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Researching the Research: A Central Banking Edition Simona Malovaná, Martin Hodula, Zuzana Rakovská We build two unique data sets describing research in central banks in Europe and the United States. These data sets offer a novel insight into central banks' research activities, the research topics covered, collaborations between central banks and with other institutions, gender diversity and research popularization, among other things. We identify significant heterogeneity among central banks from different regions. Nevertheless, we are also able to identify several important stylized facts...

A Prolonged Period of Low Interest Rates: Unintended Consequences Simona Malovaná, Josef Bajzík, Dominika Ehrenbergerová, Jan Janků We examine the potential adverse effects of a prolonged period of low interest rates on financial stability from multiple perspectives. First, we provide a unique comparison of natural rates of interest estimated using two approaches – with and without financial factors – for six large European countries inside and outside the euro area. The results indicate that the need for monetary policy easing or tightening may differ across economies and over time....