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Income distribution and government finances in the BOF4 model of the Finnish economy
(30.04.1990)
Bank of Finland Research Discussion Papers 7/1990
Bank of Finland Research Discussion Papers 7/1990
This paper describes how income distribution and government finances are modelled i n BOF4, a quarterly econometric model of the Bank of Finland. The equations eomprising the ineome distribution and government finanees ...
Consumption and investment in the BOF4 quarterly model of the Finnish economy
(25.01.1989)
Bank of Finland Research Discussion Papers 9/1989
Bank of Finland Research Discussion Papers 9/1989
This report describes the determination of private consumption and investment in the BOF4 model. The consumption function of the model is largely based on thepermanent income hypothesis. Relative prices and the level of ...
Labour supply, wages and prices in the BOF4 quarterly model of the Finnish economy
(20.01.1989)
Bank of Finland Research Discussion Papers 6/1989
Bank of Finland Research Discussion Papers 6/1989
This paper describes the supply of labour and the determination of wages and prices in the BOF4 model. Labour supply is modelled as a function of real wage, income and discouraged worker effects. Wages are a functi on of ...
Specifying a Bayesian vector autoregression for short-run macroeconomic forecasting with an application to Finland
(14.03.1991)
Bank of Finland Research Discussion Papers 4/1991
Bank of Finland Research Discussion Papers 4/1991
The aim of this paper is to specify a small econometric model capable of generating adjustment-free, short-run forecasts of key macroeconomic variables on a monthly basis. The aim is carried out using the vector autoregression ...
The KTKV model of the economics department of the Bank of Finland
(19.06.1988)
Bank of Finland Research Discussion Papers 10/1988
Bank of Finland Research Discussion Papers 10/1988
This is a report on an updated version of the KTKV-model of Bank of Finland's Economics Department. The model was originally designed in the early 80's for the forecasting of short-term international economic developments. ...
Paradise lost? A brief history of DSGE macroeconomics
(07.11.2018)
Bank of Finland Research Discussion Papers 22/2018
Bank of Finland Research Discussion Papers 22/2018
Since the Global Financial Crisis, academic economists and policymakers have had to deal with uncomfortable questions about the quality of their models and the state of macroeconomics as a profession. This note offers a ...
Financial markets in the BOF4 model of the Finnish economy
(12.01.1990)
Bank of Finland Research Discussion Papers 1/1990
Bank of Finland Research Discussion Papers 1/1990
This paper describes the modelling of financial markets and the balance of payments in BOF4, a quarterly macroeconomic model developed by the Bank of Finland. The short-term interest rate is determined as a result of the ...
Macroeconomic foundations and simulation properties of the BOF4 quarterly model of the Finnish economy
(26.01.1990)
Bank of Finland Research Discussion Papers 2/1990
Bank of Finland Research Discussion Papers 2/1990
This paper describes the structure and simulation properties of the Bank of Finland's macroeconometric model BOF4. BOF4 is a quarterly, medium-sized macro model of the Finnish economy, consisting of about 70 behavioural ...
Production and employment in the BOF4 quarterly model of the Finnish economy
(14.07.1988)
Bank of Finland Research Discussion Papers 14/1988
Bank of Finland Research Discussion Papers 14/1988
This paper contains a description of the production and labour demand sections of the BOF4 model. CES value added production functions are developed and estimated for the five sectors of the economy. From these the marginal ...