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The effects of conventional and unconventional monetary policy : identification through the yield curve
(22.01.2020)
Bank of Finland Research Discussion Papers 3/2020
Bank of Finland Research Discussion Papers 3/2020
Since the Great Recession, the main evolution in monetary policy has been its attempts to affect the medium and the long-term interest rates with instruments other than the policy rate. Consequently, measuring the stance ...
Inflationary household uncertainty shocks
(14.02.2022)
Bank of Finland Research Discussion Papers 5/2022
Bank of Finland Research Discussion Papers 5/2022
I construct a novel measure of household uncertainty based on survey data for European countries. I show that household uncertainty shocks do not universally behave like negative demand shocks. Notably, household uncertainty ...
Monetary policy rules and the effective lower bound in the Euro area
(08.04.2021)
Bank of Finland Research Discussion Papers 5/2021
Bank of Finland Research Discussion Papers 5/2021
We analyze the economic performance of different monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often ...
Euro Area Business Confidence and Covid-19
(15.03.2021)
Bank of Finland Research Discussion Papers 4/2021
Bank of Finland Research Discussion Papers 4/2021
I study the effects of the Covid-19 pandemic on business confidence in 11 Euro area countries and its consequent impact on economic activity. To obtain causal effects, I instrument business confidence with domestic household ...
Responsiveness of consumers' medium-term inflation expectations : evidence from a new euro area survey
(29.06.2021)
Bank of Finland Research Discussion Papers 10/2021
Bank of Finland Research Discussion Papers 10/2021
Using the ECB Consumer Expectations Survey, this paper investigates revisions of medium-term inflation expectations. We provide robust evidence that consumers adjust medium-term inflation views in response to changes in ...
Asymmetric effects of conventional and unconventional monetary policy when rates are low
(15.03.2023)
Bank of Finland Research Discussion Papers 3/2023
Bank of Finland Research Discussion Papers 3/2023
We study asymmetric inflation effects of both conventional and unconventional monetary policy in the euro area during the period of low nominal interest rates. We find that rate cuts are inflationary also during low interest ...
Monetary policy transmission below zero
(27.06.2023)
Bank of Finland Research Discussion Papers 11/2023
Bank of Finland Research Discussion Papers 11/2023
This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010–2020. We find changes in the pass-through as policy rates first dip below ...
Assessing targeted longer-term refinancing operations : identification through search intensity
(21.09.2023)
Bank of Finland Research Discussion Papers 13/2023
Bank of Finland Research Discussion Papers 13/2023
We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with ...