Haku
Viitteet 1-3 / 3
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, ...
Forward guidance with unanchored expectations
(31.08.2021)
Bank of Finland Research Discussion Papers 11/2021
Bank of Finland Research Discussion Papers 11/2021
We study zero interest-rate policy in response to a large negative demand shock when long-run expectations can fall over time. Because falling expectations make monetary policy less effective by raising real interest rates, ...
Bonds, Currencies and Expectational Errors
(11.10.2020)
Bank of Finland Research Discussion Papers 7/2020
Bank of Finland Research Discussion Papers 7/2020
We propose a model in which sticky expectations concerning short-term interest rates generate joint predictability patterns in bond and currency markets. Using our calibrated model, we quantify the effect of this channel ...