Daily Events

Since December 1st till March 31 you can apply to our programs:
Master in Economic Research and PhD in Economics

Entry requirements are:
- BA / MA degree or equivalent
- Proficiency in spoken and written English
- Solid background in mathematics
- Previous education in economics is recommended

Your online application must content following documents:
- Curriculum vitae
- Statement of motivation
- Copies of your diplomas and transcripts
- Proof of English proficiency level
- Contact details for two (or max. three) referees (optional for MA applicants)

For more information please see sections: How to apply to MER or How to apply to PhD
In case of any question, please do not hesitate to contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.
or see the FAQ sections for Master´s or Phd program.

The Czech National Bank and CERGE-EI are sponsoring a Conference on Real-Time Data Analysis, Methods, and Applications in Macroeconomics in Prague on March 20-21, 2025. The conference brings together leading researchers in real-time economic analysis, and encompasses nowcasting, high-frequency data, surveys, macro econometrics, data revisions, and macroeconomic policy.

Submissions cover (but are not limited to) the following areas:

• Nowcasting, forecasting, and real-time monitoring of macroeconomic and financial conditions
• The use of real-time data in policy formulation and analysis
• New real-time macroeconomic and financial databases
• Real-time modelling and high-frequency financial data
• Survey data and their uses in macro model analysis and evaluation
• Machine learning methods and applications in real-time macroeconomics
• Probability forecasts, density forecasts, risk assessments and scenarios

Keynote speaker

Athanasios Orphanides (MIT Sloan School of Management)

Important dates

The deadline for paper submissions was 11 November 2024. Successful authors were notified by 13 January 2025. Should you have any questions, please write to This email address is being protected from spambots. You need JavaScript enabled to view it.. 

Details of the conference

Expenses

Limited funding is available to cover hotel accommodation for academic presenters. PhD students and researchers who earned their degree within the past five years will be given priority in funding. Costs will not be covered for central bank participants.

Please indicate in your submission whether you will require funding from the Czech National Bank.

Scientific Committee

Dean Croushore (University of Richmond)

Domenico Giannone (University of Washington and International Monetary Fund)

Barbara Rossi (ICREA, Universitat Pompeu Fabra, Barcelona School of Economics, and CREI)

Tara Sinclair (George Washington University)

Sergey Slobodyan (CERGE-EI)

Shaun Vahey (University of Warwick and CAMA, ANU)

Simon van Norden (HEC Montréal, CIRANO and CIREQ)

Local organizers

Volha Audzei (Czech National Bank)

Sergey Slobodyan (CERGE-EI)

Matthias Meier, Ph.D.

University of Mannheim, Germany

Join online
Meeting number: 2744 759 9698
Meeting password: 263964

Authors: Matthias Meier, Lukas Hack, Klodiana Istrefi 

Abstract: Conventional strategies to identify monetary policy shocks rest on the implicit assumption that systematic monetary policy is constant over time. We formally show that these strategies do not isolate monetary policy shocks in an environment with time-varying systematic monetary policy. Instead, they are contaminated by systematic monetary policy and macroeconomic variables, leading to contamination bias in estimated impulse responses. Empirically, we show that Romer and Romer (2004) monetary policy shocks are indeed predictable by fluctuations in systematic monetary policy. Instead, we propose a new monetary policy shock that is orthogonal to systematic monetary policy. Our shock suggests U.S. monetary policy has shorter lags and stronger effects on inflation and output.

Keywords: Systematic monetary policy, monetary policy shocks, identification.
JEL Codes: E32, E43, E52, E58.

Full Text: The Systematic Origins of Monetary Policy Shocks

Are you (thinking of) applying to MA in Economic Research or PhD in Economics at CERGE-EI?
Do you have any questions regarding the application and admissions process?
You are welcome to join our webinar. All your questions will be answered!

Please register here

https://cesnet.zoom.us/j/97487829617?pwd=eggWN2fE3zBFXzFqaE76SbXGqaidyD.1
Meeting ID: 974 8782 9617
Passcode: 816221