Haku
Viitteet 11-20 / 65
Growing like Germany : Local public debt, local banks, low private investment
(22.08.2022)
Bank of Finland Research Discussion Papers 9/2022
Bank of Finland Research Discussion Papers 9/2022
Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by ...
Global Uncertainty
(11.02.2021)
Bank of Finland Research Discussion Papers 1/2021
Bank of Finland Research Discussion Papers 1/2021
We estimate a novel measure of global financial uncertainty (GFU) with a dynamic factor framework that jointly models global, regional, and country-specific factors. We quantify the impact of GFU shocks on global output ...
Revisiting intertemporal elasticity of substitution in a sticky price model
(09.06.2021)
Bank of Finland Research Discussion Papers 9/2021
Bank of Finland Research Discussion Papers 9/2021
Macroeconomic models typically assume additively separable preferences where consumption enters the utility function in a logarithmic form. This restriction implies that consumption growth is highly sensitive to movements ...
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 ...
On robustness of average inflation targeting
(21.04.2021)
Bank of Finland Research Discussion Papers 6/2021
Bank of Finland Research Discussion Papers 6/2021
This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect ...
Monetary policy rules and the effective lower bound in the Euro area
(08.04.2021)
Bank of Finland Research Discussion Papers 5/2021
Bank of Finland Research Discussion Papers 5/2021
We analyze the economic performance of different monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often ...
Human frictions in the transmission of economic policy
(09.09.2021)
Bank of Finland Research Discussion Papers 12/2021
Bank of Finland Research Discussion Papers 12/2021
Many consumers below the top of the distribution of a representative population by cognitive abilities barely react to monetary and fiscal policies that aim to stimulate consumption and borrowing, even when they are ...
Are fiscal multipliers estimated with proxy-SVARs robust?
(13.07.2020)
Bank of Finland Research Discussion Papers 13/2020
Bank of Finland Research Discussion Papers 13/2020
How large are government spending and tax multipliers? The fiscal proxy-SVAR literature provides heterogeneous estimates, depending on which proxies - fiscal or non-fiscal - are used to identify fiscal shocks. We reconcile ...
Bank instability: Interbank linkages and the role of disclosure
(14.07.2020)
Bank of Finland Research Discussion Papers 14/2020
Bank of Finland Research Discussion Papers 14/2020
We study the impact of disclosure about bank fundamentals on depositors’ behavior in the presence (and absence) of economic linkages between financial institutions. Using a controlled laboratory environment, we identify ...
Why does risk matter more in recessions than in expansions?
(05.10.2021)
Bank of Finland Research Discussion Papers 13/2021
Bank of Finland Research Discussion Papers 13/2021
This paper uses a nonlinear vector autoregression and a non-recursive identification strategy to show that an equal-sized uncertainty shock generates a larger contraction in real activity when growth is low (as in recessions) ...