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CNB > Economic research

Economic research in CNB

The objective of the CNB’s economic research work is to provide outputs which help to expand the knowledge base needed for the core activities of the CNB and which are of a high standard on the international scale. The CNB's economic research is focused on four areas: monetary policy, macroeconomic modelling, financial stability, the real sector and fiscal policy. Each area is headed by an Economic Research Coordinator. Research papers are published in the CNB Working Papers, CNB Research and Policy Notes and CNB Research Bulletin series. The Economic Research Division coordinates preparing internal reports and public minutes of monetary policy meetings, which are among the CNB’s main communication tools in the monetary policy area.


Selected Journal Publications in the Field of Financial Stability

Selected Journal Publications by CNB Staff: 2015–2017

  • Aliyev, R., Hajkova, D. and Kubicova, I. (2015): The Impact of Monetary Policy on Financing of Czech Firms. Czech Journal of Economics and Finance, 65(6), 455–476.
  • Ambriško, R., Babecký, J., Ryšánek, J. and Valenta, V. (2015): Assessing the Impact of Fiscal Measures on the Czech Economy. Economic Modelling, 44(C), 350–357.
  • Andrle, M., Berg, A., Morales, R. A., Portillo, R. and Vlcek, J. (2015): On the Sources of Inflation in Kenya: A Model-Based Approach. South African Journal of Economics, 83(4), 475–505.
  • Angelini, P., Clerc, L., Cúrdia, V., Gambacorta, L., Gerali, A., Locarno, A., Motto, R., Roeger, W., Van den Heuvel, S. and Vlček, J. (2015): Basel III: Long-term Impact on Economic Performance and Fluctuations. Manchester School, 83(2), 217–251.
  • Audzei, V. and Brázdik, F. (2015): Monetary Policy and Exchange Rate Dynamics: The Exchange Rate as a Shock Absorber. Czech Journal of Economics and Finance, 65(5), 391–410.
  • Babecká Kucharčuková, O., Claeys, P. and Vasicek, B. (2016): Spillover of the ECB's Monetary Policy Outside the Euro Area: How Different is Conventional from Unconventional Policy? Journal of Policy Modeling, 37(1), 1–40.
  • Babecký, J., Galuščák, K. and Žigraiová, D. (2017): Mechanisms of the State Dependence of Wage Setting: Evidence from a Survey of Czech Firms. Eastern European Economics, forthcoming.
  • Baxa, J., Plašil, M. and Vašíček, B. (2015): Changes in Inflation Dynamics under Inflation Targeting? Evidence for Central European Countries. Economic Modelling, 44(C), 116–130.
  • Baxa, J., Plašil, M. and Vašíček, B. (2016): Inflation and the Steeplechase between Economic Activity Variables: Evidence for G7 Countries. The B.E. Journal of Macroeconomics, 16 (3), published online.
  • Beck, R., Jakubik, P. and Piloiu, A. (2015): Key Determinants of Non-performing Loans: New Evidence from a Global Sample, Open Economies Review, 26(3), 525–550.
  • Brada, J. C., Kubíček, J., Kutan, A. M. and Tomšík, V. (2015): Inflation Targeting: Insights from Behavioral Economics. Eastern European Economics, 53(5), 357–376.
  • Bulíř, A., Hurník, J. and Šmídková, K. (2016): What Do Central Banks Know about Inflation Factors? Open Economies Review, 27(4), 795–810.
  • Clerc, L., Derviz, A., Mendicino, C., Moyen, S., Nikolov, K., Stracca, L., Suarez, J. and Vardoulakis, A. (2015): Capital Regulation in a Macroeconomic Model with Three Layers of Default. International Journal of Central Banking, 11(3), 9–63.
  • Fiala, T. and Havranek, T. (2017): The Sources of Contagion Risk in a Banking Sector With Foreign Ownership. Economic Modelling, 60(C), 108–121.
  • Franta, M. ( 2017): Rare Shocks vs. Non-Linearities: What Drives Extreme Events in the Economy? Some Empirical Evidence. Journal of Economic Dynamics and Control, 75(C), 136–157.
  • Franta, M. (2016): The Effect of Non-Linearity Between Credit Conditions and Economic Activity on Density Forecasts. Journal of Forecasting, 35(2), 147–166.
  • Galuščák, K., Hlaváč, P. and Jakubík, P. (2016): Household Resilience to Adverse Macroeconomic Shocks: Evidence from Czech Microdata. International Review of Applied Economics, 30(3), 377–402.
  • Geršl, A., Jakubík, P., Kowalczyk, D., Ongena, S. and Peydro, J. L. (2015): Monetary Conditions and Banks' Behaviour in the Czech Republic. Open Economies Review, 26(3), 407–445.
  • Geršl, A., Komárková, Z. and Komárek L. (2016): Liquidity Stress Testing with Second-Round Effects: Application to the Czech Banking Sector. Czech Journal of Economics and Finance, 66(1), 32–49.
  • Geršl, A. and Seidler, J. (2015): Countercyclical Capital Buffers and Credit-to-GDP Gaps: Simulation for Central, Eastern and Southeastern Europe. Eastern European Economics, 53(6), 439–465.
