Haku

We uncover a puzzling link between low-frequency inflation and the population age-structure: the young and old (dependents) are inflationary whereas the working age population is disinflationary. The relationship is not ...

This paper studies the formation of inflation expectations in the euro area. We first analyse the forecast accuracy of ECB inflation projections relative to private sector forecasts. Then, using the ECB Survey of Professional ...

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 ...

We examine global dynamics under learning in New Keynesian models with price level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. ...

Inflation depends on both monetary and fiscal policies and on how agents believe that these policies will evolve in the future. Can monetary policy control inflation, when both monetary and fiscal policies are allowed to ...

Optimal monetary policy under discretion, commitment, and optimal simple rules regimes is analyzed through a behavioral New Keynesian model. Flexible price level targeting dominates under discretion; flexible inflation ...

This study examines aggregated short- and long-term inflation expectations in the unbalanced panel of the ECB Survey of Professional Forecasters. The focus of the study is on heterogeneity of expectations and changing panel ...

Energian hinnat ovat nousseet voimakkaasti euroalueella. Etenkin maakaasu ja sähkö ovat kallistuneet Venäjän hyökkäyssodan seurauksena. Energiakriisi voi vaikuttaa euroalueen talouskehitykseen pitkään. Euroalueen jäsenmaat ...

Talouden suhdanne heikkenee Suomessa vahvan alkuvuoden jälkeen. Energiakriisi ja inflaation kiihtyminen ovat kasvattaneet taantuman uhkaa, ja talouden arvioidaan supistuvan lievästi ensi vuonna. Suhdanteen heikkeneminen ...