Haku
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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, ...
U.S. Macroeconomic Policy Evaluation in an Open Economy Context using Wavelet Decomposed Optimal Control Methods
(10.07.2019)
Bank of Finland Research Discussion Papers 11/2019
Bank of Finland Research Discussion Papers 11/2019
It is widely recognized that the policy objectives of fiscal and monetary policymakers usually have different time horizons, and this feature may not be captured by traditional econometric techniques. In this paper, we ...
Paradise lost? A brief history of DSGE macroeconomics
(07.11.2018)
Bank of Finland Research Discussion Papers 22/2018
Bank of Finland Research Discussion Papers 22/2018
Since the Global Financial Crisis, academic economists and policymakers have had to deal with uncomfortable questions about the quality of their models and the state of macroeconomics as a profession. This note offers a ...
The real effects of overconfidence and fundamental uncertainty shocks
(22.12.2017)
Bank of Finland Research Discussion Papers 37/2017
Bank of Finland Research Discussion Papers 37/2017
This study provides estimates of the real effects of macro-uncertainty de-
composed into fundamental and overconfidence bias components. Crucially,
overconfidence biases lower ex-ante measures of uncertainty, while ...