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Economic Research Bulletin (2015, No.2). Volume 13, Number 2, November 2015, Monetary Policy Challenges in a Low-Inflation Environment
Česká národní banka
As a consequence of the Global Financial Crisis (GFC) inflation has dropped sharply worldwide. The low levels of inflation have persisted since then due in part to the recent fall in oil prices. Such circumstances represent a new situation for central bankers, who have usually been concerned with the opposite problem – how to respond to persistently high inflation. Challenging times for policy makers usually mean very exciting times for researchers, and this is what research depar tments in central banks are experiencing at the moment. Many new research questions relating to the prolonged period of low inflation have appeared, and the current issue of the Bulletin aims to introduce some of them which CNB researchers are currently in vestigating.
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Economic Research Bulletin (2015, No.1). Volume 13, Number 1, May 2015, Forecasting
Česká národní banka
Appropriate, state - of - the - art forecasting techniques are crucial for guiding the monetary policy decisions of central banks. At the same time, knowledge of the initial conditions in the economy is a prerequisite for good forecasts. Such knowledge is incorporated as expert judgement on top of the model forecast. It is also important to understand which factors contribute to differences between two (old and new ) forecasts. This edition of the Research Bulletin presents four articles that describe recently developed forecasting techniques, the role of expert judgement in the forecasting process, and a new structural model forecast evaluation technique used at the Czech National Bank.
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Economic Research Bulletin (2014, No. 2). Volume 12, Number 2, November 2014, Macroprudential Research: Selected Issues
Česká národní banka
Central banks significantly expanded their domain following the global financial crisis. Macroprudential policy, which marries the issues of financial stability and financial supervision with macroeconomic stabilisation, became its new core competence. This new competence needed a wide analytical basis. Therefore, the E uropean System of Central Banks established the Macro - prudential Research Network (MaR s), which concluded its three year existence in June 2014. This edition of the Research Bulletin presents five articles that rank among the CNB’s numerous contributions to the MaRs, covering diverse issues related to macroprudential policy.
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