Research & Policy
RESEARCH PAPERS:
(with E. Meyermans, M. Jolles), Quarterly Report on the Euro Area, Vol. 17, No. 3/2018, European Commission.
Forthcoming in Economic Systems.
(with P. Claeys), Working Paper, No. 13/2017, Czech National Bank.
Published in International Review of Economics and Finance, Vol. 64 (November 2019).
“Financial Channels and Economic Activity in the euro area: a Large-scale Bayesian VAR Approach"
(with N. Balta), Quarterly Report on the Euro Area, Vol. 15, No. 2/2016, European Commission.
Published in Empirica, Vol. 47, Issue 2 (May 2020).
“Leading Indicators of Financial Stress: New Evidence”
(with J. de Haan, M. Hoeberrichts, K. Šmídková, R. Vermeulen,D. Žigraiová), Working Paper, No. 476, de Nederlandsche Bank.
Published in Journal of Financial Stability, Vol. 28 (February 2017).
“Banking and Currency Crises: Differential Diagnostics for Developed Countries”
(with M. Joy, M. Rusnák, K. Šmídková), Working Paper, No. 16/2014, Czech National Bank, and Working Paper, No. 1810, European Central Bank.
Published in International Journal of Finance & Economics, Vol. 22, Issue 1 (January 2017).
Nontechnical article in CNB Research Bulletin, Vol. 12, No. 2 (2014).
“Inflation and the Steeplechase between Economic Activity Variables”
(with J. Baxa, M. Plašil), Working Paper, No. 15/2013, Czech National Bank.
Published in The B.E. Journal of Macroeconomics, Vol. 17, Issue 1 (January 2017).
Nontechnical article in CNB Research Bulletin, Vol. 13, No. 2 (2015).
(with O. Babecká Kucharčuková, P. Claeys), Working Paper, No. 15/2014, Czech National Bank. Winner of CNB Research award 2016.
Published in Journal of Policy Modelling, Vol. 38, Issue 2 (March–April 2016).
Nontechnical article in CNB Research Bulletin, Vol. 13, No. 2 (2015).
(with G. Calice, R. Miao, F. Štěrba), Working Paper No. 13/2013, Czech National Bank, and Working Paper, No. 1717, European Central Bank.
Published in Journal of Empirical Finance, Vol. 33 (September 2015).
"Financial Stress Indices and Financial Crises"
(with R. Vermeulen, M. Hoeberichts, D. Žigraiová, K. Šmídková, J. de Haan), Working Paper, No. 469, de Nederlandsche Bank.
Published in Open Economies Review, Vol. 26, Issue 3 (July 2015).
"How Systemic is Spain for Europe"
(with P. Clayes), Working Paper No. 1/2013, IREA-AQR, Universitat de Barcelona.
Updated version "Systemic risk, and the sovereign-bank default nexus: a network VAR approach"
Published in Journal of Network Theory in Finance, Vol. 1, No. 4 (December 2015).
“Measuring Sovereign Bond Spillover in Europe and the Impact of Rating News”
(with P. Claeys), Working Paper, No. 7/2012, Czech National Bank. Winner of CNB Research award 2015.
Updated version "Measuring Billateral Spillover and Testing Contagion on Sovereign Bond Markets in Europe", Working Paper, No. 1666, European Central Bank.
Published in Journal of Banking and Finance, Vol. 46 (September 2014).
“Changes in Inflation Dynamics under Inflation Targeting? Evidence from Central European Countries”
(with J. Baxa, M. Plašil), Working Paper, No. 4/2012, Czech National Bank.
Published in Economic Modelling, Vol. 44 (January 2015).
Nontechnical article in CNB Research Bulletin, Vol. 9, No. 1 (2011).
"Leading Indicators of Crisis Incidence: Evidence from Developed Countries"
(with J. Babecký, T. Havránek, J. Matějů, M. Rusnák, K. Šmídková), Working Paper No. 1486, European Central Bank. Winner of CNB Research award 2013.
Published in Journal of International Money and Finance, Vol. 35 (June 2013).
Website of this project http://ies.fsv.cuni.cz/en/node/372.
(with J. Babecký, T. Havránek, J. Matějů, M. Rusnák, K. Šmídková), Working Paper, No. 1485, European Central Bank.
Published in Journal of Financial Stability, Vol. 15 (December 2014).
Website of this project http://ies.fsv.cuni.cz/en/node/372.
“Time-Varying Monetary Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary Policy”
(with J. Baxa, R. Horváth), Working Paper, No. 3/2011, Czech National Bank.
