Working papers and Occasional papers
Comunale and Manera 2024. "The Economic Impacts and the Regulation of AI: A Review of the Academic Literature and Policy Actions ", IMF Working Paper No. 2024/65.
A. Berg, E. Buffie, M. Comunale, C. Papageorgiou, and F.-L. Zanna 2024. "Searching for Wage Growth: Policy Responses to the “New Machine Age”", IMF Working Paper No. 2024/03.
O.F. Akbal, K. Akepanidtaworn, E. Cabezon, M. Comunale, M. Conesa Martinez, and F. Unsal. 2023. "Monetary Policy Frameworks and Communication in the Caucasus and Central Asia", IMF Working Paper No. 2023/251.
M. Comunale and A.D.M. Nguyen. 2023. A Comprehensive MacroEconomic Uncertainty Measure for the Euro Area and its Implications to COVID-19, IMF Working Paper No. 2023/229. [Data available at this link]
M. Comunale, P. de Bruxelles, K. Kochhar, J. Rastauskas, F. Unsal. 2023. Who are Central Banks? Gender, Human Resources, and Central Banking, IMF Working Paper No. 2023/091.
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D. Celov and M. Comunale, 2021. Business cycles in the EU: a comprehensive comparison across methods. Bank of Lithuania Discussion Paper Series No.26/2021. Published in Advances in Econometrics Essays in Honor of Fabio Canova (volume 46, 2022)
M. Comunale and F.P. Mongelli, 2021. Tracking growth in the euro area subject to a dimensionality problem. ECB Working Paper Series No.2591/2021 - Published in Applied Economics (2022)
M.Comunale, J. Dainauskas, and P. Lastauskas, 2021, What Explains Excess Trade Persistence? A Theory of Habits in the Supply Chain. Bank of Lithuania, Working Paper Series, No.85/2021.
Version published as Centre for Applied Macroeconomic Analysis (CAMA), Australian National University, WP series n.11/2021.
J. Beckmann and M. Comunale, 2020. Exchange rate fluctuations and the financial channel in emerging economies. Bank of Lithuania, Working Paper Series, No. 83/2020. Also available as BOFIT, Bank of Finland Discussion Paper n.11-2021
M. Comunale, 2020. An analysis of investments and their drivers in Lithuania, Bank of Lithuania, Discussion Paper Series, No. 22/2020.
--> Annex 2 to Lithuanian Economic Review (September 2020) - PDF of the annex available here.
M. Comunale, 2020. The persistently high rate of suicide in Lithuania: an updated view, Bank of Lithuania, Discussion Paper Series, No. 21/2020.
WGEM team on Exchange Rate Pass-Through, 2020. Eva Ortega, Chiara Osbat (editors) Exchange rate pass-through in the euro area and EU countries, European Central Bank, Occasional Paper No.241/April 2020.
(Chapter 5)
M. Comunale, 2020. Shock dependence of exchange rate pass-through: a comparative analysis of BVARs and DSGEs, Bank of Lithuania, Working Paper Series, No. 75/2020. Available also as CAMA WP. 32/2020.
M.Comunale, M. Eller, and M. Lahnsteiner, 2020. Assessing credit gaps in CESEE based on levels justified by fundamentals: drawing a comparison across different estimation approaches, Working Paper 229, Oesterreichische Nationalbank (Austrian Central Bank).
Also available as Bank of Lithuania, Working Paper Series, No. 74/2020.
M.Comunale & Mongelli, F.P., 2019. A European Detective Story. Was it Real, Financial, Monetary and/or Institutional? Tracking growth in the Euro Area with an atheoretical tool, Bank of Lithuania, Working Paper Series no.70/2019.
Version published as Centre for Applied Macroeconomic Analysis (CAMA), Australian National University, WP series 05/2020
M. Comunale, A. D. M. Nguyen and S. Soofi-Siavash. 2019. Convergence and growth decomposition: an analysis on Lithuania, Bank of Lithuania, Discussion Paper Series no.17/2019.
M. Comunale, 2019. An investigation of the Exchange Rate Pass-Through in the Baltic States. Bank of Lithuania, Discussion Paper Series, no. 13/2019.
M. Comunale, A. Geis, I. Gkrintzalis, I. Moder, É. K. Polgár, L. Quaglietti and L. Savelin. 2019. Financial stability assessment for EU candidate countries and potential candidates. ECB Occasional Paper Series, no. 233/2019.
M. Comunale and G. Felice, 2019. An empirical investigation of the relationship between trade and structural change, Bank of Lithuania, Working Paper Series, no. 62/2019. - Published in International Economics
S. Caló and M. Comunale, 2019. Real effective exchange rates determinants and growth: lessons from Italian regions, Bank of Lithuania, Discussion Paper Series no.10/2019.
