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. 27: “Disentangling the Monetary Policy Stance” (pdf
Filippo Gori, 2016

No. 26: “Dutch Disease, Real Effective Exchange Rate Misalignments and their Effect on GDP Growth in the EU” (pdf)
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

No. 23: “Population Ageing and Inflation with Endogenous Money Creation” (pdf)
Igor Fedotenkov, 2016

No. 22: “Determinants of Credit Constrained Firms: Evidence from Central and Eastern Europe Region” (pdf)
Apostolos Thomadakis, 2015

No. 21: “Global Perspective on Structural Labour Market Reforms in Europe” (pdf)Online Appendix (pdf)
Povilas Lastauskas and Julius Stakėnas, 2015

No. 20: “Current Account and REER Misalignments in Central Eastern EU Countries: an Update Using the Macroeconomic Balance Approach” (pdf)
Mariarosaria Comunale, 2015.

No. 19: “Is there a competition-stability trade-off in European banking?” (pdf)
Aurélien Leroy, Yannick Lucotte, 2015.

No. 18: “Long-run Determinants and Misalignments of the Real Effective Exchange Rate in the EU” (pdf)
Mariarosaria Comunale, 2015.  

No. 17: “Forecasting Lithuanian Inflation” (pdf)
Julius Stakenas, 2015.

No. 16: “Selection of Short-Term Fixed Interest Rate Mortgages in an Emerging Market: The Case of Lithuania” (pdf)
Egle Karmaziene, Julita Varanauskiene, 2014.

No. 15: “Optimal asymmetric taxation in a two-sector model with population ageing” (pdf)
Igor Fedotenkov, 2014.

No 14: “New Keynesian Phillips Curve in Lithuania" (pdf)
Ernestas Virbickas, 2012.

No 13: “Generating short-term forecasts of the Lithuanian GDP using factor models” (pdf)
Julius Stakenas, 2012.

No 12: “Profit Dynamics across the Largest Euro Area countries and Sectors” (pdf)
Laurent Maurin, Moreno Roma, Igor Vetlov, 2011.

No 11: “Price Setting in Lithuania: More Evidence from the Survey of Firms” (pdf)
Ernestas Virbickas, 2011.

No 10: “What Caused the Recent Boom-And-Bust Cycle in Lithuania? Evidence from a Macromodel with the Financial Sector” (pdf)
Tomas Ramanauskas, 2011.

No 9: “Potential Output in DSGE Models” (pdf)
Igor Vetlov, Tibor Hlédik, Magnus Jonsson, Henrik Kucsera, Massimiliano Pisani, 2011.

No 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.

No 7: “Wage and Price Setting Behaviour of Lithuanian Firms” (pdf)
Ernestas Virbickas, 2010.

No 6: “Building an Artificial Stock Market Populated by Reinforcement-Learning Agents”(pdf)
Tomas Ramanauskas and Aleksandras Vytautas Rutkauskas, 2009.

No 5: “Estimation of the Euro Area Output Gap Using the NAWM” (pdf) 
Günter Coenen, Frank Smets and Igor Vetlov, 2009.

No 4: “The Effects of Fiscal Instruments on the Economy of Lithuania” (pdf)
Sigitas Karpavičius, 2009.

No 3: “Agent-Based Financial Modelling: A Promising Alternative to the Standard Representative-Agent Approach” (pdf)
Tomas Ramanauskas, 2009.

No 2: “Personal Income Tax Reform in Lithuania: Macroeconomic and Welfare Implications” (pdf)
Sigitas Karpavičius and Igor Vetlov, 2008.

No 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, C. Van Nieuwenhuyze, 2008.


Updated 02/12/2015