Haku
Viitteet 1021-1027 / 1027
Does my model predict a forward guidance puzzle?
(10.09.2019)
Bank of Finland Research Discussion Papers 19/2019
Bank of Finland Research Discussion Papers 19/2019
We provide suffcient conditions for when a rational expectations structural model predicts bounded responses of endogenous variables to forward guidance announcements. The conditions coincide with a special case of the ...
Bonds, Currencies and Expectational Errors
(11.10.2020)
Bank of Finland Research Discussion Papers 7/2020
Bank of Finland Research Discussion Papers 7/2020
We propose a model in which sticky expectations concerning short-term interest rates generate joint predictability patterns in bond and currency markets. Using our calibrated model, we quantify the effect of this channel ...
Welfare effects of R&D support policies
(18.01.2022)
Bank of Finland Research Discussion Papers 2/2022
Bank of Finland Research Discussion Papers 2/2022
We construct a model of innovation incorporating R&D externalities, R&D participation, financial market imperfections, and application and allocation of R&D subsidies, estimate it using Finnish R&D project level data and ...
Monetary policy rules : model uncertainty meets design limits
(19.09.2023)
Bank of Finland Research Discussion Papers 12/2023
Bank of Finland Research Discussion Papers 12/2023
Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, ...
Stress test precision and bank competition
(02.02.2024)
Bank of Finland Research Discussion Papers 3/2024
Bank of Finland Research Discussion Papers 3/2024
We study a competitive banking sector in which banks choose the level of risk of their asset portfolios and, upon the public disclosure of stress test results, raise funding by promising investors a repayment. We show that ...
Forecast combination in the frequency domain
(18.01.2023)
Bank of Finland Research Discussion Papers 1/2023
Bank of Finland Research Discussion Papers 1/2023
Predictability is time and frequency dependent. We propose a new forecasting method – forecast combination in the frequency domain – that takes this fact into account. With this method we forecast the equity premium and ...
The Phillips Curve at 60: time for time and frequency
(12.07.2019)
Bank of Finland Research Discussion Papers 12/2019
Bank of Finland Research Discussion Papers 12/2019
We estimate the U.S. New Keynesian Phillips Curve in the time-frequency domain with continuous wavelet tools, to provide an integrated answer to the three most controversial issues on the Phillips Curve. (1) Has the short-run ...