Economists and people interested in economics are kindly invited to attend the open seminars of Eesti Pank. The goal of the open seminars is to promote exchange of ideas between the central bank, the academic community and economic policy institutions.

The program of open seminars was... more

Occasional Paper Series 1/2017 Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in 2014... more
Working Papers of Eesti Pank 6/2017 This paper examines the role of credit providers in the EMU and assesses the effects of credit spreads and credit quantities on economic activity. Movements in credit spreads are far more successful than movements in the external finance mix in... more
Working Papers of Eesti Pank 5/2017 The conflict between Russia and Ukraine that started in March 2014 led to bilateral economic sanctions being imposed on each other by Russia and Western countries, including the members of the euro area. The paper investigates the impact of the sanctions on... more
Working Papers of Eesti Pank 4/2017 This paper analyses the financial fragility of the Estonian household sector using microdata from the Household Finance and Consumption Survey (HFCS). We use a stress-testing framework where the probability of default is evaluated on the basis of the... more
Working Papers of Eesti Pank 3/2017 According to "Schwartz’s conventional wisdom" and what has been called "divine coincidence", price stability should imply macroeconomic and financial stability. However, in light of the recent financial crisis, with monetary... more
Working Papers of Eesti Pank 2/2017 This paper investigates the mutual dependence between housing prices and housing credit in Estonia, a country which experienced rapid debt accumulation during the 2000s and big swings in house prices during that period. We use Bayesian econometric methods... more

From 6 March until 30 June, Eesti Pank and Statistics Estonia will be carrying out research in order to collect information on the assets, liabilities, income and expenses of Estonian households. The survey is being run by the central banks of all the euro area countries in 2017 and is... more


The Estonian Household Finance and Consumption Survey (HFCS) collects data on the assets, liabilities, income and spending of households and is is carried out jointly by Eesti Pank and Statistics Estonia.

Survey participants

Similar surveys are run by the central banks of all the... more

Working Papers of Eesti Pank 1/2017 1/2017 Ragnar Nurkse and the international financial architecture. Ragnar Nurkse Memorial Lecture 2017 World-renowned economist, Professor of Economics at the University of California, and the author of several books on international economy and the monetary... more
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