Haku
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The scarring effects of deep contractions
(03.10.2022)
Bank of Finland Research Discussion Papers 12/2022
Bank of Finland Research Discussion Papers 12/2022
We find that deep contractions have highly persistent scarring effects, depressing the level of GDP at least a decade hence. Drawing on a panel of 24 advanced and emerging economies from 1970 to the present, we show that ...
Bond convenience curves and funding costs
(28.09.2022)
Bank of Finland Research Discussion Papers 11/2022
Bank of Finland Research Discussion Papers 11/2022
A convenience yield represents a difference between yield on a safe bond and yield on a synthetic safe bond, constructed by combining a risky bond with a CDS contract. We explain the shapes of eurozone sovereign convenience ...
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
Inflationary household uncertainty shocks
(14.02.2022)
Bank of Finland Research Discussion Papers 5/2022
Bank of Finland Research Discussion Papers 5/2022
I construct a novel measure of household uncertainty based on survey data for European countries. I show that household uncertainty shocks do not universally behave like negative demand shocks. Notably, household uncertainty ...
Monetary policy and inequality in a small open economy
(20.01.2022)
Bank of Finland Research Discussion Papers 3/2022
Bank of Finland Research Discussion Papers 3/2022
We study the impact of monetary policy on income and wealth distributions in a small open economy. To do so, we use household-level registry and survey data from Finland, a small member of a monetary union. This setup ...
Money, e-money and consumer welfare
(23.12.2022)
Bank of Finland Research Discussion Papers 15/2022
Bank of Finland Research Discussion Papers 15/2022
We develop a micro-founded monetary model to inquire the role of a privately provided e-money instrument for household consumption smoothing and welfare. Different from fiat money, e-money users pay electronic transaction ...
Endogenous technology, scarring and fiscal policy
(12.12.2022)
Bank of Finland Research Discussion Papers 13/2022
Bank of Finland Research Discussion Papers 13/2022
This paper studies fiscal policy in a New Keynesian DSGE model with endogenous technology growth in which scarring can occur endogenously through hysteresis effects in TFP. Both demand- and supply-driven recessions can ...
Lower for longer under endogenous technology growth
(31.03.2022)
Bank of Finland Research Discussion Papers 6/2022
Bank of Finland Research Discussion Papers 6/2022
This paper studies monetary policy strategies under endogenous technology dynamics and low r∗. Endogenous growth strengthens the gains from make-up strategies relative to inflation targeting, especially if policy space is ...