Working Papers of Eesti Pank 12/2017 Katalin Bodnar, Ludmila Fadejeva, Stefania Iordache, Liina Malk, Desislava Paskaleva, Jurga Pesliakaitė, Nataša Todorović Jemec, Peter Tóth and Robert Wyszyński* We study the transmission channels for rises in the minimum wage using a unique firm-... more
  • Martti Randveer (Head of the Economics and Research Department)
  • Tairi Rõõm (Head of the Research Division)
  • Dmitry Kulikov
  • Jaanika Meriküll
  • Karsten Staehr
  • Lenno Uusküla
  • Liina Malk (parental leave)
  • Juan Carlos Cuestas... more

Senior Economist
Phone: +(00) 372 668 0907
E-mail: aleksei.netsunajev [at] eestipank.ee

Research interests:
Time series econometrics
Applied macroeconomics

2013 — PhD in economics, European University Institute, Italy
... more


Phone: +(00) 372 668 0665
E-mail: nicolas.reigl [at] eestipank.ee

Research interests:
International macroeconomics
Monetary economics
Economics of income, wealth and their distributions

Since 2015 — Ph. D.... more

  • The incomes and pensions of 90% of people in Estonia are paid by bank transfer, and only 4% in cash
  • Some 80% of people use both bankcards and cash to pay for their daily purchases, and the rest use only one exclusively
  • Cash is mainly used when it is not possible to pay... 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 11/2017 An effective inflation targeting (IT) regime assumes both a change in the stationarity properties of inflation and a lower variability. Within a framework that does not make a priori assumptions about the order of integration, we examine whether... more

The Eesti Pank research award for 2017 has gone to Kerli Lille for her research into how capital controls affect the transmission of global economic shocks to local markets. The research award is for 1300 euros.

The paper that won the award, The Role of Capital Controls in Mediating... 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 9/2017 This paper empirically assesses the effects of competition in the financial sector on credit procyclicality by estimating both an interacted panel VAR (IPVAR) model using macroeconomic data and a single-equation model with bank-level European banking... more
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