Haku
Viitteet 1-10 / 27
Forecasting with a forward-looking DGE model : combining long-run views of financial markes with macro forecasting
(08.07.2005)
Bank of Finland Research Discussion Papers 21/2005
Bank of Finland Research Discussion Papers 21/2005
To develop forecasting procedures with a forward-looking dynamic general equilibrium model, we built a small New-Keynesian model and calibrated it to euro area data.It was essential in this context that we allowed for ...
The effects of aging population on the sustainability of fiscal policy
(05.09.2005)
Bank of Finland Research Discussion Papers 26/2005
Bank of Finland Research Discussion Papers 26/2005
We study the effects of aging population on the sustainability of fiscal policy in overlapping generations models with government debt and a pay-as-you-go pension system.The smaller the population growth rate, the lower ...
Bank interest rates in a small European economy : Some exploratory macro level analyses using Finnish data
(08.03.2005)
Bank of Finland Research Discussion Papers 9/2005
Bank of Finland Research Discussion Papers 9/2005
This paper presents econometric analyses on the determination of bank deposit and lending rates using longitudinal Finnish data. Interest rate pass-through is very strong, possibly complete, in the case of lending rates; ...
Robust monetary policy in a small open economy
(05.07.2005)
Bank of Finland Research Discussion Papers 20/2005
Bank of Finland Research Discussion Papers 20/2005
This paper studies how a central bank's preference for robustness against model misspecification affects the design of monetary policy in a New-Keynesian model of a small open economy.Due to the simple model structure, we ...
Inflation expectations and regime shifts in the euro area
(01.09.2005)
Bank of Finland Research Discussion Papers 25/2005
Bank of Finland Research Discussion Papers 25/2005
This paper focuses on the determination of inflation expectations. The following two questions are examined: How much do inflation expectations reflect different economic and institutional regime shifts and in which way ...
Relationship lending and competiiton : higher switching cost does not necessarily imply greater relationship benefits
(08.01.2005)
Bank of Finland Research Discussion Papers 3/2005
Bank of Finland Research Discussion Papers 3/2005
This paper studies relationship lending in a framework where the cost of switching banks measures the degree of banking competition. The relationship lender's (insider bank's) informational advantage creates a lock-in ...
Identifying the interdependence between US monetary policy and the stock market
(05.06.2005)
Bank of Finland Research Discussion Papers 17/2005
Bank of Finland Research Discussion Papers 17/2005
We estimate the interdependence between US monetary policy and the S&P 500 using structural VAR methodology.A solution is proposed to the simultaneity problem of identifying monetary and stock price shocks by using a ...
The demand for money market mutual funds
(05.05.2005)
Bank of Finland Research Discussion Papers 14/2005
Bank of Finland Research Discussion Papers 14/2005
This paper presents a model on the demand for money market funds (MMFs).These funds are a very close substitute for M1 deposits, except that MMFs do not satisfy immediate transaction requirements. The demand for MMFs ...
Decomposing the co-movement of the business cycle : a time-frequency analysis of growth cycles in the euro area
(08.04.2005)
Bank of Finland Research Discussion Papers 12/2005
Bank of Finland Research Discussion Papers 12/2005
This article analyses the frequency components of European business cycles using real GDP by employing multiresolution decomposition (MRD) with the use of maximal overlap discrete wavelet transforms (MODWT).Static wavelet ...
Fiscal policy in the 1920s and 1930s : How much different it is from the post war period's policies?
(08.05.2005)
Bank of Finland Research Discussion Papers 15/2005
Bank of Finland Research Discussion Papers 15/2005
This paper deals with the fiscal behaviour of governments in the 1920s and 1930s.The intention is to see whether there were the same features in government behaviour as in the post-World War II era.In particular, attention ...