Welcome!

I am a Principal Analyst in the Czech National Bank, Research Division, Research and Statistics Department.

My research interests lie in macroeconomic modelling with financial frictions and bounded rationality. In my dissertation I studied how relaxing the assumption of rational expectation modifies the output of macroeconomic models. In particularly I showed how imperfect information among the financial agents modifies their risk-taking decisions, the effect of monetary policy on banks’ lending or equilibrium selection.

My curriculum vitae can be downloaded here

Exchange rate depreciation in a New Keynesian model with heterogeneous producers (with J. Matějů)

International spillovers form Euro Area monetary policy to a small open economy: Investment behavior of Czech firms (with M. Franta)

Jul 2025

Volha Audzei, Jan Bruha and Ivan Sutoris "Does Firms’ Financing in Foreign Currency Matter for Monetary Policy?"

Czech National Bank Working Papers

Jun 2025

Volha Audzei and Sergey Slobodyan "Dynamic Sparse Adaptive Learning"

Also published as CERGE-EI Working papers
Previously published as CERGE-EI Working papers 792 "Dynamic Sparse Restricted Perceptions Equilibria"

Sep 2024

Volha Audzei and Ivan Sutóris "A Heterogeneous Agent Model of Energy Consumption and Energy Conservation",

Czech National Bank Working Papers 2024/04 (Revise and resubmit in JMCB, published as ChaMP WP )

Mar 2023

Volha Audzei "Learning and Cross-Country Correlations in a Multi-Country DSGE Model",

Economic Modelling, vol. 120

Sep 2022

Volha Audzei "Confidence Cycles and Liquidity Hoarding",

International Journal of Central Banking, vol. 18(3)

Jun 2022

Volha Audzei and Sergey Slobodyan "Sparse Restricted Perceptions Equilibrium",

Journal of Economic Dynamics and Control, vol. 139

Jun 2022

Volha Audzei and Jan Brůha "A model of the Euro area, China, and the United States: Trade links and trade wars",

Economic Modelling, vol. 11.

Dec 2018

Volha Audzei and Frantisek Brazdik "Exchange Rate Dynamics and its Effect on Macroeconomic Volatility in Selected CEE Countries",

Economic Systems, vol. 42(4), pages 584-596.

Oct 2015

Volha Audzei and Frantisek Brazdik "Monetary Policy and Exchange Rate Dynamics: The Exchange Rate as a Shock Absorber",

Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 65(5), pages 391-410.

2012

Within the project "Macro Model Data Base" - together with Sergey Slobodyan (project under supervision of Volker Wieland, Goethe University Frankfurt) I was contributing to database expansion, in particular rewriting DSGE models under adaptive learning in Dynare toolbox, Matlab; programing routines for database expansion in Matlab.

2011

Within IDEA team (Institute for Democracy and Economic Analysis) project constructed GVAR model using GVAR toolbox for Matlab - together with Martin Kuncl (work was not published).

E-mail:

vaudzei(at)cerge-ei.cz

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Volha Audzei