Haku
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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 ...
Cognitive constraints and economic incentives
(26.05.2023)
Bank of Finland Research Discussion Papers 9/2023
Bank of Finland Research Discussion Papers 9/2023
Unique administrative data on a representative population’s cognitive abilities, spending, and financials reveal that consumers at or below median cognitive abilities barely react when their incentives to spend or borrow ...