Haku
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The effects of conventional and unconventional monetary policy : identification through the yield curve
(22.01.2020)
Bank of Finland Research Discussion Papers 3/2020
Bank of Finland Research Discussion Papers 3/2020
Since the Great Recession, the main evolution in monetary policy has been its attempts to affect the medium and the long-term interest rates with instruments other than the policy rate. Consequently, measuring the stance ...
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? ...
Firm turnover in the export market and the case for fixed exchange rate regime
(07.01.2020)
Bank of Finland Research Discussion Papers 1/2020
Bank of Finland Research Discussion Papers 1/2020
This paper revisits the case for exible vs. fixed exchange rate regime in a two-country model with firm heterogeneity and nominal wage rigidity under incomplete financial markets. Dampening nominal exchange rate fluctuations ...
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 ...
Monetary policy and stock market valuation
(18.09.2020)
Bank of Finland Research Discussion Papers 16/2020
Bank of Finland Research Discussion Papers 16/2020
This paper estimates the effect of monetary policy on the term structure of stock market risk premia. Stock market risk premia are solved using analysts’ dividend forecasts and dividend future prices. Although risk-free ...