Haku
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International capital flows, deregulation and the offset coefficient in Finland 1975-1990
(16.05.1991)
Bank of Finland Research Discussion Papers 7/1991
Bank of Finland Research Discussion Papers 7/1991
This study examines, using variable-parameter regression, how the offset coefficient in the capital flow equation for Finland has changed over time. We found the constant parameter estimate of the offset coefficient to be ...
Re-opening of banks' certificates of deposit market
(29.04.1990)
Bank of Finland Research Discussion Papers 6/1990
Bank of Finland Research Discussion Papers 6/1990
The paper analyzes the applicability of variable parameter models to examine the behaviour of the interest rates in the market for cd's on the first market day after the bank strike, 7.3.1990, and on the first "normal" ...
Velkakirjojen hinnoittelu arbitraasimallissa
(23.01.1991)
Bank of Finland Research Discussion Papers 3/1991
Bank of Finland Research Discussion Papers 3/1991
Tutkimuksessa tarkastellaan velkakirjan hinnan määräytymistä modernista portfolioteoriasta peräisin olevassa arbitraasikehikossa. Erityisesti käsitellään Coxin, Ingersollin ja Rossin (CIR) intertemporaalista hinnoittelumallia ...
Interest rate elasticity of aggregate consumption : a time varying parameter approach
(20.12.1990)
Bank of Finland Research Discussion Papers 28/1990
Bank of Finland Research Discussion Papers 28/1990
The aim of this note is to examine whether the empirically documented positive interest rate elasticity of aggregate consumption in Finland is an artefact due to the previously widespread credit rationing. The aim is carried ...
Financial markets in the BOF4 model of the Finnish economy
(12.01.1990)
Bank of Finland Research Discussion Papers 1/1990
Bank of Finland Research Discussion Papers 1/1990
This paper describes the modelling of financial markets and the balance of payments in BOF4, a quarterly macroeconomic model developed by the Bank of Finland. The short-term interest rate is determined as a result of the ...
Usean faktorin korkorakennemallit ja immunisaatio
(14.01.1991)
Bank of Finland Research Discussion Papers 1/1991
Bank of Finland Research Discussion Papers 1/1991
Tutkimuksessa tarkastellaan, miten joukkovelkakirjoihin sijoitettaessa voidaan erityyppisten korkorakennemallien avulla saavuttaa immunisaatio. Lähtökohtana on sijoittaja, joka sijoittaa ainoastaan luottoriskittömiin ja ...