Working Papers of Eesti Pank 2/2021 This paper investigates how supply noise and demand noise contribute to business cycle fluctuations in three major European economies. A structural vector autoregressive model is used to identify supply, demand, supply noise and demand shocks. The... more
Occasional Papers of Eesti Pank 2/2020 Authors: Helen Ljadov, Reet Reedik, Raido Kraavik, Taavi Raudsaar, Lauri Matsulevitš, Dmitry Kulikov, Kaspar Oja, Lenno Uusküla, Nicolas Reigl, Karsten Staehr Several central banks have started using negative interest rates alongside other nonstandard... more
Working Papers of Eesti Pank 8/2019 This paper takes a fresh look at the use of the Phillips curve and various inflation expectation proxies for tracking euro area inflation dynamics in the aftermath of the global financial crisis of 2008. Because inflation expectations can be measured in a... more
Working Papers of Eesti Pank 3/2019 Article: "The evolution and heterogeneity of credit procyclicality in Central and Eastern Europe", 2020, authors Juan Carlos Cuestas, Yannick Lucotte and Nicolas Reigl. International Journal of Finance & Economics. This paper presents empirical... more
Working Papers of Eesti Pank 7/2018 Article: "Alternative frameworks for measuring credit gaps and setting countercyclical capital buffers", 2021, authors Nicolas Reigl and Lenno Uusküla. Journal of Financial Economic Policy. This paper complements the standard Basel... more

E-mail: nicolas.reigl [at] eestipank.ee

Research interests:
International macroeconomics
Monetary economics

Since 2015 — Ph. D. Studies in Economics, Tallinn University of Technology, Estonia
2013−2015 — MA... more

Working Papers of Eesti Pank 7/2017 This paper empirically assesses the potential nonlinear relationship between competition and bank risk for a sample of commercial banks in the Baltic countries over the period 2000–2014. Competition is measured by two alternative indexes, the... more
Working Papers of Eesti Pank 8/2016 The paper presents forecasts of the headline and core inflation in Estonia with factor models in a recursive pseudo out-of-sample framework. The factors are constructed with a principal component analysis and are then incorporated into vector ... more
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