Working Papers of Eesti Pank 7/2018 This paper complements the standard Basel countercyclical capital buffer framework by suggesting four additional measures for credit gaps that can be used to measure the financial cycle and to decide on countercyclical capital buffers for banks. The new... more
Working Papers of Eesti Pank 10/2017 This paper estimates panel data models that use macroeconomic and macrofinancial variables to forecast the ratio of non-performing loans to total loans. The panels consist of either all EU countries or various subgroups, and the time sample is... more
Working Papers of Eesti Pank 7/2016 An expansionary monetary policy shock increases the entry rate and the number of firms in the US. A pure sticky price model predicts that the number of firms in the economy should go down after a monetary expansion, but this prediction is at odds... more
Working Papers of Eesti Pank 4/2016 Habit persistence at the level of individual goods varieties can explain incomplete exchange rate pass-through to international prices. Deep habits give rise to a dynamic import demand function that leads to import price markup adjustments,... more
Working Papers of Eesti Pank 1/2015 This paper examines the role of firm turnover in explaining inflation dynamics. I augment a New-Keynesian DSGE model with endogenous entry and exogenous stochastic exit and estimate with the Bayesian full information approach for the US economy. Results show... more
Working Papers of Eesti Pank No. 7/2013 Published in Baltic Journal of Economics, 2015, 1(14) This paper studies the effect of a monetary policy shock in the euro area on the main Estonian economic and financial variables between 2000 and 2012. Using a standard structural vector... more
Working Papers of Eesti Pank No. 3/2013 Published in Journal of International Money and Finance, 2014, Vol 49/December and in ECB Working paper series, 2013, No 1532/April This paper studies the determinants of the euro exchange rate during the European sovereign debt crisis, allowing a role... more

Senior Economist
Phone: +(00) 372 668 0880
E-mail: lenno.uuskyla [at] eestipank.ee

Research interests:

Theoretical and applied macroeconomics
Monetary economics
International macroeconomics
Firm creation and destruction
Time-series... more

Working Papers of Eesti Pank. No. 10/2011 Both theoretical and empirical evidence show that recessions are steeper in countries with high levels of private debt and/or credit booms. But do these negative effects carry over to the period where the recession is over and the economy recovers from... more
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