Haku
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Revisiting intertemporal elasticity of substitution in a sticky price model
(09.06.2021)
Bank of Finland Research Discussion Papers 9/2021
Bank of Finland Research Discussion Papers 9/2021
Macroeconomic models typically assume additively separable preferences where consumption enters the utility function in a logarithmic form. This restriction implies that consumption growth is highly sensitive to movements ...
Determinacy and E-stability with interest rate rules at the zero lower bound
(15.11.2021)
Bank of Finland Research Discussion Papers 14/2021
Bank of Finland Research Discussion Papers 14/2021
We evaluate and compare alternative monetary policy rules, namely average inflation targeting, price level targeting, and traditional inflation targeting rules, in a standard New Keynesian model that features recurring, ...
Identifying money and inflation expectation shocks on real oil prices
(15.06.2023)
Bank of Finland Research Discussion Papers 10/2023
Bank of Finland Research Discussion Papers 10/2023
The paper adds money supply and inflation expectations shocks to a well-known three-variable structural model that identifies oil price shocks through fundamentals affecting the oil market. Impulse responses show the ...
Inflationary household uncertainty shocks
(24.04.2020)
Bank of Finland Research Discussion Papers 5/2020
Bank of Finland Research Discussion Papers 5/2020
I construct a novel measure of household uncertainty based on survey data for European countries. I show that household uncertainty shocks are not universally like negative demand shocks. Notably, household uncertainty ...
Inflation dynamics and forecast : frequency matters
(08.06.2021)
Bank of Finland Research Discussion Papers 8/2021
Bank of Finland Research Discussion Papers 8/2021
Policymakers and researchers see inflation characterized by cyclical fluctuations driven by changes in resource utilization and temporary shocks, around a trend influenced by inflation expectations. We study the in-sample ...
Demographic aging and the New Keynesian Phillips Curve
(26.10.2023)
Bank of Finland Research Discussion Papers 16/2023
Bank of Finland Research Discussion Papers 16/2023
I document a statistical link between old-age dependency ratios and average markups. I propose that a mechanism whereby households develop deep habits in consumption as they age could explain this feature of the data. I ...
Price stability and debt sustainability under endogenous trend growth
(17.01.2024)
Bank of Finland Research Discussion Papers 2/2024
Bank of Finland Research Discussion Papers 2/2024
This paper studies price stability and debt sustainability when the real rate exceeds trend growth (r > g) in a New Keynesian model with endogenous technology growth through R&D. Under debt-stabilizing (“passive”) fiscal ...