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 ...

The output gap is a commonly used tool to assess the state of the business cycle, and as such, a key input for policy makers. In this article, we employ principal components analysis (PCA) to derive an estimate of the ...

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 ...

The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, ...

We analyze the relationship of the distribution of future GDP growth and accumulation of household debt in Finnish macroeconomic data from 1980 to 2019. We find clear evidence that exuberant accumulation of household debt ...

Talouden kehitystä kuvaavat tilastoaineistot valmistuvat viiveellä, ja tilastojen lukuja tarkennetaan eli revisioidaan lähdeaineistojen täydentyessä ja tarkentuessa. Tässä artikkelissa tarkastellaan kansantalouden ...

Koronaviruksen taltuttamisen seurauksena talouttamme on kohdannut samanaikaisesti ennennäkemätön tarjonta-, kysyntä- ja rahoitusmarkkinahäiriö, joka leikkaa ison loven talouteemme. Talousvaikutusten arviointi edellyttää ...

We analyze the economic effects of a debt-to-income constraint for the Finnish economy. Our benchmark is a DSGE model which is designed to capture the most prominent features of the Finnish economy and is calibrated using ...

Confidence dropped universally across countries and sectors during the height of the COVID-19 pandemic in Europe. Latest survey data suggest that confidence is on track for a v-shaped recovery. The swift implementation of ...