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Money market volatility : a simulation study
(01.05.2006)
Bank of Finland Research Discussion Papers 13/2006
Bank of Finland Research Discussion Papers 13/2006
This paper analyses different operational central bank policies and their impact on the behaviour of the money market interest rate. The model combines profit maximising behaviour by commercial banks with the central bank ...
Labour taxation and shock propagation in a New Keynesian model with search frictions
(08.04.2006)
Bank of Finland Research Discussion Papers 12/2006
Bank of Finland Research Discussion Papers 12/2006
This paper studies the implications of labour taxation in determining the sensitivity of an economy to macroeconomic shocks. We construct a New Keynesian business cycle model with matching frictions of the labour market, ...
The role of comparing in financial markets with hidden information
(01.01.2006)
Bank of Finland Research Discussion Papers 1/2006
Bank of Finland Research Discussion Papers 1/2006
This paper studies how comparing can be used to provide information in financial markets in the presence of a hidden characteristics problem.Although an investor cannot precisely estimate the future returns of an entrepreneur's ...