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CNB Research News

Quarterly Summary - 1/2020 

Published jointly by the Economic Research Division and the Financial Research Division

Dear all,

We are excited to announce the first issue of the CNB Research News. Our plan is to inform you roughly once every quarter about our latest articles and upcoming events. If you have any feedback on our News or the results in our papers, please let us know.

Stay in touch,

Jan Brůha and Simona Malovaná

 Our Latest Research

March 2020 - CNB WP 12/2019

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

by Josef Bajzík, Tomáš Havránek, Zuzana Iršová and Jiří Schwarz
March 2020 - CNB WP 11/2019

Too Much of a Good Thing? Households’ Macroeconomic Conditions and Credit Dynamics

by Martin Hodula, Simona Malovaná and Jan Frait
March 2020 - CNB WP 10/2019

Introducing a New Index of Households’ Macroeconomic Conditions

by Martin Hodula, Simona Malovaná and Jan Frait 
February 2020 - CNB WP 9/2019

How to Improve the Model Selection Procedure within a Stress Testing Framework

by Jiří Panoš and Petr Polák 
Bank Board Award 2020
February 2020 - CNB WP 7/2019

Coexistence of Physical and Crypto Assets in a Stochastic Endogenous Growth Model

by Alexis Derviz 
January 2020 - CNB WP 6/2019

Introducing Macro-Financial Variables into Semi-Structural Model

by Dominika Ehrenbergerová and Simona Malovaná 
January 2020 - CNB WP 5/2019

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

by Martin Hodula
March 2020 - CNB RPN 3/2019

The Impact of Expectations on IFRS 9 Loan Loss Provisions

by Jiří Panoš and Petr Polák
December 2019 - CNB RPN 2/2019

Inflation Targeting Flexibility: The CNB’s Reaction Function under Scrutiny

by Jan Filáček and Ivan Sutóris 
Bank Board Award 2020
October 2019 - CNB RPN 1/2019

The Contemporary Role of Gold in Central Banks’ Balance Sheets

by Iveta Polášková, Luboš Komárek and Michal Škoda 
All Research Publications
— Don’t miss our upcoming events

21–23 September 2020
Conference on Expectations in Dynamic Macroeconomic Models

1–2 October 2020
4rd Annual Workshop of the ESCB Research Cluster 3 on Financial Stability, Macroprudential Regulation and Microprudential Supervision

November/December 2020
The CNB’s 16th Research Open Day

Note: moved from 25 May 2020 due to the coronavirus situation

Recent events

27 May 2019
The CNB's 15th Research Open Day

16-17 May 2019
Conference The Future of Monetary Policy: What Can We See as the Dust Has Settled?

Hot Topics at Home and Abroad

Global Economic Outlook

March 2020 - CNB GEO

Stablecoins – A Gateway Between Conventional and Crypto Financial Universes?

by Alexis Derviz
February 2020 - CNB GEO

Regional Disparities in Selected EU Countries

by Jan Babecký and Luboš Komárek
January 2020 - CNB GEO

An Alternative, Satellite View of China

by Tomáš Adam and Soňa Benecká
December 2019 - CNB GEO

The Boom in Short-Term Accommodation

by Petr Polák
All Issues of Global Economic Outlook

Thematic Articles on Financial Stability

March 2020 - CNB FS 1/2020

The Relationship between Capital and Liquidity Prudential Instruments

by Zlatuše Komárková, Martin Hodula and Lukáš Pfeifer
May 2019 - CNB FS 4/2019

Minimum Requirement for Own Funds and Eligible Liabilities (MREL): General Approach of the Czech National Bank

by Tomáš Kahoun
May 2019 - CNB FS 3/2019

Estimating the Neutral Czech Government Bond Yield Curve

by Adam Kučera and Milan Szabo
May 2019 - CNB FS 2/2019

The Countercyclical Capital Buffer Rate for Covering the Usual Level of Cyclical Risks in the Czech Republic

by Miroslav Plašil
May 2019 - CNB FS 1/2019

Assessing House Price Sustainability

by Miroslav Plašil and Michal Andrle
All Thematic Articles on Financial Stability

Central Bank Monitoring

March 2020 - Central Bank Monitoring

Monetary Policy Reviews at Central Banks

by Lucie Matějková
All Issues of Central Bank Monitoring
— Spotlight on the Czech Republic's Alignment with the Eura Area

Analyses of the Czech Republic's Current Economic Alignment with the Euro Area, December 2019

Methodological Annex to the Analyses of the Czech Republic's Current Economic Alignment with the Euro Area

Convergence of Regions in Selected EU Countries by Jan Babecký and Luboš Komárek (CNB AA 3/2019)

Synchronisation of Economic Activity in EU Countries  by Oxana Babecká Kucharčuková and Jan Brůha  (CNB AA 2/2019)

An Estimate of Selected Macroeconomic Impacts of Hypothetical Euro Adoption through the Lens of the CNB's Forecasting Model by Jan Brůha and Jaromír Tonner  (CNB AA 1/2019)
— Top Articles from the cnBlog


by Jan Frait, Martin Hodula and Simona Malovaná (9 March 2020)

This blog article summarises the findings of their two research articles on the link between the macroeconomic conditions faced by households and their demand for credit. The authors show that households form their expectations about the future based on current trends, which can lead to excessive indebtedness in good times.


by Martin Hodula (13 February 2020)

Martin Hodula's blog article summarises the findings of his two research articles on shadow banking in Europe. The first article explores the main factors contributing to the growth of shadow banking. The second article analyses the empirical relationship between the ECB's monetary policy and shadow banking growth in euro area countries.

by Dominika Ehrenbergerová and Simona Malovaná (31 January 2020)

A blog article by Dominika Ehrenbergerová and Simona Malovaná summarising the findings of their research paper Introducing Macro-Financial Variables into a Semi-Structural Model, in which they come up with a consistent but flexible tool for forecasting selected macro-financial variables of the Czech economy. The authors show that the model is capable of anticipating turning points in the financial cycle conditional on knowledge of selected macro-financial variables.

by Petr Král and Karel Musil  (25 July 2019)

The CNB has used the g3 model as its main forecasting tool since 2008. The new model contains a whole raft of extensions and thus adds a "plus" to the original "gee-three", not only in the name, but also in the form of better forecasting properties and a more detailed and realistic description of the behaviour of the Czech economy, which has significantly changed and "grown up" over the last 10 years.
Czech National Bank, Na Příkopě 28, 115 03 Praha 1,
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