Annual Report

Estonian Economy and Monetary Policy

Financial Stability Review

Labour Market Review

Financing of the Economy

Estonian Competitiveness Report

Working Papers

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Climate-related financial disclosures

Varia

6/2024 Ludmila Fadejeva, Valentin Jouvanceau, Alari Paulus. Consumer price rigidity in the Baltic states during periods of low and high inflation

5/2024 Tibor Lalinsky, Jaanika Meriküll, Paloma Lopez-Garcia. Productivity-enhancing reallocation during the Covid-19 pandemic

4/2024 Liina Rebane, Merike Kukk and Tairi Rõõm. Wealth disparities between elderly immigrants and natives: a study of Estonia and Latvia

3/2024 Alfred V Guender. Central Bank Stabilisation Policy When Capital Flows Matter: Instruments, Targets, and Trade-offs

2/2024 Natalia Levenko. Monetary policy transmission in different credit markets

1/2024 Konstantīns Beņkovskis, Jaanika Meriküll, Aurelija Proškutė. The transmission of trade shocks across countries: firm-level evidence from the Covid-19 crisis

7/2023 Merike Kukk, Jan Toczynski, Christoph Basten. Beyond the Headline: How Personal Exposure to Inflation Shapes the Financial Choices of Households

6/2023 Dmitry Kulikov, Nicolas Reigl. The natural rate of unemployment in Estonia: empirical determinants and a new semi-structural model

5/2023 Eva Branten. Income expectations, risk attitudes and household borrowing decisions

4/2023 Merike Kukk, Natalia Levenko, Nicolas Reigl. Measuring the Effects of Borrower-based Policies on New Housing Loans in Estonia

3/2023 Karsten Staehr, Oļegs Tkačevs, Katri Urke. Fiscal Performance under Inflation and Inflation Surprises: Evidence from Fiscal Reaction Functions for the Euro Area

2/2023 Łukasz Wiktor Olejnik. Economic growth and military expenditure in the countries on NATOʼs Eastern flank in 1999–2021

1/2023 Karsten Staehr. Economic Growth, Current Account Dynamics and Growth Regimes in the Baltic States

7/2022 Merike Kukk, Natalia Levenko. Interest rate spreads in Estonia: Different stories for different types of loan

6/2022 Gerda Kirpson, Martti Randveer, Nicolas Reigl, Karsten Staehr, Lenno Uusküla. Macroeconomic News and Sovereign Interest Rate Spreads before and during Quantitative Easing

5/2022 Jaanika Meriküll, Alari Paulus. Were jobs saved at the cost of productivity in the Covid-19 crisis?

4/2022 Merike Kukk, Alari Paulus, Nicolas Reigl. Credit market concentration and systemic risk in Europe

3/2022 Karsten Staehr, Katri Urke. The European Structural and Investment Funds and Public Investment in the EU Countries

2/2022 Alari Paulus. Business investment, the user cost of capital and firm heterogeneity

1/2022 Olivier Damette, Karolina Sobczak, Thierry Betti. Financial Transaction Tax, macroeconomic effects and tax competition issues: a two-country financial DSGE model

8/2021 Luca Alfieri, Diana Gabrielyan. The Communication Reaction Function of the European Central Bank. An Analysis Using Topic Modelling

7/2021 Natalia Levenko, Karsten Staehr. Tax compliance in post-transition: You and your friends matter, not the government

6/2021 Mathias Juust. Trade effects of a negative export shock on direct exporters and wholesalers

5/2021 Eva Branten. The role of risk attitudes and expectations in household borrowing in Estonia

4/2021 Jaanika Meriküll, Maryna Tverdostup. The gap that survived the transition: the gender wage gap over three decades in Estonia

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3/2021 Anita Suurlaht. The Asymmetric Effect of Monetary Policy on European Financial Markets

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2/2021 Nicolas Reigl. Expectational Errors and Business Cycle Fluctuations in Europe

1/2021 Juan Carlos Cuestas, Merike Kukk, Natalia Levenko. House price misalignments and economic growth in Europe

8/2020 Tairi Rõõm and Orsolya Soosaar. The gender gap in pension wealth in Europe: Evidence from twenty countries

7/2020 Merike Kukk, Jaanika Meriküll and Tairi Rõõm. The gender wealth gap in Europe: A comparative study using a model averaging methodology

6/2020 Merike Kukk, Natalia Levenko. Alternative financing and the non-performing loans of the corporate sector in Estonia

