Haku
Viitteet 1-6 / 6
Estimating conditional betas and the price of risk for a thin stock market
(16.03.1992)
Bank of Finland Research Discussion Papers 8/1992
Bank of Finland Research Discussion Papers 8/1992
This paper examines the Sharpe-Lintner Capital Asset Pricing Model (CAPM) in which time-varying-parameter models are altemative to the static market model. Prior evidence does not support the CAPM and suggests that market ...
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 ...
Labour supply, wages and prices in the BOF4 quarterly model of the Finnish economy
(20.01.1989)
Bank of Finland Research Discussion Papers 6/1989
Bank of Finland Research Discussion Papers 6/1989
This paper describes the supply of labour and the determination of wages and prices in the BOF4 model. Labour supply is modelled as a function of real wage, income and discouraged worker effects. Wages are a functi on of ...
Velkakirjojen hinnoittelu arbitraasimallissa
(23.01.1991)
Bank of Finland Research Discussion Papers 3/1991
Bank of Finland Research Discussion Papers 3/1991
Tutkimuksessa tarkastellaan velkakirjan hinnan määräytymistä modernista portfolioteoriasta peräisin olevassa arbitraasikehikossa. Erityisesti käsitellään Coxin, Ingersollin ja Rossin (CIR) intertemporaalista hinnoittelumallia ...
Dynamic models of the roundwood market in Finland
(16.12.1988)
Bank of Finland Research Discussion Papers 31/1988
Bank of Finland Research Discussion Papers 31/1988
We contribute to the discussion of the reasons why the supply of roundwood has lagged behind the growth of forests since the early 1970s. Our dynamic models of the roundwood market provide some evidence that the very low ...
The power of forward guidance and the fiscal theory of the price level
(29.10.2018)
Bank of Finland Research Discussion Papers 21/2018
Bank of Finland Research Discussion Papers 21/2018
Standard New Keynesian models predict implausibly large and favorable responses of inflation and output to expansionary forward guidance on interest rates. We find that the introduction of permanent or recurring active ...