Research publications

The Czech National Bank discloses its research results through two research series –  CNB Working Papers and CNB Research and Policy Notes. Partial research outputs can also be found in Monetary Policy Reports, Financial Stability Reports, Central Bank Monitoring, Global Economic Outlook, Balance of Payments Reports,  Alignment Analyses, thematic articles on financial stability and blog posts. CNB Research News offers a summary of the CNB’s research activities, as well as invitations to forthcoming events, in the form of an e-mail newsletter.

CNB research economists also publish the results of their work in international journals. An overview of selected publications in 2016–2020 is given below. A list of all publications is available in the RePEc database at https://ideas.repec.org/d/cnbgvcz.html (external link).

Occasional and discontinued publication series

  • Franta, M., Holub, T. and Saxa, B. (2022): "Exiting from an Exchange Rate Floor in a Small Open Economy: Balance Sheet Implications of the Czech National Bank's Exchange Rate Commitment". International Journal of Central Banking, 18(2), 51–105.
  • Ehrenbergerová, D., Hodula M. and Gric, Z. (2022): "Does Capital-based Regulation Affect Bank Pricing Policy?" Journal of Regulatory Economics, 61, 135—167.
  • Gric, Z., Ehrenbergerová D. and Hodula, M. (2022): "The Power of Sentiment: Irrational Beliefs of Households and Consumer Loan Dynamics". Journal of Financial Stability, 59, 100973.
  • Bajzik, J. et al. (2020). Estimating the Armington elasticity: The importance of study design and publication bias. (external link) Journal of International Economics, 127, 103383.
  • Bajzik, J. (2021). Trading volume and stock returns: A meta-analysis. (external link) International Review of Financial Analysis, 101923.
  • Galuščák, K., et al. (2021). Labor Market Flows and Stocks over the Business Cycle: The Role of the Participation Margin (external link). Eastern European Economics, 59(5), 449—471.
  • Ehrenbergerová D., Gechert S., Havránek T., Iršová Z. (2021): Measuring capital-labor substitution: The importance of method choices and publication bias (external link) has been published in Review of Economic Dynamics.
  • Rakovská Z. (2021): Composite survey sentiment as a predictor of future market returns: Evidence for German equity indices (external link) has been published in International Review of Economics & Finance.
  • Malovaná S. (2021): The pro-cyclicality of risk weights for credit exposures: Driven by the retail segment has been published in Economic Systems.
  • Vesely, M. (2020): Portfolio optimisation problems with hard-to-optimise objective functions (pdf, 643 kB), 143, published as part of Evolving Practices in Public Investment Management: Proceedings of the Seventh Public Investors Conference.
  • Adam, T., Benecká, S. and Matějů, J. (2018): Financial Stress and Its Non-Linear Impact on CEE Exchange Rates. Journal of Financial Stability, forthcoming.
  • Babecká Kucharčuková, O., Claeys, P. and Vasicek, B. (2016): Spillover of the ECB’s Monetary Policy Outside the Euro Area: How Different is Conventional from Unconventional Policy? Journal of Policy Modeling, 37(1), 1–40.
  • Babecký, J., Galuščák, K. and Žigraiová, D. (2017): Mechanisms of the State Dependence of Wage Setting: Evidence from a Survey of Czech Firms. Eastern European Economics, 55, 342–356.
  • Baxa, J., Plašil, M. and Vašíček, B. (2016): Inflation and the Steeplechase between Economic Activity Variables: Evidence for G7 Countries. The B.E. Journal of Macroeconomics, 16 (3), published online.
  • Bulíř, A., Hurník, J. and Šmídková, K. (2016): What Do Central Banks Know about Inflation Factors? Open Economies Review, 27(4), 795–810.
  • Fiala, T. and Havranek, T. (2017): The Sources of Contagion Risk in a Banking Sector With Foreign Ownership. Economic Modelling, 60(C), 108–121.
  • Franta, M. (2017): Rare Shocks vs. Non-Linearities: What Drives Extreme Events in the Economy? Some Empirical Evidence. Journal of Economic Dynamics and Control, 75(C), 136–157.
  • Franta, M. (2016): The Effect of Non-Linearity Between Credit Conditions and Economic Activity on Density Forecasts. Journal of Forecasting, 35(2), 147–166.
  • Franta, M., Havrlant, D. and Rusnák, M. (2016): Forecasting Czech GDP Using Mixed-Frequency Data Models. Journal of Business Cycle Research, 12(2), 165–185.
  • Franta, M., Libich, J. and Stehlík, P. (2018): Tracking Monetary-Fiscal Interactions Across Time and Space. International Journal of Central Banking, 14(3), forthcoming.
  • Galuščák, K., Hlaváč, P. and Jakubík, P. (2016): Household Resilience to Adverse Macroeconomic Shocks: Evidence from Czech Microdata. International Review of Applied Economics, 30(3), 377–402.
