Working Papers

From Czech National Bank, Research and Statistics Department
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2017/11: House Prices and Household Consumption: The Case of the Czech Republic

Jan Bruha, Michal Hlaváček and Lubos Komarek

2017/10: An Empirical Analysis of Macroeconomic Resilience: The Case of the Great Recession in the European Union

Jan Bruha and Oxana Babecká-Kucharčuková

2017/9: Does Monetary Policy Influence Banks' Perception of Risks?

Simona Malovana, Dominika Kolcunová and Václav Brož

2017/8: Banks' Capital Surplus and the Impact of Additional Capital Requirements

Simona Malovana

2017/7: A BVAR Model for Forecasting of Czech Inflation

František Brázdik and Michal Franta

2017/06: Understanding Rating Movements in Euro Area Countries

Jan Bruha, Moritz Karber, Beatrice Pierluigi and Ralph Setzer

2017/05: International Spillovers of (Un)Conventional Monetary Policy: The Effect of the ECB and US Fed on Non-Euro EU Countries

Jan Hajek and Roman Horvath

2017/04: An Exchange Rate Floor as an Instrument of Monetary Policy: An Ex-post Assessment of the Czech Experience

Jan Bruha and Jaromir Tonner

2017/03: Updating the Ultimate Forward Rate over Time: A Possible Approach

Diana Zigraiova and Petr Jakubík

2017/02: A DSGE Model with Financial Dollarization - the Case of Serbia

Mirko Djukic, Tibor Hledik, Jiri Polansky, Ljubica Trajcev and Jan Vlcek

2017/01: System Priors for Econometric Time Series

Michal Andrle and Miroslav Plašil

2016/12: Margins of Trade: Czech Firms Before, During and After the Crisis

Kamil Galuscak and Ivan Sutóris

2016/11: Nowcasting the Czech Trade Balance

Oxana Babecká-Kucharčuková and Jan Bruha

2016/10: Credit Constraints and Creditless Recoveries: An Unsteady State Approach

Alexis Derviz

2016/09: Effects of Fiscal Policy in the DSGE-VAR Framework: The Case of the Czech Republic

Jan Babecký, Michal Franta and Jakub Rysanek

2016/08: Do Consumers Really Follow a Rule of Thumb? Three Thousand Estimates from 130 Studies Say "Probably Not"

Tomas Havranek and Anna Sokolova

2016/07: Confidence Cycles and Liquidity Hoarding

Volha Audzei

2016/06: Monetary Policy and Macroprudential Policy: Rivals or Teammates?

Simona Malovana and Jan Frait

2016/05: Iterated Multi-Step Forecasting with Model Coefficients Changing Across Iterations

Michal Franta

2016/04: Intraday Dynamics of Euro Area Sovereign Credit Risk Contagion

Lubos Komarek, Kristyna Ters and Jorg Urban

2016/03: On the Sources of Business Cycles: Implications for DSGE Models

Michal Andrle, Jan Bruha and Serhat Solmaz

2016/02: Monetary Transmission: Are Emerging Market and Low-Income Countries Different?

Ales Bulir and Jan Vlcek

2016/01: Natural Resources and Economic Growth: A Meta-Analysis

Tomas Havranek, Roman Horvath and Ayaz Zeynalov

2015/16: Limited Liability, Asset Price Bubbles and the Credit Cycle: The Role of Monetary Policy

Jakub Matějů and Michal Kejak

2015/15: Empirical Analysis of Labor Markets over Business Cycles: An International Comparison

Jan Bruha and Jiri Polansky

2015/14: Management Board Composition of Banking Institutions and Bank Risk-Taking: The Case of the Czech Republic

Diana Zigraiova

2015/13: Dynamics of Linear Forward-looking Structural Macroeconomic Models at the Zero Lower Bound: Do Solution Techniques Matter?

Jan Bruha

2015/12: Evaluating a Structural Model Forecast: Decomposition Approach

František Brázdik, Zuzana Humplova and Frantisek Kopriva

2015/11: Profitability Life Cycle of Foreign Direct Investment and its Application to the Czech Republic

Filip Novotný

2015/10: Does Greater Capital Hamper the Cost Efficiency of Banks?

Jitka Lesanovska and Laurent Weill

2015/09: Bank Efficiency and Interest Rate Pass-Through: Evidence from Czech Loan Products

Tomas Havranek, Zuzana Irsova and Jitka Lesanovska

2015/08: Dynamic Elasticities of Tax Revenue: Evidence from the Czech Republic

Tomas Havranek, Zuzana Irsova and Jiří Schwarz

2015/07: Exchange Rate Dynamics and its Effect on Macroeconomic Volatility in Selected CEE Countries

Volha Audzei and František Brázdik

2015/06: Labour Market Modelling within a DSGE Approach

Jaromir Tonner, Stanislav Tvrz and Osvald Vasicek

2015/05: In the Quest of Measuring the Financial Cycle

Miroslav Plašil, Tomas Konecny, Jakub Seidler and Petr Hlaváč

2015/04: Rare Shocks vs. Non-linearities: What Drives Extreme Events in the Economy? Some Empirical Evidence

Michal Franta

2015/03: Habit Formation in Consumption: A Meta-Analysis

Tomas Havranek, Marek Rusnák and Anna Sokolova

2015/02: Bank Competition and Financial Stability: Much Ado about Nothing?

Tomas Havranek and Diana Zigraiova

2015/01: Do Borders Really Slash Trade? A Meta-Analysis

Tomas Havranek and Zuzana Irsova

2014/16: Banking and Currency Crises: Differential Diagnostics for Developed Countries

Mark Joy, Marek Rusnák, Katerina Smidkova and Bořek Vašíček

2014/15: Spillover of the ECB's Monetary Policy Outside the Euro Area: How Different is Conventional From Unconventional Policy?

Oxana Babecká-Kucharčuková, Peter Claeys and Bořek Vašíček

2014/14: Forecasting Mortgages: Internet Search Data as a Proxy for Mortgage Credit Demand

Branislav Saxa

2014/13: Adverse Effects of Monetary Policy Signalling

Jan Filáček and Jakub Matějů

2014/12: The Housing Sector over Business Cycles: Empirical Analysis and DSGE Modelling

Jan Bruha and Jiří Polanský

2014/11: The Impact of Financial Variables on Czech Macroeconomic Developments: An Empirical Investigation

Tomas Adam and Miroslav Plašil

2014/10: Labour Force Participation and Tax-Benefit Systems: A Cross-Country Comparative Perspective

Kamil Galuscak and Gábor Kátay

2014/09: The Czech Housing Market Through the Lens of a DSGE Model Containing Collateral-Constrained Households

Jan Bruha and Jaromir Tonner

2014/08: Forecasting Czech GDP Using Mixed-Frequency Data Models

Michal Franta, David Havrlant and Marek Rusnák

2014/07: Risk Aversion, Financial Stress and Their Non-Linear Impact on Exchange Rates

Tomas Adam, Soňa Benecká and Jakub Matějů

2014/06: Cross-Country Heterogeneity in Intertemporal Substitution

Tomas Havranek, Roman Horvath, Zuzana Irsova and Marek Rusnák