Bank of Lithuania
Lietuviškai

Economics Department

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  3. Management and structure
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The Economics Department:

  • Analyses monetary policy issues, formulates the positions regarding the Eurosystem monetary policy
  • Investigates the Lithuanian economy, focusing on the analysis of prices, the real sector, government finance and external accounts of the country
  • Prepares short and medium-term projections of the key macroeconomic indicators
  • Develops and applies econometric and other models for projecting macroeconomic indicators and analysing economic policy scenarios
  • Prepares Lithuanian economic and thematic reviews
  • Conducts economic research
  • Draws up and publishes research and discussion papers

Ernestas Virbickas, Acting Director of the Economics Department

The objective of the Economics Department is to research, model and analyse economic processes over the short and long term, to contribute the results obtained to the shaping of the Eurosystem monetary policy and help formulate the position of the Bank of Lithuania on other economic policy issues. Economic research and analysis conducted at the Department allows the Bank of Lithuania to measure the impact of monetary policy on the economy as well as to project the effect of changes in economic conditions on economic development. The Department investigates economic trends in Lithuania and foreign countries, foresees potential economic development prospects and makes macroeconomic projections, which are updated and published on a quarterly basis.

We monitor and analyse the achievement of monetary policy objectives and the impact of monetary policy of the European Central Bank (ECB) in the euro area, provide technical and advisory assistance to the representatives of the Bank of Lithuania in the Monetary Policy Committee of the ESCB and draw up proposals for the position of the Chairman of the Board of the Bank of Lithuania on general monetary policy issues discussed by the Governing Council of the ECB.

We closely monitor and analyse the Lithuania’s macroeconomic processes, make macroeconomic projections for Lithuania and provide assessments of short and medium-term outlook for the Lithuanian economy, and formulate the position of the Bank of Lithuania on economic policy issues within our remit.

We carry out applied macroeconomic research, create and develop the models necessary for making macroeconomic projections and analysing economic scenarios, as well as ensure that modern empirical and economic theory-based quantitative analysis methods and tools are applied in the work of the Department of Economics.

The Department is comprised of three divisions: Applied Macroeconomic Research Division, Macroeconomics and Forecasting Division, Monetary Policy Division.

Last update: 09-09-2024