Working Papers of Eesti Pank 3/2018 ​This paper studies nominal wage rigidity in a large group of EU countries, using survey data. We analyse two forms of nominal wage rigidity: downward nominal wage rigidity (DNWR) and the lagged response of wages to shocks. The frequency of wage... more

A research seminar led by Eesti Pank has been held since 2015 for young Estonian economics researchers working and studying at institutions abroad. They present their latest research at the seminar and discuss it with those attending.

The seminars have brought together Estonians from... more

Occasional Paper Series 1/2018 Gerhard Rünstler (ed.), Hiona Balfoussia, Lorenzo Burlon, Ginters Buss, Mariarosaria Comunale, Bruno De Backer, Hans Dewachter, Paolo Guarda, Markus Haavio, Irma Hindrayanto, Nikolai Ivanov Iskrev, Ivan Jaccard, Dmitry Kulikov, Davor Kunovac, Crt Lenarcic... more
Working Papers of Eesti Pank 2/2018 Structural vector autoregressive models with regime-switching variances have been used to test structural identification strategies. In these models the transition probabilities are assumed to be constant over time. In reality these probabilities may... more
Working Papers of Eesti Pank 1/2018 We construct an applied general equilibrium model to account for diverging patterns of the skill premium. Our framework assesses the roles of various factors that a ect the demand and supply of skilled and unskilled labor|shifts in the skill... more
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

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


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

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

Since 2015 — Ph. D. Studies in Economics, Tallinn... 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
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
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