Bank of Lithuania

The Center for Excellence in Finance and Economic Research (CEFER) was established by the Bank of Lithuania and Vilnius University (VU). In autumn 2017 Kaunas University of Technology (KTU) joined as an additional partner.


Main goals

CEFER aims to:

  • Raise the quality of economic and financial sciences in Lithuania
  • Encourage quality discussions on relevant economic and financial issues
  • Educate the public
  • Enhance the image of the Bank of Lithuania as a centre of excellence in economics and finance

Research priorities

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

  • Macro-finance
  • Banking
  • Behavioural macroeconomics and finance
  • International economics and finance
  • Macroeconometric methods and modelling
  • Dynamic Stochastic General Equilibrium (DSGE) models
  • Labour economics

Center activities

  • Development, administration and teaching of the Quantitative Economics Bachelor program;
  • Planning and conducting doctoral courses;
  • Training of Bank of Lithuania staff, researchers, students;
  • Administration of Bank of Lithuania Science Prizes;
  • International conferences, guest lecturer program, seminars, workshops;
  • Research projects with Lithuanian and foreign scientists;
  • Contribution to the Data Warehouse Initiative;
  • Cooperation with scientific, economic policy and research institutions (CEPR, CEBRA, STRATA, tax office, etc.)


The full list of researchers at the Bank of Lithuania is available here


Upcoming seminars and courses

We are pleased to announce the 1st Baltic Central Banks Invited Lecture Series and Conference. The inaugural lecture will be given by Elhanan Helpman. The lecture’s topic is “Frontiers of International Trade”. The lectures and conference will take place on 17 - 19 May, 2023 in Vilnius, Lithuania.

More information can be found here.


Past conferences

Virtual conference “Adjustments in and to an Uncertain World”

Bank of Lithuania and CEFER together with National Bank of Poland (NBP), Centre for Economic Policy Research (CEPR) and Central Bank Research Association (CEBRA) organized conference “Adjustments in and to an Uncertain World”.

Keynote speakers: Jennifer La’O (Columbia University and FED Minneapolis), Kalina Manova (University College London), Beata Javorcik (Oxford University and EBRD).

More information is available here.

25th International Panel Data Conference

The Bank of Lithuania and its Center for Excellence in Finance and Economic Research (CEFER) were involved in the organisation of the 25th International Panel Data Conference, which took place on 4-5 July 2019 in Vilnius, Lithuania.

The keynote speakers were Manuel Arellano (CEMFI), Peter Egger (ETH Zurich), Ivan Fernandez-Val (Boston University) and Bo Honore (Princeton University).

For more information, visit the conference website

First international Baltic Economics Conference

The Inaugural Baltic Economic Conference took place on 11-12 June 2018 in Vilnius, Lithuania.

The keynote speaker of the first conference was Hashem Pesaran, professor of the University of Cambridge and the University of Southern California, who contributed to a wide range of topics on economics and econometrics, including a global economic model revealing how economic crises spread among countries.

For more information, visit the conference website.

Bachelor’s degree programme

CEFER, in collaboration with Vilnius University and the Applied Macroeconomic Research Division of the Bank of Lithuania (TMTS), has developed a Bachelor’s degree programme in Quantitative Economics, the first in Lithuania to combine mathematics, statistics, data science and economics.

The English-taught programme led by CEFER and TMTS researchers as well as lecturers from the Faculty of Economics and Mathematics at Vilnius University will enhance internationalisation of studies, provide opportunities for young talents to stay in Lithuania, prepare new generation analysts capable of combining economic intuition, data analysis, mathematical and computer modelling, and contribute to the increase in the supply of highly-skilled labour.

More information is available here.

CEFER researchers discuss the QE Bachelor's degree programme



Recent research papers

Peer-reviewed publications

(2021) Lockdown, employment adjustment, and financial frictions by Povilas Lastauskas. Small Business Economics. June 2021.

