Haku
Viitteet 1-8 / 8
Global Uncertainty
(11.02.2021)
Bank of Finland Research Discussion Papers 1/2021
Bank of Finland Research Discussion Papers 1/2021
We estimate a novel measure of global financial uncertainty (GFU) with a dynamic factor framework that jointly models global, regional, and country-specific factors. We quantify the impact of GFU shocks on global output ...
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 ...
The global effects of Covid-19-induced uncertainty
(08.06.2020)
Bank of Finland Research Discussion Papers 11/2020
Bank of Finland Research Discussion Papers 11/2020
We estimate a three-variate VAR using proxies of global financial uncertainty, the global financial cycle, and world industrial production to simulate the effects of the jump in financial uncertainty observed in correspondence ...
Long-term debt propagation and real reversals
(18.04.2023)
Bank of Finland Research Discussion Papers 5/2023
Bank of Finland Research Discussion Papers 5/2023
We examine a propagation mechanism that arises from households’ long-term borrowing and show empirically that it has sizable real effects. The mechanism recognises that when there is long-term debt, an impulse to new ...
News or animal spirits? Consumer confidence and economic activity: Redux
(25.04.2023)
Bank of Finland Research Discussion Papers 8/2023
Bank of Finland Research Discussion Papers 8/2023
Barsky and Sims (2012, AER) demonstrated, via indirect inference, that confidence innovations can be viewed as noisy signals about medium-term economic growth. They highlighted that the connection between confidence and ...
Demographic aging and the New Keynesian Phillips Curve
(26.10.2023)
Bank of Finland Research Discussion Papers 16/2023
Bank of Finland Research Discussion Papers 16/2023
I document a statistical link between old-age dependency ratios and average markups. I propose that a mechanism whereby households develop deep habits in consumption as they age could explain this feature of the data. I ...
Lower for longer under endogenous technology growth
(31.03.2022)
Bank of Finland Research Discussion Papers 6/2022
Bank of Finland Research Discussion Papers 6/2022
This paper studies monetary policy strategies under endogenous technology dynamics and low r∗. Endogenous growth strengthens the gains from make-up strategies relative to inflation targeting, especially if policy space is ...
Monetary policy rules : model uncertainty meets design limits
(19.09.2023)
Bank of Finland Research Discussion Papers 12/2023
Bank of Finland Research Discussion Papers 12/2023
Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, ...