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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 ...
Bank of Finland Bulletin 4/2023 : Monetary policy review, October 2023 : Monetary policy and the global economy
(25.10.2023)
Bank of Finland. Bulletin 4/2023
Bank of Finland. Bulletin 4/2023
Will euro area inflation subside without a recession and excessive tightening of financing conditions?
(25.10.2023)
Bank of Finland. Bulletin 4/2023
Bank of Finland. Bulletin 4/2023
Inflationary pressures have proven persistent, but have eased as a result of tighter monetary policy and a fall in energy prices. The crucial question now is whether inflation can be brought down without disruption to the ...
Monetary policy measures have strengthened the anchoring of inflation expectations
(25.10.2023)
Bank of Finland. Bulletin 4/2023
Bank of Finland. Bulletin 4/2023
The tightening of monetary policy has stabilised inflation expectations. Inflation expectations have an impact on companies’ pricing decisions as well as on the results of wage negotiations. They therefore directly affect ...
Monetary policy tightening by the European Central Bank will bring inflation down to the target level : simply short
(03.10.2023)
Bank of Finland. Bulletin 4/2023
Bank of Finland. Bulletin 4/2023
Prices have been rising sharply across the euro area for an extended time already. This year, inflation, or the general rise in prices, has slowed because energy prices have fallen and the European Central Bank (ECB) has ...
ECB’s rapidly tightened monetary policy is being transmitted forcefully to the economy : editorial
(03.10.2023)
Bank of Finland. Bulletin 4/2023
Bank of Finland. Bulletin 4/2023
The global economy’s recovery from the consequences of the pandemic and of Russia’s war in Ukraine has continued to be slow and uneven. Growth in the global economy is also expected to continue at a slower rate than seen ...
Bank of Finland Bulletin 3/2023 : Monetary Policy Implementation, August 2023
(29.08.2023)
Bank of Finland. Bulletin 3/2023
Bank of Finland. Bulletin 3/2023
Back to the old normal? : Monetary policy implementation in a landscape of rising interest rates and a shrinking Eurosystem balance sheet
(07.09.2023)
Bank of Finland Bulletin. Analysis 3/2023
Bank of Finland Bulletin. Analysis 3/2023
The past two years have seen a strong surge in inflation. In response, the European Central Bank (ECB) has tightened its monetary policy considerably: the key ECB interest rates have been raised by altogether 4.25%, and ...
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 ...