M. Comunale and F.P. Mongelli, 2019. Euro Area growth and European institutional reforms, Bank of Lithuania, Occasional paper no. 24/2019.
M. Comunale, M. Eller, M. Lahnsteiner, 2018. Has private sector credit in CESEE approached levels justified by fundamentals? A post-crisis assessment. Focus on European Economic Integration Q3/18,
Special issue for the Austrian presidency of the Council of the European Union.
WGEM team on Real and Financial Cycles, 2018. Real and financial cycles in EU countries: Stylised facts and modelling implications. ECB Occasional Paper Series No. 205
WGEM team on Natural Interest Rates, 2018. The natural rate of interest: estimates, drivers, and challenges to monetary policy. ECB Occasional Paper Series No. 217.
M. Comunale, 2017. Synchronicity of real and financial cycles and structural characteristics in EU countries, CEIS Research Paper Tor Vergata University, Rome, Vol. 15, Issue 7, No. 414. Also published as Bank of Lithuania, Occasional Paper Series No.15/2017.
--> Published in IJFE (under a new title "New synchronicity indices between real and financial cycles: is there any link to structural characteristics and recessions in EU countries?")
M. Comunale & J. Striaukas, 2017. Unconventional monetary policy: interest rates and low inflation: A review of literature and methods, Centre for Applied Macroeconomic Analysis (CAMA), Australian National University, WP series 29/2017.
Also published as Bank of Lithuania, Occasional Paper Series No.13/2017; CEIS Research Paper Tor Vergata University, Rome, Vol. 15, Issue 5, No. 406 and CORE Louvain DP 2017/26 (most recent version).
M.Comunale, 2017. A panel VAR analysis of macro-financial imbalances in the EU, ECB, Working Paper Series No.2026/2017. --> Published in JIMF
Also published as Bank of Lithuania, Working Paper Series No.40/2017
M.Comunale & D.Kunovac, 2017. Exchange rate pass-through in the euro area, ECB, Working Paper Series No.2003/2017. -
Also published as Bank of Lithuania, Working Paper Series No.38/2017
Also published as Croatian National Bank WP-46
WGEM team on Low Inflation, 2017. Low inflation in the euro area: Causes and consequences, ECB Occasional paper no. 181.
M.Comunale & H. Simola, 2016. The pass-through to consumer prices in CIS economies: the role of exchange rates, commodities and other common factors, Bank of Lithuania Working Paper Series No.35/2016.
Also published as BOFIT, Bank of Finland, Discussion Paper No.16/2016 --> Published in RIBAF
M.Rubio & M.Comunale, 2016. Lithuania in the Euro Area: Monetary Transmission and Macroprudential Policies, Bank of Lithuania Working Paper Series No.34/2016. --> Published in EEE
M.Comunale, 2016. A closer look at EU Current Accounts CEIS Research Paper Tor Vergata University, Rome, Vol. 14, Issue 11, No. 393
Also published as Bank of Lithuania, Occasional Paper Series No.11/2016
M.Comunale, 2016. Dutch Disease, Real Effective Exchange Rate Misalignments and their effect on GDP Growth in the EU Bank of Lithuania Working Paper Series No.26/2016. --> Published in JIMF
Version published as Centre for Applied Macroeconomic Analysis (CAMA), Australian National University, WP series 28/2016
Version published as Tor Vergata University, Rome CEIS Research Paper, 379, May 2016
M. Comunale, 2015. Lithuanian exports: are services and modern services different? Bank of Lithuania, Occasional Paper Series No.01/2015
M. Comunale, 2015. Financial cycle measures for 41 countries: A new database Bank of Lithuania, Occasional Paper Series No.09/2015
Link to the database: http://www.lb.lt/databases
M.Comunale, 2015. Current account and REER misalignments in Central Eastern EU Countries: an update using the Macroeconomic Balance approach BOFIT Bank of Finland Discussion Paper 28/2015. --> Published in ES
Also published as Bank of Lithuania, Working Paper Series No.20/2015
M.Comunale, 2015. Long-run determinants and misalignments of the real effective exchange rate in the EU Bank of Lithuania Working Paper Series No.18/2015. --> Published in SJPE
M.Comunale, 2015. Euro-dollar polarization and heterogeneity in exchange rate pass-throughs within the euro zone CEIS Research Paper Tor Vergata University, Rome, Vol. 13, Issue 1, No. 333.
M.Comunale & J.Hessel, 2014. Current account imbalances in the Euro area: Competitiveness or financial cycle? DNB Working Papers 443, Netherlands Central Bank, Research Department
Version presented at RES PhD Meeting and Job Market (University College London, 2014)