  • Geršl, A., Komárková, Z. and Komárek, L. (2016): Liquidity Stress Testing with Second-Round Effects: Application to the Czech Banking Sector. Czech Journal of Economics and Finance, 66(1), 32–49.
  • Hájek, J. and Horváth, R. (2016): The Spillover Effect of Euro Area on Central and Southeastern European Economies: A Global VAR Approach. Open Economies Review, 27(2), 359–385.
  • Hampl, M. and Havránek, T. (2017): Should Monetary Policy Pay Attention to Hose Prices? The Czech National Bank’s Experience. Central Banking Journal, 27(4), 28–37.
  • Havranek, T., Horvath, R. and Zeynalov, A. (2016): Natural Resources and Economic Growth: A Meta-Analysis. World Development, 88(C), 134–151.
  • Havránek, T. and Iršová, Z. (2016): Do Borders Really Slash Trade? A Meta-Analysis. IMF Economic Review, published online, 1–32.
  • Havránek, T., Iršová, Z. and Herman, D. (2018): Does Daylight Saving Save Energy? A Meta-Analysis. Energy Journal, 39(2), 35–61.
  • Havránek, T., Iršová, Z. and Zeynalova, O. (2018): Measuring the Income Elasticity of Water Demand: The Importance of Publication and Endogeneity Biases. Land Economics, 94(2), 259–283.
  • Havránek, T., Iršová, Z. and Lešanovská, J. (2016): Bank Efficiency and Interest Rate Pass-Through: Evidence from Czech Loan Products. Economic Modelling, 54(C), 153–169.
  • Havránek, T., Iršová, Z. and Schwarz, J. (2016): Dynamic Elasticities of Tax Revenue: Evidence from the Czech Republic. Applied Economics, 48(60), 5866–5881.
  • Havránek, T., Rusnák, M. and Sokolova, A. (2017): Habit Formation in Consumption: A Meta-Analysis. European Economic Review, 95(1), 142–167.
  • Hejlová, H., Hlaváček, M. and Komárek, L. (2017): A Comprehensive Method for House Price Sustainability Assessment in the Czech Republic. Prague Economic Papers, 26(3), 269–285.
  • Hlaváček, M., Novotný, O. and Rusnák, M. (2016): Analysis of the Commercial Property Prices in the Central European Countries. Politická ekonomie, 2016(1), 1–16.
  • Hlédik, T., Holub, T. and Král, P. (2016): The Czech National Bank’s Role since the Global Crisis. Public Finance Quarterly (Hungary), Focus: New Central Bank Policies, 2016/1, 65–93.
  • Joy, M., Rusnák, M., Šmídková, K. and Vašíček, B. (2017): Banking and Currency Crises: Differential Diagnostics for Developed Countries. International Journal of Finance & Economics, 22(1), 44–67.
  • Kadlčáková, N., Komárek, L., Komárková, Z. and Hlaváček, M. (2016): Identification of Asset Price Misalignments on Financial Markets With Extreme Value Theory. Emerging Markets Finance and Trade, 52(11), 2595–2609.
  • Komárek, L. and Kadlčáková, N. (2017): Foreign Exchange Market Contagion in Central Europe from the Viewpoint of Extreme Value Theory. Prague Economic Papers, published online.
  • Konečný, T. and Babecká-Kucharčuková, O. (2016): Credit Spreads and the Links between the Financial and Real Sectors in a Small Open Economy: The Case of the Czech Republic. Czech Journal of Economics and Finance, 66(4), 302–321.
  • Malovaná, S. and Frait, J. (2017): Monetary Policy and Macroprudential Policy: Rivals or Teammates? Journal of Financial Stability, 32(C), 1–16.
  • Novotný, F. (2018): Profitability Life Cycle of Foreign Direct Investment: Application to the Czech Republic. Emerging Markets Finance and Trade, 54(7), 1623–1634.
  • Pfeifer, L., Holub, L., Pithart, Z. and Hodula, M. (2017): Interaction of Capital and Liquidity Regulation in the Banking Sector (in Czech). Politická ekonomie, 65(5), 525–545.
  • Pfeifer, L., Holub, L., Pithart, Z. and Hodula, M. (2017): Leverage Ratio and its Impact on the Resilience of the Banking Sector and Efficiency of Macroprudential Policy. Czech Journal of Economics and Finance, 67(4), 277–299.
  • Plašil, M., Seidler, J. and Hlaváč, P. (2016): A New Measure of the Financial Cycle: Application to the Czech Republic. Eastern European Economics, 54 (4), 296–318.
  • Polák, P. (2017): The productivity paradox: A meta-analysis. Information Economics and Policy, 38, 38–54.
  • Polák, P. (2018): The Euro’s Trade Effect: A Meta-Analysis. Journal of Economic Surveys, forthcoming
  • Rusnák, M. (2016): Nowcasting Czech GDP in Real Time. Economic Modelling, 54(C), 26–39.
  • Schwarz, J. and Pospíšil, M. (2018): Bankruptcy, Investment, and Financial Constraints: Evidence from the Czech Republic. Eastern European Economics, 56(2), 99–121.
  • Skorepa, M. and Komarek, L. (2017): Real Exchange Rates: Are They Dominated by Fundamental Factors? Applied Economic Letters, 24(19), 1389–1392.
  • Žigraiová, D.  and Havránek, T. (2016): Bank Competition And Financial Stability: Much Ado About Nothing? Journal of Economic Surveys, 30(5), 944–981.