Working papers


Working Papers describe research in progress by the author(s) and are published to stimulate discussion and critical comments. All Working Papers of the Series are refereed 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.


No. 41 „U.K. Monetary Policy under InflationTargeting" (pdf)
Anh Dinh Minh Nguyen, 2017 

No. 40 „A panel VAR analysis of macro-financial imbalances in the EU" (pdf, also published at ECB Working Paper Series: link)
Mariarosaria Comunale, 2017 

No. 39 „Spatial Nexus in Crime and Unemployementin Times of Crisis" (pdf)
Povilas Lastauskas and Eirini Tatsi, 2017 

No. 38 „Exchange Rate Pass-Through in the Euro Area" (pdf, also published at ECB Working Paper Series: link)
Mariarosaria Comunale and Davor Kunovac, 2017


No. 37 „Evolution of Bilateral Capital Flows to Developing Countries at Intensive and Extensive Margins" (pdf, online-appendix)
Juliana Araujo, Povilas Lastauskas and Chris Papageorgiou, 2016

No. 36 „Investment-Specific Shocks, Business Cycles, and Asset Prices" (pdf)
Giuliano Curatola, Michael Donadelli, Patrick Grüning and Christoph Meinerding, 2016

No. 35 „The Pass-Through to Consumer Prices in CIS Economies: the Role of Exchange Rates, Commodities and Other Common Factors" (pdf, non-technical summary)
Mariarosaria Comunale and Heli Simola, 2016

No. 34 „Lithuania in the Euro Area: Transmission and Macroprudential Policies" (pdf, non-technical summary)
Margarita Rubio and Mariarosaria Comunale, 2016

No. 33 „Labour Market Institutions in Open Economy" (pdf)
Povilas Lastauskas and Julius Stakėnas, 2016

No. 32 „Aging, (Pension) Reforms and the Shadow Economy in Southern Europe" (pdf)
Daniel Baksa and Zsuzsa Munkacsi, 2016

No. 31: „A Detailed Description of OGRE, the OLG Model" (pdf)
Daniel Baksa and Zsuzsa Munkacsi, 2016

No. 30: „An Experimental Study of Bond Market Pricing" (pdf)
Matthias Weber, John Duffy and Arthur Schram, 2016

No. 29: „International Endogenous Growth, Macro Anomalies, and Asset Prices" (pdf, netnon-technical summary)
Patrick Grüning, 2016

No. 28: „Labour Shares, Fertility and Longevity in an OLG model" (pdf)
Igor Fedotenkov, 2016

No. 27: „Disentangling the Monetary Policy Stance" (pdf, non-technical summary)
Filippo Gori, 2016

No. 26: „Dutch Disease, Real Effective Exchange Rate Misalignments and their Effect on GDP Growth in the EU" (pdf)
Autorius: Mariarosaria Comunale, 2016

No. 25: „Commodities, Financialization, and Heterogeneous Agents" (pdf)
Nicole Branger, Patrick Grüning and Christian Schlag, 2016

No. 24: „Monetary policy transmission: the case of Lithuania" (pdf)
Julius Stakėnas and Rasa Stasiukynaitė, 2016

Nr. 23: „Population Ageing and Inflation with Endogenous Money Creation" (pdf)
Igor Fedotenkov, 2016.


Nr. 22: „Determinants of Credit Constrained Firms: Evidence from Central and Eastern Europe Region" (pdf)
Apostolos Thomadakis, 2015.

Nr. 21: Global Perspective on Structural Labour Market Reforms in Europe" (pdf); priedas (pdf)
Povilas Lastauskas and Julius Stakėnas, 2015.

Nr. 20: „Current Account and REER Misalignments in Central Eastern EU Countries: an Update Using the Macroeconomic Balance Approach" (pdf)
Mariarosaria Comunale, 2015.

Nr. 19: „Is there a competition-stability trade-off in European banking?" (pdf)
Aurélien Leroy, Yannick Lucotte, 2015.

Nr. 18: „Long-run Determinants and Misalignments of the Real Effective Exchange Rate in the EU" (pdf)
Mariarosaria Comunale, 2015.

Nr. 17: „Forecasting Lithuanian Inflation" (pdf)
Julius Stakėnas, 2015.


Nr. 16: „Selection of Short-Term Fixed Interest Rate Mortgages in an Emerging Market: The Case of Lithuania" (pdf)
Eglė Karmazienė and Julita Varanauskienė, 2014.

Nr. 15: „Optimal asymmetric taxation in a two-sector model with population ageing" (pdf)
Igor Fedotenkov, 2014.


Nr. 14: "New Keynesian Phillips Curve in Lithuania" (pdf)
Ernestas Virbickas, 2012.

Nr. 13: "Generating short-term forecasts of the Lithuanian GDP using factor models" (pdf)
Julius Stakėnas, 2012.

Nr. 12: "Profit Dynamics across the Largest Euro Area countries and Sectors" (pdf)
Laurent Maurin, Moreno Roma and Igor Vetlov, 2011.


Nr. 11: "Price Setting in Lithuania: More Evidence from the Survey of Firms" (pdf)
Ernestas Virbickas, 2011.

Nr. 10: "What Caused the Recent Boom-And-Bust Cycle in Lithuania? Evidence from a Macromodel with the Financial Sector" (pdf)
Tomas Ramanauskas, 2011.

Nr. 9: "Potential Output in DSGE Models" (pdf)
Igor Vetlov, Tibor Hlédik, Magnus Jonsson, Henrik Kuscera and Massimiliano Pisani, 2011.


Nr. 8: “The Implementation of Scenarios Using DSGE Models” (pdf)
Igor Vetlov, Ricardo Mourinho Félix, Laure Frey, Tibor Hlédik, Zoltán Jakab, Niki Papadopoulou, Lukas Reiss and Martin Schneider, 2010.

Nr. 7: “Wage and Price Setting Behaviour of Lithuanian Firms” (pdf)
Ernestas Virbickas, 2010.


Nr. 6: “Building an Artificial Stock Market Populated by Reinforcement-Learning Agents”(pdf)
Tomas Ramanauskas and Aleksandras Vytautas Rutkauskas, 2009.

Nr. 5: “Estimation of the Euro Area Output Gap Using the NAWM” (pdf)
Günter Coenen, Frank Smets and Igor Vetlov, 2009.

Nr. 4: “The Effects of Fiscal Instruments on the Economy of Lithuania” (pdf)
Sigitas Karpavičius, 2009.

Nr. 3: “Agent-Based Financial Modelling: A Promising Alternative to the Standard Representative-Agent Approach” (pdf)
Tomas Ramanauskas, 2009.


Nr. 2: “Personal Income Tax Reform in Lithuania: Macroeconomic and Welfare Implications” (pdf)
Sigitas Karpavičius and Igor Vetlov, 2008.

Nr. 1: “Short-Term Forecasting of GDP Using Large Monthly Datasets: A Presudo Real-Time Forecast Evaluation Exercise” (pdf)
G. Rünstler, K. Barhoumi, S. Benk, R. Cristadoro, A. Den Reijer, A. Jakaitienė, P. Jelonek, A. Rua, K. Ruth and C. Van Nieuwenhuyze, 2008.


Updated 02/12/2015