Profiles of researchers
Members of the NBS research team, their fields of interest and publications:
Michal Benčík
Senior researcher
RePEc profile, ResearchGate profile
Fields of interest: fiscal multiplicators, business cycle in time series, supply side of the economy, labor market and wages
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Selected external publications
Michal Benčík, 2020. ”Capturing Changes in Factor Effectivity with Estimates of a CES Production Function with Flexible Trends”, Journal of Economics (Ekonomický C̆asopis), Vol. 68(6), pp. 563-579.
Michal Benčík, 2018. ”Do Fiscal Multipliers Vary with Different Character of Monetary-Fiscal Interactions?”, Journal of Economics (Ekonomický C̆asopis), Vol. 66(8), pp. 753-770.
Michal Benčík, 2012. ”Business Cycle Synchronisation between the V4 Countries and the Euro Area in 1996 – 2010”, Journal of Economics (Ekonomický C̆asopis), Vol. 60(1), pp. 3-18.
Michal Benčík, 2005. ”Analyzing the path of Slovakia towards monetary union by means of multi-equation gap model”, in: Mathematical Methods in Economics, 2005, Proceedings of the 23-rd international conference, 14-th – 16-th September 2005, Hradec Králové, Faculty of Informatics and Management, University of Hradec Králové, pp. 19-25.
Michal Benčík, 2004. ”Using Vector Autoregressive Processes for Examination of Desirability of Monetary Integration of Slovakia”, Journal of Economics (Ekonomický C̆asopis), Vol. 52(9), pp. 1051-1063.
Michal Benčík, 2000. ”Panel Data Analysis Applied to Branches of Slovak Economy”, Journal of Economics (Ekonomický C̆asopis), Vol. 48(5), pp. 618-633.
Michal Benčík, 1999. ”Investigating exogeneity in nonstationary time series: An application to nominal wages and consumer price index in Slovakia during the period 1990-1996”, Journal of Economics (Ekonomický C̆asopis), Vol. 47(1), pp. 20-38.
Michal Benčík, 1996. ”Revision of an Econometric Model for Slovakia”, Institut fűr hőhere Studien, IHS, Wien.
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NBS publications
Michal Benčík, 2021. ”United in diversity. Labor markets in the CEE countries”, Working and Discussion Papers WP 2/2021, Research Department, National Bank of Slovakia.
Michal Benčík, 2019. ”Factor Efficiency in CES Production Function”, Discussion Note No. 72, National Bank of Slovakia.
Michal Benčík, 2019. ”Construction of a Survey-based Measure of Output Gap”, Working and Discussion Papers WP 3/2019, Research Department, National Bank of Slovakia.
Michal Benčík, 2018. ”Fiscal multipliers and their dependence on the interaction between monetary and the fiscal policies”, Biatec, Vol. 26, No. 3/2018, pp. 26-27.
Michal Benčík, 2017. ”Do fiscal multipliers vary with different character of monetary-fiscal interactions?”, Working and Discussion Papers WP 11/2017, Research Department, National Bank of Slovakia.
Michal Benčík, 2014. ”Dual regime fiscal multipliers in converging economies – a simplified STVAR approach“, Working and Discussion Papers WP 2/2014, Research Department, National Bank of Slovakia.
Michal Benčík, 2014. ”Fiscal Multipliers with dual regime in converging countries – simplified analysis based on the STVAR model”, Biatec, Vol. 22 No. 8/2014, pp. 17-19.
Michal Benčík, 2011. ”Business cycle synchronisation between the V4 countries and the euro area”, Working and Discussion Papers NBS WP 1/2011, Research Department, National Bank of Slovakia.
Michal Benčík, 2010. ”Impact of Total Factor Productivity on Wages and Unit Labor Costs”, Working and Discussion Papers OP 2/2010, Research Department, National Bank of Slovakia.
Michal Benčík, 2009. ”The equilibrium interest rate – theoretical concepts and applications”, Working and Discussion Papers WP 1/2009, Research Department, National Bank of Slovakia.
Michal Benčík, 2009. ”Analysis of the impact of fiscal policy on the business cycle – application of a structural VAR model”, Working and Discussion Papers WP 2/2009, Research Department, National Bank of Slovakia.
Michal Benčík, 2009. ”The equilibrium interest rate – theoretical concepts and applications – Part 1″, Biatec, Vol. 19, No. 4/2009, pp. 9-14.
Michal Benčík, 2009. ”The equilibrium interest rate – theoretical concepts and applications – Part 2″, Biatec, Vol. 19, No. 4/2009, pp. 1–11.
Michal Benčík, Sandra Tatierska, 2008. ”The impact of euro adoption on the banking sector”, Working and Discussion Papers WP 5/2008, Research Department, National Bank of Slovakia.
Michal Benčík, 2008. ”Methods of detecting disequilibria in the real economy”, Working and Discussion Papers WP2/2008, Research Department, National Bank of Slovakia.
Michal Benčík, Sandra Tatierska, 2008. ”The impact of the euro introduction on banking sector – Part 1“, Biatec, Vol. 16, No. 7/2008, pp. 1-10.
Michal Benčík, Sandra Tatierska, 2008. ”The impact of the euro introduction on banking sector – Part 2“, Biatec, Vol. 16, No. 8/2008, pp. 6-12.
Martin Šuster, Marek Árendáš, Michal Benčík, Pavel Gertler, František Hajnovič, Zora Komínková, Tibor Lalinský, Marián Nemec, Dušan Preisinger, Vladimír Solanič, Anna Strachotová, Marcel Tirpák, Tomáš Tőzsér, Juraj Zeman, 2006. “The Effects of euro Adoption on the Slovak Economy“, Working and Discussion Papers 1/2006, Research Department, National Bank of Slovakia.
