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Monetary policies to counter the zero interest rate: an overview of research
(20.08.2015)
Bank of Finland Research Discussion Papers 18/2015
Bank of Finland Research Discussion Papers 18/2015
Many central banks have lowered their interest rates close to zero in response to the crisis since 2008. In standard monetary models the zero lower bound (ZLB) constraint implies the existence of a second steady state in ...
Comparing inflation and price level targeting: the role of forward guidance and transparency
(07.04.2015)
Bank of Finland Research Discussion Papers 9/2015
Bank of Finland Research Discussion Papers 9/2015
We examine global dynamics under learning in New Keynesian models with price level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. ...
Euro area monetary and fiscal policy tracking design in the time-frequency domain
(11.08.2015)
Bank of Finland Research Discussion Papers 12/2015
Bank of Finland Research Discussion Papers 12/2015
This paper first applies the MODWT (Maximal Overlap Discrete Wavelet Transform) to Euro Area quarterly GDP data from 1995 – 2014 to obtain the underlying cyclical structure of the GDP components. We then design optimal ...
Are monetary unions more synchronous than non-monetary unions?
(31.07.2015)
Bank of Finland Research Discussion Papers 11/2015
Bank of Finland Research Discussion Papers 11/2015
Within currency unions, the conventional wisdom is that there should be a high degree of macroeconomic synchronicity between the constituent parts of the union. But this conjecture has never been formally tested by comparing ...