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Inflaation voimakas kiihtyminen on käynnistänyt rahapolitiikan normalisoinnin, jossa rahoitusoloja kiristetään esimerkiksi nostamalla ohjauskorkoja. Keskuspankit ovat siirtymässä epätavanomaisista rahapolitiikkatoimista ...

We estimate several monetary policy rules for Russia for the period 2003–2015. We find that the traditional Taylor rule describes the conduct of monetary policy in Russia reasonably well, whether coefficients are restricted ...

We test for bias and efficiency of the ECB inflation forecasts using a confidential dataset of ECB macroeconomic quarterly projections. We investigate whether the properties of the forecasts depend on the level of inflation, ...

Communication targeting households and firms has become a stand-alone policy tool of many central banks. But which forms of communication, if any, can reach ordinary people and manage their economic expectations effectively? ...

A global renminbi needs to be backed by a large, deep and liquid renminbi bond market with a world-class Chinese government bond (CGB) market as its core. China’s CGB market is the seventh largest in the world while sitting ...

This paper tests whether the People's Bank of China's communication affects expectations of market participants and matters as a monetary policy instrument. For that purpose, we first rely on a computational linguistic ...

Central banks have traditionally issued cash to the general public. With digitalisation, banknotes are becoming a technically outdated payment instrument, and some central banks have explored the possibility of central ...

Die Bank von Finnland ist Finnlands Geldbehörde und nationale Zentralbank. Zugleich ist sie Mitglied im Eurosystem, das für die Geldpolitik der Länder des Euroraums und sonstige Zentralbankaufgaben zuständig ist. Mit ihrer ...