Research
The objective of the CNB‘s research is to provide outputs which help to expand the knowledge base needed for the core activities of the CNB and which are of a high standard on the international scale. The CNB’s research is focused on seven main areas:
- monetary policy and analysis of monetary policy transmission,
- analysing the transmission of macroprudential and microprudential instruments,
- the interactions between macroprudential, microprudential and monetary policies,
- macroeconomic modelling,
- developing and refining the methodology for stress testing the sectors of the financial system,
- instruments for identifying and quantifying hidden systemic risks,
- the real sector and fiscal policy.
Key features of CNB research
The coordination and implementation of research is carried out by the Research Division, which is part of the Research and Statistics Department. This department consists of two units – the Financial Research Unit and the Economic Research Unit. The Research Division is also responsible for preparing internal standpoints on monetary policy situation reports and the preparation of materials for monetary policy decision-making.
2025
- September 2025 – Second Annual Czech National Bank Workshop
- 23–24 June 2025 – Conference on Assessing the Effectiveness of Monetary Policy during and after the COVID-19 Pandemic
- 20–21 March 2025 – Conference on Real-Time Data Analysis, Methods, and Applications
2024
- 17–18 December 2024 – CNB Workshop on Financial Stability and Macroprudential Policy
- 3 December 2024 – CNB seminar "Interaction of Monetary and Macroprudential Policy" by Markus Behn (European Central Bank)
- 29 November 2024 – CNB-CES keynote lecture by Evi Pappa (Uni Carlos III, Madrid)
- 28 November 2024 – CNB Workshop on Households’ Inflation Expectations
- 29 October 2024 – CNB seminar "Bank Specialization and Corporate Innovation" by Olivier De Jonghe (National Bank of Belgium)
- 15 October 2024 – CNB seminar "Climate Stress Testing" by Roman Vasiľ (National Bank of Slovakia)
- 16–17 May 2024 – Heterogeneous Agents in Macroeconomic Models
- 2 October 2023 – Economic Conference (in Czech only) within the Celebration of the 30th Anniversary of the Czech Republic and Slovak Republic
- 15 May 2023 – CNB Research Open Day
- 28 June 2022 – Market flexibility and monetary integration
- 23 May 2022 – CNB Research Open Day
- Workshop “Exchange Rate: A Shock Absorber or a Shock Generator?” , 6 December 2021
- CNB Research Open Day, 13 September 2021
- Conference on Expectations in Dynamic Macroeconomic Models, 30 August – 1 September 2021
- 4rd Annual Workshop of the ESCB Research Cluster 3 on Financial Stability, Macroprudential Regulation and Microprudential Supervision, 1–2 October 2020
- Conference on Expectations in Dynamic Macroeconomic Models, 21–23 September 2020
- The CNB´s Research Open Day 2020 (cancelled)
- The CNB´s 15th Research Open Day, 27 May 2019
- CNB Economic Research Bulletin No. 2/2018: Interest Rates (pdf, 931 kB)
- The CNB´s 14th Research Open Day, 21 May 2018
- CNB Economic Research Bulletin No. 1/2018: Risk-Sensitive Capital Regulation (pdf, 509 kB)
- Participation of CNB economists at international conferences
Accepted papers:- Michal Franta: Tracking Monetary-Fiscal Interactions Across Time and Space. Annual International Journal of Central Banking Research Conference, 19–20 June 2017, Prague
- Annual International Journal of Central Banking Research Conference (pdf, 136 kB), 19–20 June 2017
- The CNB´s 13th Research Open Day, 15 May 2017
- 25 November 2016, 15:00 – CNB-CES seminar: Insider-Outsider Labor Markets, Hysteresis and Monetary Policy – Jordi Galí, Universitat Pompeau Fabra, CREI. The seminar will be followed by a panel discussion „Labour Markets in Europe Since the Crisis”
Invitation, programme and registration (pdf, 92 kB) - CNB-IES Conference, 6–7 October 2016
- 8 September 2016, 16:00 – CNB-CES seminar: The Macroeconomics of Central Bank Issued Digital Currencies – Michael Kumhof (Bank of England)
