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. The key documents of the Economic Research  and Financial Stability Department are its two-year Economic Research Programmes, prepared in partnership with the CNB’s specialised sections and the Research Advisory Committee. The Programmes reflect medium-term priorities. Under them, research projects are implemented, and seminars with leading world economists are held jointly with the Czech Economic Society and CERGE-EI. 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.

News

• Participation of CNB economists at the European Economic Association congress 2010 in Glasgow
  Accepted papers:
  • Kamil Galuščák and Kamil Dybczak: Changes in the Czech Wage Structure: Does Immigration Matter?
  • Branislav Saxa, Jiří Böhm and Petr Král: Perception is Always Right: The CNB’s Monetary Policy in the Media
• During the CNB Research Open Day conference on 25th May, the ERFSD prize was awarded for best research papers in 2010:
  • Magda Morgese Borys, Roman Horváth and Michal Franta for Effects of Monetary Policy in the Czech Republic: An Empirical Study (CNB WP 4/2008), published in Empirica
  • Jan Brůha, Jiří Podpiera and Stanislav Polák for Convergence of a Transition Economy: The Case of the Czech Republic (CNB WP 3/2007), published in Economic Modelling
• New report evaluating CNB research activities in 2009: CNB Economic Research in 2009 (pdf, 389 kB)
• Tomáš Havránek recieved an award by Austrian National Bank "Olga Radzyner Award 2009 for Scientific Work on European Economic Integration" for his work "Rose Effect and the Euro: Is the Magic Gone?".
• Participation of CNB economists at the conference 20 Years of Transition in Central and Eastern Europe: Money, Banking and Financial Markets (conference programme)
  Accepted papers:
  • Aleš Bulíř, Jaromír Hurník and Kateřina Šmídková: Inflation Reports: Insights or Gibberish?
  • Jan Babecký, Jan Frait, Lubos Komárek and Zlatuše Komárková: Price- and News-based Measures of Financial Integration among New EU Member States and the Euro Area
  • Jan Babecký, Jan Frait, Lubos Komárek and Zlatuše Komárková: National and Sectoral Integration of Chinese and Russian Stock Markets with World Markets
  • Roman Horváth and Anca Podpiera: Heterogeneity in Bank Pricing Policies: Estimation, Determinants and Policy Implications
  • Jan Babecký, Aleš Bulíř and Kateřina Šmídková: Sustainable Real Exchange Rates in the New EU Member States
• Participation of CNB economists at the European Association of Labour Economists 2009 congress in Tallinn (conference programme)
  Accepted papers:
  • Filip Pertold and David Kocourek: Impact of Early Retirement Incentives on Labor Market Participation: Evidence from a Parametric Change in the Czech Republic
  • Tairi Rõõm, Theodora Kosma, Jan Babecký, Philip Du Caju, Martina Lawless and Julian Mesina: Downward Nominal and Real Wage Rigidity: Survey Evidence from European Firms
• Participation of CNB economists at the European Economic Association congress 2009 in Barcelona
  Accepted papers:
  • Branislav Saxa: Learning by Exporting or Managerial Quality? Evidence from the Czech Republic
  • Claudia Kwapil, Kamil Galuscak, Silvia Fabiani, Ana Lamo, and Tairi Room: New Evidence on Wage Rigidities and Labour Market Adjustments in Europe
  • František Brázdik: Monetary Policy in Transition: A Case of Announced Adoption of Exchange Rate Peg
• Participation of CNB economists at the American Economic Association congress 2009 in San Francisco
  Accepted papers:
• • Egert, B. and J. Podpiera: Beyond Balassa-Samuelson Effect in Central and Eastern Europe