Haku

This paper presents the New Keynesian Phillips Curve (NKPC) -based framework for analysing euro area inflation outlook. Our NKPC specification, that relies on market- and surveybased inflation expectations, explains well ...

We study the yield curve control in Eurozone. We apply Chen, Cúrdia and Ferrero (2012) model that uses a financial friction to break Wallace’s neutrality. We calibrate a bond supply shock that corresponds to the observed ...

We estimate the long-term natural rate of interest for the euro area with two specifications of a simple semi-structural macroeconomic model. The estimates provide competing interpretations for the euro area’s current ...

Indicators based on the ratio of credit to GDP have been found to be highly useful predictors of banking crises. We study the difference in this ratio as an early warning indicator. We test a large number of different ...

We provide preliminary evidence of potential risk reduction benefits from banks’ loan portfolio diversification cross-border within the Euro area. Using aggregate data on banking sector cor-porate loan losses for each Euro ...

Vuonna 2022 alkaneen koronnostosyklin välittyminen laina- ja talletuskorkoihin on ollut finanssikriisiä edeltänyttä nostosykliä hieman heikompaa. Toisaalta lainamäärien kehitys on ollut viimeisten kahden vuoden aikana ...