Juraj Zeman, Martin Šuster, Michal Benčík, Marián Nemec, 2006. ”Loss Of Independent Monetary Policy After Euro Adoption”, Biatec, Vol. 14, No. 8/2006, pp. 2-7.
Michal Benčík, František Hajnovič, Anna Strachotová, Martin Šuster, Tomáš Tőzsér, Juraj Zeman, 2005. ”An estimate of the Balassa-Samuelson effect in the economy”, Working and Discussion Papers WP 2/2005, Research Department, National Bank of Slovakia.
Michal Benčík, 2005. ”Multi-equation model for policy analysis for Slovakia in the process of accession to monetary union”, Biatec, Vol. 13, No. 7/2005, pp. 11-12.
Michal Benčík, 2002. ”Application of a VAR model for analysis of asymmetry between Slovak economy and selected economies in Central Europe”, Working Paper of the Institute of Monetary and Financial Studies, National Bank of Slovakia.
Michal Benčík, 2001. “Construction of an experimental computable general equilibrium model and its properties”, Working Paper of the Institute of Monetary and Financial Studies, National Bank of Slovakia.
Martin Cesnak
Data researcher
Fields of interest: financial stability, retail loans, real estate prices, micro-data analysis
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NBS publications
Martin Cesnak, Ján Klacso and Roman Vasiľ, 2021. “Analysis of the Impact of Borrower-Based Measures”, NBS Occasional Paper 3/2021, Research Department, National Bank of Slovakia.
Martin Cesnak, Ján Klacso, 2021. “Assessing real estate prices in Slovakia – a structural approach“, Working and Discussion Papers WP 3/2021, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso, Martin Šuster, 2021. “Fates of indebted households during the Corona crisis: Survey results from Slovakia“, Working and Discussion Papers OP 2/2021, Research Department, National Bank of Slovakia.
Andrej Cupák
Senior Researcher
RePEc profile, Google Scholar profile, Personal webpage
Fields of interest: household economics and financial behaviour, economics of education and financial literacy, socio-economic inequality, survey data, applied microeconomics
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Selected external publications
Peer-reviewed journal articles
Andrej Cupák, Pirmin Fessler, Maria Silgoner and Elisabeth Ulbrich, 2021. “Exploring differences in financial literacy across countries: the role of individual characteristics and institutions”, Social Indicators Research, vol. 158, pp. 409 – 438.
Andrej Cupák, Pirmin Fessler and Alyssa Schneebaum, 2021. “Gender differences in risky asset behavior: the importance of self-confidence and financial literacy”, Finance Research Letters, vol. 42, 101880.
Peter Tóth, Andrej Cupák and Marian Rizov, 2020. “Measuring the efficiency of VAT reforms: a demand system simulation approach”, Oxford Economic Papers, vol. 73(3), pp. 1218–1243.
Andrej Cupák, Gueorgui I. Kolev and Zuzana Brokešová, 2019. “Financial literacy and voluntary savings for retirement: novel causal evidence”, The European Journal of Finance, vol. 25(16), pp. 1606–1625.
Andrej Cupák, Pirmin Fessler, Alyssa Schneebaum and Maria Silgoner, 2018. “Decomposing gender gaps in financial literacy: new international evidence”, Economics Letters, vol. 168, pp. 102–106.
Pavel Ciaian, Andrej Cupák, Ján Pokrivčák and Marian Rizov, 2018. “Food consumption and diet quality choices of Roma in Romania: a counterfactual analysis”, Food Security, vol. 10(2), pp. 437–456.
Kushtrim Braha, Andrej Cupák, Ján Pokrivčák, Artan Qineti and Marian Rizov, 2017. “Economic analysis of the link between diet quality and health: Evidence from Kosovo”, Economics & Human Biology, vol. 27(Pt. A), pp. 261–274.
Andrej Cupák, Ján Pokrivčák and Marian Rizov, 2016. “Demand for food away from home in Slovakia”, Czech Journal of Economics and Finance, vol. 66(4), pp. 354–369.
Andrej Cupák, Ján Pokrivčák and Marian Rizov, 2016. “Diversity of food consumption in Slovakia”, Politická ekonomie, 64(5), pp. 608–626.
Andrej Cupák, Ján Pokrivčák and Marian Rizov, 2015. “Food demand and consumption patterns in the new EU member states: The case of Slovakia”, Journal of Economics (Ekonomický časopis), vol. 63(4), pp. 339–358.
Book chapters
Danielle Checchi, Andrej Cupák and Teresa Munzi, 2021. “Empirical challenges comparing inequality across countries. The case of middle-income countries from the LIS database”, In Inequality in the Developing World. Edited by Carlos Gradín, Murray Leibbrandt, and Finn Tarp. Oxford University Press.
Working papers
Andrej Cupák, Pavel Ciaian and d’Artis Kancs, 2021. “Comparing the immigrant-native pay gap: Novel evidence from home and host countries”, LIS Working Paper No. 810. LIS Cross-National Data Center in Luxembourg.
Andrej Cupák, Pirmin Fessler, Joanne W. Hsu and Piotr R. Paradowski, 2020. “Confidence, financial literacy and investment in risky assets: Evidence from the Survey of Consumer Finances”, Finance and Economics Discussion Series 2020-004, Washington: Board of Governors of the Federal Reserve System
Marian Rizov, Andrej Cupák and Ján Pokrivčák, 2015. “Food security and household consumption patterns in Slovakia”, LICOS Discussion Papers 360/2015, LICOS – Centre for Institutions and Economic Performance, KU Leuven.
