Bank of Lithuania



Selected publications

(2023) A large creditor in contagious liquidity crises, Junghum Park and Frederick Dongchuhl Oh. Journal of Banking and Finance, Volume 146, January 2023.

(2021) Firm heterogeneity, variable markups, and multinational production: A review from trade policy perspective, Ziran Ding. Journal of Economic Surveys, Volume 36(5), December 2021, Pages 1311-1357.

(2021) Lockdown, employment adjustment, and financial frictions, Povilas Lastauskas. Small Business Economics, Volume 58, June 2021, Pages 919–942.

(2021) Banking Regulation and Collateral Screening in a Model of Information Asymmetry, Benjamin Hemingway. Journal of Financial Services Research, Volume 61, June 2021, Pages 367–405.

(2021) The factor analytical approach in near unit root interactive effects panels, 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, Milda Norkutė, Vasilis Sarafidis, Takashi Yamagata, Guowei Cui. Journal of Econometrics, Volume 220(2), February 2021, Pages 416-446.

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

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

(2018) An Experimental Study of Bond Market Pricing, Matthias Weber, John Duffy and Arthur Schram. Journal of Finance, Volume 73, Issue 4, August 2018, Pages 1857-1892.

(2017) Evolution of Bilateral Capital Flows to Developing Countries at Intensive and Extensive Margins, Juliana Araujo, Povilas Lastauskas and Chris Papageorgiou. Journal of Money, Credit, and Banking, Vol 49, Issue 7, p. 1517–1554.

(2017) Choosing the Rules: Preferences over Voting Systems for Assemblies of Representatives, Matthias Weber. Journal of Economic Behavior & Organization.

(2017) Dutch Disease, Real Effective Exchange Rate Misalignments and Their Effect on GDP Growth in the EU, Mariarosaria Comunale. Journal of International Money and Finance, Vol 73, Part B, p. 350–370.

(2017) Racial Discrimination in the US Labor Market: Employment and Wage Differentials by Skill, Linas Tarasonis, Daniel Borowczyk-Martins and Jake Bradley. Labour Economics, Vol 49 (December), p. 106–127.

(2017) International Endogenous Growth, Macro Anomalies, and Asset Prices, Patrick Grüning. Journal of Economic Dynamics and Control, Vol 78, p. 118–148.

(2016) The Non-Equivalence of Labour Market Taxes: A Real-Effort Experiment, Matthias Weber and Arthur Schram. The Economic Journal, Vol 127, Issue 604, p. 2187-2215.

(2016) Labor Market Dynamics, Endogenous Growth, and Asset Prices, Michael Donadelli and Patrick Grüning. Economics Letters, Vol 143, p. 32–37.

Other publications

(2023) Coworker networks and the labor market outcomes of displaced workers: Evidence from Portugal, Jose Garcia-Louzao and Marta Silva. Industrial Relations: A Journal of Economy and Society, October 2023.

(2023) Wage Growth in Lithuania from 2008 to 2020: Observed Drivers and Underlying Shocks, Jose Garcia-Louzao and Valentin Bernard Jouvanceau. Baltic Journal of Economics, Volume 23, Issue 2, September 2023, Pages 117-141. 

(2023) Productivity-enhancing reallocation during the Great Recession: evidence from Lithuania., Jose Garcia-Louzao and Linas Tarasonis. Oxford Economic Papers, Volume 75, Issue 3, July 2023, Pages 729–749

(2023) Wage and Employment Impact of Minimum Wage: Evidence from Lithuania, Jose Garcia-Louzao and Linas Tarasonis. Journal of Comparative Economics, Volume 51, Issue 2, June 2023, Pages 592-609.

(2023) Emergence of subprime lending in minority neighborhoods, Eglė Jakučionytė and Swapnil Singh. Real Estate Economics, Volume 51, Issue 6, June 2023, Pages 1547-1583.

(2023) ECB monetary communications: Market fragmentation at stake, Ieva Mikaliūnaitė-Jouvanceau and Valentin Bernard Jouvanceau, Economics Letters, Volume 225, April 2023.

(2022) Bowling alone, buying alone: The decline of co-borrowers in the US mortgage market, Eglė Jakučionytė and Swapnil Singh. Journal of Housing Economics, Volume 58, Part B, December 2022.

(2022) Banking regulation and collateral screening in a model of information asymmetry, Benjamin Hemingway, Journal of Financial Services Research, May 2022, Volume 61, Pages 367-405.

(2021) The macroeconomics of carry trade gone wrong: Corporate and consumer losses in Emerging Europe, Eglė Jakučionytė and Sweder van Wijnbergen. Economics of Transition and Institutional Change, December 2021.

(2021) Innovation dynamics and fiscal policy: Implications for growth, asset prices, and welfareMichael Donadelli and Patrick Grüning. The North American Journal of Economics and Finance, Volume 57, July 2021.

(2020) Euro Area Growth and European Institutional Reforms, Mariarosaria Comunale and Francesco Paolo Mongelli. Book chapter in Structural Reforms and Economic Growth in Europe, edited by Nauro Campos, Paul De Grauwe and Yuemei Ji, Cambridge University Press.

