Priority topics 2017

Monetary Policy

A.1. Studies analysing the transmission of monetary policy when interest rates are at zero or negative, with or without exchange rate management. Experience of other countries

A.2. Projects focusing on the relationship between the conduct of monetary policy, uncertainty and inflation expectations

A.3. Studies discussing economic policy issues related to the introduction of the euro, real convergence and suchlike (both ex-ante studies and studies drawing on the experience of other countries)

A.4. Analyses related to inflation measurement (such as the composition of price indexes relevant to monetary policy)

A.5. Studies addressing the role of monetary policy in an environment with a high probability of hitting the zero lower bound (optimal level of the inflation target, evolution of the neutral policy rate, etc.)


Macro-modelling and Forecasting

B.1. Projects aimed at producing extensions or new specifications of the core CNB macroeconomic forecasting model

B.2. Projects focusing on analysis and evaluation of forecasting models

B.3. Projects in the area of macroeconomic modelling relevant to international cooperation by CNB experts (mainly in the area of technical assistance and ESCB working groups)

B.4. Projects aiming at exploration of new data sources for monetary policy and financial stability


Financial Stability

C.1. Studies analysing the impact of new regulatory frameworks on the financial sector, monetary policy transmission and the real economy (e.g. impacts of the regulation of banking resolution and new capital and liquidity regulations, analysis of interaction and conflict between different types of regulations, both micro and macroprudential)

C.2. Projects quantifying the transmission channels and impacts of newly implemented macroprudential policy instruments for both the Czech and other EU economies (LTV/LTI regulations, countercyclical capital buffers, systemic buffers, etc.)

C.3. Studies focusing on the effects of relaxed monetary policy, low short and long-term interest rates, new monetary policy measures and the easing of credit standards on financial stability (behaviour of agents and different types of financial institutions, bank risk-taking, efficiency of financial institutions, impacts on different financial sectors, insurance and pension schemes, asset markets, real estate pricing)

C.4. Empirical studies on the cross-border transmission of shocks that are important for macroprudential policy in the EU

C.5. Projects assessing the sustainability of the indebtedness of different sectors of the economy (households, enterprises, public sector, new forms of non-bank credit)


Real Sector and Fiscal Policy

D.1. Projects assessing the development of competitiveness, the determinants of growth and the state of nominal and real convergence in the Czech Republic and in the EU context

D.2. Empirical studies addressing the efficiency of interaction between monetary and fiscal policies, and implications for economic policy design

D.3. Projects analysing the interaction of financial and real economic variables and examining the impact of financial conditions on households and firms

D.4. Studies estimating equilibrium values (e.g. exchange rates, NAIRU, model-consistent estimates of output gaps and policy-neutral real interest rates) with the application of state-of-the art methodologies