Working Papers

From Czech National Bank, Research and Statistics Department
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2007/11: Why and How to Assess Inflation Target Fulfilment

Jan Filáček

2007/10: Inflation Persistence in New EU Member States: Is It Different Than in the Euro Area Members?

Michal Franta, Branislav Saxa and Katerina Smidkova

2007/9: Unemployment and Inactivity Traps in the Czech Republic: Incentive Effects of Policies

Kamil Galuscak and Jan Pavel

2007/8: Foreign Direct Investment and Productivity Spillovers: Updated Evidence from Central and Eastern Europe

Adam Gersl, Ieva Rubene and Tina Zumer

2007/7: Financial Integration of Stock Markets among New EU Member States and the Euro Area

Ian Babetskii, Lubos Komarek and Zlatuse Komarkova

2007/6: Market Power and Efficiency in the Czech Banking Sector

Anca Pruteanu-Podpiera, Laurent Weill and Franziska Schobert

2007/5: Bad Luck or Bad Management? Emerging Banking Market Experience

Jiri Podpiera and Laurent Weill

2007/4: The Time-Varying Policy Neutral Rate in Real Time: A Predictor for Future Inflation?

Roman Horvath

2007/3: The Convergence of a Transition Economy: The Case of the Czech Republic

Jan Bruha, Jiri Podpiera and Stanislav Polak

2007/2: Does Reform Work? An Econometric Examination of the Reform-Growth Puzzle

Ian Babetskii and Nauro Campos

2007/1: Measuring and Explaining Inflation Persistence: Disaggregate Evidence on the Czech Republic

Ian Babetskii, Fabrizio Coricelli and Roman Horvath

2006/13: Does Inflation Targeting Make a Difference?

Frederic Mishkin and Klaus Schmidt-Hebbel

2006/12: Housing Wealth and Household Indebtedness: Is there a Household 'Financial Accelerator'?

Richard Disney, Sarah Bridges and John Gathergood

2006/11: Measures of Potential Output from an Estimated DSGE Model of the United States

Michel Juillard, Ondra Kamenik, Michael Kumhof and Douglas Laxton

2006/10: Degree of Competition and Export-Production Relative Prices when the Exchange Rate Changes: Evidence from a Panel of Czech Exporting Companies

Jiri Podpiera and Marie Raková

2006/9: Cross-Border Lending Contagion in Multinational Banks

Alexis Derviz and Jiri Podpiera

2006/8: The Maastricht Inflation Criterion: "Saints" and "Sinners"

Ales Bulir and Jaromir Hurnik

2006/7: Fiscal Implications of Personal Tax Adjustments in the Czech Republic

Alena Bičáková, Jiri Slacalek and Michal Slavík

2006/6: Issues in Adopting DSGE Models for Use in the Policy Process

Martin Fukač and Adrian Pagan

2006/5: New Keynesian Model Dynamics under Heterogeneous Expectations and Adaptive Learning

Martin Fukač

2006/4: Supply-Side Performance and Structure in the Czech Republic (1995-2005)

Kamil Dybczak, Vladislav Flek, Dana Hájková and Jaromir Hurnik

2006/3: Fiscal Sustainability - Definition, Indicators and Assessment of Czech Public Finance Sustainability

Ales Krejdl

2006/2: Generational Accounts in the Czech Republic

Kamil Dybczak

2006/1: Aggregate Wage Flexibility in Selected New EU Member States

Ian Babetskii

2005/14: The Brave New World of Central Banking: The Policy Challenges Posed by Asset Price Booms and Busts

Stephen Cecchetti

2005/13: The Spline GARCH Model for Unconditional Volatility and its Global Macroeconomic Causes

Robert Engle and Jose Rangel

2005/12: An Economy in Transition and DSGE: What the Czech National Bank’s New Projection Model Needs

Jaromir Benes, Tibor Hledik, Michael Kumhof and David Vavra

2005/11: The Application of Structured Feedforward Neural Networks to the Modelling of Daily Series of Currency in Circulation

Marek Hlavacek, Michael Koňák and Josef Cada

2005/10: Solving SDGE Models: A New Algorithm for the Sylvester Equation

Ondra Kamenik

2005/09: Plant-Level Nonconvexities and the Monetary Transmission Mechanism

Roman Sustek

2005/08: Exchange Rate Variability, Pressures and Optimum Currency Area Criteria: Lessons for the Central and Eastern European Countries

Roman Horvath

2005/07: Foreign Exchange Interventions and Interest Rate Policy in the Czech Republic: Hand in Glove?

