Haku
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Information acquisition during a descending price auction with asymmetrically informed players
(27.01.2017)
Bank of Finland Research Discussion Papers 5/2017
Bank of Finland Research Discussion Papers 5/2017
This paper considers equilibrium behavior in a descending price auction with two players that are asymmetrically informed. The ”informed” player knows his valuation while the other does not. The uninformed player can acquire ...
House prices, lending standards, and the macroeconomy
(26.01.2017)
Bank of Finland Research Discussion Papers 4/2017
Bank of Finland Research Discussion Papers 4/2017
I study the link between house prices, lending standards, and aggregate over-investment in housing. I develop a model of the housing market where the credit market is affected by asymmetric information. Selection is towards ...
What does “below, but close to, two percent” mean? Assessing the ECB’s reaction function with real time data
(05.10.2017)
Bank of Finland Research Discussion Papers 29/2017
Bank of Finland Research Discussion Papers 29/2017
We estimate the ECB’s monetary policy reaction function by using real time Eurosystem/ECB staff macroeconomic projection data, which are presented to the ECB’s Governing Council when it assesses the monetary policy stance ...