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NBS Publications
Zuzana Brokešová, Andrej Cupák, Anthony Lepinteur and Marian Rizov, 2021. “Assets and Life Satisfaction: A Metadata Instrumental-Variable Approach”, Working and Discussion Papers WP 4/2021, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso and Martin Šuster, 2021. “Fates of indebted households during the Corona crisis: Survey results from Slovakia”, Working and Discussion Papers OP 2/2021, Research Department, National Bank of Slovakia.
Andrej Cupák, 2021. “Seniori a finančná gramotnosť [Elderly and their financial literacy]”, Blogs and podcasts, National Bank of Slovakia.
Andrej Cupák, 2021. “Vedie bohatstvo k šťastiu? Nie tak úplne [Does wealth lead to happiness? Not completely]”, Blogs and podcasts, National Bank of Slovakia.
Andrej Cupák, Ján Klacso and Pavol Jurča, 2020. “Kto rýchlo pomáha, dvakrát pomáha [Who helps fast, helps twice]”, Discussion Note No. 82, National Bank of Slovakia.
Andrej Cupák, Ján Klacso and Martin Šuster, 2020. “Majú slovenské domácnosti rezervy pred krízou? [Do Slovak households have enough financial reserves before the crisis?]”, Discussion Note No. 73, National Bank of Slovakia.
Andrej Cupák, 2017. “Domácnosti a finančný trh v SR [Households and financial markets in Slovakia]”, Discussion Note No. 40, National Bank of Slovakia.
Andrej Cupák and Anna Strachotová, 2015. “Výsledky druhej vlny HFCS [Results of the second wave of the HFCS]”, Working and Discussion Papers OP 2/2015, Research Department, National Bank of Slovakia.
Pavel Gertler
Head of Macroeconomic Research
RePEc profil
Fields of interest: monetary policy, labour markets, central cank communication
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Selected external publications
Hamza Bennani, Nicolas Fanta, Pavel Gertler, Roman Horvath, 2020. “Does central bank communication signal future monetary policy in a (post)-crisis era? The case of the ECB,” Journal of International Money and Finance, Elsevier, vol. 104(C).
Pavel Gertler, Roman Horváth, Júlia Jonášová, 2020. “Central Bank Communication and Financial Market Comovements in the Euro Area,” Open Economies Review, Springer, vol. 31(2), pages 257-272, April.
Pavel Gertler, Boris Hofmann, 2018. “Monetary facts revisited,”Journal of International Money and Finance, Elsevier, vol. 86(C), pages 154-170.
Pavel Gertler, Roman Horvath, 2018. “Central bank communication and financial markets: New high-frequency evidence,” Journal of Financial Stability, Elsevier, vol. 36(C), pages 336-345.
Martine Druant a kol., 2012. “Euro area labour markets and the crisis,” Occasional Paper Series 138, European Central Bank.
Pavel Gertler, Matúš Senaj, 2010. “Downward Wage Rigidities in Slovakia, “Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 4(1), pages 079-101, March.
Pavel Gertler, Matúš Senaj. 2009. “Downward wage rigidities in Slovakia”, Biatec Vol.17, 1/2009, p.8-14.
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NBS Publications
Pavel Gertler & Roman Horvath, 2017. “Market Reading of Central Bankers Words. A High-Frequency Evidence,” Working and Discussion Papers WP 2/2017, Research Department, National Bank of Slovakia.
Juraj Zeman, Pavel Gertler. 2017. “Central bank balance sheets in the new normal” Discussion Note No. 47, National Bank of Slovakia.
Pavel Gertler, 2010. “The wage curve: A panel data view of labour market segments” Working and Discussion Papers WP 3/2010, Research Department, National Bank of Slovakia.
Pavel Gertler & Matus Senaj, 2008. “Downward Wage Rigidities in Slovakia” Working and Discussion Papers WP 7/2008, Research Department, National Bank of Slovakia.
Martin Šuster et al., 2006. “The Effects of euro Adoption on the Slovak Economy” Working and Discussion Papers 1/2006, Research Department, National Bank of Slovakia.
Brian Fabo
Senior researcher
RePEc profil, Google Scholar profil, personal website
Fields of interest: digitalization, unconventional monetary policies, labor market, big/online data analysis
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Selected external publications
Brian Fabo, Martina Jančoková, Elisabeth Kempf, Ľuboš Pástor, 2021. “Fifty Shades of QE: Comparing Findings of Central Bankers and Academics“. Journal of Monetary Economics, vol. 120, pp. 1-20.
Jan Drahokoupil, Brian Fabo, 2020. “The limits of foreign-led growth: Demand for skills by foreign and domestic firms”, Review of International Political Economy (upcoming).
Brian Fabo, Martin Kahanec, 2018. “Can a voluntary web survey be useful beyond explorative research?“, International Journal of Social Research Methodology, vol. 21(5), pp. 591-601.
Brian Fabo, Jovana Karanovic, Katerina Dukova, 2017. “In search of an adequate European policy response to the platform economy“, Transfer: European Review of Labour and Research, vol. 23(2), pp. 163-175.
Brian Fabo, Miroslav Beblavý, Karolien Lenaerts, 2017. “The importance of foreign language skills in the labour markets of Central and Eastern Europe: assessment based on data from online job portals“, Empirica. Vol. 44, pp. 487-508.
Miroslav Beblavý, Karolien Lenaerts, Miroslav Beblavý, 2016. “Prospects for utilisation of non-vacancy Internet data in labour market analysis—an overview“, IZA Journal of Labor Economics. Vol. 5.
