
• Generational Accounts in the Czech Republic
  Kamil Dybczak
  CNB WP No. 2/2006
• Aggregate Wage Flexibility in Selected New EU Member States
  Ian Babetskii
  CNB WP No. 1/2006

2005

• The Brave New World of Central Banking: The Policy Challenges Posed by Asset Price Booms and Busts
  Stephen G. Cecchetti
  CNB WP No. 14/2005
• The Spline GARCH Model for Unconditional Volatility and its Global Macroeconomic Causes
  Robert F. Engle a Jose Gonzalo Rangel
  CNB WP No. 13/2005
• An Economy in Transition and DSGE: What the Czech National Bank's New Projection Model Needs
  Jaromír Beneš, Tibor Hlédik, Michael Kumhof a David Vávra
  CNB WP No. 12/2005
• The Application of Structured Feedforward Neural Networks to the Modelling of Daily Series of Currency in Circulation
  Marek Hlaváček, Michael Koňák a Josef Čada
  CNB WP No. 11/2005
• Solving SDGE Models: A New Algorithm for the Sylvester Equation
  Ondřej Kameník
  CNB WP No. 10/2005
• Plant-Level Nonconvexities and the Monetary Transmission Mechanism
  Roman Šustek
  CNBWP No. 9/2005
• Exchange rate variability, pressures and optimum currency area criteria: Implications for the central and eastern european countries
  Roman Horváth
  CNB WP No. 8/2005
• Foreign exchange interventions and interest rate policy in the Czech Republic: Hand in glove?
  Balázs Égert, Luboš Komárek
  CNB WP No. 7/2005
• Deteriorating cost efficiency in commercial banks signals an increasing risk of failure
  Anca Podpiera, Jiří Podpiera:
  CNB WP No. 6/2005
• The behavioural equilibrium exchange rate of the Czech koruna
  Luboš Komárek, Martin Melecký
  CNB WP No. 5/2005
• The monetary transmission mechanism in the Czech Republic (evidence from VAR analysis)
  Kateřina Arnoštová,  Jaromír Hurník
  CNB WP No. 4/2005
• Determining factors of Czech foreign trade: A cross-section time series perspective
  Vladimír Benáček, Jiří Podpiera, Ladislav Prokop
  CNB WP No. 3/2005
• Structural and Cyclical Unemployment: What Can We Derive from the Matching Function?
  Kamil Galuščák a Daniel Münich:
  CNB WP No. 2/2005
• Effects of Macroeconomic Shocks to the Quality of the Aggregate Loan Portfolio
  Ivan Babouček a Martin Jančar
  CNB WP No. 1/2005

2004

• Exchange rates in the New EU accession countries: What have we learned from the forerunners?
  Aleš Bulíř, Kateřina Šmídková
  CNB WP No. 10/2004

• Beyond Balassa - Samuelson: Real appreciation in tradables in transition countries
  Martin Cincibuch , Jiří Podpiera
  CNB WP No. 9/2004
• Eigenvalue decomposition of time series with application to the Czech business cycle
  Jaromír Beneš, David Vávra
  CNB WP No. 8/2004
• Anatomy of the Czech labour market: from over-employment to under-employment in ten years?
  Vladislav Flek, ed.
  CNB WP No. 7/2004
• Credit Risk and Bank Lending in the Czech Republic
  Narcisa Kadlčáková, Joerg Keplinger
  CNB WP No. 6/2004
• Identification and measurement of relationships concerning inflow of FDI: The case of the Czech Republic
  Petr Král
  CNB WP No. 5/2004
• Consumers, Consumer Prices and the Czech Business Cycle Identification
  Jiří Podpiera
  CNB WP No. 4/2004
• The Role of Banks in the Czech Monetary Policy Transmission Mechanism
  Anca Pruteanu
  CNB WP No. 3/2004
• EU Enlargement and Endogeneity of some OCA Criteria: Evidence from the CEECs
  Ian Babetskii
  CNB WP No. 2/2004
• Predicting Bank CAMELS and S&P Ratings: The Case of the Czech Republic
  Alexis Derviz, Jiří Podpiera
  CNB WP No. 1/2004

2003

• Modelling the second-round effects of supply-side shocks on inflation
  Tibor Hlédik
  CNB WP No. 12/2003
• ERM II Membership - the View of the Accession Countries
  Luboš Komárek, Zdeněk Čech, Roman Horváth
  CNB WP No. 11/2003
• Optimum currency area indices - how close is the Czech Republic to the eurozone?
  Luboš Komárek, Zdeněk Čech, Roman Horváth
  CNB WP No. 10/2003
• Credit Risk, Systemic Uncertainties and Economic Capital Requirements for an Artificial Bank Loan Portfolio
  Alexis Derviz, Narcisa Kadlčáková, Lucie Kobzová
  CNB WP No. 9/2003
• Price convergence: What can the Balassa-Samuelson model tell us?
  Tomáš Holub, Martin Čihák
  CNB WP No. 8/2003
• Czech fiscal policy: Introductory analysis
  Vladimír Bezděk, Kamil Dybczak, Aleš Krejdl
  CNB WP No. 7/2003
• FOREX microstructure, invisible price determinants, and the central bank's understanding of exchange rate formation
  Alexis Derviz
  CNB WP No. 6/2003
• Some exchange rates are more stable than others: short-run evidence from transition countries
  Aleš Bulíř
  CNB WP No. 5/2003
• Components of the Czech koruna risk premium in a multiple-dealer FX market
  Alexis Derviz
  CNB WP No. 4/2003
• Determining factors of the Czech foreign trade balance: Structural Issues in Trade Creation
  Vladimír Benáček, Ladislav Prokop, Jan Á. Víšek
  CNB WP No. 3/2003
• Price convergence to the EU: What do the 1999 ICP data tell us?
  Martin Čihák, Tomáš Holub
  CNB WP No. 2/2003
• Microfoundations of the wage inflation in the Czech Republic
  Kamil Galuščák, Daniel Münich
  CNB WP No. 1/2003

2002

• Sectoral productivity and real exchange rate appreciation: much ado about nothing?
  Vladislav Flek, Lenka Marková, Jiří Podpiera
  CNB WP No. 4/2002
• Estimates of fundamental real exchange rates for the five EU pre-accession countries
  Kateřina Šmídková, Ray Barrell, Dawn Holland
  CNB WP No. 3/2002
• Estimating market probabilities of future interest rate changes
  Martin Hlušek
  CNB WP No. 2/2002
• Monetary policy and the term spread in a macro model of a small open economy
  Viktor Kotlán
  CNB WP No. 1/2002