  • Hájek, J. and Horváth R. (2016): The Spillover Effect of Euro Area on Central and Southeastern European Economies: A Global VAR Approach. Open Economies Review, 27(2), 359–385.
  • Hampl, M. and Havránek, T. (2017): Should Monetary Policy Pay Attention to Hose Prices? The Czech National Bank’s Experience. Central Banking Journal, forthcoming.
  • Hausenblas, V., Kubicová, I. and Lešanovská, J. (2015): Contagion Risk in the Czech Financial System: A Network Analysis and Simulation Approach. Economic Systems, 39(1), 156–180.
  • Havranek, T., Horvath, R., Irsova, Z. and Rusnak, M. (2015): Cross-Country Heterogeneity in Intertemporal Substitution. Journal of International Economics, 96, 100–118.
  • Havranek, T., Horvath, R. and Zeynalov, A. (2016): Natural Resources and Economic Growth: A Meta-Analysis. World Development, 88(C), 134–151.
  • Havránek, T. and Iršová, Z. (2016): Do Borders Really Slash Trade? A Meta-Analysis. IMF Economic Review, published online, 1–32.
  • Havránek, T., Iršová, Z., Janda, K. and Zilberman, D. (2015): Selective Reporting and the Social Cost of Carbon. Energy Economics, 51, 394–406.
  • Havránek, T., Iršová, Z. and Lešanovská, J. (2016): Bank Efficiency and Interest Rate Pass-Through: Evidence from Czech Loan Products. Economic Modelling, 54(C), 153–169.
  • Havránek, T., Iršová, Z. and Schwarz, J. (2016): Dynamic Elasticities of Tax Revenue: Evidence from the Czech Republic. Applied Economics, 48(60), 5866–5881.
  • Havránek, T. and Kokeš, O. (2015): Income Elasticity of Gasoline Demand: A Meta-Analysis. Energy Economics, 47(C), 77–86.
  • Havránek, T., Rusnák, M. and Sokolova, A. (2017): Habit Formation in Consumption: A Meta-Analysis. European Economic Review, 95(1), 142–167.
  • Havránek, T. (2015): Measuring Intertemporal Substitution: The Importance of Method Choices and Selective Reporting. Journal of the European Economic Association, 13(6), 1180–1204.
  • Hejlová, H., Hlaváček, M. and Komárek L. (2017): A Comprehensive Method for House Price Sustainability Assessment in the Czech Republic. Prague Economic Papers, published online, 1–17.
  • Hlaváček, M., Novotný, O. and Rusnák, M. (2016): Analysis of the Commercial Property Prices in the Central European Countries. Politická ekonomie, 2016(1), 1–16.
  • Hlédik, T., Holub, T. Král, P. (2016): The Czech National Bank’s Role since the Global Crisis. Public Finance Quarterly (Hungary), Focus: New Central Bank Policies, 2016/1, 65–93.
  • Jakubik, P. and Moinescu, B. (2015): Assessing Optimal Credit Growth for an Emerging Banking System. Economic Systems, 39(4), 577–591.
  • Kadlčáková, N., Komárek, L., Komárková, Z. and Hlaváček, M. (2016): Identification of Asset Price Misalignments on Financial Markets With Extreme Value Theory. Emerging Markets Finance and Trade, 52(11), 2595–2609.
  • Konečný, T. and Babecká-Kucharčuková, O. (2016): Credit Spreads and the Links between the Financial and Real Sectors in a Small Open Economy: The Case of the Czech Republic. Czech Journal of Economics and Finance, 66(4), 302–321.
  • Novotný, F. (2017): Profitability Life Cycle of Foreign Direct Investment: Application to the Czech Republic. Emerging Markets Finance and Trade, forthcoming.
  • Plašil, M., Seidler, J. and Hlaváč, P. (2016): A New Measure of the Financial Cycle: Application to the Czech Republic. Eastern European Economics, 54 (4), 296–318.
  • Rusnák, M. (2016): Nowcasting Czech GDP in Real Time. Economic Modelling, 54(C), 26–39.
  • Řežábek, P. (2015): Demand for Cash in Circulation in the Czech Republic In 2002–2014 and Its Changes During the Financial Crisis (in Czech). Politická ekonomie, 63(4), 436–455.
  • Skořepa, M. and Komárek, L. (2015): Sources of Asymmetric Shocks: The Exchange Rate or Other Culprits? Economic Systems, 39(4), 654–674.
  • Skořepa, M. and Seidler, J. (2015): Capital Buffers Based on Banks’ Domestic Systemic Importance: Selected Issues. Journal of Financial Economic Policy, 7(3), 207–220.
  • Valíčková, P., Havránek, T. and Horváth, R. (2015): Financial Development and Economic Growth: A Meta-Analysis. Journal of Economic Surveys, 29(3), 506–526.
  • Vermeulen, R., Hoeberichts, M., Vašíček, B., Žigraiová, D., Šmídková, K. and de Haan, J. (2015): Financial Stress Indices and Financial Crises. Open Economies Review, 26(3), 383–406.
  • Žigraiová, D. and Havránek, T. (2015): Bank Competition and Financial Stability: Much Ado About Nothing? Journal of Economic Surveys, 30(5), 944–981.
  • Žigraiová, D. and Jakubík, P. (2015): Systemic Event Prediction by an Aggregate Early Warning System: An Application to the Czech Republic. Economic Systems, 39(4), 553–576.