This paper analyses the impact of household indebtedness on household net wealth, using Slovak data from the first wave of the Household Finance and Consumption Survey. We find two different effects of household indebtedness on wealth – a highly negative impact of non-mortgage debt and a...

This paper considers the problem of testing for normality of the marginal law of univariate and multivariate stationary and weakly dependent random processes using a bootstrap-based Anderson-Darling test statistic. The finite-sample properties of the test are assessed via Monte Carlo...

This report summarises the findings from the first wave of the Slovak Household Finance and Consumption Survey. The analysis is done at the regional level and presents results on household assets, liabilities, net wealth, income and consumption.

Estimates of potential output and the output gap are essential elements in the toolkit of policy makers. Latest changes in the European fiscal framework have strengthened significantly the role of structural budget balances, which rest on output gap calculations. With the adoption of the Fiscal...

This paper assesses fiscal policy effects over the business cycle in V4 countries using a simplified smooth transition VAR (STVAR) model. The estimated parameters imply a presence of two different regimes associated with recessions and expansions, leading to different impulse-response functions....

This paper describes the current macro stress testing framework at the National Bank of Slovakia. Stress testing is aimed at testing the resilience of the banking sector to negative developments on the financial markets and in the real economy. The paper describes satellite models and...

This paper addresses the issue related to testing for non-linearity in economic models using new principal component based multivariate non-linearity tests. Monte Carlo results suggest that the new multivariate tests have good size and power properties even in small samples usually available in...

Two well known multivariate non-linearity tests are modified using a principal component analysis. The Monte Carlo results show that the proposed principal component-based tests do provide a remarkable dimensionality reduction without any systematic power loss. It can be concluded that using...

This paper combines results of a questionnaire survey with firm level data in order to better explain firm competitiveness. To do this, survey-based information about perceived factors is used to improve explanatory power of quantitative factors. Results from the firm level panel data model...

This paper provides a microeconometric analysis of extensive margin labour supply elasticities in Slovakia. We find that a one percent increase in net wage increases the probability of economic activity by 0.263 percentage points. Taking into account tax and transfer system details valid in...