Previous research seminars of Eesti Pank

Research seminars in 2023

Research seminars in 2022

Research seminars of Eesti Pank in 2020

DateLecturer (institution) and topic   
20.02.2020Madina Karamysheva (HSE University)
Prudential policies and systemic risk: the role of interconnections
06.02.2020Toomas Laarits (NYU Stern School of Business)
Precautionary Savings  and the Stock-Bond Covariance
30.01.2020Josue Mabulango Diwambuena (Free University of Bozen)
The Decline in Labor Productivity in Italy. A Macroeconomic Perspective
Stephanie Rendon De La Torre (TalTech)
From econophysics to networks to data science: Estonian network of payments


Research seminars of Eesti Pank in 2019

DateLecturer (institution) and topic   
7 NovemberNataliia Ostapenko (University of Tartu)
Identification of the monetary policy shocks from the Federal Reserve surprises
5 NovemberYassine Bakkar (TalTech)
Internationalization, Foreign Complexity and Systemic Risk: European Banks Perspective
10 October
Anton Skrobotov (Russian Presidential Academy of National Economy and Public Administration)
New Approaches to Robust Inference on Market (Non-)Efficiency, Volatility Clustering and Non-linear Dependence
3 OctoberAd van Riet (United Nations University)

The quest for a safe sovereign asset for the Eurozone

5 SeptemberRachatar Nilavongse (TalTech)

House Price Expectations, Boom-Bust Cycles and Implications for Monetary Policy

8 July

Javier Ordóñez (Universitat Jaume I)
Economic integration, within-country and between-country inequality in Europe

10 MayKonstantinos Theodoridis (Cardiff University)
Understanding International Long-Term Interest Rate Comovement
8 MayFred van Raaij (Tilburg University)
Behavioral Finance and Self-control
18 MarchTimo Teräsvirtä (Aarhus University)

Transition from the Taylor rule to the zero lower bound

28 FebruaryMathias Trabandt (Freie Universität Berlin)
Resolving the Missing Deflation Puzzle
14 FebruaryAnita Suurlaht (UCD School of Business)
Correlation Dynamics in the G7 Stock Markets
7 FebruaryKaren Davtyan (ESADE Business School/Universitat de Barcelona)
Unconventional Monetary Policy and Income Inequality
25 JanuaryM. Alper Cenesiz (University of Porto)
Income Effects and the Cyclicality of Job Search Effort


Research seminars of Eesti Pank in 2018

DateLecturer (institution) and topic   
6 December

Toomas Laarits (Yale University)
Pre-Announcement Risk

28 NovemberCeremony of the Eesti Pank research award 2018
Tarmo Puolokainen: Public Agencies’ Performance Benchmarking in the Case of Demand Uncertainty with an Application to Estonian, Finnish and Swedish Fire and Rescue Services
Janely Põllumägi: Krediitkaardi omamist ja limiidikasutust selgitavad tegurid
Mykola Herasymovych: Optimizing Acceptance Threshold in Credit Scoring using Reinforcement Learning
22 NovemberNiku Määtänen (ETLA and Aalto University)
Welfare Effects of Housing Transaction Taxes: A Quantitative Analysis with an Assignment Model
22 August
Helmut Lütkepohl (Freie Universität Berlin)
Bayesian Inference for Structural Vector Autoregressions Identified by Markov-Switching Heteroskedasticity
24 MayMichael Ehrmann (European Central Bank)
Stock Return Comovement when Investors are Distracted: More, and More Homogeneous
21 MaySylwia Nowak and Faezeh Raei (IMF)
IMF Regional Economic Outlook Spring 2018
Chapter 2: European Wage Dynamics and Labor Market Integration
26 AprilKarl Walentin (Sveriges Riksbank)
Learning on the Job and the Cost of Business Cycles
29 MarchAleksandar Vasilev (Sofia University)

A real-business-cycle model with efficiency wages and a government sector: the case of Bulgaria

22 MarchOlivier Damette (University of Lorraine/UFR DEA Metz/BETA-CNRS)
Taxing the Financial Transactions in Europe : New empirical investigations
13 MarchJacopo Bonchi (Sapienza University of Rome)

Secular stagnation and rational bubbles: How bubbles postpone low interest rates

8 FebruaryBruno Karoubi (Science Po)
Does Crime Influence the Payment Decisions of Consumers?


Research seminars of Eesti Pank in 2017

Date  Lecturer (institution) and topic   
31 October
Sang-Wook (Stanley) Cho (University of New South Wales in Australia/Bank of Estonia)
Skill premium divergence: the roles of trade, capital and demographics
12 October
Michael Pedersen (Banco Central de Chile)
Credit risk and monetary pass-through. Evidence from Chile
10 OctoberChristopher A. Hartwell (CASE - Center for Social and Economic Research)

Do Poor Institutions Create More Losers from Globalization?

21 SeptemberTimo Teräsvirta (Aarhus University)
The Shifting Seasonal Mean Autoregressive Model and Seasonality in the Central England Monthly Temperature Series, 1772—2016
15 AugustUtpal Bhattacharya (Hong Kong University of Science and Technology)
Spillovers in Asset Prices: The Curious Case of Haunted Houses
21 July
Előd Takáts (Bank for International Settlements)
Exchange rate pass-through: What has changed since the crisis?
19 JuneBank of Estonia´s research seminar 2017

10.00–10.45 Tairi Rõõm (Bank of Estonia), “The financial fragility of Estonian households: Evidence from stress tests on the HFCS microdata” (authors: Jaanika Meriküll and Tairi Rõõm)
10.45–11.00 Coffee break
11.00–11.45 Juan Carlos Cuestas (Bank of Estonia), “Asymmetries in the interaction between housing prices and housing credit in Estonia” (authors: Juan Carlos Cuestas and Merike Kukk)
11.45–12.00 Coffee break
12.00–12.45 Yannick Lucotte (Visiting researcher, Bank of Estonia), “Banking sector concentration, competition and financial stability: The case of the Baltic states” (authors: Juan Carlos Cuestas, Yannick Lucotte and Nicolas Reigl)

14 JuneAmaresh Kumar Tiwari (University of Tartu)
Panel data binary response model in a triangular system with unobserved heterogeneity
1 JuneOlympia Bover (Banco de España)
Some results on household subjective probabilities of future house prices
27 AprilKarl Taylor (University of Sheffield)
Savings, expectations and financial hardship
30 MarchMariarosaria Comunale (Bank of Lithuania)
Current account and REER misalignments in Central Eastern EU countries: an update using the macroeconomic balance approach
16 FebruaryAnna Pestova (NRU HSE and CMASE, Russia/Center for Macroeconomic Analysis and Short-Term Forecasting)
On the economic effect of Western sanctions on Russia
13 FebruaryTuomas Malinen (University of Helsinki)
To default or not: The aftermath of sovereign defaults and IMF austerity programs during economic crises
10 FebruaryPaul Hubert (OFCE - Sciences Po)
Does Monetary Policy generate Asset Price Bubbles? (co-authored with Christophe Blot and Fabien Labondance)
12 JanuaryProf Barry Eichengreen (University of California)
Ragnar Nurkse and the International Financial Architecture
(2017 Professor Ragnar Nurkse Memorial Lecture)