Abstract, Paper (pdf, 935 kB) - Participation of CNB economists at international conferences:
Accepted papers:- Kamil Galuščák: Labour Force Participation and Tax-Benefit Systems: A Cross-Country Comparative Perspective. European Economic Association Congress, 22–26 August 2016, Geneva
- Tomáš Havránek, Marek Rusnák: Habit Formation in Consumption: A Meta-Analysis. European Economic Association Congress, 22–26 August 2016, Geneva
- Michal Franta: Rare Shocks vs. Non-Linearities: What Drives Extreme Events in the Economy? Some Empirical Evidence. The European Central Bank BVAR Workshop “New Techniques and Applications of BVAR”, 2 June 2016, Frankfurt am Main
- Jan Babecký, Michal Franta, Jakub Ryšánek: Effects of Fiscal Policy in the DSGE-VAR Framework: The Case of the Czech Republic. The 18th Banca d’Italia Workshop on Public Finance “Current Issues in Fiscal Policy”, 31 March – 2 April 2016, Rome
- 12th CompNet Conference, 21–22 April 2016
- 21 March 2016 – CNB-CES seminar – Fiscal and Financial Crises – Michael D. Bordo, Rutgers University & NBER
Abstract, Paper (pdf, 805 kB), Presentation (pdf, 1.5 MB) - CNB announces Call for Research Projects 2017
- The CNB´s 12th Research Open Day was held on Monday, 16 May 2016. This event provided an opportunity to see some of the best CNB’s current economic research works, to learn about the CNB Call for Research Projects 2017 and to meet CNB researchers informally.
- CNB economists received prestigious awards (27 November 2015):
- Volha Audzei – 1st Prize, František Vencovský Award (The Institute of Finance and Administration Award)
- Jakub Matějů – 1st Prize, Young Economist (Czech Economic Society Award)
- CNB announces Call for Research Projects 2016
- The CNB´s 11th Research Open Day was held on Monday, 18 May 2015. This event provided an opportunity to see some of the best CNB’s current economic research works, to learn about the CNB Call for Research Projects 2016 and to meet CNB researchers informally.
- The CNB Research Open Day conference featured:
- Keynote Speech “Challenges for Monetary Policy after the Global Financial Crisis: The Case of Israel” (pdf, 781 kB) by Karnit Flug, Governor, Bank of Israel
- Czech Economic Society’s Kateřina Šmídková Award for the best Czech female economist (pdf, 306 kB)
- The CNB prize for the two best research papers in 2015:
- Tomáš Havránek, Roman Horváth, Zuzana Iršová and Marek Rusnák for Cross-Country Heterogeneity in Intertemporal Substitution (CNB WP 6/2014), published in the Journal of International Economics
- Peter Claeys a Bořek Vašíček for Measuring Sovereign Bond Spillover in Europe and the Impact of Rating News (CNB WP 7/2012), published in the Journal of Banking and Finance
- CNB announces Call for Research Projects 2015
- Participation of CNB economists at the European Economic Association congress 2013 in Gothenburg (conference programme - link to the EEA website)
Accepted papers:- Kamil Galuščák, Lubomír Lízal: The Impact of Capital Measurement Error Correction on Firm-Level Production Function Estimation
- Peter Claeys, Bořek Vašíček: Measuring Bilateral Spillover and Testing Contagion on Sovereign Bond Markets in Europe
- During the CNB Research Open Day conference on 13 May 2013, the ERD prize was awarded for the best research paper in 2013:
Jan Babecký, Tomáš Havránek, Jakub Matějů, Marek Rusnák and Bořek Vašíček for Early Warning Indicators of Economic Crises: Evidence from a Panel of 40 Developed Countries (CNB WP 8/2011), published in Journal of International Money and Finance - CNB announces Call for Research Projects 2014
- CNB participated in the preparation of the Report on the first two years of the Macro-Prudential Research Network (pdf, link to the ECB website) and CNB experts were mentioned in the Opening speech by Vítor Constâncio, Vice-President of the ECB (link to the ECB website). Overall, about twenty CNB experts are involved in 16 projects running within the MaRs network.