Martin Kahanec, Brian Fabo, 2013. “Migration strategies of crisis-stricken youth in an enlarged European Union”, Transfer: European Review of Labour and Research, vol. 19(3), pp. 365-380.
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NBS publications
Brian Fabo, Martina Jančoková, Elisabeth Kempf, Ľuboš Pástor, 2020. “Fifty Shades of QE: Comparing Findings of Central Bankers and Academics”, Working Paper 5/2020, National Bank of Slovakia.
Jan Drahokoupil, Brian Fabo, 2020. “The limits of foreign-led growth: Demand for skills by foreign and domestic firms”, Working Paper 7/2019, National Bank of Slovakia.
Brian Fabo, 2019. “Central banking in the digital world”, Biatec, 2/2019.
Brian Fabo, 2018. “Implications of e-commerce for central banking: A review“, Biatec, 4/2018.
Judita Jurašeková Kucserová
Senior researcher
RePEc profil
Fields of interest: micro-data analysis, household behaviour and finance, wealth distributions and inequalities, convergence and competitiveness
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NBS publications
Judita Jurašeková Kucserová, 2021. “Kto pracuje z domu na Slovensku?“, Discussion Note No. 99, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Judita Jurašeková Kucserová, Pavol Jurča, Ján Klacso, Anna Košútová, Andrej Moravčík, Martin Šuster, 2020. “Vplyv koronakrízy na finančnú situáciu a očakávania zadlžených domácností“, Occasional Paper 03/2020, National Bank of Slovakia.
Judita Jurašeková Kucserová, Anna Strachotová, 2019. “Výsledky tretej vlny zisťovania o financiách a spotrebe domácností (HFCS)“, Occasional Paper 01/2019, National Bank of Slovakia.
Judita Jurašeková Kucserová, Anna Strachotová, Martin Šuster, 2019. “Bieda finančnej (ne)gramotnosti“, Discussion Note No. 69, National Bank of Slovakia.
Pavel Gertler, Judita Jurašeková Kucserová, Anna Strachotová, 2019. “Zisťovanie finančnej situácie a spotreby domácností: hlavné zistenia“, Discussion Note No. 68, National Bank of Slovakia.
Juraj Huček, Judita Jurašeková Kucserová, 2015. “Produkčné schopnosti ekonomiky po roku 2009 a straty, ktoré nedoženieme“, Discussion Note No. 28, National Bank of Slovakia.
Martin Feješ, Miroslav Gavura, František Hajnovič, Judita Jurašeková Kucserová, 2014. “Perspektívy dlhodobejšieho vývoja slovenskej ekonomiky”, Discussion Note No. 8, National Bank of Slovakia.
Ľudovít Ódor, Judita Jurašeková Kucserová, 2014 “Finding Yeti: More robust estimates of output gap in Slovakia“, Working and Discussion Papers WP 1/2014, Research Department, National Bank of Slovakia.
Judita Jurašeková Kucserová, 2009. “Effects of Monetary Policy Shocks in Slovakia”, Working and Discussion Papers DP 1/2009, Research Department, National Bank of Slovakia.
Judita Jurašeková Kucserová, Ľudovít Ódor, Matúš Senaj, Juraj Zeman, 2009. “Stručný prehľad vybraných indikátorov konkurencieschopnosti”, Policy Paper, 01/2009, National Bank of Slovakia.
Ján Klacso
Head of Financial Stability Research Section
RePEc profil
Fields of interest: financial stability, macroprudential policy, stress testing
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Selected external publications
Pavol Jurča, Ján Klacso, Eugen Tereanu, Marco Forletta, Marco Gross, 2020. “The Effectiveness of Borrower-Based Macroprudential Measures: A Quantitative Analysis for Slovakia”, IMF Working Paper No. 20/134.
Gaia Barbic, Stefano Borgioli, Ján Klacso, 2017. “The journey from micro supervisory data to aggregate macroprudential statistics”, ECB Statistical Paper Series No. 20/ May 2017.
Ján Klacso, 2015. “The Effects of the Euro Area Entrance on the Monetary Transmission Mechanism in Slovakia in Light of the Global Economic Recession”, Czech Journal of Economics and Finance, vol. 65(1), pp. 55-83.
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NBS publications
Martin Cesnak, Ján Klacso and Roman Vasiľ, 2021. “Analysis of the Impact of Borrower-Based Measures”, NBS Occasional Paper 3/2021, Research Department, National Bank of Slovakia.
Martin Cesnak, Ján Klacso, 2021. “Assessing real estate prices in Slovakia – a structural approach“, Working and Discussion Papers WP 3/2021, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso, Martin Šuster, 2021. “Fates of indebted households during the Corona crisis: Survey results from Slovakia“, Working and Discussion Papers OP 2/2021, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso and Martin Šuster, 2021. “Prieskum zadlžených domácností: ako sa im darí po skončení moratória?“, Discussion Note, 2021, No. 105, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso and Martin Šuster, 2021. “Prieskum zadlžených domácností – výsledky šiestej vlny“, Discussion Note, 2021, No. 97, Research Department, National Bank of Slovakia.
Andrej Cupák, Ján Klacso and Martin Šuster, 2020. “Vplyv koronakrízy na finančnú situáciu zadlžených slovenských domácností”, Working Paper, 6/2020, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Judita Jurašeková Kucserová, Pavol Jurča, Ján Klacso, Anna Košútová, Andrej Moravčík and Martin Šuster, 2020. “Vplyv koronakrízy na finančnú situáciu a očakávania zadlžených domácností“, Occasional Paper, 3/2020, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso and Martin Šuster, 2020. “Prieskum zadlžených domácností – výsledky piatej vlny“, Discussion Note, 2020, No. 96, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso, Martin Šuster, 2020. “Prieskum zadlžených domácností – výsledky štvrtej vlny“, Discussion Note, 2020, No. 93, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso, Martin Šuster, 2020. “Prieskum zadlžených domácností – výsledky tretej vlny“, Discussion Note, 2020, No. 91, Research Department, National Bank of Slovakia.
