Haku
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Macroeconomic consequences of the real-financial nexus: Imbalances and spillovers between China and the U.S.
(18.01.2015)
BOFIT Discussion Papers 2/2015
BOFIT Discussion Papers 2/2015
Relying on quarterly data since 1998 we estimate, for China and the U.S., small scale econometric models that economize on the number of variables employed and yet are rich enough to provide useful insights about spillover ...
Forward guidance with unanchored expectations
(31.08.2021)
Bank of Finland Research Discussion Papers 11/2021
Bank of Finland Research Discussion Papers 11/2021
We study zero interest-rate policy in response to a large negative demand shock when long-run expectations can fall over time. Because falling expectations make monetary policy less effective by raising real interest rates, ...
U.S. Macroeconomic Policy Evaluation in an Open Economy Context using Wavelet Decomposed Optimal Control Methods
(10.07.2019)
Bank of Finland Research Discussion Papers 11/2019
Bank of Finland Research Discussion Papers 11/2019
It is widely recognized that the policy objectives of fiscal and monetary policymakers usually have different time horizons, and this feature may not be captured by traditional econometric techniques. In this paper, we ...
Paradise lost? A brief history of DSGE macroeconomics
(07.11.2018)
Bank of Finland Research Discussion Papers 22/2018
Bank of Finland Research Discussion Papers 22/2018
Since the Global Financial Crisis, academic economists and policymakers have had to deal with uncomfortable questions about the quality of their models and the state of macroeconomics as a profession. This note offers a ...
From window guidance to interbank rates : Tracing the transition of monetary policy in Japan and China
(21.02.2018)
BOFIT Discussion Papers 4/2018
BOFIT Discussion Papers 4/2018
Monetary policy in most major economies has traditionally focused on control of
the interbank interest rate to achieve an inflation target. Monetary policy in transition economies, in contrast, relied on a mixed system ...
Mapping China’s time-varying house price landscape
(09.12.2017)
BOFIT Discussion Papers 21/2017
BOFIT Discussion Papers 21/2017
The recent increase in China’s house prices at the national level masks tremendous variation at the city level – a feature largely overlooked in the macroprudential literature. This paper considers the evolving heterogeneity ...
The real effects of overconfidence and fundamental uncertainty shocks
(22.12.2017)
Bank of Finland Research Discussion Papers 37/2017
Bank of Finland Research Discussion Papers 37/2017
This study provides estimates of the real effects of macro-uncertainty de-
composed into fundamental and overconfidence bias components. Crucially,
overconfidence biases lower ex-ante measures of uncertainty, while ...
A large Bayesian vector autoregression model for Russia
(04.12.2014)
BOFIT Discussion Papers 22/2014
BOFIT Discussion Papers 22/2014
We apply an econometric approach developed specifically to address the ‘curse of dimensionality’ in Russian data and estimate a Bayesian vector autoregression model comprising 14 major domestic real, price and monetary ...
Econometric modelling of the demand for money in Finland
(01.01.1994)
Suomen Pankki. D 79
Suomen Pankki. D 79
The study is organized in four parts as follows: In part 1, we survey the theoretical models of the demand for money and derive a dynamic framework. Part 2 presents the econometric methods to be used in part 4 of the study. ...
Female labour supply in Finland : Econometric applications of discrete choise models to married women's labour supply decisions
(01.01.1991)
Suomen Pankki. D 76
Suomen Pankki. D 76
The aim of this study is to analyze the female labour supply. In Finland very little work has thus far been done on the cross-section analysis of the labour supply.
Even though our study focuses on the estimation of ...