Haku
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Transmission of recent shocks in a labour-DSGE model with wage rigidity
(21.04.2023)
BoF Economics Review 1/2023
BoF Economics Review 1/2023
In this paper we analyze features of the recent business cycle with a New Keynesian small open economy DSGE model with labour market frictions and wage rigidity. The model complements the existing analytical tools of the ...
Household debt, liquidity constraints and the interest rate elasticity of private consumption
(25.04.2023)
BoF Economics Review 2/2023
BoF Economics Review 2/2023
We study whether the level of household indebtedness is related to the interest rate elasticity of private consumption. Looking at Finnish aggregate data, we find no robust evidence of increased interest rate elasticity ...
Forecasting private investment in Finland using Q-theory and frequency decomposition
(26.06.2023)
BoF Economics Review 3/2023
BoF Economics Review 3/2023
We look for a forecasting model for private investments in Finland. As explanatory variables, we use different proxies of Tobin’s Q and cash flow as well as these series decomposed to different frequency components. The ...
Externalities and market failures of cryptocurrencies
(26.10.2023)
BoF Economics Review 4/2023
BoF Economics Review 4/2023
This paper discusses the externalities and market failures in cryptocurrency markets. In particular, I highlight the significant environmental externalities created by Proof-of-Work (PoW) cryptocurrencies, the most prominent ...