Bank of Lithuania

Economic research

Economic research at the Bank of Lithuania is primarily conducted at two units, namely, the Center for Excellence in Finance and Economic Research (CEFER) and the Applied Macroeconomic Research Division (TMTS), which is part of the Economics Department. The main aim of the CEFER is to conduct and publish high-quality academic research and contribute to knowledge at the forefront of economic and financial research. The TMTS aims in particular at conducting economic and financial research with direct importance for central banking and policy-making.

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Research priorities

Economists at the CEFER conduct academic research and publish their papers in well-reputed scientific journals. Main research topics include the following:

  • Macrofinance
  • Behavioural macroeconomics and finance
  • International economics and finance
  • Macroeconometric methods and modelling
  • Dynamic Stochastic General Equilibrium (DSGE) models
  • Experimental economics
  • Labour economics

Priority areas at the TMTS are determined on the basis of the demand for sound economic analysis, forecasting and decision-making in the areas of monetary policy, exchange rates and financial stability, as well as in the light of the Bank’s cooperation with the European System of Central Banks (ESCB). The four priority research areas are as follows:

  • Monetary and fiscal policy
    • inflation
    • monetary policy transmission mechanism
    • automatic fiscal stabilisers and fiscal rules
  • Modelling and forecasting
    • development and estimation of the DSGE model for Lithuania
    • short-run forecasting models
  • Convergence research
    • long-run trends and equilibrium values
    • structural changes in aggregate supply
  • Financial stability
    • liquidity risk in the banking sector
    • credit risk in the banking sector
    • development of macro stress testing model
    • international contagion risk

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Recent publications

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No 46: Optimal Long-Run Inflation and the Informal Economy
2017-09-20
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No 15: Synchronicity of Real and Financial Cycles and Structural Characteristics in EU Countries
2017-08-18
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No 45: The Knotty Interplay Between Credit and Housing
2017-06-23
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No 4: Unemployment or Credit: Who Holds The Potential? Results From a Small-Open Economy
2017-04-24
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No 46: Optimal Long-Run Inflation and the Informal Economy

Papers from the Working Paper Series present research of different authors that aim to encourage discussion and critical commentary. Comments and recommendations for all working papers are provided by internal and external experts. The views expressed are those of the author(s) and do not necessarily represent those of the Bank of Lithuania. Papers are available only in English.

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No 15: Synchronicity of Real and Financial Cycles and Structural Characteristics in EU Countries

The Occasional Paper Series features extensive analytical papers of an argumentative or descriptive nature that analyse relevant economic, financial and monetary policy issues. Some of these papers aim to provide a more detail explanation of the Bank of Lithuania policy decisions, while others present the authors’ opinions, which do not necessarily reflect the opinion of the Bank of Lithuania. The papers are available either in Lithuanian or English.

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No 45: The Knotty Interplay Between Credit and Housing

Papers from the Working Paper Series present research of different authors that aim to encourage discussion and critical commentary. Comments and recommendations for all working papers are provided by internal and external experts. The views expressed are those of the author(s) and do not necessarily represent those of the Bank of Lithuania. Papers are available only in English.

Close description

No 4: Unemployment or Credit: Who Holds The Potential? Results From a Small-Open Economy

The Discussion Paper Series presents research papers written by Bank of Lithuania employees that are not necessarily linked to the activities of the institution. Papers are available only in English.

Last update: 18-04-2017