Haku
Viitteet 11-20 / 69
External adjustment in small open economies : Some recent experience
(15.06.1988)
Bank of Finland Research Discussion Papers 6/1988
Bank of Finland Research Discussion Papers 6/1988
The paper deals with the adjustment problems that small open economies face in a financially integrated world. Particular attention is paid to the assignment of different policy instruments te the achievement different ...
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 ...
Modelling a small open economy using a wavelet-based control model
(18.10.2017)
Bank of Finland Research Discussion Papers 32/2017
Bank of Finland Research Discussion Papers 32/2017
This paper develops a wavelet-based control system model that can be used to simulate fiscal and monetary strategies in an open economy context in the time-frequency domain. As the emphasis on real exchange rate stability ...
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 ...
Monetary policy and housing prices
(21.07.1988)
Bank of Finland Research Discussion Papers 15/1988
Bank of Finland Research Discussion Papers 15/1988
In this paper we study the determination of housing prices. We are particularly interested in how monetary policy affects housing prices. First we derived the explanatory variables for housing prices from the utility ...
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 ...
Inference in structural vector auto regressions when the identifying assumptions are not fully believed : Re-evaluating the role of monetary policy in economic fluctuations
(20.06.2018)
Bank of Finland Research Discussion Papers 14/2018
Bank of Finland Research Discussion Papers 14/2018
Reporting point estimates and error bands for structural vector autoregressions that are only set identified is a very common practice. However, unless the researcher is persuaded on the basis of prior information that ...