Research seminars of Eesti Pank in 2016

Date              Lecturer (institution) and topic                                                                                                                      
24 November
Tarvo Vaarmets, Kristjan Liivamägi and Tõnn Talpsepp (Tallinn University of Technology)
How Does Learning and Education Help to Overcome the Disposition Effect
(The winner of the Eesti Pank research award for doctoral studies for 2016)
29 September
Petra Marotzke (Deutsche Bundesbank)
Wage adjustment and employment in Europe
20 SeptemberKarsten Staehr (Bank of Estonia/Tallinn University of Technology)
Minimum wages and the wage distribution in Estonia
18 AugustMichael Burda (Humboldt Universität)
The Threat of European Disintegration
2 AugustYvonne Kreis (Gutenberg University Mainz)
Systemic risk in a structural model of bank default linkages
21 JulyApostolos Thomadakis (University of Warwick)
Determinants of credit constrained firms: Evidence from Central and Eastern Europe region
24 May
Sarah Brown (University of Sheffield)
Portfolio Allocation, Background Risk, and Household’s Flight to Safety
18 MayKonstantins Benkovskis (Bank of Latvia)
Misallocation of resources in Latvia: Did anything change during the crisis?
10 MayPaolo Zagaglia (Universita di Bologna)
Communication Policy Revisited: The ECB Tone and the Term Structure
12 AprilYannick Lucotte (PSB Paris School of Business)
Is there a competition-stability trade-off in European banking?
1 AprilJosé J. Cao-Alvira (Lehman College of the City University of New York)
On the Recent U.S. Banking Interventions and the Mortgages Purchased by Fannie Mae
18 MarchZsolt Darvas (Bruegel)
Filling the gap: open economy considerations for more reliable potential output estimates (with András Simon)
8 MarchPeter Sarlin (Hanken School of Economis /RiskLab Finland)
RiskRank: Measuring Interconnected Risk
26 FebruaryJiri Slacalek (ECB)
The Distribution of Wealth and the Marginal Propensity to Consume
(with Christopher Carroll, Kiichi Tokuoka and Matthew N. White)


Research seminars of Eesti Pank in 2015

Date                Lecturer (institution) and topic
25 November
Punnoose Jacob (Reserve Bank of New Zealand)
A Macroprudential Stable Funding Requirement and Monetary Policy in a Small Open Economy
23 NovemberNicolas Veron (Bruegel)
Banking Union, Capital Markets Union, and the Current Outlook for EU Financial Reform
16 NovemberTheodoros Panagiotidis (University of Macedonia)
Does inflation targeting matter?
01 OctoberJacob Kleinow (Freiberg University)
Determinants of Systemically Important Banks: The Case of Europe
28 SeptemberManuel Buchholz (Halle Institute for Economic Research)
Caps on banks̕  leverage and domestic credit after the crisis
3 September
Julia Wörz (Oesterreichische Nationalbank)
The trade and import demand nexus: Do global value chains matter?

30 June

Peter Sarlin (Hanken School of Economis /RiskLab Finland)
Towards robust early-warning models: A horse race, ensembles and model uncertainty
15 JuneJosef C Brada (Arizona State University)
Open seminar presentation "Microfoundations for the Role of Corruption in Foreign Direct Investment" in the framework of the international conference "Economic Challenges in Enlarged Europe" (14-16 June 2015, Tallinn
21 May
Aleksei Netšunajev (Freie Universität Berlin)
Economic Policy Uncertainty Spillovers in the US and Euro Area
10 AprilMarkus Haavio (Bank of Finland)
From Finnish great depression to great recession
16 FebruaryHarri Turunen (University of Cambridge)
Government spending in a volatile economy at the zero lower bound
19 FebruaryManuel Buchholz (Halle Institute for Economic Research)
Unit labor cost adjustment in GIIPS vs. BELL countries since the crisis: the role of enhanced central bank liquidity and rescue packages


