Haku
Viitteet 1-8 / 8
Expectations, stagnation and fiscal policy
(11.08.2016)
Bank of Finland Research Discussion Papers 25/2016
Bank of Finland Research Discussion Papers 25/2016
Stagnation as the new norm and fiscal policy are examined in a New Keynesian model with adaptive learning determining expectations. We impose inflation and consumption lower bounds, which can be relevant when agents are ...
High trend inflation and passive monetary detours
(26.02.2018)
Bank of Finland Research Discussion Papers 6/2018
Bank of Finland Research Discussion Papers 6/2018
According to the long-run Taylor principle (Davig and Leeper, 2007), a central bank can deviate to a passive monetary policy and still obtain equilibrium uniqueness if a sufficiently aggressive monetary policy is expected ...
Controlling inflation with switching monetary and fiscal policies: expectations, fiscal guidance and timid regime changes
(05.05.2017)
Bank of Finland Research Discussion Papers 9/2017
Bank of Finland Research Discussion Papers 9/2017
Inflation depends on both monetary and fiscal policies and on how agents believe that these policies will evolve in the future. Can monetary policy control inflation, when both monetary and fiscal policies are allowed to ...
U.S. Macroeconomic Policy Evaluation in an Open Economy Context using Wavelet Decomposed Optimal Control Methods
(10.07.2019)
Bank of Finland Research Discussion Papers 11/2019
Bank of Finland Research Discussion Papers 11/2019
It is widely recognized that the policy objectives of fiscal and monetary policymakers usually have different time horizons, and this feature may not be captured by traditional econometric techniques. In this paper, we ...
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 ...
Fiscal federalism and European monetary integration
(15.01.1992)
Bank of Finland Research Discussion Papers 2/1992
Bank of Finland Research Discussion Papers 2/1992
The paper considers the role common fiscal arrangements might have to play in the operation of a European monetary union. In the first part of the study, we characterize an international fiscal incentive scheme which could ...
Endogenous technology, scarring and fiscal policy
(12.12.2022)
Bank of Finland Research Discussion Papers 13/2022
Bank of Finland Research Discussion Papers 13/2022
This paper studies fiscal policy in a New Keynesian DSGE model with endogenous technology growth in which scarring can occur endogenously through hysteresis effects in TFP. Both demand- and supply-driven recessions can ...
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 ...