Haku
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Monetary policy in the ERM : Internal targets or external constraints?
(14.04.1997)
Bank of Finland Research Discussion Papers 5/1997
Bank of Finland Research Discussion Papers 5/1997
This study is concerned with the determinants of monetary policy in the ERM countries.We derive a monetary policy rule, an interest rate rule, from a minimization problem faced by the central bank. The loss fuction trades ...
Incomplete insurance market and its policy implication within European Monetary Union
(03.06.1997)
Bank of Finland Research Discussion Papers 8/1997
Bank of Finland Research Discussion Papers 8/1997
The purpose of this discussion paper is to consider consumption insurance and its various channels at the level of the individual and at the level of the economy as a whole in the context of the European Monetary Union.First ...
Finanssipolitiikan liikkumavara, eläkkeiden rahoitus ja EMU
(04.06.1997)
Bank of Finland Research Discussion Papers 9/1997
Bank of Finland Research Discussion Papers 9/1997
Raportissa tarkastellaan julkisen talouden alijäämän ja velkaantumisen reaktioita talouden kasvuhäiriöihin lyhyellä aikavälillä.Lisäksi selvitetään painelaskelmien avulla rakenteellisten tekijöiden, erityisesti väestön ...
Limited and full information estimation of the rational expectations demand for money model : application to Finnish M1
(21.03.1997)
Bank of Finland Research Discussion Papers 3/1997
Bank of Finland Research Discussion Papers 3/1997
We compare parameter estimates of the intertemporal money-in-the-utility-function model estimated using the Generalized Method of Moments and the Full Information Maximum Likelihood method.The process driving the forcing ...
Inflation targeting and the role of money in a model with sticky prices and sticky money
(19.11.1997)
Bank of Finland Research Discussion Papers 17/1997
Bank of Finland Research Discussion Papers 17/1997
In order to study the role of money in an inflation targeting regime for monetary policy, we compare the interest rate and money as monetary policy instruments.Our dynamic stochastic general equilibrium model combines the ...
Inflaation haitat
(31.07.1997)
Bank of Finland Research Discussion Papers 12/1996
Bank of Finland Research Discussion Papers 12/1996
Inflaation haittoja on usein vähätelty.Samalla on ylikorostettu mahdollisuutta, että työllisyysongelmat olisi helpompi hoitaa nopean inflaation oloissa.Uudemmat teoreettiset tutkimukset ovat kuitenkin tuoneet esiin uusia ...
Time-varying markups : Empirical analysis of markups in finnish industries
(22.10.1997)
Bank of Finland Research Discussion Papers 16/1997
Bank of Finland Research Discussion Papers 16/1997
In this study, we analyse variation of markups in Finnish industrial sectors, both between industries and over time.The study finds evidence that:Since the beginning the 1980s, practically every Finnish industrial sector ...
Maksuvälineet ja -järjestelmät EU:ssa : Vertailu Suomen ja eräiden EU-maiden välillä
(10.12.1997)
Bank of Finland Research Discussion Papers 19/1997
Bank of Finland Research Discussion Papers 19/1997
Selvityksessä vertaillaan Suomen ja seitsemän muun EU-maan maksutapoja ja maksujenvälitysjärjestelmiä.Tarkoituksena on selvittää maksutapojen, pankkien jakeluverkkojen ja maksuliikkeen elektronisuuden maittaisia eroja.Selvityksen ...
Exchange rate, interest rate and stock market price volatility for value-at-risk analysis
(16.05.1997)
Bank of Finland Research Discussion Papers 7/1997
Bank of Finland Research Discussion Papers 7/1997
The study derives a theoretically and empirically founded procedure for volatility estimation and forecasting of daily financial return series for use in value-at-risk model frameworks.GARCH modelling is applied to account ...
Current income and private consumption : Saving decisions : Testing the finite horizon model
(14.05.1997)
Bank of Finland Research Discussion Papers 6/1997
Bank of Finland Research Discussion Papers 6/1997
This paper considers the effects of fiscal policy on private consumption in a framework that encompasses both the conventional (Keynesian) view of fiscal policy and the Ricardian debt neutrality hypothesis.The model is ...