Haku
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Neo-Fisherian monetary policy
(01.08.2017)
BoF Economics Review 2/2017
BoF Economics Review 2/2017
According to the Neo-Fisherian Hypothesis a nominal policy rate increase leads to an in-crease in the rate of inflation also in the short-run and the effects of Neo-Fisherian forward guidance on inflation and output are ...
Yield Curve Control
(28.05.2020)
BoF Economics Review 5/2020
BoF Economics Review 5/2020
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 ...
Two tales of the natural rate of interest
(08.03.2017)
BoF Economics Review 1/2017
BoF Economics Review 1/2017
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 ...
Fiscal Stabilization in the United States : Lessons for Monetary Unions
(12.09.2019)
BoF Economics Review 6/2019
BoF Economics Review 6/2019
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, ...
Mastering Central Bank Communication Challenges via Twitter
(20.12.2019)
BoF Economics Review 7/2019
BoF Economics Review 7/2019
This study examines the Twitter policies and use of European central banks. Almost every European central bank maintains an institutional Twitter account, but tweeting activity, tweet content and usage restrictions on ...
How Effective is the Taylor rule? : Some Insights from the Time-Frequency Domain
(19.02.2020)
BoF Economics Review 1/2020
BoF Economics Review 1/2020
When the central bank sets monetary policy according to a conventional or modified Taylor rule (which is known as the Taylor Principle), does this deliver the best outcome for the macroeconomy as a whole? This question is ...
The effects of the ECB’s pandemic-related monetary policy measures
(01.09.2021)
BoF Economics Review 4/2021
BoF Economics Review 4/2021
We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic ...
How effective quantitative tightening can be with a higher-for-longer pledge?
(16.02.2024)
BoF Economics Review 1/2024
BoF Economics Review 1/2024
We study the effect of quantitative tightening both without forward guidance and with higher for longer guidance. This is done by simulating quantitative tightening strategies in a dynamic stochastic general equilibrium ...
Rahoitusolojen eritahtinen kiristyminen euroalueella
(22.04.2024)
BoF Economics Review 5/2024
BoF Economics Review 5/2024
Vuonna 2022 alkaneen koronnostosyklin välittyminen laina- ja talletuskorkoihin on ollut finanssikriisiä edeltänyttä nostosykliä hieman heikompaa. Toisaalta lainamäärien kehitys on ollut viimeisten kahden vuoden aikana ...