Martin Cesnak, Andrej Cupák, Ján Klacso, Martin Šuster, 2020. “Prieskum zadlžených domácností – výsledky druhej vlny“, Discussion Note, 2020, No. 90, Research Department, National Bank of Slovakia.
Andrej Cupák, Pavol Jurča, Ján Klacso, 2020. “Kto rýchlo pomáha, dvakrát pomáha“, Discussion Note, 2020, No. 82, Research Department, National Bank of Slovakia.
Ján Klacso, 2014. “Rámec makrostresového testovania v Národnej banke Slovenska”, Working Paper, 1/2014, Research Department, National Bank of Slovakia.
Patrik Kupkovič
Senior researcher
RePEc profil
Fields of interest: macroeconomic modelling, financial stability, monetary policy and inflation
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Selected external publications
Articles
Patrik Kupkovič, 2020. “R-star in Transition Economies: Evidence from Slovakia“, Ekonomický časopis (Journal of Economics), 68(8), pp. 761-786.
Patrik Kupkovič, 2017. “Dynamika inflácie v krajinách monetárnej únie: jej vplyv na spoločnú hospodársku politiku [Inflation Dynamics in Countries of the Monetary Union: What is its Impact on the Common Economic Policy?]“, Politická ekonomie, 65(1), pp. 62-81.
Martin Lukáčik, Patrik Kupkovič, Martin Benkovič, 2016. “Vektorovo autoregresné modely s korekčným členom“, Economics and Informatics, 14(1), pp. 23-41.
Presentations
Patrik Kupkovič, 2018. “Searching for the r* in Slovakia: A semi-structural approach“, Slovak Economic Association Meeting, Bratislava.
Andrej Cupák, Patrik Kupkovič, Marián Vávra, 2017. “Comparison of forecast performance of DSGE and VAR models: a meta-analysis“, Slovak Economic Association Meeting, Košice.
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NBS publications
Working papers
Patrik Kupkovič, 2020. “R-star in Transition Economies: Evidence from Slovakia“, Working and Discussion Papers WP 3/2020, Research Department, National Bank of Slovakia.
Patrik Kupkovič, Martin Šuster, 2020. “Identifying the Financial Cycle in Slovakia” Working and Discussion Papers WP 2/2020, Research Department, National Bank of Slovakia.
NBS Analytical comments
Pavel Gertler, Patrik Kupkovič and Martin Šuster, 2020. “Causes and consequences of negative real interest rates in Slovakia? “, Discussion Note, No. 77, Research Department, National Bank of Slovakia.
Patrik Kupkovič, 2016. “What Impact do the Inflation Expectations have on the Slovak Price Dynamics? “, Discussion Note, No. 32, Research Department, National Bank of Slovakia.
Patrik Kupkovič, 2015. “How precise are the State Space Estimates of the Output Gap?”, Discussion Note, No. 17, Research Department, National Bank of Slovakia.
NBS Research seminars
Patrik Kupkovič, 2020. “Update of approaches to Phillips curve modelling”, NBS Research seminar, Bratislava.
Andrej Cupák, Patrik Kupkovič and Marián Vávra, 2017. “15 Years of Forecasting with DSGE Models: How Do They Fare?”, NBS Research seminar, Bratislava.
Patrik Kupkovič, 2016. “Searching for the equilibrium real interest rate in Slovakia: A semi-structural approach”, NBS Research seminar, Bratislava.
Patrik Kupkovič, 2014. “How precise are the State Space Estimates of the Output Gap? “, NBS Research seminar, Bratislava.
Tibor Lalinský
Senior researcher
RePEc profil
Fields of interest: convergence and competitiveness, european integration and euro, international economics, micro-data analysis
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Selected external publications
Tibor Lalinský, Rozália Pál, 2022. “Distribution of COVID-19 government support and its consequences for firm liquidity and solvency“, Structural Change and Economic Dynamics.
Tommaso Bighelli, Tibor Lalinský, Juuso Vanhala, 2022. “Covid-19 pandemic, state aid and firm productivity“, Research Discussion Papers 1/2022, Bank of Finland.
Tibor Lalinský and Jaanika Meriküll, 2021. “The effect of the single currency on exports: Comparative firm-level evidence“, International Journal of Central Banking, vol. 17(3), pp. 203-239.
CompNet (including Tibor Lalinský), 2020. “Firm Productivity Report”, CompNet – Competitiveness Research Network.
Urška Čede, Bogdan Chiriacescu, Péter Harasztosi, Tibor Lalinský and Jaanika Meriküll, 2018. “Export characteristics and output volatility: comparative firm-level evidence for CEE countries,” Review of World Economics, Vol. 154(2), pp. 347-376.
Tibor Lalinský, 2016. “Firm-level output and competitiveness in the Great Recession : the role of firm characteristics and qualitative factors“, Journal of Economics (Ekonomický časopis), Vol. 64 (2), pp. 118-133.
CompNet Task Force (including Tibor Lalinský), 2015. “Assessing European competitiveness : The new CompNet micro-based database“, Working Paper Research 279, National Bank of Belgium.
