Haku
Viitteet 21-30 / 65
Determinacy and E-stability with interest rate rules at the zero lower bound
(15.11.2021)
Bank of Finland Research Discussion Papers 14/2021
Bank of Finland Research Discussion Papers 14/2021
We evaluate and compare alternative monetary policy rules, namely average inflation targeting, price level targeting, and traditional inflation targeting rules, in a standard New Keynesian model that features recurring, ...
The global effects of Covid-19-induced uncertainty
(08.06.2020)
Bank of Finland Research Discussion Papers 11/2020
Bank of Finland Research Discussion Papers 11/2020
We estimate a three-variate VAR using proxies of global financial uncertainty, the global financial cycle, and world industrial production to simulate the effects of the jump in financial uncertainty observed in correspondence ...
Covid-19 pandemic, state aid and firm productivity
(14.01.2022)
Bank of Finland Research Discussion Papers 1/2022
Bank of Finland Research Discussion Papers 1/2022
We study the consequences of the COVID-19 pandemic on productivity by matching firm performance outcomes with corresponding firm-level information on government support. Our cross-country evidence for five EU countries ...
Forward guidance with unanchored expectations
(31.08.2021)
Bank of Finland Research Discussion Papers 11/2021
Bank of Finland Research Discussion Papers 11/2021
We study zero interest-rate policy in response to a large negative demand shock when long-run expectations can fall over time. Because falling expectations make monetary policy less effective by raising real interest rates, ...
Are bank capital requirements optimally set? Evidence from researchers’ views
(02.06.2020)
Bank of Finland Research Discussion Papers 10/2020
Bank of Finland Research Discussion Papers 10/2020
We survey 149 leading academic researchers on bank capital regulation. The median (average) respondent prefers a 10% (15%) minimum non-risk-weighted equity-to-assets ratio, which is considerably higher than the current ...
Precision of Public Information Disclosures, Banks’ Stability and Welfare
(04.03.2021)
Bank of Finland Research Discussion Papers 3/2021
Bank of Finland Research Discussion Papers 3/2021
We study the optimal precision of public information disclosures about banks assets quality. In our model the precision of information affects banks' cost of raising funding and asset profile riskiness. In an imperfectly ...
When uncertainty decouples expected and unexpected losses
(26.01.2022)
Bank of Finland Research Discussion Papers 4/2022
Bank of Finland Research Discussion Papers 4/2022
A parsimonious extension of a well-known portfolio credit-risk model allows us to study a salient stylized fact – abrupt switches between high- and low-loss phases– from a risk-management perspective. As uncertainty about ...
Euro Area Business Confidence and Covid-19
(15.03.2021)
Bank of Finland Research Discussion Papers 4/2021
Bank of Finland Research Discussion Papers 4/2021
I study the effects of the Covid-19 pandemic on business confidence in 11 Euro area countries and its consequent impact on economic activity. To obtain causal effects, I instrument business confidence with domestic household ...
Evaluating the US pharmaceutical patent policy
(29.12.2021)
Bank of Finland Research Discussion Papers 16/2021
Bank of Finland Research Discussion Papers 16/2021
The debate on whether COVID-19 vaccine patents are slowing down the pace of vaccination and the recovery from the crisis has brought the optimal design of pharmaceutical patent policy to the fore. In this paper we evaluate ...
Investor monitoring, money-likeness and stability of money market funds
(12.02.2021)
Bank of Finland Research Discussion Papers 2/2021
Bank of Finland Research Discussion Papers 2/2021
An asset is money-like if investors have no incentives to acquire costly private information on the underlying collateral. However, privately provided money-like assets—like prime money market fund (MMF) shares—are prone ...