STRATEGIC RESEARCH PLAN FOR 2011-2013

Field of study	Sub-fields	Ongoing research in 2012
Monetary policy	Monetary policy transmission mechanism   Inflation	The impact of the ECB's monetary policy on the euro area   The impact of the ECB's monetary policy on Estonia's economy and the estimation of the transmission mechanism   The impact of the real interest rate on Estonia's economy   Estonia's equilibrium inflation
Financial sector	Macroprudential supervision   The financial behaviour of companies and households	Indicators describing the lending cycles   Participation in the research projects of the Household Finance and Consumption Network
Economic growth and business cycle	Economic growth	Monthly index of economic growth   The impact of foreign direct investment on the volatility of employment in the receiving country
Development of models	Macro models   Banking sector models	Improvements to the macro model of Estonia's economy (EMMA)   The dynamic stochastic general equilibrium model of Estonia and the euro area   The credit risk and profitability model of the banking sector