Research seminars of Eesti Pank in 2014

DateLecturer (institution) and topic
27 NovemberKirsten Lommatzsch (Deutsche Bundesbank)
The value-added trade weighted unit labor cost indicator (TWULC) - an alternative for calculating real exchange rates?
19 NovemberMagnus Piirits/Andres Võrk (University of Tartu)
Analysis of intergenerational effects of the pension system reforms in Estonia based on simulation (in Estonian)
4 NovemberProf. Ragnar Nurkse Memorial Lecture Series
Prof. Leszek Balcerowicz (Warsaw School of Economics)
Euro: problems and solutions
19 AugustGiancarlo Corsetti (University of Cambridge)
Liquidity and consumption, using earthquakes as natural experiments (co-authors Antonio Acconcia and Saverio Simonelli)
Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment (co-authors Antonio Acconcia and Saverio Simonelli)
30 JuneJuan Carlos Cuestas (University of Sheffield)
The Great (De)leveraging in the GIIPS countries. Foreign liabilities and private credit 1998-2013
18 JuneJavier Ordonez (University Jaume I)
Real unit labour costs in Eurozone countries: Drivers and clusters
17 JuneStephanie Schmitt-Grohé (Columbia University)

Open seminar presentation "Downward Nominal Wage Rigidity, Currency Pegs, and Involuntary Unemployment" in the framework of the international conference "Economic Challenges in Enlarged Europe" (16-18 June, Tallinn)

3 AprilAleksei Netšunajev (Freie Universität Berlin)
Inflation Expectations Spillover between the United States and Euro Area
27 FebruaryAnne Lauringson (Eesti Töötukassa)
The size of the disincentive effect of unemployment benefits during a boom-bust cycle
1 FebruaryFabrizio Zilibotti (Institute for Empirical Research in Economics)
Open seminar presentation "War Signals: A Theory of Trade, Trust and Conflict" in the framework of the 9th Annual International Conference of the Estonian Economic Association


Research seminars of Eesti Pank in 2013

DateLecturer (institution) and topic
6 DecemberChristopher A. Hartwell (Institute for Emerging Market Studies)
Institutions, resource rents, and cleanliness: The institutional basis of efficiency in resource-rich countries
19 NovemberAlari Paulus (University of Essex)
Tax evasion and measurement error: An econometric analysis of income survey data linked with tax records
11 OctoberThiago de Oliveira Souza (Bradford University)
Strategic asset allocation with heterogeneous beliefs
12 SeptemberFederica Teppa (De Nederlandsche Bank)
Presentation 1: Are retirement decisions vulnerable to framing effects? Empirical evidence from NL and the US
Presentation 2: Can the longevity risk alleviate the annuitization puzzle? Empirical evidence from Dutch data
4 SeptemberBoris Blagov (Hamburg University)
Financial Crises and Time-Varying Risk Premia in a Small Open Economy: A Markov-Switching DSGE Model for Estonia
17 JuneSimon Benninga (Tel Aviv University)
Open seminar presentation "Regulating Complexity" in the framework of the international conference „Economic Challenges in Enlarged Europe
6 JuneLiina Malk (Bank of Estonia)
Relaxation of employment protection and its effects on labour reallocation
Tairi Rõõm and Jaanika Meriküll (Bank of Estonia)
Foreign ownership and host country employment volatility
08 MayRobert Vermeulen (De Nederlandsche Bank)
Net Foreign Asset (Com)position: Does Financial Development Matter?
26 MarchGiovanni Calice (University of Birmingham)
Liquidity Spillovers in Sovereign Bond and CDS Markets: An Analysis of The Eurozone Sovereign Debt Crisis
31 January
Karsten Staehr (Tallinn University of Technology/Bank of Estonia)
The Euro Plus Pact: Competitiveness and External Capital Flows in the EU Countries
Lenno Uusküla (Bank of Estonia)
The euro exchange rate during the European sovereign debt crisis – dancing to its own tune?
23 JanuaryCatherine Fuss (National Bank of Belgium)
Firm dynamics and employment adjustment: the role of multinationals


Research seminars of Eesti Pank in 2012

DateLecturer (Institution) and topic
7 December
Joanna Tyrowicz (University of Warsaw)
Returns to higher education for immigrants to the UK from Poland and other CEE countries
16 NovemberSeminar on labour market issues (Partners: Eesti Pank, University of Tartu, PRAXIS and CENTAR)

