Working Papers

From Czech National Bank, Research and Statistics Department
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2021/2: The Effects of Minimum Wage Increases in the Czech Republic

Jakub Grossmann

2021/1: Deriving Equity Risk Premium Using Dividend Futures

Martin Casta

2020/15: How Bad Are Trade Wars? Evidence from Tariffs

Petr Polak, Nikol Polakova and Anna Tlusta

2020/14: The Effect of Monetary Policy on House Prices - How Strong is the Transmission?

Dominika Ehrenbergerova and Josef Bajzik

2020/13: Composite Survey Sentiment as a Predictor of Future Market Returns: Evidence for German Equity Indices

Zuzana Rakovska

2020/12: A Top-down Stress-testing Framework for the Nonfinancial Corporate Sector

Vojtech Siuda

2020/11: Estimating Commercial Property Price Misalignment in the CEE Countries

Hana Hejlova, Michal Hlaváček and Blanka Vackova

2020/10: The Power of Sentiment: Irrational Beliefs of Households and Consumer Loan Dynamics

Zuzana Rakovska, Dominika Ehrenbergerova and Martin Hodula

2020/9: The Intertemporal Cost of Living and Dynamic Inflation: The Case of the Czech Republic

Ivan Sutóris

2020/8: On the Determinants of Life and Non-Life Insurance Premiums

Martin Hodula, Jan Janku, Martin Casta and Adam Kučera

2020/7: The g3+ Model: An Upgrade of the Czech National Bank's Core Forecasting Framework

František Brázdik, Tibor Hledik, Zuzana Humplova, Iva Martonosi, Karel Musil, Jakub Rysanek, Tomáš Šestořád, Jaromir Tonner, Stanislav Tvrz and Jan Žáček

2020/6: A Model of the Euro Area, China and the United States: Trade Links and Trade Wars

Volha Audzei and Jan Bruha

2020/5: Does Capital-Based Regulation Affect Bank Pricing Policy?

Dominika Ehrenbergerova, Martin Hodula and Zuzana Rakovska

2020/4: Sovereign Capital, External Balance, and the Investment-Based Balassa-Samuelson Effect in a Global Dynamic Equilibrium

Alexis Derviz

2020/3: Growth-at-Risk: Bayesian Approach

Milan Szabo

2020/2: Finance, Growth and (Macro)Prudential Policy: European Evidence

Martin Hodula and Ngoc Anh Ngo

2020/1: Dynamics of Czech Inflation: The Role of the Trend and the Cycle

Michal Franta and Ivan Sutóris

2019/12: The Elasticity of Substitution between Domestic and Foreign Goods: A Quantitative Survey

Josef Bajzik, Tomas Havranek, Zuzana Irsova and Jiří Schwarz

2019/11: Too Much of a Good Thing? Households' Macroeconomic Conditions and Credit Dynamics

Martin Hodula, Simona Malovana and Jan Frait

2019/10: Introducing a New Index of Households' Macroeconomic Conditions

Martin Hodula, Simona Malovana and Jan Frait

2019/9: How to Improve the Model Selection Procedure in a Stress-testing Framework

Jiri Panos and Petr Polak

2019/8: Death to the Cobb-Douglas Production Function? A Quantitative Survey of the Capital-Labor Substitution Elasticity

Sebastian Gechert, Tomas Havranek, Zuzana Irsova and Dominika Ehrenbergerova

2019/7: Coexistence of Physical and Crypto Assets in a Stochastic Endogenous Growth Model

Alexis Derviz

2019/6: Introducing Macro-Financial Variables into a Semi-Structural Model

Dominika Ehrenbergerova and Simona Malovana

2019/5: Monetary Policy and Shadow Banking: Trapped between a Rock and a Hard Place

Martin Hodula

2019/4: Banks' Credit Losses and Provisioning over the Business Cycle: Implications for IFRS 9

Simona Malovana and Zaneta Tesarova

2019/3: Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve

Ales Bulir and Jan Vlcek

2019/2: The Effect of Higher Capital Requirements on Bank Lending: The Capital Surplus Matters

Dominika Kolcunová and Simona Malovana

2019/1: The Czech Exchange Rate Floor: Depreciation without Inflation?

Jaromir Baxa and Tomáš Šestořád

2018/19: Independent Monetary Policy Versus a Common Currency: A Macroeconomic Analysis for the Czech Republic Through the Lens of an Applied DSGE Model

Jan Bruha and Jaromir Tonner

2018/18: Assessing the External Demand of the Czech Economy: Nowcasting Foreign GDP Using Bridge Equations

Tomas Adam and Filip Novotný

2018/17: Labour Market Flows over the Business Cycle: The Role of the Participation Margin

Kamil Galuscak, Jan Šolc and Paweł Strzelecki

2018/16: Off the Radar: Exploring the Rise of Shadow Banking in the EU

Martin Hodula

2018/15: The Leverage Ratio and Its Impact on Capital Regulation

Lukáš Pfeifer, Martin Hodula, Libor Holub and Zdeněk Pikhart

2018/14: What Influences Private Investment? The Case of the Czech Republic

Martin Gurtler

2018/13: How Do Large Banking Groups Manage the Efficiency of Their Subsidiaries? Evidence from CEE

Václav Hausenblas and Jitka Lesanovska

2018/12: The Pro-Cyclicality of Risk Weights for Credit Exposures in the Czech Republic

Simona Malovana

2018/11: A Macroeconomic Forecasting Model of the Fixed Exchange Rate Regime for the Oil-Rich Kazakh Economy

Tibor Hledik, Karel Musil, Jakub Rysanek and Jaromir Tonner

2018/10: Balance Sheet Implications of the Czech National Bank's Exchange Rate Commitment

Michal Franta, Tomas Holub and Branislav Saxa

2018/9: Estimating the Effective Lower Bound on the Czech National Bank's Policy Rate

Dominika Kolcunová and Tomas Havranek

2018/8: Sparse Restricted Perception Equilibrium

Volha Audzei and Sergey Slobodyan

2018/7: Quantifying the Natural Rate of Interest in a Small Open Economy - The Czech Case

Tibor Hledik and Jan Vlcek

2018/6: What Drives the Distributional Dynamics of Client Interest Rates on Consumer Loans in the Czech Republic? A Bank-level Analysis

Václav Brož and Michal Hlaváček

2018/5: A Profit-to-Provisioning Approach to Setting the Countercyclical Capital Buffer: The Czech Example

Lukáš Pfeifer and Martin Hodula

2018/4: Asset Prices in a Production Economy with Long-run and Idiosyncratic Risk

Ivan Sutóris

2018/3: The Likelihood of Effective Lower Bound Events

Michal Franta

2018/2: Spillovers from Euro Area Monetary Policy: A Focus on Emerging Europe

Soňa Benecká, Ludmila Fadejeva and Martin Feldkircher

2018/1: Non-base Wage Components as a Source of Wage Adaptability to Shocks: Evidence from European Firms, 2010-2013

Jan Babecký, Clémence Berson, Ludmila Fadejeva, Ana Lamo, Petra Marotzke, Fernando Martins and Paweł Strzelecki

2017/16: Firm Investment, Financial Constraints and Monetary Transmission: An Investigation with Czech Firm-Level Data

Oxana Babecká-Kucharčuková and Renata Pasalicova

2017/15: Are the Risk Weights of Banks in the Czech Republic Procyclical? Evidence from Wavelet Analysis

Václav Brož, Lukáš Pfeifer and Dominika Kolcunová