Board

Seminars

Press Conferences

Governor Ülo Kaasik gives a speech on growth, inflation, state debt and the cost of security, and the forecast for the Estonian economy for 2027–2030, and speaks on a panel at the <a href="https://www.majandusjulgeolek.ee/">Majandusjulgeolek 2026</a> roundtable and dinner

Governor Ülo Kaasik gives a speech and takes part in a panel at the Majandusjulgeolek 2026 roundtable and dinner

The International Monetary Fund (IMF) Article IV mission under new head of mission Metodij Hadzi-Vaskov visits Estonia

Preparatory visit of the IMF's Article IV mission with new head of mission 

The Executive Board of Eesti Pank meets representatives of the IMF delegation

Eesti Pank economist Rasmus Kattai speaks on the panel „The Biggest Risks and Opportunities for the Economy” at the 19th Nordic Security & Risk Management Forum

Cash circulation review (Q3 2026)

Eesti Pank economist Peeter Luikmel speaks on the role of the central bank and the outlook for the Estonian economy at <a href="https://fienta.com/212809">an event</a> held by the Investment Club of the Estonian Business School (EBS).

Eesti Pank economist Peeter Luikmel speaks on the role of the central bank and the outlook for the Estonian economy at an event by the EBS Investment Club

Deputy Governor Andrus Alber meets representatives of the Estonian Stockpiling Agency

Eesti Pank economist Taavi Raudsaar speaks at the autumn conference of Uus Maa real estate bureau on where the real estate lending market is heading and the outlook for interest rates, competition and the economy.

Eesti Pank economist Taavi Raudsaar speaks at the autumn conference of Uus Maa real estate bureau

Frederic Warzynski of the Stockholm School of Economics in Riga and CESifo presents research on product and process innovation using evidence from Danish producer-level data. The seminar will be in English.

Co-authors of the research are 𝐌𝐨𝐧𝐬 𝐂𝐡𝐚𝐧 (Queen’s University) and 𝐀𝐦𝐢𝐥 𝐏𝐞𝐭𝐫𝐢𝐧 (University of Minnesota, NBER).

Join the seminar via Microsoft Teamsis: 
Research seminar of Eesti Pank 
<a href="https://teams.microsoft.com/meet/322602170771977?p=wRGYDm0Y6z01V9M9eD ">teams.microsoft.com/meet/322602170771977?p=wRGYDm0Y6z01V9M9eD</a>&nbsp; 
Meeting ID: 322 602 170 771 977 
Passcode: cb2f8dA3

<div class="emphasize">Product versus Process Innovation: Evidence from Danish Producer-Level Data

Firms invest in research and development both to improve the products they sell and to improve the methods used to produce them. We study these two channels using detailed Danish data that link firm-product revenues and physical quantities to firm-level inputs and to firms’ allocation of R&amp;D spending across product and process innovation. We estimate product-level demand to recover a time-varying measure of product appeal conditional on price. We separately estimate a multiproduct production function and a variable cost function to recover physical production efficiency, marginal costs, and markups. Product R&amp;D is associated with higher product appeal and higher prices, while process R&amp;D is associated with lower marginal costs, higher physical efficiency, lower prices, and higher quantities. The decomposition is similar when marginal costs and markups are recovered from demand and when they are recovered from the cost function. The results show that treating R&amp;D as a single investment margin masks important differences between innovation directed toward products and innovation directed toward production processes.
</div>

november 2026