Haku
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The risk-taking channel of monetary policy in the US : Evidence from corporate loan data
(07.08.2017)
Bank of Finland Research Discussion Papers 18/2017
Bank of Finland Research Discussion Papers 18/2017
To study the presence of a risk-taking channel in the US, we build a comprehensive dataset from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and Romer ...
Monetary policies to counter the zero interest rate: an overview of research
(20.08.2015)
Bank of Finland Research Discussion Papers 18/2015
Bank of Finland Research Discussion Papers 18/2015
Many central banks have lowered their interest rates close to zero in response to the crisis since 2008. In standard monetary models the zero lower bound (ZLB) constraint implies the existence of a second steady state in ...
Price level targeting with evolving credibility
(23.02.2018)
Bank of Finland Research Discussion Papers 5/2018
Bank of Finland Research Discussion Papers 5/2018
We examine global dynamics under learning in a nonlinear New Keynesian model when monetary policy uses price-level targeting and compare it to inflation targeting. Domain of attraction of the targeted steady state gives a ...
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: ...
The enduring link between demography and inflation
(06.04.2018)
Bank of Finland Research Discussion Papers 8/2018
Bank of Finland Research Discussion Papers 8/2018
Demographic shifts, such as population ageing, have been suggested as possible explanations for the recent decade-long spell of low inflation. We identify age structure effects on inflation from cross-country variation in ...
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 ...
High trend inflation and passive monetary detours
(26.02.2018)
Bank of Finland Research Discussion Papers 6/2018
Bank of Finland Research Discussion Papers 6/2018
According to the long-run Taylor principle (Davig and Leeper, 2007), a central bank can deviate to a passive monetary policy and still obtain equilibrium uniqueness if a sufficiently aggressive monetary policy is expected ...
Estimating the real effects of uncertainty shocks at the zero lower bound
(01.02.2017)
Bank of Finland Research Discussion Papers 6/2017
Bank of Finland Research Discussion Papers 6/2017
We employ a parsimonious nonlinear Interacted-VAR to examine whether the real effects of uncertainty shocks are greater when the economy is at the Zero Lower Bound. We find the contractionary effects of uncertainty shocks ...
Why so low for so long? A long-term view of real interest rates
(21.12.2017)
Bank of Finland Research Discussion Papers 36/2017
Bank of Finland Research Discussion Papers 36/2017
Prevailing explanations of the decline in real interest rates since the early 1980s are premised on the notion that real interest rates are driven by variations in desired saving and investment. But based on data stretching ...
Monetary policy, the financial cycle and ultralow interest rates
(10.08.2016)
Bank of Finland Research Discussion Papers 24/2016
Bank of Finland Research Discussion Papers 24/2016
Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors ...