Haku
Viitteet 1-8 / 8
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 ...
Comparing inflation and price level targeting: the role of forward guidance and transparency
(07.04.2015)
Bank of Finland Research Discussion Papers 9/2015
Bank of Finland Research Discussion Papers 9/2015
We examine global dynamics under learning in New Keynesian models with price level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. ...
What should the inflation target be? Views from 600 economists
(09.05.2022)
Bank of Finland Research Discussion Papers 7/2022
Bank of Finland Research Discussion Papers 7/2022
On robustness of average inflation targeting
(21.04.2021)
Bank of Finland Research Discussion Papers 6/2021
Bank of Finland Research Discussion Papers 6/2021
This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect ...
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, ...
Effective Policy Communication : Targets versus Instruments
(10.11.2020)
Bank of Finland Research Discussion Papers 17/2020
Bank of Finland Research Discussion Papers 17/2020
Communication targeting households and firms has become a stand-alone policy tool of many central banks. But which forms of communication, if any, can reach ordinary people and manage their economic expectations effectively? ...
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 ...
Reading between the lines : Using text analysis to estimate the loss function of the ECB
(06.07.2020)
Bank of Finland Research Discussion Papers 12/2020
Bank of Finland Research Discussion Papers 12/2020
We apply textual analysis to extract the tone (sentiment) from the introductory statements to the ECB’s press conferences regarding economic outlook. By combining this information with Eurosystem/ECB staff macroeconomic ...