5/2020 Nataliia Ostapenko. Macroeconomic Expectations: News Sentiment Analysis

4/2020 Karsten Staehr. Export performance and capacity pressures in Central and Eastern Europe

3/2020 Orsolya Soosaar, Allan Puur, Lauri Leppik. Does raising the pension age prolong working life? Evidence from pension age reform in Estonia

2/2020 Natalia Levenko. Elevated survey uncertainty after the Great Recession: a non-linear approach

1/2020 Merike Kukk, W. Fred van Raaij. Joint and individual savings within families: evidence from bank accounts

9/2019 Cécile Couharde, Olivier Damette, Rémi Generoso, Kamiar Mohaddes. The Effects on Growth of El Niño and La Niña: Local Weather Conditions Matter

8/2019 Dmitry Kulikov, Nicolas Reigl. Inflation Expectations in Phillips Curve Models for the Euro Area

7/2019 Juan Carlos Cuestas. On the evolution of competitiveness in Central and Eastern Europe: is it broken?

6/2019 Merike Kukk, Natalia Levenko. Macroeconomic imbalances and loan quality in panels of European countries

5/2019 Jaanika Meriküll, Tairi Rõõm. Are survey data underestimating the inequality of wealth?

4/2019 Jaanika Meriküll, Merike Kukk, Tairi Rõõm. What explains the gender gap in wealth? Evidence from administrative data

3/2019 Juan Carlos Cuestas, Yannick Lucotte, Nicolas Reigl. The evolution and heterogeneity of credit procyclicality in Central and Eastern Europe

2/2019 Thomas Y. Mathä, Stephen Millard, Tairi Rõõm, Ladislav Wintr and Robert Wyszyński. Shocks and labour cost adjustment: evidence from a survey of European firms

1/2019 Jacopo Bonchi. Asset Price Bubbles with Low Interest Rates: Not All Bubbles are Alike

10/2018 Tibor Lalinsky, Jaanika Meriküll. The effect of the single currency on exports: comparative firm-level evidence

9/2018 Natalia Levenko. Actual and perceived uncertainty as drivers of household saving

8/2018 Kersti Harkmann, Karsten Staehr. Current account dynamics and exchange rate regimes in Central and Eastern Europe

7/2018 Nicolas Reigl, Lenno Uusküla. Alternative frameworks for measuring credit gaps and setting countercyclical capital buffers

6/2018 Juan Carlos Cuestas. Changes in sovereign debt dynamics in Central and Eastern Europe

5/2018 Juan Carlos Cuestas, Estefania Mourelle and Paulo José Regis. Real exchange rate misalignments in CEECs: Have they hindered growth?

4/2018 Merike Kukk, Alari Paulus and Karsten Staehr. Income underreporting by the self-employed in Europe: A cross-country comparative study

3/2018 Eva Branten, Ana Lamo, Tairi Rõõm. Nominal wage rigidity in the EU countries before and after the Great Recession: evidence from the WDN surveys

2/2018 Wenjuan Chen and Aleksei Netšunajev. Structural vector autoregression with time varying transition probabilities: identifying uncertainty shocks via changes in volatility

1/2018 Sang-Wook (Stanley) Cho and Julian P. Diaz. Skill Premium Divergence: The Roles of Trade, Capital and Demographics

12/2017 Liina Malk et al. How do firms adjust to rises in the minimum wage? Survey evidence from Central and Eastern Europe

11/2017 Theologos Dergiades, Costas Milas and Theodore Panagiotidis. An assessment of the inflation targeting experience

10/2017 Karsten Staehr, Lenno Uusküla.  Forecasting models for non-performing loans in the EU countries

9/2017 Aurélien Leroy and Yannick Lucotte. Competition and credit procyclicality in European banking

8/2017 Natalia Levenko, Kaspar Oja and Karsten Staehr. Total Factor Productivity Growth in Central and Eastern Europe before, during and after the Global Financial Crisis

7/2017 Juan Carlos Cuestas, Yannick Lucotte and  Nicolas Reigl. Banking sector concentration, competition and financial stability: the case of the Baltic countries

6/2017 Alfred V. Guender. Credit Prices vs. Credit Quantities as Predictors of Economic Activity in Europe: Which Tell a Better Story?

