Working Papers

From Czech National Bank, Research and Statistics Department
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2025/8: Inflation at Risk: The Czech Case

Michal Franta and Jan Vlcek

2025/7: Upgrading the Czech National Bank's Core Forecasting Model g3+

František Brázdik, Karel Musil, Tomas Pokorny, Tomáš Šestořád, Jaromir Tonner and Jan Žáček

2025/6: The Rise of Generative AI: Modelling Exposure, Substitution, and Inequality Effects on the US Labour Market

Raphael Auer, David Kopfer and Josef Švéda

2025/5: Navigating Banking Resilience: Bail-ins & Bailouts in the Czech Banking Sector

Josef Švéda

2025/4: Instant Payments in Czechia: Adoption and Future Trends

Ivan Trubelik, Tomáš Karhánek, Simona Malovana and Ales Michl

2025/3: Non-Linearity of Government Spending Multiplier: The Case of a Small Open Economy

Daniel Stodt

2025/2: Forecasting Disaggregated Producer Prices: A Fusion of Machine Learning and Econometric Techniques

Sona Benecka

2025/1: Payment Holidays, Credit Risk, and Borrower-Based Limits: Insights from the Czech Mortgage Market

Martin Hodula and Lukas Pfeifer

2024/9: Economic Policy Uncertainty in Europe: Spillovers and Common Shocks

Jaromir Baxa and Tomáš Šestořád

2024/8: Geopolitical Risks and Their Impact on Global Macro-Financial Stability: Literature and Measurements

Martin Hodula, Jan Janků, Simona Malovana and Ngoc Anh Ngo

2024/7: LUCI: Your Best Friend for Measuring Labor Market Tightness

Jan Bruha, Adam Ruschka and Jan Šolc

2024/6: The Mirage of Falling R-stars

Ales Bulir and Jan Vlcek

2024/5: Origins of Post-COVID-19 Inflation in Central European Countries

Natalie Dvorakova and Tomáš Šestořád

2024/4: A Heterogeneous Agent Model of Energy Consumption and Energy Conservation

Volha Audzei and Ivan Sutóris

2024/3: Understanding Inflation Expectations: Data, Drivers and Policy Implications

František Brázdik, Tatiana Keseliova, Karel Musil, Radek Šnobl, Jan Šolc, Stanislav Tvrz and Jan Žáček

2024/2: A Stress Test Approach to the Calibration of Borrower-Based Measures: A Case Study of the Czech Republic

Jiri Gregor

2024/1: Wage-Price Spirals: A Risk-Based Approach

Michal Franta and Jan Vlcek

2023/19: Monetary Policy Has a Long-Lasting Impact on Credit: Evidence from 91 VAR Studies

Josef Bajzik, Jan Janků, Simona Malovana, Klara Moravcova and Ngoc Anh Ngo

2023/18: Easing of Borrower-Based Measures: Evidence from Czech Loan-Level Data

Martin Hodula, Lukas Pfeifer and Ngoc Anh Ngo

2023/17: Do Shareholder Activism Announcements Affect Stock Prices? A Meta-Analysis

Josef Bajzik, Tomas Havranek, Zuzana Irsova and Jiri Novak

2023/16: Uncertain Trends in Economic Policy Uncertainty

Nino Buliskeria, Jaromir Baxa and Tomáš Šestořád

2023/15: Modelling Risk-Weighted Assets: Looking Beyond Stress Tests

Josef Švéda, Jiri Panos and Vojtech Siuda

2023/14: Ace in Hand: The Value of Card Data in the Game of Nowcasting

Tomas Adam, Jan Belka, Martin Hluze, Jakub Matějů, Hana Prause and Jiří Schwarz

2023/13: A Sparse Kalman Filter: A Non-Recursive Approach

Michal Andrle and Jan Bruha

2023/12: What Drives Sectoral Differences in Currency Derivate Usage in a Small Open Economy? Evidence from Supervisory Data

Zuzana Gric, Jan Janků and Simona Malovana

2023/11: How Do Climate Policies Affect Holdings of Green and Brown Firms' Securities?

Dominika Ehrenbergerova, Simona Malovana and Caterina Mendicino

2023/10: Does Shareholder Activism Have a Long-Lasting Impact on Company Value? A Meta-Analysis

Josef Bajzik

2023/9: Long-Term Impacts of the COVID-19 Pandemic on Working from Home and Online Shopping: Evidence from a Czech Panel Survey

Jan Bruha and Hana Bruhova Foltynova

2023/8: Implementing Yield Curve Control Measures into the CNB Core Forecasting Model

František Brázdik, Karel Musil and Stanislav Tvrz

2023/7: Foreign Exchange Implications of CBDCs and Their Integration via Bridge Coins

Alexis Derviz

2023/6: What Do Economists Think About the Green Transition? Exploring the Impact of Environmental Awareness

Simona Malovana, Dominika Ehrenbergerova and Zuzana Gric

2023/5: Cyclical Investment Behavior of Investment Funds: Its Heterogeneity and Drivers

Milan Szabo

2023/4: Distributional Effects of Monetary Policy Shocks on Wage and Hours Worked: Evidence from the Czech Labor Market

Monika Junicke, Jakub Matějů, Haroon Mumtaz and Angeliki Theophilopoulou

2023/3: Macroprudential Policy and Income Inequality: The Trade-off Between Crisis Prevention and Credit Redistribution

Simona Malovana, Jan Janků and Martin Hodula

2023/2: The Application of Multiple-Output Quantile Regression on the US Financial Cycle

Michal Franta

2023/1: Finding the Optimal Currency Composition of Foreign Exchange Reserves with a Quantum Computer

Martin Vesely

2022/10: Retail Fund Flows and Performance: Insights from Supervisory Data

Martin Hodula, Milan Szabo and Josef Bajzik

2022/9: From Central Counter to Local Living: Pass-Through of Monetary Policy to Mortgage Lending Rates in Districts

Jiri Gregor, Jan Janků and Martin Melecký

2022/8: Borrower-Based Macroprudential Measures and Credit Growth: How Biased is the Existing Literature?

Simona Malovana, Martin Hodula, Zuzana Gric and Josef Bajzik

2022/7: How Credit Improves the Exchange Rate Forecast

Martin Casta

2022/6: Meeting Investor Outflows in Czech Bond and Equity Funds: Horizontal or Vertical?

Milan Szabo

2022/5: Nowcasting Macroeconomic Variables Using High-Frequency Fiscal Data

Robert Ambrisko

2022/4: Monetary Policy and the Financial Cycle: International Evidence

Jaromir Baxa and Jan Žáček

2022/3: Cooling the Mortgage Loan Market: The Effect of Recommended Borrower-Based Limits on New Mortgage Lending

Martin Hodula, Milan Szabo, Lukas Pfeifer and Martin Melecký

2022/2: Application of Quantum Computers in Foreign Exchange Reserves Management

Martin Vesely

2022/1: Price Level Targeting with Imperfect Rationality: A Heuristic Approach

Vojtech Molnar

2021/10: Does Sentiment Affect Stock Returns? A Meta-analysis Across Survey-based Measures

Zuzana Gric, Josef Bajzik and Ondrej Badura

2021/9: Non-linear Effects of Market Concentration on the Underwriting Profitability of the Non-life Insurance Sector in Europe

Jan Janků and Ondrej Badura

2021/8: A Tale of Different Capital Ratios: How to Correctly Assess the Impact of Capital Regulation on Lending

Simona Malovana, Martin Hodula, Josef Bajzik and Zuzana Gric

2021/7: Learning and Cross-Country Correlations in a Multi-Country DSGE Model

Volha Audzei