Published in Journal of Financial Stability, Vol. 9, Issue 1 (April 2013).
Extended version published in S.Eijffinger and D. Masciandaro (Eds.): Handbook of Central Banking, Financial Regulation and Supervision, Edward Elgar, 2011.
VoxEU column: http://www.voxeu.org/article/how-does-monetary-policy-respond-financial-stress-0
“How Does Monetary Policy Change? Evidence on Inflation Targeting Countries”
(with J. Baxa, R. Horváth), Working Paper, No. 2/2010, Czech National Bank.
Published in Macroeconomic Dynamics, Vol. 18, Is. 3 (April 2014).
Nontechnical article in CNB Research Bulletin, Vol. 11, No. 1 (2013).
“Is Monetary Policy in the New EU Member States Asymmetric?“
Working Paper, No. 5/2011, Czech National Bank.
Published in Economic Systems, Vol. 36, No. 2 (June 2012).
“Inflation Dynamics and the New Keynesian Phillips curve in four Central European countries”
Working Paper, No. 971 (October 2009), William Davidson Institute, University of Michigan.
Published in Emerging Markets Finance and Trade, Vol. 46, No. 5 (September 2011).
Working Paper No. 968, (September 2009), William Davidson Institute, University of Michigan.
Published in Eastern European Economics, Vol. 48, No. 4 (July/August 2010).
“Spatial Economics and Spatial Externalities: A Survey of Theory and Empirics”
Published in Politická ekonomie, No. 5/2008 (in Czech).
“The Monetary Policy Rules in EU-15: Before and after the euro”
Working Paper No. 10/2008, Departament d'Economia Aplicada, Universitat Autonoma de Barcelona.
POLICY PAPERS:
“Links between housing and real economy in the euro area”
(with V. Zdarek), Quarterly Report on the Euro Area, Vol. 21, No. 3/2022, European Commission.
“Housing Market Developments in the Euro Area: Focus on Housing Affordability“
(with Ch. Frayne, A. Szczypinska, S. Zeugner), European Economy - Discussion Paper, No. 171, European Commission (September 2022).
“Euro Area Housing Markets: Trends, Challenges and Policy Responses"
(with V. Martins, A. Turrini, M. Zamfir), European Economy - Discussion Paper, No. 147, European Commission (September 2021).
“Financial Spillover and Contagion Risks in the Euro Area in 2007-2019”
(with R. Garcia, D. Lorenzani, D. Monteiro, F. Perticari, L. Vogel), European Economy - Discussion Paper, No. 131, European Commission (January 2021).
“A retrospective look at sovereign bond dynamics in the euro area”
(with D. Monteiro), Quarterly Report on the Euro Area, Vol. 17, No. 4/2018, European Commission.
“Financial cycle in euro area”
(with D. Monteiro), Quarterly Report on the Euro Area, Vol. 17, No. 2/2018, European Commission.
“Impact of uncertainty shocks in the euro area”
Quarterly Report on the Euro Area, Vol. 16, No. 3/2017, European Commission.
“A Macroeconomic Perspective on Non-performing Loans”
(with K. Berti, Ch. Engelen), Quarterly Report on the Euro Area, Vol. 16, No. 1/2017, European Commission.
“The Policy Mix, when Monetary Policy is Constrained at the Zero Lower Bound”
(with N. Carnot, U. Clements, M. Larch), Quarterly Report on the Euro Area, Vol. 15, No. 3/2016, European Commission.
“Revisiting the Real Interest Rate Mechanism”
(with E. Ruscher), Quarterly Report on the Euro Area, Vol. 14, No. 4/2015, European Commission.
“The Euro Area Recovery in Perspective”
(with E. Ruscher), Quarterly Report on the Euro Area, Vol. 14, No. 3/2015, European Commission.
“Exchange Rate as a Tool at the Zero Lower Bound: the Czech case”
(with M. Franta, T. Holub, P. Král, I. Kubicová, K. Šmídková), Reseach and Policy Note, No. 3/2014, Czech National Bank.
(with L. Alessi, A. Antunes, J. Babecký, S. Baltussen, M. Behn, D. Bonfim, O. Bush, C. Detken, J. Frost, R. Guimaraes, T. Havránek, M. Joy, K. Kauko, J. Matějů, N. Monteiro, B. Neudorfer, T. Peltonen, M. Rusnák, P. Rodrigues, W. Schudel, M. Sigmund, H. Stremmel, K. Šmídková, R. van Tillburg, D. Žigraiová), Available at SSRN.