Haku
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Modelling a small open economy using a wavelet-based control model
(18.10.2017)
Bank of Finland Research Discussion Papers 32/2017
Bank of Finland Research Discussion Papers 32/2017
This paper develops a wavelet-based control system model that can be used to simulate fiscal and monetary strategies in an open economy context in the time-frequency domain. As the emphasis on real exchange rate stability ...
Are fiscal multipliers estimated with proxy-SVARs robust?
(13.07.2020)
Bank of Finland Research Discussion Papers 13/2020
Bank of Finland Research Discussion Papers 13/2020
How large are government spending and tax multipliers? The fiscal proxy-SVAR literature provides heterogeneous estimates, depending on which proxies - fiscal or non-fiscal - are used to identify fiscal shocks. We reconcile ...
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 ...