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Market power and merger simulation in retail banking
(01.02.2008)
Bank of Finland Research Discussion Papers 4/2008
Bank of Finland Research Discussion Papers 4/2008
This paper tests market power in the banking industry. Price-cost margins predicted by different oligopoly models are calculated using discrete-choice demand estimates of own-price and cross-price elasticities. These ...
On the importance of borrowing constraints for house price dynamics
(05.03.2008)
Bank of Finland Research Discussion Papers 8/2008
Bank of Finland Research Discussion Papers 8/2008
We study how a household borrowing constraint the the form of a down payment requirement affects house price dynamics in an OLG model with standard preferences. We find that in certain situations the borrowing constraint ...
Evaluating innovation policy : a structural treatment effect model of R&D subsidies
(01.03.2008)
Bank of Finland Research Discussion Papers 7/2008
Bank of Finland Research Discussion Papers 7/2008
This paper studies the welfare effects of R&D subsidies. We develop a model of continuous optimal treatment with outcome heterogeneity where the treatment outcome depends on applicant investment. The model takes into ...
Using financial markets information to identify oil supply shocks in a restricted VAR
(08.03.2008)
Bank of Finland Research Discussion Papers 9/2008
Bank of Finland Research Discussion Papers 9/2008
This paper introduces a methodology for identifying oil supply shocks in a restricted VAR system for a small open economy. Financial market information is used to construct an identification scheme that forces the response ...
Population ageing and fiscal sustainability in Finland : a stochastic analysis
(01.10.2008)
Bank of Finland Research Discussion Papers 28/2008
Bank of Finland Research Discussion Papers 28/2008
This study analyses the fiscal sustainability of the Finnish public sector using stochastic projections to describe uncertain future demographic trends and asset yields. While current tax rates are unlikely to yield ...
Money-market segmentation in the euro area : what has changed during the turmoil?
(05.08.2008)
Bank of Finland Research Discussion Papers 23/2008
Bank of Finland Research Discussion Papers 23/2008
In this paper we study how the pattern of segmentation in the euro area money market has been affected by the recent turmoil in financial markets. We use nonparametric estimates of realized volatility to test for volatility ...
Central bank institutional structure and effective central banking : cross-country empirical evidence
(05.10.2008)
Bank of Finland Research Discussion Papers 29/2008
Bank of Finland Research Discussion Papers 29/2008
Over the last decade, the legal and institutional frameworks governing central banks and financial market regulatory authorities throughout the world have undergone significant changes. This has created new interest in ...
One money, several cycles? : evaluation of European business cycles using model-based cluster analysis
(08.01.2008)
Bank of Finland Research Discussion Papers 3/2008
Bank of Finland Research Discussion Papers 3/2008
Optimal currency area theory suggests that business cycle co-movement is a sufficient condition for monetary union, particularly if there are low levels of labour mobility between potential members of the monetary union. ...
Government funds and demographic transition : alleviating ageing costs in a small open economy
(08.07.2008)
Bank of Finland Research Discussion Papers 21/2008
Bank of Finland Research Discussion Papers 21/2008
This paper investigates public pension funding using a dynamic general equilibrium macroeconomic model (DSGE) that facilitates investigation of distortionary effects of fiscal and pension policy responses to ageing. The ...
Integrating European retail payment systems : some economics of SEPA
(01.08.2008)
Bank of Finland Research Discussion Papers 22/2008
Bank of Finland Research Discussion Papers 22/2008
Using a spatial competition model of retail payment networks, this paper discusses the likely economic consequences associated with the formation of the Single Euro Payments Area (SEPA). The model considers an expansion ...