Emmanuel Dhyne, Calin-Vlad Demian, Péter Harasztosi, Jaanika Meriküll, Tibor Lalinský, Ana-Maria Cazacu, Matteo Bugamelli, Ana Cristina Soares, Antoine Berthou and Filippo Oropallo, 2015. “Assessing European firms’ exports and productivity distributions: the CompNet trade module“, Working Paper Series 1788, European Central Bank.
CompNet Task Force (including Tibor Lalinský), 2014. “Micro-based evidence of EU competitiveness: the CompNet database“, Working Paper Series 1634, European Central Bank.
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NBS publications
František Broček and Tibor Lalinský, 2017. “Welfare in Slovakia and the EU – an alternative to GDP per capita“. Biatec, Volume 25, 2017, No. 6, pp. 17-23.
Tibor Lalinský, 2017. “Structural reforms and challenges in the (new) EU member states“. Biatec, Volume 25, 2017, No. 6, pp. 24-30.
Urška Čede, Bogdan Chiriacescu, Péter Harasztosi, Péter Harasztosi, Tibor Lalinský and Jaanika Meriküll, 2016. “Export characteristics and output volatility: comparative firm-level evidence for CEE countries“, Working and Discussion Papers WP 3/2016, Research Department, National Bank of Slovakia.
Antoine Berthou, Emmanuel Dhyne, Matteo Bugamelli, Ana-Maria Cazacu, Calin-Vlad Demian, Péter Harasztosi, Tibor Lalinský, Jaanika Meriküll, Filippo Oropallo and Ana Cristina Soares, 2016. “Assessing European firms’ exports and productivity distributions: the CompNet trade module“, Working and Discussion Papers WP 5/2016, Research Department, National Bank of Slovakia.
Kristína Londáková and Tibor Lalinský, 2015. “Long-term analysis of the evolution of price convergence in the EU (2000-13)“, Biatec, Volume 23, 2015, No. 1, pp. 19-23.
Tibor Lalinský, 2013. “Firm competitiveness determinants: results of a panel data analysis,” Working and Discussion Papers WP 4/2013, Research Department, National Bank of Slovakia.
Tibor Lalinský, 2011. “Recovery of economic convergence in Europe – uneven, insufficient and short-lived?”, Biatec, Volume 19, 2011, No. 10, pp. 4-11.
Tibor Lalinský, 2010. “Business Competitiveness after Euro Adoption in Slovakia,” Working and Discussion Papers OP 3/2010, Research Department, National Bank of Slovakia.
Tibor Lalinský, 2010. “Has the recession had an impact on European integration and catching up?”, Biatec , Volume 18, 2010 , No. 8, pp. 24-30.
Tibor Lalinský, 2010a. “Euro: Perpetrator or witness? Development and factors of company competitiveness after euro introduction”, Biatec , Volume 18, 2010 , No. 7, pp. 22-28.
Tibor Lalinský, 2009. “Convergence of the Slovak economy in the time of the global economic crisis”, Biatec , Volume 17, 2009 , No. 10, pp. 2-10.
Tibor Lalinský, 2008. “Competitiveness Factors of Slovak Companies“, Working and Discussion Papers WP 3/2008, Research Department, National Bank of Slovakia.
Tibor Lalinský, 2008. “Analysis of convergence of the Slovak economy – Part 1”, Biatec, Volume 16, 2008, No. 09, pp. 2-10.
Tibor Lalinský, 2008a. “Analysis of convergence of the Slovak economy – Part 2”, Biatec, Volume 16, 2008, No. 10, pp. 2-8.
Tibor Lalinský, Martin Šuster and Juraj Zeman, 2007. “Convergence, synchronization of cycles and symmetry of shocks”, Biatec, Volume 15, 2007, No. 07, pp. 2-9.
Tibor Lalinský, 2006. “The Profitability of Non-Financial Companies in V4 Countries”, Biatec, Volume 14, 2006, No. 12, pp. 11-15.
Tibor Lalinský, 2006. “Convergence and Regional Cohesion in Slovakia”, Biatec, Volume 14, 2006, No. 09, pp. 7-14.
Martin Šuster, Marek Árendas, Michal Benčík, Pavel Gertler, František Hajnovič, Zora Komínková, Tibor Lalinský, Marián Nemec, Dušan Preisinger, Vladimír Solanič, Anna Strachotová and Marcel Tirpák, 2006. “The Effects of euro Adoption on the Slovak Economy“, Working and Discussion Papers 1/2006, Research Department, National Bank of Slovakia.
Zora Komínková, Tibor Lalinský and Martin Šuster, 2005. “Analysis of Convergence of the Slovak Economy to the European Union”, Biatec, Volume 13, 2005, No. 09, pp. 2-9.
Tibor Lalinský, 2005. “Slovakia in Competitiveness Indices”, Biatec, Volume 13, 2005, No. 01, pp. 15-19.
Tibor Lalinský, 2004. “Evaluating Slovakia’s Competitiveness in the EU”, Biatec, Volume 12, 2004, No. 08, pp. 2-5. Tibor Lalinský, 2003. “Evaluation of the SR Economy’s Real Convergence to the EU Economy”, Biatec, Volume 11, 2003, No. 10, pp. 5-8.
Aleš Maršal
Senior researcher
RePEc profil, webstránka
Fields of interest: macro-finance modeling, DSGE modeling, term structure of interest rates, macroprudential policy
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Selected external publications
Roman Horváth, Lorant Kaszab and Aleš Maršál, 2021. “Fiscal Policy and Nominal Term Premium,” Journal of Money, Credit and Banking, (forthcoming).
Roman Horváth, Lorant Kaszab and Aleš Maršál, 2021. “Equity premium and monetary policy in a model with limited asset market participation,” Economic Modelling, Elsevier, vol. 95(C), pp. 430-440.
