Haku
Viitteet 1-10 / 25
The effects of conventional and unconventional monetary policy : identification through the yield curve
(22.01.2020)
Bank of Finland Research Discussion Papers 3/2020
Bank of Finland Research Discussion Papers 3/2020
Since the Great Recession, the main evolution in monetary policy has been its attempts to affect the medium and the long-term interest rates with instruments other than the policy rate. Consequently, measuring the stance ...
The scarring effects of deep contractions
(03.10.2022)
Bank of Finland Research Discussion Papers 12/2022
Bank of Finland Research Discussion Papers 12/2022
We find that deep contractions have highly persistent scarring effects, depressing the level of GDP at least a decade hence. Drawing on a panel of 24 advanced and emerging economies from 1970 to the present, we show that ...
Bond convenience curves and funding costs
(28.09.2022)
Bank of Finland Research Discussion Papers 11/2022
Bank of Finland Research Discussion Papers 11/2022
A convenience yield represents a difference between yield on a safe bond and yield on a synthetic safe bond, constructed by combining a risky bond with a CDS contract. We explain the shapes of eurozone sovereign convenience ...
What should the inflation target be? Views from 600 economists
(09.05.2022)
Bank of Finland Research Discussion Papers 7/2022
Bank of Finland Research Discussion Papers 7/2022
Revisiting intertemporal elasticity of substitution in a sticky price model
(09.06.2021)
Bank of Finland Research Discussion Papers 9/2021
Bank of Finland Research Discussion Papers 9/2021
Macroeconomic models typically assume additively separable preferences where consumption enters the utility function in a logarithmic form. This restriction implies that consumption growth is highly sensitive to movements ...
Inflationary household uncertainty shocks
(14.02.2022)
Bank of Finland Research Discussion Papers 5/2022
Bank of Finland Research Discussion Papers 5/2022
I construct a novel measure of household uncertainty based on survey data for European countries. I show that household uncertainty shocks do not universally behave like negative demand shocks. Notably, household uncertainty ...
On robustness of average inflation targeting
(21.04.2021)
Bank of Finland Research Discussion Papers 6/2021
Bank of Finland Research Discussion Papers 6/2021
This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect ...
Monetary policy rules and the effective lower bound in the Euro area
(08.04.2021)
Bank of Finland Research Discussion Papers 5/2021
Bank of Finland Research Discussion Papers 5/2021
We analyze the economic performance of different monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often ...
Human frictions in the transmission of economic policy
(09.09.2021)
Bank of Finland Research Discussion Papers 12/2021
Bank of Finland Research Discussion Papers 12/2021
Many consumers below the top of the distribution of a representative population by cognitive abilities barely react to monetary and fiscal policies that aim to stimulate consumption and borrowing, even when they are ...
Determinacy and E-stability with interest rate rules at the zero lower bound
(15.11.2021)
Bank of Finland Research Discussion Papers 14/2021
Bank of Finland Research Discussion Papers 14/2021
We evaluate and compare alternative monetary policy rules, namely average inflation targeting, price level targeting, and traditional inflation targeting rules, in a standard New Keynesian model that features recurring, ...