Haku
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Assessing U.S. aggregate fluctuations across time and frequencies
(20.02.2019)
Bank of Finland Research Discussion Papers 5/2019
Bank of Finland Research Discussion Papers 5/2019
We study the behavior of key macroeconomic variables in the time and frequency domain. For this purpose, we decompose U.S. time series into various frequency components. This allows us to identify a set of stylized facts: ...
Extreme events and optimal monetary policy
(06.02.2018)
Bank of Finland Research Discussion Papers 4/2018
Bank of Finland Research Discussion Papers 4/2018
This paper studies the implication of extreme shocks for monetary policy. The analysis is based on a small-scale New Keynesian model with sticky prices and wages where shocks are drawn from asymmetric Generalized Extreme ...
Modelling a small open economy using a wavelet-based control model
(18.10.2017)
Bank of Finland Research Discussion Papers 32/2017
Bank of Finland Research Discussion Papers 32/2017
This paper develops a wavelet-based control system model that can be used to simulate fiscal and monetary strategies in an open economy context in the time-frequency domain. As the emphasis on real exchange rate stability ...
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 ...
Whether to join EMS or not : Signalling and the membership
(29.05.1990)
Bank of Finland Research Discussion Papers 9/1990
Bank of Finland Research Discussion Papers 9/1990
It is argued that if in a dynamic context a central bank wants to signal its commitment to non-inflationary policies an EMS membership makes its task easier by requiring less restrictive policies than if it stays outo ...