Working Papers of Eesti Pank 3/2020 We estimate how raising the statutory retirement age affects employment by considering the pension age reform in Estonia, that gradually raised the normal retirement age (NRA) for women from 58 to 61.5 and the early retirement age (ERA) from 56 to 59.5 during... more
LIINA KULU, MADIS LAAS, JAANIKA MERIKÜLL, KASPAR OJA,  MARTTI RANDVEER, INDREK SAAPAR Abstract In August 2019 the Estonian government confirmed the principles for the reform of the second pension pillar. The planned reforms are intended to make joining and leaving the second pillar... more
Working Papers of Eesti Pank 2/2020 The European Survey of Professional Forecasters (SPF) is a dataset that is widely used to derive measures of forecast uncertainty. Participants in the SPF provide not only point estimates but also density forecasts for key macroeconomic variables. The mean... more
Working Papers of Eesti Pank 1/2020 In this paper, we investigate the ownership of financial assets within families and how pooling affects the individual savings of the partners. We use anonymised monthly transactional data from ING Bank to observe the financial data of Dutch couples for 2014–... more

Eesti Pank has announced a competition for a research prize dedicated to the memory of Urmas Sepp to be awarded for economic research by young Estonian researchers.

In 2020 Eesti Pank will grant the award in two categories, with one award of 2300 euros for research leading to a PhD... more


From 2 March until 30 June, Eesti Pank and Statistics Estonia will be carrying out research in order to collect information on the assets, liabilities, income and expenses of Estonian households. The survey is being run by the central banks of all the euro area countries in 2020 and is... more

  • Martti Randveer (Head of the Economics and Research Department)
  • Tairi Rõõm (Head of the Research Division)
  • Alari Paulus
  • Dmitry Kulikov
  • Jaanika Meriküll
  • Juan Carlos Cuestas
  • Karsten Staehr
  • Lenno Uusküla
  • Liina Malk... more

The Estonian Household Finance and Consumption Survey (HFCS) collects data on the assets, liabilities, income and consumption of households, and is carried out jointly by Eesti Pank and Statistics Estonia.

Who will take part?

Similar surveys are run by the central banks of all... 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


Research interests

Taxation, public finances, fiscal microsimulation, economic inequality


  • PhD in Economics, University of Essex, United Kingdom, 2015
  • MA in Economics, University of Tartu, Estonia, 2006
  • BA (cum laude) in Economics,... more
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