The purpose of the paper is to introduce the new “g3” structural model of the Czech National
Bank and illustrate how it is used for forecasting and policy analysis. As from January 2007 …

In view of the increasing use of Dynamic Stochastic General Equilibrium (DSGE) models in
the macroeconomic projections and the policy process, this paper examines, both …

This paper employs fifteen dynamic macroeconomic models maintained within the European
System of Central Banks to assess the size of fiscal multipliers in European countries. …

This paper develops a new central bank transparency index for inflation-targeting central
banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the …

This paper describes the CNB’s experience implementing an inflation-forecast targeting (IFT)
regime, and the building of a system for providing the economic information that …

Since the introduction of the inflation targeting regime in 1998 the Czech National Bank has
made considerable progress in developing formal tools for supporting its Forecasting and …

This paper introduces g3+, the new core forecasting model of the Czech National Bank (CNB),
which replaced the previous g3 model in July 2019. We present the features of the new …

We identify the natural rate of interest in the Czech Republic as the real rate consistent with
output at its equilibrium level and inflation at the target. To identify the rate, we use a (semi-) …

This paper revisits the empirical relationship between unemployment and output, and its
evolution following the financial crisis of 2008, with the aim of drawing potential consequences …

This paper presents a semi-structural quarterly projection open-economy model for analyzing
monetary policy transmission and macroeconomic developments in Kazakhstan during the …