Haku
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The finnish experience on maintaining a currency band in the 1980s
(17.12.1990)
Bank of Finland Research Discussion Papers 26/1990
Bank of Finland Research Discussion Papers 26/1990
The paper reviews the Finnish experience of maintaining an explicit currency band since its creation in 1977. The emphasis is on the latter half of the 1980s, which is a period of free capital movements and unregulated ...
Price level targeting with evolving credibility
(23.02.2018)
Bank of Finland Research Discussion Papers 5/2018
Bank of Finland Research Discussion Papers 5/2018
We examine global dynamics under learning in a nonlinear New Keynesian model when monetary policy uses price-level targeting and compare it to inflation targeting. Domain of attraction of the targeted steady state gives a ...
Assessing U.S. aggregate fluctuations across time and frequencies
(20.02.2019)
Bank of Finland Research Discussion Papers 5/2019
Bank of Finland Research Discussion Papers 5/2019
We study the behavior of key macroeconomic variables in the time and frequency domain. For this purpose, we decompose U.S. time series into various frequency components. This allows us to identify a set of stylized facts: ...
The effects of conventional and unconventional monetary policy : identification through the yield curve
(22.01.2020)
Bank of Finland Research Discussion Papers 3/2020
Bank of Finland Research Discussion Papers 3/2020
Since the Great Recession, the main evolution in monetary policy has been its attempts to affect the medium and the long-term interest rates with instruments other than the policy rate. Consequently, measuring the stance ...
Estimating the real effects of uncertainty shocks at the zero lower bound
(01.02.2017)
Bank of Finland Research Discussion Papers 6/2017
Bank of Finland Research Discussion Papers 6/2017
We employ a parsimonious nonlinear Interacted-VAR to examine whether the real effects of uncertainty shocks are greater when the economy is at the Zero Lower Bound. We find the contractionary effects of uncertainty shocks ...
Why so low for so long? A long-term view of real interest rates
(21.12.2017)
Bank of Finland Research Discussion Papers 36/2017
Bank of Finland Research Discussion Papers 36/2017
Prevailing explanations of the decline in real interest rates since the early 1980s are premised on the notion that real interest rates are driven by variations in desired saving and investment. But based on data stretching ...
Mitä on rahapolitiikan normalisointi?
(29.09.2022)
Euro & talous 3/2022
Euro & talous 3/2022
Inflaation voimakas kiihtyminen on käynnistänyt rahapolitiikan normalisoinnin, jossa rahoitusoloja kiristetään esimerkiksi nostamalla ohjauskorkoja. Keskuspankit ovat siirtymässä epätavanomaisista rahapolitiikkatoimista ...
Pienin askelin kohti normaalia rahapolitiikkaa
(08.04.2011)
Suomen Pankki. Blogi
Suomen Pankki. Blogi
Euroopan keskuspankin neuvosto päätti eilen nostaa EKP:n rahapoliittisia ohjauskorkoja 0,25 prosenttiyksiköllä. Käytännössä tämä tarkoittaa, että ensi viikosta alkaen pankkien EKP:sta vakuuksia vastaan hakemista rahapoliittisista ...
What should the inflation target be? Views from 600 economists
(09.05.2022)
Bank of Finland Research Discussion Papers 7/2022
Bank of Finland Research Discussion Papers 7/2022
Revisiting intertemporal elasticity of substitution in a sticky price model
(09.06.2021)
Bank of Finland Research Discussion Papers 9/2021
Bank of Finland Research Discussion Papers 9/2021
Macroeconomic models typically assume additively separable preferences where consumption enters the utility function in a logarithmic form. This restriction implies that consumption growth is highly sensitive to movements ...