Balázs Égert and Lubos Komarek

2005/06: Deteriorating Cost Efficiency in Commercial Banks Signals an Increasing Risk of Failure

Anca Pruteanu-Podpiera and Jiri Podpiera

2005/05: The Behavioural Equilibrium Exchange Rate of the Czech Koruna

Lubos Komarek and Martin Melecký

2005/04: The Monetary Transmission Mechanism in the Czech Republic (evidence from VAR analysis)

Kateřina Arnoštová and Jaromir Hurnik

2005/03: Determining Factors of Czech Foreign Trade: A Cross-Section Time Series Perspective

Vladimir Benacek, Jiri Podpiera and Ladislav Prokop

2005/02: Structural and Cyclical Unemployment: What Can We Derive from the Matching Function?

Kamil Galuscak and Daniel Münich

2005/01: Effects of Macroeconomic Shocks to the Quality of the Aggregate Loan Portfolio

Ivan Baboucek and Martin Jancar

2004/10: Exchange Rates in the New EU Accession Countries: What Have We Learned from the Forerunners

Ales Bulir and Katerina Smidkova

2004/09: Beyond Balassa - Samuelson: Real Appreciation in Tradables in Transition Countries

Martin Cincibuch and Jiri Podpiera

2004/08: Eigenvalue Decomposition of Time Series with Application to the Czech Business Cycle

Jaromir Benes and David Vavra

2004/07: Anatomy of the Czech Labour Market:From Over-Employment to Under-Employment in Ten Years?

Vladislav Flek, Kamil Galuscak, Jaromir Gottvald, Jaromir Hurnik, Stepan Jurajda, David Navratil, Petr Mares, Daniel Münich, Tomas Sirovatka and Jiri Vecernik

2004/06: Credit Risk and Bank Lending in the Czech Republic

Narcisa Kadlčáková and Joerg Keplinger

2004/05: Identification and Measurement of Relationships Concerning Inflow of FDI: The Case of the Czech Republic

Petr Král

2004/04: Consumers, Consumer Prices and the Czech Business Cycle Identification

Jiri Podpiera

2004/03: The Role of Banks in the Czech Monetary Policy Transmission Mechanism

Anca Pruteanu-Podpiera

2004/02: EU Enlargement and Endogeneity of some OCA Criteria: Evidence from the CEECs

Ian Babetskii

2004/01: Predicting Bank CAMELS and S&P Ratings: The Case of the Czech Republic

Alexis Derviz and Jiri Podpiera

2003/12: Modelling the Second-Round Effects of Supply-Side Shocks on Inflation

Tibor Hledik

2003/11: ERM II Membership - the View of the Accession Countries

Lubos Komarek and Roman Horvath

2003/10: Optimum Currency Area Indices - How Close is the Czech Republic to the Eurozone?

Lubos Komarek, Zdenek Cech and Roman Horvath

2003/09: Credit Risk, Systemic Uncertainties and Economic Capital Requirements for an Artificial Bank Loan Portfolio

Alexis Derviz, Narcisa Kadlčáková and Lucie Kobzová

2003/08: Price Convergence: What Can the Balassa-Samuelson Model Tell Us?

Tomas Holub and Martin Cihak

2003/07: Czech Fiscal Policy: Introductory Analysis

Vladimir Bezdek, Kamil Dybczak and Ales Krejdl

2003/06: FOREX Microstructure, Invisible Price Determinants,and the Central Bank's Understanding of Exchange Rate Formation

Alexis Derviz

2003/05: Some Exchange Rates Are More Stable than Others: Short-Run Evidence from Transition Countries

Ales Bulir

2003/04: Components of the Czech Koruna Risk Premium in a Multiple-Dealer FX Market

Alexis Derviz

2003/03: Determining Factors of the Czech Foreign Trade Balance: Structural Issues in Trade Creation

Vladimir Benacek, Ladislav Prokop and Jan Visek

2003/02: Price Convergence to the EU: What Do the 1999 ICP Data Tell Us?

Martin Cihak and Tomas Holub

2003/01: Microfoundations of the Wage Inflation in the Czech Republic

Kamil Galuscak and Daniel Münich

2002/04: Sectoral Productivity and Real Exchange Rate Appreciation: Much Ado about Nothing?

Vladislav Flek, Lenka Markova and Jiri Podpiera

2002/03: Estimates of Fundamental Real Exchange Rates for the Five EU Pre-Accession Countries

Katerina Smidkova, Ray Barrell and Dawn Holland

2002/02: Estimating Market Probabilities of Future Interest Rate Changes

Martin Hlusek

2002/01: Monetary Policy and the Term Spread in a Macro Model of a Small Open Economy

Viktor Kotlán