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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 knowledge acquired through the coordination and implementation of economic research is used in drawing up opinions on the situation reports prepared for the Bank Board and in preparing internal reports and public minutes of monetary policy meetings, which are among the CNB’s main communication tools in the monetary policy area.

  • The CNB´s 13th Research Open Day will be held on Monday, 15 May 2017. This event will provide an opportunity to see some of the best CNB’s current economic research works.
  • The CNB´s 13th Research Open Day will be held on Monday, 15 May 2017. This event will provide an opportunity to see some of the best CNB’s current economic research works.
  • 25 November 2016, 15:00 – CNB-CES seminar: Insider-Outsider Labor Markets, Hysteresis and Monetary Policy – Jordi Galí, Universitat Pompeau Fabra, CREI. The seminar will be followed by a panel discussion „Labour Markets in Europe Since the Crisis”
    Invitation, programme and registration (pdf, 92 kB)
  • CNB-IES Conference, 6–7 October 2016
  • 8 September 2016, 16:00 – CNB-CES seminar: The Macroeconomics of Central Bank Issued Digital Currencies – Michael Kumhof (Bank of England)
    Abstract, Paper (pdf, 935 kB)
  • Participation of CNB economists at international conferences:
    Accepted papers:
    • Kamil Galuščák: Labour Force Participation and Tax-Benefit Systems: A Cross-Country Comparative Perspective. European Economic Association Congress, 22–26 August 2016, Geneva
    • Tomáš Havránek, Marek Rusnák: Habit Formation in Consumption: A Meta-Analysis. European Economic Association Congress, 22–26 August 2016, Geneva
    • Michal Franta: Rare Shocks vs. Non-Linearities: What Drives Extreme Events in the Economy? Some Empirical Evidence. The European Central Bank BVAR Workshop “New Techniques and Applications of BVAR”, 2 June 2016, Frankfurt am Main
    • Jan Babecký, Michal Franta, Jakub Ryšánek: Effects of Fiscal Policy in the DSGE-VAR Framework: The Case of the Czech Republic. The 18th Banca d’Italia Workshop on Public Finance “Current Issues in Fiscal Policy”, 31 March – 2 April 2016, Rome
  • 12th CompNet Conference, 21–22 April 2016
  • 21 March 2016 – CNB-CES seminar – Fiscal and Financial Crises – Michael D. Bordo, Rutgers University & NBER
    Abstract, Paper (pdf, 805 kB), Presentation (pdf, 1.5 MB)
  • Archive


Selected Journal Publications by CNB Staff in 2015 and Forthcoming

  • 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.
  • 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, 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.
  • Beck, R., Jakubik, P. and Piloiu, A. (2015): Key Determinants of Non-performing Loans: New Evidence from a Global Sample, Open Economies Review, forthcoming.
  • Calice, G., Miao, R.H., Štěrba, F. and Vašíček, B. (2015) Short-term determinants of the idiosyncratic sovereign risk premium: A regime-dependent analysis for European credit default swaps. Journal of Empirical Finance, forthcoming.
  • De Haan, J., Hoeberichts, M.,, Šmídková, K., Vašíček, B., Vermeulen, R. and Žigraiová, D. (2015): Financial Stress Indices and Financial Crises. Open Economies Review, forthcoming.
  • Gersl, A., Jakubik, P., Kowalczyk, D., Ongena, S. and Peydro, J.L. (2015): Monetary Conditions and Banks' Behaviour in the Czech Republic. Open Economies Review, 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.
  • Havránek, T., Horváth, R. and Valíčková, P. (2015): Financial Development and Economic Growth: A Meta-Analysis. Journal of Economic Surveys, forthcoming.
  • Havránek, T. and Kokeš, O. (2015): Income Elasticity of Gasoline Demand: A Meta-Analysis. Energy Economics, 47(C), 77–86.
    Havránek, T. (2015): Measuring Intertemporal Substitution: The Importance of Method Choices and Selective Reporting. Journal of the European Economic Association, forthcoming.
  • Jakubik, P. and Moinescu, B. (2015): Assessing Optimal Credit Growth for an Emerging Banking System. Economic Systems, forthcoming.
  • Jakubik, P. and Žigraiová, D. (2015): Systemic Event Prediction by Early Warning System: An Application to the Czech Republic. Economic Systems, forthcoming.
  • Skořepa, M. and Komárek, L. (2015): Sources of Asymmetric Shocks: The Exchange Rate or Other Culprits? Economic Systems, forthcoming.
  • Skořepa, M. and Seidler, J. (2015): Capital Buffers Based on Banks’ Domestic Systemic Importance: Selected Issues. Journal of Financial Economic Policy, forthcoming.

Selected Journal Publications by CNB Staff in 2014

Selected Journal Publications by CNB Staff in 2013

Selected Journal Publications by CNB Staff in 2012

Selected Journal Publications by CNB Staff in 2011