Jaanika Meriküll (Eesti Pank): Tööjõu mobiilsus ja majandustsükkel: Balti riikide lugu

Ott-Siim Toomet (University of Tartu): Kas haritumad migrandid pöörduvad tagasi? Eesti-Soome migratsiooni analüüs mitmemõõtmeliste haridusandmete põhjal

Andres Võrk (PRAXIS): Töötamise stiimulite analüüs Eesti toetuste- ja maksusüsteemis

Janno Järve (CENTAR): Tööturukoolituse ja palgatoetuse efektiivsuse hindamine

8 NovemberAndres Sutt (European Financial Stability Facility)
Euroopa võlakriis ja kriisimeetmed
19 OctoberJaime Guajardo (International Monetary Fund)
World Economic Outlook
02 October
David Seim (Institute for International Economic Studies, Stockholm University)
Tax Rates, Tax Evasion and Cognitive Skills
21 JuneGabor Katay (Magyar Nemzeti Bank)
Assessing Changes of the Tax-Transfer System: a New General Equilibrium Microsimulation Approach
24 May

Teodora Borota (Uppsala University)
World Trade Patterns and Prices: The Role of Productivity and Quality Heterogeneity?

10 MayIndermit Gill (The World Bank)
Golden Growth: Restoring the Lustre of the European Economic Model
7 April
Konstantîns Benkovskis (Bank of Latvia)
Evaluation of non-price competitiveness of exports from Central, Eastern and Southeastern European countries in the EU market
12 April
Natalja Viilmann, Orsolya Soosaar (Eesti Pank)
Eesti tööturu ülevaade
1 March

Kadri Männasoo (Eesti Pank, visiting researcher)
Determinants of Bank Interest Spread in Estonia

Jaanika Meriküll (Eesti Pank)
Households Borrowing During a Creditless Recovery

Dmitry Kulikov (Eesti Pank)
Consumption Sensitivities in Estonia: Income Shocks of Different Persistence

2 February
Karsten Staehr (Eesti Pank)
The impact of the global financial crisis on output performance across the European Union: vulnerability and resilience

Lenno Uusküla (Eesti Pank)
Võlakoormuse mõju majanduskasvule
19 January
Aleksei Netšunajev (European University Institute)
Reaction to Technology Shocks in Markov-switchings Structural VARs: Identification via Heteroskedasticity


Open seminars of Eesti Pank in 2011

DateLecturer (Institution) and topic
15 DecemberTaavi Seim (Institute for International Economic Studies)
Heterogenous Effects of Job Displacement
27 OctoberChristian Schumacher (Deutsche Bundesbank)
Nowcasting German GDP: Research Results and Models Used at the Bundesbank
12 October

Yuko Kinoshita (International Monetary Fund)
2011 Article IV Consultation with Estonia: Trade and Labor Market Development and Challenges

Jonas Fischer (European Commission)
The excessive imbalances procedure (EIP)

2 SeptemberMichael Funke (University of Hamburg)
What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics
18 AugustWinner of the Eesti Pank Research Award in 2011:
Indrek Saar (University of Tartu)
Optimaalne alkoholi maksustamine: simulatsiooni tulemused Eestis
10 JuneIstvan Konya (Magyar Nemzeti Bank, Central European University)
Interest Premium, Sudden Stop, and Adjustment in a Small Open Economy
13 May

Shang Jin-Wei (Columbia University)
The future of China's growth miracle

18 FebruaryResearch in Eesti Pank in 2011:
Jaanika Meriküll (Eesti Pank)
Eesti tööjõu mobiilsus majanduskasvu ja -languse aastatel 2001-2010
Tairi Rõõm (Eesti Pank)
How Wages Respond to Shocks: Asymmetry in the Speed of Adjustment
7 FebruaryProf Ragnar Nurkse Memorial Lecture:
Prof. dr. Axel A. Weber (European Central Bank/Deutsche Bundesbank)
The Euro: Opportunities and Challenges