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

Central responsibilities include:

  • Conducting and leading original research and analysis on topics or questions relevant to the bank
  • Publishing research results, including publication in peer-refereed academic journals
  • Promoting cooperation with external... more

Economists and people interested in economics are kindly invited to attend the open seminars of Eesti Pank. The goal of the open seminars is to promote exchange of ideas between the central bank, the academic community and economic policy institutions.

The program of open seminars was... more

Working Papers of Eesti Pank 7/2019 In this paper we aim to analyse the evolution of the real exchange rate (RER) as a measure of competitiveness for a group of Central and Eastern European countries. To do so, we apply unit root tests with breaks and estimate equations with structural... more
Working Papers of Eesti Pank 6/2019 The paper investigates the relationship between loan quality and macroeconomic imbalance indicators. We use the local projection method to estimate the response of non-performing loans (NPL) to changes in the cyclical component of macroeconomic... more

The Eesti Pank research award for doctoral studies went to Nataliia Ostapenko for her work on the effect of exogenous monetary policy shock on economic activity and inflation. The award in the Masters category went to Cayo Augusto Raduy Koslyk, who researched the impact of technology news on the... more

Working Papers of Eesti Pank 5/2019 This paper uses administrative data from registers and survey data from interviews to analyse unit and item non-response in a wealth survey. It draws on the Estonian Household Finance and Consumption Survey dataset, where the survey data on income... more
Occasional Papers of Eesti Pank 2/2019 This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the macroeconomic effects of a temporary fiscal tightening when the zero lower bound (ZLB) on monetary policy holds for two years.... more
Occasional Papers of Eesti Pank 1/2019 This report covers the results of the Estonian Household Finance and Consumption Survey (HFCS) from 2017. The estimated values of the assets, liabilities and net wealth of Estonian households in 2017 are compared to the values in 2013 and to the... more
Working Papers of Eesti Pank 4/2019 This paper studies the gender gap in net wealth. We use administrative data on wealth that are linked to the Estonian Household Finance and Consumption Survey, which provides individual-level wealth data for all household types. We find that the unconditional... more
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