(2021) Banking Regulation and Collateral Screening in a Model of Information Asymmetry by Benjamin Hemingway. Journal of Financial Services Research. June 2021.

(2021) The factor analytical approach in near unit root interactive effects panels by Milda Norkutė, Joakim Westerlund. Journal of Econometrics, Volume 221(2), April 2021, Pages 569-590.

(2021) Instrumental Variable Estimation of Dynamic Linear Panel Data Models with Defactored Regressors and a Multifactor Error Structure by Milda Norkutė, Vasilis Sarafidis, Takashi Yamagata, Guowei Cui. Journal of Econometrics, Volume 220(2), February 2021, Pages 416-446.

(2020) Technology trade with asymmetric tax regimes and heterogeneous labour markets: Implications for macro quantities and asset prices by Patrick Grüning, Giuliano Curatola and Michael Donadelli. International Journal of Finance & Economics.

(2020) Labor market reforms and the monetary policy environment, Povilas Lastauskas and Julius Stakėnas. European Economic Review, Volume 128, September 2020. 

(2020) Labour Market Institutions in Open Economy: Sectoral Reallocations, Aggregate Adjustments and Spillovers by Povilas Lastauskas and Julius Stakėnas. Review of International Economics, Volume 28, Issue 3, August 2020, Pages 814-845.

(2020) Consumption Insurance with Advance Information, Swapnil Singh and Christian Stoltenberg. Quantitative Economics, Volume 11, Issue 2, May 2020, Pages 671-711.

(2019) Whether and How Does Convergence Between EU and Lithuania Take Place?, Povilas Lastauskas. Book chapter in Lietuvos narystė Europos Sąjungoje: atskaitos taškai ir judėjimo kryptys, ISBN: 9786098163179, 2019, Pages 156.

(2018) The Knotty Interplay Between Credit and Housing, Mihnea Constantinescu and Povilas Lastauskas. The Quarterly Review of Economics and Finance, Volume 70, November 2018, p. 241-266.
(2018) Openness and Structural Labour Market Reforms: Ex-ante Counterfactuals, Povilas Lastauskas and Julius Stakėnas. Contemporary Economic Policy, Vol 36, Issue 4, October 2018, p. 723-757.
(2018) Heterogeneity in the internationalization of R&D: Implications for anomalies in finance and macroeconomics, Patrick Grüning. Finance Research Letters, Vol 26, September 2018, pp. 132-138.

(2018) Optimal Monetary Policy under Sectoral Interconnections, Swapnil Singh and Roel Beetsma. Netherlands Economic Review (De Economist).  

(2018)  Structural Labour Market Reforms in the EU-15: Single-country vs. Coordinated Counterfactuals, Povilas Lastauskas and Julius Stakėnas. Structural Change and Economic Dynamics, Vol 44, March 2018, p. 88-99.

CEFER insights

CEFER insights provides a glimpse of the type of work we are doing at CEFER, how we are developing international research networks, and engaging Lithuanian universities in educational and research activities.

CEFER insights is available here. (1.2 MB download icon)

This year we collaborated with Applied Macroeconomic Research Division to provide a broader picture of research at the Bank of Lithuania.

Insights is available here.  (2.5 MB download icon)

Volume 3 of Insights, the newsletter of CEFER and Applied Macroeconomic Research Unit, which provides an overview of our activities in 2021.

Insights is available here. (4.1 MB download icon)

CEFER Challenge

The CEFER Challenge, inspired by the Federal Reserve Challenge in the US, is an annual thematic team competition for undergraduate and/or master level students from various academic disciplines. Students are encouraged to learn and think outside the box about the issues related to the euro area macroeconomy, the financial system, and the implementation of monetary policy. To learn more about CEFER Challenge click here

CEFER Challenge 2023



Data initiative

About Bank of Lithuania Datasets

Researchers at the Bank of Lithuania have access to micro-level data collected by the Bank of Lithuania. Examples of such datasets are the Household Financial Monitoring Information System (HFMIS) and the Loan Risk Database (LRD). 

