Haku
Viitteet 11-20 / 54
The age-structure–inflation puzzle
(02.04.2016)
Bank of Finland Research Discussion Papers 4/2016
Bank of Finland Research Discussion Papers 4/2016
We uncover a puzzling link between low-frequency inflation and the population age-structure: the young and old (dependents) are inflationary whereas the working age population is disinflationary. The relationship is not ...
Formation of inflation expectations in turbulent times : Can ECB manage inflation expectations of professional forecasters?
(28.06.2017)
Bank of Finland Research Discussion Papers 13/2017
Bank of Finland Research Discussion Papers 13/2017
This paper studies the formation of inflation expectations in the euro area. We first analyse the forecast accuracy of ECB inflation projections relative to private sector forecasts. Then, using the ECB Survey of Professional ...
Measuring the effects of conventional and unconventional monetary policy in the euro area
(29.05.2018)
Bank of Finland Research Discussion Papers 12/2018
Bank of Finland Research Discussion Papers 12/2018
I estimate the effects of conventional and unconventional monetary policy in the euro area by using a factor-augmented vector autoregression.I complement the standard monetary policy analysis using the short rate with ...
Comparing inflation and price level targeting: the role of forward guidance and transparency
(07.04.2015)
Bank of Finland Research Discussion Papers 9/2015
Bank of Finland Research Discussion Papers 9/2015
We examine global dynamics under learning in New Keynesian models with price level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. ...
Controlling inflation with switching monetary and fiscal policies: expectations, fiscal guidance and timid regime changes
(05.05.2017)
Bank of Finland Research Discussion Papers 9/2017
Bank of Finland Research Discussion Papers 9/2017
Inflation depends on both monetary and fiscal policies and on how agents believe that these policies will evolve in the future. Can monetary policy control inflation, when both monetary and fiscal policies are allowed to ...
Optimal monetary policy under bounded rationality
(19.04.2018)
Bank of Finland Research Discussion Papers 9/2018
Bank of Finland Research Discussion Papers 9/2018
Optimal monetary policy under discretion, commitment, and optimal simple rules regimes is analyzed through a behavioral New Keynesian model. Flexible price level targeting dominates under discretion; flexible inflation ...
How informative are aggregated inflation expectations? Evidence from the ECB Survey of Professional Forecasters
(24.05.2016)
Bank of Finland Research Discussion Papers 15/2016
Bank of Finland Research Discussion Papers 15/2016
This study examines aggregated short- and long-term inflation expectations in the unbalanced panel of the ECB Survey of Professional Forecasters. The focus of the study is on heterogeneity of expectations and changing panel ...
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
The bias and efficiency of the ECB inflation projections: a State dependent analysis
(29.04.2021)
Bank of Finland Research Discussion Papers 7/2021
Bank of Finland Research Discussion Papers 7/2021
We test for bias and efficiency of the ECB inflation forecasts using a confidential dataset of ECB macroeconomic quarterly projections. We investigate whether the properties of the forecasts depend on the level of inflation, ...
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 ...