Haku
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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 ...
Measuring the effects of conventional and unconventional monetary policy in the euro area
(29.05.2018)
Bank of Finland Research Discussion Papers 12/2018
Bank of Finland Research Discussion Papers 12/2018
I estimate the effects of conventional and unconventional monetary policy in the euro area by using a factor-augmented vector autoregression.I complement the standard monetary policy analysis using the short rate with ...
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 ...
The role of expectations in the inflation process in the euro area
(01.03.2005)
Bank of Finland Research Discussion Papers 6/2005
Bank of Finland Research Discussion Papers 6/2005
This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation expectations affect both inflation and output,and, on the other hand, how inflation expectations reflect ...
Euro area monetary and fiscal policy tracking design in the time-frequency domain
(11.08.2015)
Bank of Finland Research Discussion Papers 12/2015
Bank of Finland Research Discussion Papers 12/2015
This paper first applies the MODWT (Maximal Overlap Discrete Wavelet Transform) to Euro Area quarterly GDP data from 1995 – 2014 to obtain the underlying cyclical structure of the GDP components. We then design optimal ...
A shadow rate model with time-varying lower bound of interest rates
(22.06.2016)
Bank of Finland Research Discussion Papers 19/2016
Bank of Finland Research Discussion Papers 19/2016
Typically a constant – or zero – lower bound for interest rates is applied in shadow rate term structure models. However, euro area yield curve data suggest that a time-varying lower bound might be appropriate for the euro ...
What does “below, but close to, two percent” mean? Assessing the ECB’s reaction function with real time data
(05.10.2017)
Bank of Finland Research Discussion Papers 29/2017
Bank of Finland Research Discussion Papers 29/2017
We estimate the ECB’s monetary policy reaction function by using real time Eurosystem/ECB staff macroeconomic projection data, which are presented to the ECB’s Governing Council when it assesses the monetary policy stance ...
The effect of TLTRO-II on bank lending
(08.04.2019)
Bank of Finland Research Discussion Papers 7/2019
Bank of Finland Research Discussion Papers 7/2019
This study estimates the effect of the European Central Bank’s second series of targeted longerterm refinancing operations (TLTRO-II) on bank lending using bank level data from multiple countries and instrumental variable ...
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 ...