Haku
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Output gaps and cyclical indicators : Finnish evidence
(01.10.2021)
BoF Economics Review 6/2021
BoF Economics Review 6/2021
The output gap is a commonly used tool to assess the state of the business cycle, and as such, a key input for policy makers. In this article, we employ principal components analysis (PCA) to derive an estimate of the ...
Could corporate credit losses turn out higher than expected?
(18.08.2021)
BoF Economics Review 3/2021
BoF Economics Review 3/2021
While corporate credit losses have been low since the start of the Covid-19 pandemic, their future evolution is quite uncertain. Using a forecasting model with a solid track record, we find that the baseline scenario ...
The effects of the ECB’s pandemic-related monetary policy measures
(01.09.2021)
BoF Economics Review 4/2021
BoF Economics Review 4/2021
We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic ...