Research areas



Research projects in 2023

Development of models

Macroeconomic models

Banking sector models

Short-term forecasting models

Development of the credit risk and profitability model of Estonian banking sector

Monetary policy

Monetary policy transmission


Interaction of fiscal and monetary policy

The impact of II pillar pension reform on inflation

Increases of monetary policy rates and inflation in the OECD countries

Heterogeneity in inflation and households’ consumption and financial decisions

Price formation and transmission of shocks during periods of high and low inflation 

ECB WGEM-WGF Macro-at-risk (M@R)  Expert Group

Research in the framework of the ESCB research network „New Challenges for Monetary Policy Transmission“

Financial sector

Macro-prudential supervision

Structure of the financial sector and financing of the economy

Financial behaviour of companies and households

Financial markets 

The impact of interest rates on loan demand

Research in the framework of Household Finance and Consumption Network

Real economy

Structure and efficiency of labour and product markets


Business cycle analysis

Fiscal sustainability

The effect of Covid-19 crisis on trade in the Baltic countries

WGF expert group on productivity