Roman Horváth, Lorant Kaszab, Aleš Maršál and Katrin Rabitsch, 2020. “Determinants of fiscal multipliers revisited,” Journal of Macroeconomics, Elsevier, vol. 63(C).
František Brazdik, Michal Hlaváček and Aleš Maršál, 2012. “Survey of Research on Financial Sector Modeling within DSGE Models: What Central Banks Can Learn from It,” Czech Journal of Economics and Finance (Finance a úver), Charles University Prague, Faculty of Social Sciences, vol. 62(3), pp. 252-277, July.
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NBS publications
Adam Kučera, Evžen Kočenda and Aleš Maršál, 2019. “Yield Curve Dynamics and Fiscal Policy Shocks,” Working and Discussion Papers WP 2/2019, Research Department, National Bank of Slovakia.
Roman Horváth, Lorant Kaszab and Aleš Maršál, 2019. “Fiscal Policy and the Nominal Term Premium,” Working and Discussion Papers WP 9/2019, Research Department, National Bank of Slovakia.
Lorant Kaszab, Aleš Maršál and Katrin Rabitsch, 2019. “Trend Inflation Meets Macro-Finance: The Puzzling Behavior of Price Dispersion,” Working and Discussion Papers WP 6/2019, Research Department, National Bank of Slovakia.
Roman Horváth, Lorant Kaszab and Aleš Maršál, 2017. “Government Spending and the Term Structure of Interest Rates in a DSGE Model,” Working and Discussion Papers WP 3/2017, Research Department, National Bank of Slovakia.
Peter Tóth
Senior researcher
RePEc profil, Google Scholar profil
Fields of interest: labour economics, household economics, forecasting, international economics
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Selected external publications
Peter Tóth, Andrej Cupák and Marian Rizov, 2020. “Measuring the efficiency of VAT reforms: a demand system simulation approach,” Oxford Economic Papers, 73(3), pp. 1218–1243, https://doi.org/10.1093/oep/gpaa052
Petra Marotzke, Robert Anderton, Ana Bairrao, Clémence Berson and Peter Tóth, 2020. “Asymmetric wage adjustment and employment in European firms,” The B.E. Journal of Macroeconomics, Vol. 20, no. 2, 2020, https://doi.org/10.1515/bejm-2018-0254
Katalin Bodnár, Ludmila Fadejeva, Stefania Iordache, Liina Malk, Desislava Paskaleva, Jurga Pesliakaitė, Nataša Todorović Jemec and Peter Tóth, 2018. “How do firms adjust to rises in the minimum wage? Survey evidence from Central and Eastern Europe,” IZA Journal of Labor Policy, 7, 11 (2018), https://doi.org/10.1186/s40173-018-0104-x
Peter Tóth, 2017. “Nowcasting Slovak GDP by a small dynamic factor model,” Ekonomický časopis, 65(02), pp. 107-124.
Martin Feldkircher, Florian Huber, Josef Schreiner, Marcel Tirpák, Peter Tóth and Julia Wörz, 2015. “Bridging the information gap: small-scale nowcasting models of GDP growth for selected CESEE countries,” Focus on European Economic Integration, 2015(2), pp. 56-75.
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NBS publications
Peter Tóth and Matej Vanko, 2021. “Kto pracuje v nedeľu?” Discussion Note No. 103, 7th april 2021, Research Department, National Bank of Slovakia.
Peter Tóth, 2021. “Are we in a √-shaped or a W-shaped recession?” Discussion Note No. 98, 21st january, 2021, Research Department, National Bank of Slovakia.
Peter Tóth, 2017. “When are we in recession? Estimating recession probabilities for Slovakia.” Biatec, Vol. 25, 4/2017, pp. 31-35.
Peter Tóth, 2015. “Vplyv inflácie na tvorbu miezd na Slovensku”, Biatec, Vol. 23, 5/2015, pp. 2-5.
Peter Tóth and Katarína Vaľková, 2015. “Wage rigidities and jobless recovery in Slovakia: new survey evidence.”, Occasional Paper, 3/2015, Research Department, National Bank of Slovakia.
Roman Vasiľ
Advisor to the Deputy Governor
Fields of interest: monetary policy, empirical finance, climate economics
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Selected external publications
IRC Task Force (including Roman Vasiľ), 2021. “The IMF’s role in sovereign debt restructurings“, ECB Occasional Paper, 262/2021.
Pavol Povala and Roman Vasiľ, 2017. “Forecasting the Term Structure of Interest Rates in Slovakia”, MF SR Working Paper, No. 42.
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NBS publications
Martin Cesnak, Ján Klacso and Roman Vasiľ, 2021. “Analysis of the Impact of Borrower-Based Measures”, NBS Occasional Paper 3/2021, Research Department, National Bank of Slovakia.
Roman Vasiľ, 2020. “Klimatické zmeny, riziko pre ekonomiku ale aj finančnú stabilitu“, NBS Discussion Note No. 89, Research Department, National Bank of Slovakia.
Marián Vávra
Senior researcher
RePEc profil
Fields of interest: time series econometrics, bootstrap methods, nonlinear models
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Selected external publications
Zacharias Psaradakis and Marián Vávra, 2021. “Using Triples to Assess Symmetry Under Weak Dependence”, Journal of Business and Economic Statistics, https://doi.org/10.1080/07350015.2021.1939037
Marián Vávra, 2020. “Assessing distributional properties of forecast errors for fan-chart modelling”, Empirical Economics, 2020, Vol. 59, pp. 2841–2858, https://doi.org/10.1007/s00181-019-01726-0
Zacharias Psaradakis and Marián Vávra, 2020. “Normality tests for dependent data”, Communications in Statistics – Simulation and Computation, Vol. 49:2, pp. 283-304, https://doi.org/10.1080/03610918.2018.1485941
Zacharias Psaradakis and Marián Vávra, 2019. “Bootstrap-assisted tests of symmetry for dependent data”, Journal of Statistical Computation and Simulation, Vol. 89:7, pp. 1203-1226, https://doi.org/10.1080/00949655.2019.1575384.