Household Financial Monitoring Information System

The Household Financial Monitoring Information System (HFMIS) was originally devised to track household debt performance after the financial crisis in Lithuania. Ten years after the crisis, it provides a unique perspective not only on how household loans have fared in Lithuania on a quarterly basis since 2003 but also on the distribution of borrowers and lenders. In contrast to the most of other datasets on household finance, the HFMIS provides administrative information on household loans, payment history, household income and demographic characteristics. Due to the changing landscape of the lending sector in Lithuania, since 2016 the dataset covers both loans extended by traditional financial institutions and loans from consumer credit issuers and peer-to-peer lending platforms.

Loan Risk Database

The Bank of Lithuania has been collecting and administering records for the Loan Risk Database (LRD) since 1995. The database is used to inform macroprudential policy and evaluate credit risk for deposit-taking corporations and other financial institutions. The LRD has extensive information on loan characteristics and loan payment history. This information along with panel data is what makes the LRD valuable for economic and financial research.

To learn more about data available to the Bank of Lithuania researchers click here.

Internship at CEFER

The CEFER internship programme aims to guide interns through the process of writing academic research papers in the field of economics.

At CEFER our research focuses on a diverse range of topics, including macro-finance, banking and international economics.

CEFER invites students studying in Lithuania and abroad to apply for an internship position.

Eligible candidates

  • Master’s degree students or having at least a Bachelor’s degree in Economics, Statistics, Mathematics, Finance or another related field
  • Ambitious and willing to contribute to one or several CEFER research projects
  • Excellent written and verbal skills in English

Considered advantages

  • Knowledge of one or several statistical software (e.g. R, Matlab, Eviews, Stata)
  • Enrolment in a PhD programme

Internship-related tasks will depend on the intern’s level of experience, education and will be assigned and discussed at the start of the programme.

How to apply

In order to apply, please send your application (in English) by email to [email protected] with the following attachments:

  1. CV
  2. Motivational letter
  3. Academic statement/record of courses you have passed and your average grade

 In the application letter, the following should be specified:

  • Area or topic you wish to concentrate on during the internship, with a detailed description
  • A short description of research papers (including term papers, Bachelor’s or Master’s thesis), should you have already written any

Please provide the contacts of a university professor/course instructor willing to give their recommendation regarding your internship.

Applications will be considered on a rolling basis and usually last for up to four months with a possibility to extend the term.

Other activities


In order to encourage high-quality research in Lithuania, CEFER and the Bank of Lithuania grant two awards annually for scientific activities: the Vladas Jurgutis Award (EUR 10 thousand) and the Bank of Lithuania Award for Dissertation in the Field of Economics (EUR 5 thousand).

The Vladas Jurgutis Award pays tribute to Prof. Vladas Jurgutis, the first Governor of the Bank of Lithuania, and his merits to banking in Lithuania. The Award is granted for significant scientific research works of Lithuanian economists or foreign economists linked with Lithuanian education institutions carried out within the last five years – published scientific papers, monographs or books. Priority is given to the following subjects: activities of the central bank, monetary policy, macroprudential policy, payments and settlements, investment and other subjects related to the activities of the Bank of Lithuania.

The Bank of Lithuania Award for Dissertation in the Field of Economics is granted to honour the authors of the best dissertations in economics or related fields, defended over the last two years until August 1 of the current year. Priority is given to the following subjects: activities of the central bank, monetary policy, macroprudential policy, payments and settlements, investment, etc.

For more information on past awards and details on how to apply, click here

Editorial activities

CEFER researchers are involved in editing and refereeing peer-reviewed academic journals such as the Baltic Economic Journal.


CEFER is part of NERO, a network of National Economic Research Organisations.


CEFER is proud to have the following partners:


Last update: 17-09-2019