Haku
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Growth, expectations and tariffs
(08.03.2011)
Bank of Finland Research Discussion Papers 9/2011
Bank of Finland Research Discussion Papers 9/2011
We study a many-country endogenous growth model in which decisions about innovation and new investment are influenced by growth expectations. Adaptive learning dynamics determine the country-specific short-run transition ...
Learning as a rational foundation for macroeconomics and finance
(05.03.2011)
Bank of Finland Research Discussion Papers 8/2011
Bank of Finland Research Discussion Papers 8/2011
Expectations play a central role in modern macroeconomics. The econometric learning approach, in line with the cognitive consistency principle, models agents as forming expectations by estimating and updating subjective ...
Market reforms, legal changes and bank risk-taking : evidence from transition economies
(01.03.2011)
Bank of Finland Research Discussion Papers 7/2011
Bank of Finland Research Discussion Papers 7/2011
The policy changes and structural reforms in transition economies over the past two decades have created exogenous variations in institutional development, which offers us an ideal natural experiment to analyse the causal ...
Debit card interchange fees generally lead to cash-promoting cross-subsidisation
(08.01.2011)
Bank of Finland Research Discussion Papers 3/2011
Bank of Finland Research Discussion Papers 3/2011
Cards and cash are competing payment instruments at point-of-sale. The twosided market platform theory, based on general benefit assumptions, supports the use of multilateral interchange fees for card payments as a means ...
Real time analysis of euro area fiscal policies: adjustment to the crisis
(08.07.2011)
Bank of Finland Research Discussion Papers 21/2011
Bank of Finland Research Discussion Papers 21/2011
Using real time data from the OECD and fiscal policy reaction functions, this
study explores euro area fiscal policies since the late 1990s. Both iscretionary
plans for the budget year and policy changes during budget ...
Policy change and learning in the RBC model
(01.08.2011)
Bank of Finland Research Discussion Papers 22/2011
Bank of Finland Research Discussion Papers 22/2011
What is the impact of surprise and anticipated policy changes when agents form expectations using adaptive learning rather than rational expectations? We examine this issue using the standard stochastic real business cycle ...
What explains risk premia in crude oil futures?
(05.01.2011)
Bank of Finland Research Discussion Papers 2/2011
Bank of Finland Research Discussion Papers 2/2011
This paper studies the existence of risk premia in crude oil futures prices with simple regression and Bayesian VAR models. It also studies the importance of three main risk premia models in explaining and forecasting the ...
Incentives and innovation : evidence from CEO compensation contracts
(05.06.2011)
Bank of Finland Research Discussion Papers 17/2011
Bank of Finland Research Discussion Papers 17/2011
We investigate the relationship between chief executive officer (CEO) compensation and innovation. In an empirical examination of compensation contracts of S&P 400, 500, and 600 firms we find that long-term incentives ...
Endogenous market structures and labour market dynamics
(08.04.2011)
Bank of Finland Research Discussion Papers 12/2011
Bank of Finland Research Discussion Papers 12/2011
We propose a flexible prices model where endogenous market structures and search and matching frictions in the labour market interact endogenously. The interplay between firms endogenous entry, strategic interactions among ...
Financial factors in the boom-bust episode in Finland in the late 1980s and early 1990s
(01.01.2011)
Bank of Finland Research Discussion Papers 1/2011
Bank of Finland Research Discussion Papers 1/2011
This paper proposes a framework for studying the boom and bust in Finland in the late 1980s and early 1990s. We develop a small open economy DSGE model with balance sheet-constrained firms à la BGG and calibrate it to the ...