CNB Research Open Day 2021

Monday, 13 September 2021

Hybrid event

Czech National Bank’s Commodity Exchange (Plodinová burza) building, Senovážné nám. 30, Prague 1

This event will also be held online via Webex (the link will be sent to you after registration).
The conference is open to registered participants only. Registration closed.


Monday, 13 September 2021

All times are in Central European Time.

08.30 Registration & Morning Coffee
Only for those physically present at the conference.
09.00 Opening Remarks (pdf, 280 kB)
Simona Malovaná, Director of Financial Research Division, Financial Stability Department, CNB
09.15 Keynote Speech: Household Finance and Consumption Survey in Europe
Jiří Slačálek, ECB
Presentation (pdf, 2.2 MB)
10.00 Household Finance and Consumption Survey in the Czech Republic
Jan Brůha, Director of Economic Research Division, Monetary Department, CNB
Presentation (pdf, 818 kB)
10.15 Q&A
10.30 Break

Session 1. Financial Stability. Chair: Martin Hodula, CNB


A Prolonged Period of Low Interest Rates: Unintended Consequences
(Award for the best CNB research paper in the field of financial stability in 2021)
Simona Malovaná, Josef Bajzík, Dominika Ehrenbergerová, Jan Janků, CNB
Presentation (pdf, 257 kB)

11.20 Discussion (pdf, 648)
Diana Bonfim, Bank of Portugal
11.35 Q&A

The Effect of Monetary Policy on House Prices – How Strong is the Transmission?
Dominika Ehrenbergerová, Josef Bajzík, CNB
Presentation (pdf, 824 kB)

12.05 Discussion (pdf, 553 kB)
Brian Fabo, National Bank of Slovakia
12.20 Q&A
12.30 Lunch

Session 2. Monetary Policy. Chair: Volha Audzei, CNB

13.45 The g3+ Model: An Upgrade of the Czech National Bank’s Core Forecasting Framework (Award for the best CNB research paper in the field of monetary policy in 2021)
František Brázdik, CNB (and co-authors)
14.05 Discussion (pdf, 449 kB)
Yannick Kalantzis, Bank of France
14.20 Q&A
14.30 Inflation Targeting Flexibility: The CNB's Reaction Function under Scrutiny
(Award for the best CNB research paper in the field of monetary policy in 2020)
Jan Filáček, Ivan Sutóris, CNB
14.50 Discussion
Aleš Bulíř, International Monetary Fund
15.05 Q&A
15.15 End of the Programme – Concluding Remarks
Volha Audzei, CNB

The programme of CNB Research Open Day 2021 can be downloaded also in pdf format (pdf, 703 kB).

Workshop organisers: Jan Brůha, Simona Malovaná, CNB

We would like to ask participants to observe the hygiene measures put in place to prevent the spread of COVID-19.