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Assessment of public finances 2017 : Overall positive sentiment will not resolve structural problems in public finances
(18.12.2017)
Bank of Finland. Bulletin 5/2017
Bank of Finland. Bulletin 5/2017
Finland’s rapid economic growth in 2017 has notably improved the situation for the public finances. With the cuts in taxes related to the Competitiveness Pact, fiscal policy will ease in 2017 and 2018 and the structural ...
Expectations, stagnation and fiscal policy
(11.08.2016)
Bank of Finland Research Discussion Papers 25/2016
Bank of Finland Research Discussion Papers 25/2016
Stagnation as the new norm and fiscal policy are examined in a New Keynesian model with adaptive learning determining expectations. We impose inflation and consumption lower bounds, which can be relevant when agents are ...
External adjustment in small open economies : Some recent experience
(15.06.1988)
Bank of Finland Research Discussion Papers 6/1988
Bank of Finland Research Discussion Papers 6/1988
The paper deals with the adjustment problems that small open economies face in a financially integrated world. Particular attention is paid to the assignment of different policy instruments te the achievement different ...
High trend inflation and passive monetary detours
(26.02.2018)
Bank of Finland Research Discussion Papers 6/2018
Bank of Finland Research Discussion Papers 6/2018
According to the long-run Taylor principle (Davig and Leeper, 2007), a central bank can deviate to a passive monetary policy and still obtain equilibrium uniqueness if a sufficiently aggressive monetary policy is expected ...
Modelling a small open economy using a wavelet-based control model
(18.10.2017)
Bank of Finland Research Discussion Papers 32/2017
Bank of Finland Research Discussion Papers 32/2017
This paper develops a wavelet-based control system model that can be used to simulate fiscal and monetary strategies in an open economy context in the time-frequency domain. As the emphasis on real exchange rate stability ...
Optimal fiscal policy of a monetary union member
(10.06.2014)
Bank of Finland Research Discussion Papers 13/2014
Bank of Finland Research Discussion Papers 13/2014
In this essay we study the optimal noncoordinated fiscal policy in a monetary union, where a common and independent monetary authority commits to optimally set the union-wide nominal interest rate. The national governments ...
Controlling inflation with switching monetary and fiscal policies: expectations, fiscal guidance and timid regime changes
(05.05.2017)
Bank of Finland Research Discussion Papers 9/2017
Bank of Finland Research Discussion Papers 9/2017
Inflation depends on both monetary and fiscal policies and on how agents believe that these policies will evolve in the future. Can monetary policy control inflation, when both monetary and fiscal policies are allowed to ...
How to explain errors in budget balance forecasts in euro area countries? Empirical evidence based on real-time data
(17.06.2016)
Bank of Finland Research Discussion Papers 17/2016
Bank of Finland Research Discussion Papers 17/2016
The aim of this study is to explore budget planning in the euro area countries in 2004-2014. Our analyses are based on annual real-time data from the IMF World Economic Outlook publications. As forecasts made by different ...
Rahapolitiikalla ja finanssipolitiikalla on molemmilla tärkeä roolinsa inflaation taltuttamisessa
(13.10.2022)
Euro & talous. Blogi
Euro & talous. Blogi
Nopea hintojen nousu ja sen hillitsemiseksi valitut toimet ovat puhuttaneet Suomessakin viime viikkoina. Energiainflaatio kiihtyi euroalueella Eurostatin tuoreimpien syyskuussa julkaistujen lukujen mukaan 40,8 prosenttiin ...
Human frictions in the transmission of economic policy
(09.09.2021)
Bank of Finland Research Discussion Papers 12/2021
Bank of Finland Research Discussion Papers 12/2021
Many consumers below the top of the distribution of a representative population by cognitive abilities barely react to monetary and fiscal policies that aim to stimulate consumption and borrowing, even when they are ...