Haku
Viitteet 1-10 / 35
(Un)anticipated monetary policy in a DSGE model with a shadow banking system
(11.04.2013)
Bank of Finland Research Discussion Papers 4/2013
Bank of Finland Research Discussion Papers 4/2013
Motivated by the U.S. events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE ...
Estimating intertemporal elasticity of substitution in a sticky price model
(26.05.2013)
Bank of Finland Research Discussion Papers 9/2013
Bank of Finland Research Discussion Papers 9/2013
Cancellation of income and substitution effect implied by King-Plosser-Rebelo (1988) preferences breaks tight coefficient restriction between the slope of the Phillips curve and the elasticity of consumption with respect ...
The benefits of conservative accounting to shareholders : Evidence from the financial crisis
(20.05.2013)
Bank of Finland Research Discussion Papers 8/2013
Bank of Finland Research Discussion Papers 8/2013
Using the recent financial crisis as a natural quasi-experiment, we test whether and to what extent conservative accounting affects shareholder value. We find that there is significantly positive and economically meaningful ...
Should competition policy in banking be amended during crises? : Lessons from the EU
(07.05.2013)
Bank of Finland Research Discussion Papers 7/2013
Bank of Finland Research Discussion Papers 7/2013
This article investigates the nexus of competition and stability in European banking. It analyzes the European legal framework for competition policy in banking and several cases that pertain to anti-cartel policy, merger ...
Testing for a unit root in noncausal autoregressive models
(17.11.2013)
Bank of Finland Research Discussion Papers 26/2013
Bank of Finland Research Discussion Papers 26/2013
This work develops likelihood-based unit root tests in the noncausal autoregressive (NCAR) model formulated by Lanne and Saikkonen (2011, Journal of Time Series Econometrics 3, Iss. 3, Article 2). The possible unit root ...
What types of bondholders impede corporate innovative activities?
(03.10.2013)
Bank of Finland Research Discussion Papers 23/2013
Bank of Finland Research Discussion Papers 23/2013
This study investigates whether institutional bond blockholders (i.e., bond funds that hold more than 5% of a firm's outstanding bonds) impede firm innovative activities, and if they do, through which channels. We find ...
Managerial style and bank loan contracting
(20.11.2013)
Bank of Finland Research Discussion Papers 29/2013
Bank of Finland Research Discussion Papers 29/2013
This paper provides direct evidence that managerial style is a key determinant of the firm's cost of capital, in the context of private debt contracting. Applying the novel empirical method by Abowd, Karmarz, and Margolis ...
Unconventional government debt purchases as a supplement to conventional monetary policy
(18.02.2013)
Bank of Finland Research Discussion Papers 3/2013
Bank of Finland Research Discussion Papers 3/2013
In response to the Great Financial Crisis, the Federal Reserve and the Bank of England have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could ...
Market failures and the additionality effects of public support to private R&D : Theory and empirical implications
(13.02.2013)
Bank of Finland Research Discussion Papers 2/2013
Bank of Finland Research Discussion Papers 2/2013
We extend the theoretical basis of the empirical literature on the effects of R&D subsidies by providing an estimable model of strategic interaction among subsidy applicants, and public and private sector R&D ...
Central bank liquidity auction mechanism design and the interbank market
(16.09.2013)
Bank of Finland Research Discussion Papers 21/2013
Bank of Finland Research Discussion Papers 21/2013
We study whether the mechanism design in the central bank liquidity auctions matters for the interbank money market interest rate levels and volatility. Furthermore, we compare different mechanisms to sell liquidity in ...