Haku
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Price level targeting with evolving credibility
(23.02.2018)
Bank of Finland Research Discussion Papers 5/2018
Bank of Finland Research Discussion Papers 5/2018
We examine global dynamics under learning in a nonlinear New Keynesian model when monetary policy uses price-level targeting and compare it to inflation targeting. Domain of attraction of the targeted steady state gives a ...
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 ...
Granger causality between money, output, prices and interest rates : Some cross-country evidence from the period 1875 - 1984
(22.02.1989)
Bank of Finland Research Discussion Papers 11/1989
Bank of Finland Research Discussion Papers 11/1989
This paper studies the Granger causality between money, output, prices and nominal interest rates by making use of long time series from 11 countries. Empirical analyses, both in the time and frequency domain, suggest that ...
House prices, household saving and financial market liberalization in Finland
(25.10.1991)
Bank of Finland Research Discussion Papers 22/1991
Bank of Finland Research Discussion Papers 22/1991
This paper describes some institutional aspects of housing, markets and analyzes the price development of owner-occupied housing and its interaction with the household saving ratio in Finland during the last two decades. ...
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, ...