Haku
Viitteet 1-10 / 18
The life and death of zombies – evidence from government subsidies to firms
(14.05.2020)
Bank of Finland Research Discussion Papers 8/2020
Bank of Finland Research Discussion Papers 8/2020
We analyze the demographics of zombie firms and durations of zombie spells as well as their determinants, including an application on public subsidies using firm level population panel data from Finland. Firm-level analysis ...
Forecasting inflation with the New Keynesian Phillips curve : Frequency matters
(21.04.2020)
Bank of Finland Research Discussion Papers 4/2020
Bank of Finland Research Discussion Papers 4/2020
We show that the New Keynesian Phillips Curve (NKPC) outperforms standard benchmarks in forecasting U.S. inflation once frequency-domain information is taken into account. We do so by decomposing the time series (of inflation ...
Time-frequency forecast of the equity premium
(27.04.2020)
Bank of Finland Research Discussion Papers 6/2020
Bank of Finland Research Discussion Papers 6/2020
Any time series can be decomposed into cyclical components fluctuating at different frequencies. Accordingly, in this paper we propose a method to forecast the stock market's equity premium which exploits the frequency ...
The effects of conventional and unconventional monetary policy : identification through the yield curve
(22.01.2020)
Bank of Finland Research Discussion Papers 3/2020
Bank of Finland Research Discussion Papers 3/2020
Since the Great Recession, the main evolution in monetary policy has been its attempts to affect the medium and the long-term interest rates with instruments other than the policy rate. Consequently, measuring the stance ...
The Aino 3.0 model
(26.05.2020)
Bank of Finland Research Discussion Papers 9/2020
Bank of Finland Research Discussion Papers 9/2020
In this paper we present Aino 3.0, the latest vintage of the dynamic stochastic general equilibrium (DSGE) model used at the Bank of Finland for policy analysis. Aino 3.0 is a small-open economy DSGE model at the intersection ...
Staged equity financing
(26.08.2020)
Bank of Finland Research Discussion Papers 15/2020
Bank of Finland Research Discussion Papers 15/2020
We propose a rationale for why firms often return to the equity market shortly after their initial public offering (IPO). We argue that hard to value firms conduct smaller IPOs, and that they return to the equity market ...
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 ...
Bank instability: Interbank linkages and the role of disclosure
(14.07.2020)
Bank of Finland Research Discussion Papers 14/2020
Bank of Finland Research Discussion Papers 14/2020
We study the impact of disclosure about bank fundamentals on depositors’ behavior in the presence (and absence) of economic linkages between financial institutions. Using a controlled laboratory environment, we identify ...
The global effects of Covid-19-induced uncertainty
(08.06.2020)
Bank of Finland Research Discussion Papers 11/2020
Bank of Finland Research Discussion Papers 11/2020
We estimate a three-variate VAR using proxies of global financial uncertainty, the global financial cycle, and world industrial production to simulate the effects of the jump in financial uncertainty observed in correspondence ...
Are bank capital requirements optimally set? Evidence from researchers’ views
(02.06.2020)
Bank of Finland Research Discussion Papers 10/2020
Bank of Finland Research Discussion Papers 10/2020
We survey 149 leading academic researchers on bank capital regulation. The median (average) respondent prefers a 10% (15%) minimum non-risk-weighted equity-to-assets ratio, which is considerably higher than the current ...