Award for best CNB research papers

The Czech National Bank has granted this year’s Economic Research Award to two articles. The Award is granted each year to the best research papers issued by the central bank. The announcement of the Award formed part of the Czech National Bank’s 10th Research Open Day, a half-day conference where CNB researchers today presented the central bank’s latest research outcomes and discussed them with economists from Czech and international institutions.

The first article, entitled “Transmission Lags of Monetary Policy: A Meta-Analysis”, was written by Tomáš Havránek and Marek Rusnák. The second, entitled “Are Bayesian Fan Charts Useful for Central Banks? Uncertainty, Forecasting, and Financial Stability Stress Tests”, was written by Michal Franta, Jozef Baruník, Roman Horváth and Kateřina Šmídková. Kateřina Šmídková had originally given up the award, but the CNB decided to bestow it on her in memoriam.

Research papers are judged according to two criteria: their relevance to the Czech National Bank and the academic quality of the journal in which they are published. A paper is considered relevant if it is used as an input for key policy documents such as the Inflation Report and the Financial Stability Report. Academic quality is measured according to the impact factor of the journal.

A total of 14 papers, published in international journals such as the Journal of Money, Credit and Banking, Macroeconomic Dynamics and the Journal of Financial Stability, were judged this year.

The two research papers that share this year’s Economic Research Award are both highly relevant to the CNB and were published in the prestigious and highly selective International Journal of Central Banking.

Marek Petruš
CNB spokesman