Haku
Viitteet 1-4 / 4
Long-term debt propagation and real reversals
(18.04.2023)
Bank of Finland Research Discussion Papers 5/2023
Bank of Finland Research Discussion Papers 5/2023
We examine a propagation mechanism that arises from households’ long-term borrowing and show empirically that it has sizable real effects. The mechanism recognises that when there is long-term debt, an impulse to new ...
News or animal spirits? Consumer confidence and economic activity: Redux
(25.04.2023)
Bank of Finland Research Discussion Papers 8/2023
Bank of Finland Research Discussion Papers 8/2023
Barsky and Sims (2012, AER) demonstrated, via indirect inference, that confidence innovations can be viewed as noisy signals about medium-term economic growth. They highlighted that the connection between confidence and ...
Demographic aging and the New Keynesian Phillips Curve
(26.10.2023)
Bank of Finland Research Discussion Papers 16/2023
Bank of Finland Research Discussion Papers 16/2023
I document a statistical link between old-age dependency ratios and average markups. I propose that a mechanism whereby households develop deep habits in consumption as they age could explain this feature of the data. I ...
Monetary policy rules : model uncertainty meets design limits
(19.09.2023)
Bank of Finland Research Discussion Papers 12/2023
Bank of Finland Research Discussion Papers 12/2023
Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, ...