5/2017 Konstantin A. Kholodilin, Aleksei Netšunajev. Crimea and punishment: The impact of sanctions on Russian and European economies

4/2017 Jaanika Meriküll, Tairi Rõõm. The financial fragility of Estonian households: Evidence from stress tests on the HFCS microdata

3/2017 Gregory Levieuge, Yannick Lucotte and Florian Pradines-Jobet. Central banks’ preferences and banking sector vulnerability

2/2017 Juan Carlos Cuestas, Merike Kukk. Asymmetries in the interaction between housing prices and housing credit in Estonia

1/2017 Barry Eichengreen. Ragnar Nurkse and the international financial architecture

11/2016 Georgios Bampinas, Theodore Panagiotidis. Oil and stock markets before and after financial crises: A local Gaussian correlation approach

10/2016 Karsten Staehr. Capital Flows and Growth Dynamics in Central and Eastern Europe

9/2016 Merike Kukk. What are the Triggers for Arrears on Debt? Evidence from Quarterly Panel Data

8/2016 Nicolas Reigl. Forecasting the Estonian Rate of Inflation using Factor Models

7/2016 Lenno Uusküla. Monetary transmission mechanism with firm turnover

6/2016 Simona Ferraro, Jaanika Meriküll and Karsten Staehr. Minimum wages and the wage distribution in Estonia

5/2016 Svetlana Makarova. ECB footprints on inflation forecast uncertainty

4/2016 Punnoose Jacob and Lenno Uusküla. Deep habits and exchange rate pass-through

3/2016 Jaanika Meriküll et al. Export characteristics and output volatility: comparative firm-level evidence for CEE countries

2/2016 Alessandra Cepparulo, Juan Carlos Cuestas and Maurizio Intartaglia. Financial development, institutions and poverty alleviation: an empirical analysis

1/2016 Merike Kukk. Debt repayment problems: what are the implications for consumption?

8/2015 Dmitry Kulikov and Aleksei Netšunajev. Identifying shocks in structural VAR models via heteroskedasticity: a Bayesian approach

7/2015 Manuel Buchholz. How effective is macroprudential policy during financial downturns? Evidence from caps on banks leverage

6/2015 Jaanika Meriküll et al. Assessing European firms exports and productivity distributions: The CompNet trade module

5/2015 Merike Kukk and Karsten Staehr. Macroeconomic factors in corporate and household saving. Evidence from Central and Eastern Europe

4/2015 Juan Carlos Cuestas, Fabio Filipozzi and Karsten Staehr. Uncovered interest parity in Central and Eastern Europe: Expectations and structural breaks

3/2015 Kadri Männasoo and Jaanika Meriküll. The impact of firm financing constraints on R&D over the business cycle

2/2015 Andres Kuusk, Karsten Staehr and Uku Varblane. Sectoral change and labour productivity growth during boom, bust and recovery in Central and Eastern Europe

1/2015 Lenno Uusküla. Firm turnover and inflation dynamics

10/2014 Dmitry Kulikov. Law of One Price in the euro area: an empirical investigation using Nielsen disaggregated price data

9/2014 Jaanika Meriküll and Pille Mõtsmees. Do you get what you ask? The gender gap in desired and realised wages

8/2014 Liina Malk. Determinants of reservation wages: Empirical evidence for Estonia

7/2014 Jaanika Meriküll and Tairi Rõõm. One currency, one price? Euro changeover-related inflation in Estonia

6/2014 Tairi Rõõm and Katri Urke. The Euro changeover in Estonia: Implications for inflation

5/2014 Fabio Filipozzi and Kersti Harkmann. Currency hedge – Walking on the edge?

4/2014 Juan Carlos Cuestas and Karsten Staehr. The Great (De)leveraging in the GIIPS countries. Domestic credit and net foreign liabilities 1998–2013

3/2014 Juan Carlos Cuestas, Luis A. Gil-Alana and Paulo José Regis. On the changes in the sustainability of European external debt: What have we learned

2/2014 Merike Kukk. Distinguishing the components of household financial wealth: The impact of liabilities on assets in euro area countries

1/2014 Jaanika Meriküll and Tairi Rõõm. Are foreign-owned firms different? Comparison of employment volatility and elasticity of labour demand

9/2013 Dmitry Kulikov and Aleksei Netšunajev. Identifying monetary policy shocks via heteroskedasticity: a Bayesian approach

8/2013 Boris Blagov. Financial crises and time-varying risk premia in a small open economy: A Markov-switching DSGE model for Estonia

7/2013 Gertrud Errit and Lenno Uusküla. Euro area monetary policy transmission in Estonia

6/2013 Merike Kukk and Karsten Staehr. Income underreporting by households with business income. Evidence from Estonia