- Participation of CNB economists at the Second Conference of the Macro-prudential Research (MaRs) network in Frankfurt am Main, 2012
Accepted papers:- Jan Babecký, Tomáš Havránek, Jakub Matějů, Marek Rusnák, Kateřina Šmídková, Bořek Vašíček: Banking, Debt and Currency Crises: Early Warning Indicators for Developed Economies (pdf, 918 kB)
- Laurent Clerc, Alexis Derviz, Caterina Mendicino, Livio Stracca, Alexandros Vardoulakis: A Model for Assessing Macro-prudential Regulatory Policies
- Participation of CNB economists at the European Economic Association congress 2012 in Málaga (conference programme - link to the EEA website)
Accepted papers:- Kamil Galuščák, Lubomír Lízal: The Impact of Capital Measurement Error Correction on Firm-Level Production Function Estimation
- Jaromír Baxa, Miroslav Plašil, Bořek Vašíček: Changes in Inflation Dynamics under Inflation Targeting? Evidence from Central European Countries
- Participation of CNB economists at the international conference on Computing in Economics and Finance, CEF 2012, Prague (conference programme - link to the CEF website)
Přijaté příspěvky:- Peter Clayes, Bořek Vašíček: Measuring Sovereign Bond Spillover in Europe and the Impact of Rating News
- Kamil Galuščák, Lubomír Lízal: The Impact of Capital Measurement Error Correction on Firm-Level Production Function Estimation
- Zuzana Antoničová, František Brázdik, František Kopřiva: Decomposing the effects of the data updates in the DSGE model framework for forecasting
- Jaromír Baxa, Miroslav Plašil, Bořek Vašíček: Changes in Inflation Dynamics under Inflation Targeting? Evidence from Central European Countries
- Jan Brůha, Tibor Hlédik: What can go wrong with time-varying parameter estimates of monetary policy rules?
- During the CNB Research Open Day conference on 21st May 2012, the ERD prize was awarded for best research paper in 2012:
Tomáš Havránek and Zuzana Iršová for Which Foreigners Are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI (CNB WP 3/2010), published in Journal of International Economics - CNB announces Call for Research Projects 2013
- Participation of CNB economists at the American Economic Association congress 2012 in Chicago (conference programme - link to AEA website)
Accepted papers:- Michal Franta, Jan Libich, Petr Stehlik: Tracking Monetary-Fiscal Interactions Across Time and Space
- Participation of CNB economists at the First Conference of the Macro-prudential Research (MaRs) network in Frankfurt am Main, 2011
Accepted papers:- Alexis Derviz, Marie Raková: Funding Costs and Loan Pricing by Multinational Bank Affiliates
Paper, Presentation - Jan Babecký,Tomáš Havránek, Jakub Matějů, Marek Rusnák, Kateřina Šmídková, Bořek Vašíček: Early Warning Indicators of Economic Crises: Evidence from a Panel of 40 Developed Countries
Paper, Presentation
- Alexis Derviz, Marie Raková: Funding Costs and Loan Pricing by Multinational Bank Affiliates
- Participation of CNB economists at the European Economic Association congress 2011 in Oslo
Accepted papers
- Marek Rusnák, Tomáš Havránek a Roman Horváth: How to Solve the Price Puzzle? A Meta-Analysis
- During the CNB Research Open Day conference on 24th May 2011, the ERD prize was awarded for best research paper in 2011:
Jan Babecký, Philip Du Caju, Theodora Kosma, Martina Lawless, Julián Messina and Tairi Room for The Margins of Labour Cost Adjustment: Survey Evidence from European Firms (CNB WP 7/2010), published in Scandinavian Journal of Economics - Participation of CNB economists at the Society of Labor Economists annual meeting 2011 in Vancouver
Accepted papers:- Daphne Nicolitsas, Kamil Galuščák, Mary Keeney, Frank Smets, Pawel Strzelecki, and Matija Vodopivec: “The Determination of Wages of Newly Hired Employees: Survey Evidence on Internal versus External Factors”
- New report evaluating CNB research activities in 2010: CNB Economic Research in 2010 (pdf, 416 kB)
- Tomáš Havránek received a First Prize, Medal for Research and Development of the Global Development Network for his work " Which Foreigners Are Worth Wooing? A Meta-Analysis of Vertical Spillovers from FDI".