(2020) New synchronicity indices between real and financial cycles: is there any link to structural characteristics and recessions in EU countries? Mariarosaria Comunale. International Journal of Finance and Economics, February 2020.

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

(2020) Labour Market Institutions in Open Economy: Sectoral Reallocations, Aggregate Adjustments and Spillovers, Povilas Lastauskas and Julius Stakėnas. Review of International Economics.

(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.

(2019) Long-run determinants and misalignments of the real effective exchange rate in the EU, Mariarosaria Comunale. Scottish Journal of Political Economy, Volume 66, Issue 5, October 2019, Pages 649-672.

(2019) Firm productivity, heterogeneity and macroeconomic dynamics: a data-driven investigation, Mihnea Constantinescu and Aurelija Proškutė. Baltic Journal of Economics, Volume 19, Issue 2, July 2019, Pages 216-247.

(2019) Assessing Inflation Convergence in the East African Community, Jemma Dridi and Anh D. M. Nguyen. Journal of International Development, Volume 31, Issue 2, March 2019, Pages 119-136.

(2018) On the linkages between African emerging markets and global markets: Evidence from fractional integration and cointegration, Luis Gil-Alana, Hector Carcel and Emmanuel Joel Aikins Abakah. Review of Development Finance, Volume 8, Issue 2, December 2018, Pages 96-105.

(2018) Unemployment or Credit: Who Holds the Potential? Results for a Small-Open Economy with a Low Degree of Financialization, Mihnea Constantinescu and Anh D.M. Nguyen. Economic Systems, Volume 42, Issue 4, December 2018, Pages 649-664.

(2018) The Knotty Interplay Between Credit and Housing, Mihnea Constantinescu and Povilas Lastauskas. The Quarterly Review of Economics and Finance, Volume 70, November 2018, Pages 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) Network-based macro fluctuations: what about an open economy?, Mihnea Constantinescu and Kristina Barauskaitė-Griškevičienė. Baltic Journal of Economics, Volume 18, September 2018, Pages 95-117.

(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) Current account and REER misalignments in Central Eastern EU Countries: an update using the Macroeconomic Balance approach, Mariarosaria Comunale. Economic Systems,Vol 42, Issue 3, September 2018, Pages 414-436.

(2018) The Effects of Listing Authors in Alphabetical Order: A survey of the Empirical Evidence, Matthias Weber. Research Evaluation, Volume 27, Issue 3, 1 July 2018, Pages 238–245.

(2018) Inflation analysis in the Central American Monetary Council, Hector Carcel and Luis A. Gil-Alana. Empirical Economics, Volume 54, Issue 2, March 2018, Pages 547–565.

(2018) The EMBI in Latin America: Fractional Integration, Non-Linearities and Breaks, Guglielmo Maria Caporale, Hector Carcel and Luis A. Gil-Alana. Finance Research Letters, Volume 24, March 2018, Pages 34-41.

(2018) Macroeconomic and Financial Stability in a Monetary Union: The Case of Lithuania, Margarita Rubio and Mariarosaria Comunale. Economic Systems, Volume 42, Issue 1, March 2018, Pages 75-90.

(2018) Modeling changes in US monetary policy with a time-varying nonlinear Taylor rule, Anh D.M. Nguyen, Efthymios G. Pavlidis and David A. Peel. Studies in Nonlinear Dynamics & Econometrics, Volume 22, Issue 5.

(2018) Application of local projections in the monetary policy Brazil, Hector Carcel, Luis A. Gil-Alana and Peter Wanke. Applied Economics Letters, Volume 25, Issue 13, Pages 941-944.

(2018) A fractional cointegration var analysis of exchange rate dynamics, Carcel, H. and L.A. Gil-Alana, The North American Journal of Economics and Finance.

(2018) The pass-through to consumer prices in CIS economies: The role of exchange rates, commodities and other common factors, Mariarosaria Comunale and Heli Simola. Research in International Business and Finance,Elsevier, vol. 44(C), pages 186-217.

(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.

(2017) On the Drivers of Inflation in Sub-Saharan Africa, Anh D.M. Nguyen, Jemma Dridi, Filiz D. Unsal and Oral H. Williams. International Economics, Volume 151, October 2017, Pages 71-84.

(2016) Heterogeneous Innovation, Firm Creation and Destruction, and Asset Prices, Jan Bena, Lorenzo Garlappi, and Patrick Grüning. Review of Asset Pricing Studies. Vol 6(1), p. 46–87.

(2016) Two-Tier Voting: Measuring Inequality and Specifying the Inverse Power Problem, Matthias Weber. Mathematical Social Sciences, Vol 79, p. 40–45.


Working, Occasional and Discussion papers on various topics are published on the Bank of Lithuania website.

The Working Paper Series by Bank of Lithuania employees is published to stimulate discussion and critical comments. All papers within 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. Papers are available only in English.

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.

The Occasional Paper Series mainly features research conducted by Bank of Lithuania employees that coincides with the main Bank of Lithuania tasks and functions. Occasional papers are meant for the general public, including other economic policy makers, analysts and economists. Papers are published in Lithuanian and English.


Last update: 18-04-2017