Haku
Viitteet 21-25 / 25
Demographic aging and the New Keynesian Phillips Curve
(26.10.2023)
Bank of Finland Research Discussion Papers 16/2023
Bank of Finland Research Discussion Papers 16/2023
I document a statistical link between old-age dependency ratios and average markups. I propose that a mechanism whereby households develop deep habits in consumption as they age could explain this feature of the data. I ...
Assessing targeted longer-term refinancing operations : identification through search intensity
(21.09.2023)
Bank of Finland Research Discussion Papers 13/2023
Bank of Finland Research Discussion Papers 13/2023
We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with ...
Endogenous technology, scarring and fiscal policy
(12.12.2022)
Bank of Finland Research Discussion Papers 13/2022
Bank of Finland Research Discussion Papers 13/2022
This paper studies fiscal policy in a New Keynesian DSGE model with endogenous technology growth in which scarring can occur endogenously through hysteresis effects in TFP. Both demand- and supply-driven recessions can ...
Lower for longer under endogenous technology growth
(31.03.2022)
Bank of Finland Research Discussion Papers 6/2022
Bank of Finland Research Discussion Papers 6/2022
This paper studies monetary policy strategies under endogenous technology dynamics and low r∗. Endogenous growth strengthens the gains from make-up strategies relative to inflation targeting, especially if policy space is ...
Monetary policy rules : model uncertainty meets design limits
(19.09.2023)
Bank of Finland Research Discussion Papers 12/2023
Bank of Finland Research Discussion Papers 12/2023
Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, ...