- Participation of CNB economists at the European Economic Association congress 2010 in Glasgow
Accepted papers:- Kamil Galuščák and Kamil Dybczak: Changes in the Czech Wage Structure: Does Immigration Matter?
- Branislav Saxa, Jiří Böhm and Petr Král: Perception is Always Right: The CNB’s Monetary Policy in the Media
- During the CNB Research Open Day conference on 25th May, the ERFSD prize was awarded for best research papers in 2010:
- Magda Morgese Borys, Roman Horváth and Michal Franta for Effects of Monetary Policy in the Czech Republic: An Empirical Study (CNB WP 4/2008), published in Empirica
- Jan Brůha, Jiří Podpiera and Stanislav Polák for Convergence of a Transition Economy: The Case of the Czech Republic (CNB WP 3/2007), published in Economic Modelling
- Tomáš Havránek recieved an award by Austrian National Bank "Olga Radzyner Award 2009 for Scientific Work on European Economic Integration" for his work "Rose Effect and the Euro: Is the Magic Gone?".
- Participation of CNB economists at the conference 20 Years of Transition in Central and Eastern Europe: Money, Banking and Financial Markets (conference programme)
Accepted papers:- Aleš Bulíř, Jaromír Hurník and Kateřina Šmídková: Inflation Reports: Insights or Gibberish?
- Jan Babecký, Jan Frait, Lubos Komárek and Zlatuše Komárková: Price- and News-based Measures of Financial Integration among New EU Member States and the Euro Area
- Jan Babecký, Jan Frait, Lubos Komárek and Zlatuše Komárková: National and Sectoral Integration of Chinese and Russian Stock Markets with World Markets
- Roman Horváth and Anca Podpiera: Heterogeneity in Bank Pricing Policies: Estimation, Determinants and Policy Implications
- Jan Babecký, Aleš Bulíř and Kateřina Šmídková: Sustainable Real Exchange Rates in the New EU Member States
- Participation of CNB economists at the European Association of Labour Economists 2009 congress in Tallinn (conference programme)
Accepted papers:- Filip Pertold and David Kocourek: Impact of Early Retirement Incentives on Labor Market Participation: Evidence from a Parametric Change in the Czech Republic
- Tairi Room, Theodora Kosma, Jan Babecký, Philip Du Caju, Martina Lawless and Julian Mesina: Downward Nominal and Real Wage Rigidity: Survey Evidence from European Firms
- Participation of CNB economists at the European Economic Association congress 2009 in Barcelona
Accepted papers:- Branislav Saxa: Learning by Exporting or Managerial Quality? Evidence from the Czech Republic
- Claudia Kwapil, Kamil Galuscak, Silvia Fabiani, Ana Lamo, and Tairi Room: New Evidence on Wage Rigidities and Labour Market Adjustments in Europe
- František Brázdik: Monetary Policy in Transition: A Case of Announced Adoption of Exchange Rate Peg
- Participation of CNB economists at the American Economic Association congress 2009 in San Francisco
Accepted papers: