CNB Research Open Day 2022

Monday, 23 May 2022
Czech National Bank’s Commodity Exchange (Plodinová burza) building, Senovážné nám. 30, Prague 1

The Czech National Bank’s Research Open Day will provide you with an opportunity to see some of the best of the CNB’s current economic research work and to meet CNB researchers informally.

If the epidemic situation deteriorates, all participants registered to attend in person will be automatically moved online and will receive the Webex link.


Monday, 23 May 2022
All times are in Central European Summer Time.

08.30 Registration & Morning Coffee
Only for those physically present at the conference.
09.00 Opening Remarks
Simona Malovaná, Director of Financial Research Division, Financial Stability Department, CNB
Presentation (pdf, 242 kB)
09.15 Keynote Speech: Insights from the Prisma Network on Price Setting and Inflation Dynamics in the Euro Area
Luca Dedola, ECB
Presentation (pdf, 1.2 MB)
10.00 CNB Experience with Web Scrapped Data
Jan Brůha, Director of Economic Research Division, Monetary Department, CNB
Presentation (pdf, 736 kB)
10.15 Q&A
10.30 Break

Session 1. Financial Stability. Chair: Zuzana Gric, CNB

11.00 A Tale of Different Capital Ratios: How to Correctly Assess the Impact of Capital Regulation on Lending
Simona Malovaná, Martin Hodula, Josef Bajzík, Zuzana Gric, all CNB
Presentation (pdf, 1.8 MB)
11.20 Discussion
Tomáš Havránek, Charles University, Prague
Presentation (pdf, 156 kB)
11.35 Q&A
11.45 Interaction of Cyclical and Structural Systemic Risks: Insights from Around and After the Global Financial Crisis
Martin Hodula, Jan Janků, Lukáš Pfeifer, all CNB
Presentation (pdf, 1.8 MB)
12.05 Discussion
Lev Ratnovski, IMF
Presentation (pdf, 220 kB)
12.20 Q&A
12.30 Lunch

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

13.45 Price Level Targeting with Imperfect Rationality: A Heuristic Approach
Vojtěch Molnár, CNB
Presentation (pdf, 659 kB)
14.05 Discussion
Paul De Grauwe, London School of Economics and Political Science
Presentation (pdf, 852 kB)
14.30 Keynote Speech:  Trust and Monetary Policy
Paul De Grauwe, London School of Economics and Political Science, Yuemei Ji, University College London
Presentation (pdf, 5 MB)
15.15 Q&A
15.25 Holding the Economy by the Tail: Analysis of Short- and Long-run Macroeconomic Risks (Award for the best CNB research paper in 2021)
Michal Franta, CNB, Jan Libich La Trobe University, Australia and VSB-Technical University of Ostrava, the Czech Republic
Presentation (pdf, 2 MB)
15.45 Discussion
Christian Matthes, Indiana University Bloomington
Presentation (pdf, 2 MB)
16.00 Q&A
16.10 End of the Programme

The programme of CNB Research Open Day 2022 can be downloaded also in pdf format (pdf, 633 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.