This article sets out to contribute to the understanding of the dynamics of retail credit premiums (i.e. the difference between reference interest rates and rates on retail loans with comparable maturities) in the Czech economy. The text documents the history of the credit premium. A model that...

To what extent can Czech exporters cushion the impact of currency appreciation shocks by using imported intermediates? We apply a partial equilibrium model with firms that are heterogeneous in their productivities. Producers can serve the domestic market, export final goods, or import inputs. In...

This paper focuses on the development of the interbank market risk premium in the Czech Republic during the global financial crisis. We explain the significant departure of interbank interest rates from the key monetary policy rate by a combination of different factors, including liquidity risk,...

We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature, which mostly evaluates the formal quality of these reports, we evaluate their economic content by comparing inflation factors reported by the central banks with ex-post...

This paper evaluates the impact of structural reforms, mainly liberalization and privatization, on economic growth. To provide stylized facts on how such reforms worked in the past, we quantitatively review 60 studies that estimate the relation between reforms and growth empirically. These...

This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not be apparent at first sight, but is clear at business cycle frequencies. We propose a new estimation approach to trimmed mean inflation, determining jointly the upper and lower...

This paper focuses on key macroeconomic driving factors influencing the loss given default (LGD) - an important credit risk parameter determining credit losses of the banking sector. Various econometric approaches are applied on both individual and aggregated data for different bank segments in...

We build a satellite DSGE model to investigate the transmission of fiscal policy to the real economy in the Czech Republic. Our model shares features of the Czech National Bank's current g3 forecasting model (Andrle, Hledik, Kamenik, and Vlcek, 2009), but contains a more comprehensive fiscal...

This work presents an extension of a small open economy DSGE model allowing the transition toward a monetary policy regime aimed at exchange rate stability to be described. The model is estimated using the Bayesian technique to fit the properties of the Czech economy. In the scenarios assessed,...