Zacharias Psaradakis and Marián Vávra, 2019. “Generalized portmanteau tests for linearity of stationary time series”, Econometric Reviews, Vol. 38:2, pp. 248-262, https://doi.org/10.1080/07474938.2016.1261015
Zacharias Psaradakis and Marián Vávra, 2017. “A distance test of normality for a wide class of stationary processes”, Econometrics and Statistics, Vol. 2. pp. 50-60, https://doi.org/10.1016/j.ecosta.2016.11.005
Zacharias Psaradakis and Marián Vávra, 2015. “A quantile-based test for symmetry of weakly dependent processes”, Journal of Time Series Analysis, Vol. 36, pp. 587-598, https://doi.org/10.1111/jtsa.12132
Zacharias Psaradakis and Marián Vávra, 2014. “On testing for nonlinearity in multivariate time series”, Economics Letters, Vol. 125, pp. 1-4, https://doi.org/10.1016/j.econlet.2014.07.031
Marián Vávra, 2014. “Empirical evidence of joint nonlinearity in economic area and US economic variables using two modified multivariate nonlinearity tests”, Applied Economics Letters, Vol. 14, pp. 1094-1099, https://doi.org/10.1080/13504851.2015.1005808
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NBS publications
Marián Vávra, 2019. “On statistical measures of underlying inflation”, Discussion Note, No. 65, Research Department, National Bank of Slovakia.
Marián Vávra, 2018. “Putting new fan-charts into use”, Discussion Note, No. 57, Research Department, National Bank of Slovakia.
Marián Vávra, 2015. “On a bootstrap-based Diebold-Mariano test”, Working Paper, No. 5, Research Department, National Bank of Slovakia.
Juraj Huček, Alexandr Karsay, and Marián Vávra, 2015. “Short-term forecasting of Slovak GDP using monthly data”, Occasional Paper, No. 1, Research Department, National Bank of Slovakia.
Juraj Zeman
Senior researcher
RePEc profil
Fields of interest: international trade, inequality and growth, fiscal sustainability, DSGE modelling
Peer review activities:
Editorial Board Member, Journal of Economics, Slovakia
Reviewer, Journal of Economics, Slovakia
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Selected external publications
Books
Dean Corbae, Maxwell B. Stinchcombe and Juraj Zeman, 2009. “An Introduction to Mathematical Analysis for Economic Theory and Econometrics”, Princeton University Press.
Juraj Zeman, 1989. “Mathematics for Students of the Life Sciences”, Comenius University Press.
Juraj Zeman, 1989. “Introduction to Mathematical Statistics” , Comenius University Press.
Articles in refereed journals
Juraj Zeman, 2019. “Income distribution and economic growth; empirical results for Slovakia“, Journal of Economics, Vol. 67, No. 5, pp. 459-480.
Biswajit Banerjee and Juraj Zeman, Ľudovít Ódor and William O. Riiska Jr., 2018. “On the effectiveness of Central Bank Intervention in the Foreign Exchange Market: The Case of Slovakia, 1999-2007“, Comparative Economic Studies, No. 60, pp. 442–474. https://doi.org/10.1057/s41294-017-0039-z
Juraj Zeman, 2017. “Fiscal multipliers in the Slovak Economy A DSGE Simulation“, Journal of Economics, Vol. 65, No. 6, pp. 505-519.
Juraj Zeman, 2017. “Determinants of government bond yield spreads in EU countries“, Journal of Economics, Vol. 62, No. 6, pp. 598-60.
Matúš Senaj, Milan Výškrabka and Juraj Zeman, 2012. “MUSE: Monetary Union and Slovak Economy model”, Journal of Economics, Vol. 60, No. 5, pp. 435-459.
Juraj Zeman, 2006. “An alternative approach to measuring output gap”, Journal of Economics, Vol. 54, No. 4, pp. 337 – 351.
Juraj Zeman, 2005. “Home production with inventories”, Journal of Economics, Vol. 53, No. 2, pp. 161 – 170.
Juraj Zeman, 2004. “Equilibrium exchange rate of Slovak koruna”, Journal of Economics, Vol. 52, No. 9, pp. 1035 – 1050.
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NBS publications
Juraj Zeman, 2021. “The Motor Vehicles Industry in Slovakia, 2005–2015″, Occasional Paper, No.1/2021, National Bank of Slovakia.
Biswajit Banerjee and Juraj Zeman, 2020. “Determinants of Global Value Chain Participation: Cross-country Analysis“, Working paper, No.1/2020, National Bank of Slovakia.
František Hajnovič and Juraj Zeman, 2012. “Fiscal Space in the Euro Zone“, Working paper, No.5/2012, National Bank of Slovakia.
Juraj Zeman, 2012. “Costs and benefits of Slovakia entering the euro area. A quantitative evaluation”, Working paper No.1/2012, National Bank of Slovakia.
Matúš Senaj and Juraj Zeman, 2009. “DSGE Model – Slovakia“, Working paper No.3/2009, National Bank of Slovakia.
Pavol Jurča and Juraj Zeman, 2008. “Macro Stress Testing of the Slovak Banking Sector“, Working paper No.1/2008, National Bank of Slovakia.