Haku
Viitteet 11-20 / 25
Forward guidance with unanchored expectations
(31.08.2021)
Bank of Finland Research Discussion Papers 11/2021
Bank of Finland Research Discussion Papers 11/2021
We study zero interest-rate policy in response to a large negative demand shock when long-run expectations can fall over time. Because falling expectations make monetary policy less effective by raising real interest rates, ...
Effective Policy Communication : Targets versus Instruments
(10.11.2020)
Bank of Finland Research Discussion Papers 17/2020
Bank of Finland Research Discussion Papers 17/2020
Communication targeting households and firms has become a stand-alone policy tool of many central banks. But which forms of communication, if any, can reach ordinary people and manage their economic expectations effectively? ...
Firm turnover in the export market and the case for fixed exchange rate regime
(07.01.2020)
Bank of Finland Research Discussion Papers 1/2020
Bank of Finland Research Discussion Papers 1/2020
This paper revisits the case for exible vs. fixed exchange rate regime in a two-country model with firm heterogeneity and nominal wage rigidity under incomplete financial markets. Dampening nominal exchange rate fluctuations ...
The transmission of negative nominal interest rates in Finland
(21.04.2023)
Bank of Finland Research Discussion Papers 6/2023
Bank of Finland Research Discussion Papers 6/2023
Despite the implementation of negative nominal interest rates by several advanced economies in the last decade and the many papers that have been written about this novel policy tool, there is still much we do not know ...
Reading between the lines : Using text analysis to estimate the loss function of the ECB
(06.07.2020)
Bank of Finland Research Discussion Papers 12/2020
Bank of Finland Research Discussion Papers 12/2020
We apply textual analysis to extract the tone (sentiment) from the introductory statements to the ECB’s press conferences regarding economic outlook. By combining this information with Eurosystem/ECB staff macroeconomic ...
Monetary policy and inequality in a small open economy
(20.01.2022)
Bank of Finland Research Discussion Papers 3/2022
Bank of Finland Research Discussion Papers 3/2022
We study the impact of monetary policy on income and wealth distributions in a small open economy. To do so, we use household-level registry and survey data from Finland, a small member of a monetary union. This setup ...
Money, e-money and consumer welfare
(23.12.2022)
Bank of Finland Research Discussion Papers 15/2022
Bank of Finland Research Discussion Papers 15/2022
We develop a micro-founded monetary model to inquire the role of a privately provided e-money instrument for household consumption smoothing and welfare. Different from fiat money, e-money users pay electronic transaction ...
Monetary policy and stock market valuation
(18.09.2020)
Bank of Finland Research Discussion Papers 16/2020
Bank of Finland Research Discussion Papers 16/2020
This paper estimates the effect of monetary policy on the term structure of stock market risk premia. Stock market risk premia are solved using analysts’ dividend forecasts and dividend future prices. Although risk-free ...
Asymmetric effects of conventional and unconventional monetary policy when rates are low
(15.03.2023)
Bank of Finland Research Discussion Papers 3/2023
Bank of Finland Research Discussion Papers 3/2023
We study asymmetric inflation effects of both conventional and unconventional monetary policy in the euro area during the period of low nominal interest rates. We find that rate cuts are inflationary also during low interest ...
Monetary policy transmission below zero
(27.06.2023)
Bank of Finland Research Discussion Papers 11/2023
Bank of Finland Research Discussion Papers 11/2023
This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010–2020. We find changes in the pass-through as policy rates first dip below ...