There will be an open seminar in the Eesti Pank museum at 13.00 on Thursday 24 November, at which Tarvo Vaarmets, Kristjan Liivamägi and Tõnn Talpsepp will present their doctoral work on behavioural finance. At the seminar, Governor of Eesti Pank Ardo Hansson will present the research awards to... more

Working Papers of Eesti Pank 9/2016 The paper investigates the triggers of arrears on debt in Estonia, which is a full recourse country similar to other euro area countries. An extensive individual-level quarterly panel dataset enables quarterly debt repayment problems to be ... more
  • Three quarters of families are able to save if they need to, and the number of households with savings has risen
  • Loans have been taken by 41% of families, which is the same as two years ago, and half of the loan liabilities are related to real estate
  • Around one fifth of... more

The Eesti Pank research award of 2300 euros for doctoral studies for 2016 was won by Tarvo Vaarmets, Kristjan Liivamägi and Tõnn Talpsepp for their work on behavioural finance. The award of 1300 euros for Master’s studies went to Marianna Rõbinskaja for her research into factor modelling in... more


Economist, Ph.D.
E-post: Merike.Kukk [at] eestipank.ee

Research topics:

Household consumption, saving and borrowing
The interaction between household behaviour and the real economy
Household tax behaviour


2016 — Ph.D. in... 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
Working Papers of Eesti Pank 7/2016 An expansionary monetary policy shock increases the entry rate and the number of firms in the US. A pure sticky price model predicts that the number of firms in the economy should go down after a monetary expansion, but this prediction is at odds... more
This paper analyses how the statutory minimum wage has affected the wage distribution in Estonia, a country with virtually little collective bargaining and relatively large wage inequality. The computations follow Lee (1999) but the effects of the minimum wage are identified by the... more
The main scope of the paper is to evaluate the hypothesis that the monetary policy of the European Central Bank leads to convergence in bank-induced effects in inflation forecast uncertainty for euro area countries. Inflation forecast uncertainty is measured by the root mean squared pseudo ex-post... more
Working Papers of Eesti Pank 4/2016 Habit persistence at the level of individual goods varieties can explain incomplete exchange rate pass-through to international prices. Deep habits give rise to a dynamic import demand function that leads to import price markup adjustments,... more
Subscribe to Keyword: research
Subscribe to Keyword: research