Haku
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Are flexible working hours helpful in stabilizing unemployment?
(02.10.2019)
Bank of Finland Research Discussion Papers 24/2019
Bank of Finland Research Discussion Papers 24/2019
In this paper we challenge the conventional view that increasing working time exibility limits the amplitude of unemployment fluctuations. We start by showing that hours per worker in European countries are much less ...
The evolution of US and UK GDP components in the time-frequency domain : A continuous wavelet analysis
(30.09.2019)
Bank of Finland Research Discussion Papers 23/2019
Bank of Finland Research Discussion Papers 23/2019
Understanding the relationship between national income GDP components is an essential part of macroeconomics. This study investigates quarterly real GDP component data for the U.S. and the U.K. and applies continuous wavelet ...
Welfare gains of bailouts in a sovereign default model
(18.12.2019)
Bank of Finland Research Discussion Papers 25/2019
Bank of Finland Research Discussion Papers 25/2019
We examine the welfare effects of bailouts in economies exposed to sovereign default risk. When a government of a small open economy requests a bailout from an international financial institution, it receives a non-defaultable ...
Assessing U.S. aggregate fluctuations across time and frequencies
(20.02.2019)
Bank of Finland Research Discussion Papers 5/2019
Bank of Finland Research Discussion Papers 5/2019
We study the behavior of key macroeconomic variables in the time and frequency domain. For this purpose, we decompose U.S. time series into various frequency components. This allows us to identify a set of stylized facts: ...
Stagnant wages, sectoral misallocation and slowing productivity growth
(06.05.2019)
Bank of Finland Research Discussion Papers 8/2019
Bank of Finland Research Discussion Papers 8/2019
I propose a two-sector endogenous growth model with heterogeneous sectoral productivity and sector-specific, nonlinear hiring costs to analyse the link between sectoral resource allocation, low productivity growth and ...
On the long-run calibration of the credit-to-GDP gap as a banking crisis predictor
(22.02.2019)
Bank of Finland Research Discussion Papers 6/2019
Bank of Finland Research Discussion Papers 6/2019
The trend deviation of the Credit-to-GDP ratio (“Basel gap”) is a widely used early warning indicator of banking crises. It is calculated with the one-sided Hodrick-Prescott filter using an extremely large value of the ...
Model-based regulation and firms' access to finance
(15.02.2019)
Bank of Finland Research Discussion Papers 4/2019
Bank of Finland Research Discussion Papers 4/2019
This paper investigates the impact of the model-based approach to bank capital regulation (i.e. the Internal Ratings Based Approach; IRBA) on firms' access to finance. A difference-in-differences methodology is used given ...
Domestic banks as lightning rods? Home bias and information during Eurozone crisis
(05.02.2019)
Bank of Finland Research Discussion Papers 3/2019
Bank of Finland Research Discussion Papers 3/2019
European banks have been criticized for holding excessive domestic government debt during economic downturns, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level ...
Can large trade shocks cause crises? The case of the Finnish-Soviet trade collapse
(05.06.2019)
Bank of Finland Research Discussion Papers 9/2019
Bank of Finland Research Discussion Papers 9/2019
We study macroeconomic consequences of a major trade disruption using the example of the Finnish-Soviet trade collapse in 1991. This is a rare case of a well-identified large trade shock in a developed economy. We find ...
Friends for the benefits: The effects of political ties on sovereign borrowing conditions
(22.07.2019)
Bank of Finland Research Discussion Papers 13/2019
Bank of Finland Research Discussion Papers 13/2019
Do closer political ties with a global superpower improve sovereign borrowing conditions? We use data on voting at the United Nations General Assembly along with foreign aid flows to construct an index of political ties ...