Haku
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Extreme events and optimal monetary policy
(06.02.2018)
Bank of Finland Research Discussion Papers 4/2018
Bank of Finland Research Discussion Papers 4/2018
This paper studies the implication of extreme shocks for monetary policy. The analysis is based on a small-scale New Keynesian model with sticky prices and wages where shocks are drawn from asymmetric Generalized Extreme ...
Intermediation in a directed search model
(26.10.2018)
Bank of Finland Research Discussion Papers 20/2018
Bank of Finland Research Discussion Papers 20/2018
We study the ability of competitive coordination service platforms (such as auction sites and real estate agents) to facilitate trade in a directed search model where buyers have unit demands and each seller only has one ...
Predicting relative forecasting performance : An empirical investigation
(08.11.2018)
Bank of Finland Research Discussion Papers 23/2018
Bank of Finland Research Discussion Papers 23/2018
The relative performance of forecasting models changes over time. This empirical observation raises two questions: is the relative performance itself predictable? If so, can it be exploited to improve forecast accuracy? ...
Paradise lost? A brief history of DSGE macroeconomics
(07.11.2018)
Bank of Finland Research Discussion Papers 22/2018
Bank of Finland Research Discussion Papers 22/2018
Since the Global Financial Crisis, academic economists and policymakers have had to deal with uncomfortable questions about the quality of their models and the state of macroeconomics as a profession. This note offers a ...
The power of forward guidance and the fiscal theory of the price level
(29.10.2018)
Bank of Finland Research Discussion Papers 21/2018
Bank of Finland Research Discussion Papers 21/2018
Standard New Keynesian models predict implausibly large and favorable responses of inflation and output to expansionary forward guidance on interest rates. We find that the introduction of permanent or recurring active ...