Haku
Viitteet 31-40 / 65
Forecasting expected and unexpected losses
(21.12.2020)
Bank of Finland Research Discussion Papers 18/2020
Bank of Finland Research Discussion Papers 18/2020
Extending a standard credit-risk model illustrates that a single factor can drive both expected losses and the extent to which they may be exceeded in extreme scenarios, ie “unexpected losses.” This leads us to develop a ...
Effective Policy Communication : Targets versus Instruments
(10.11.2020)
Bank of Finland Research Discussion Papers 17/2020
Bank of Finland Research Discussion Papers 17/2020
Communication targeting households and firms has become a stand-alone policy tool of many central banks. But which forms of communication, if any, can reach ordinary people and manage their economic expectations effectively? ...
Firm turnover in the export market and the case for fixed exchange rate regime
(07.01.2020)
Bank of Finland Research Discussion Papers 1/2020
Bank of Finland Research Discussion Papers 1/2020
This paper revisits the case for exible vs. fixed exchange rate regime in a two-country model with firm heterogeneity and nominal wage rigidity under incomplete financial markets. Dampening nominal exchange rate fluctuations ...
Frequency-domain information for active portfolio management
(09.01.2020)
Bank of Finland Research Discussion Papers 2/2020
Bank of Finland Research Discussion Papers 2/2020
We assess the benefits of using frequency-domain information for active portfolio management. To do so, we forecast the bond risk premium and equity risk premium using a methodology that isolates frequencies (of the ...
Long-term debt propagation and real reversals
(18.04.2023)
Bank of Finland Research Discussion Papers 5/2023
Bank of Finland Research Discussion Papers 5/2023
We examine a propagation mechanism that arises from households’ long-term borrowing and show empirically that it has sizable real effects. The mechanism recognises that when there is long-term debt, an impulse to new ...
The transmission of negative nominal interest rates in Finland
(21.04.2023)
Bank of Finland Research Discussion Papers 6/2023
Bank of Finland Research Discussion Papers 6/2023
Despite the implementation of negative nominal interest rates by several advanced economies in the last decade and the many papers that have been written about this novel policy tool, there is still much we do not know ...
Climate-related disclosure commitment of the lenders, credit rationing, and borrower environmental performance
(24.04.2023)
Bank of Finland Research Discussion Papers 7/2023
Bank of Finland Research Discussion Papers 7/2023
Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders’ commitment to transparent climate-related disclosures ...
Identifying money and inflation expectation shocks on real oil prices
(15.06.2023)
Bank of Finland Research Discussion Papers 10/2023
Bank of Finland Research Discussion Papers 10/2023
The paper adds money supply and inflation expectations shocks to a well-known three-variable structural model that identifies oil price shocks through fundamentals affecting the oil market. Impulse responses show the ...
Belief polarization and Covid-19
(20.09.2022)
Bank of Finland Research Discussion Papers 10/2022
Bank of Finland Research Discussion Papers 10/2022
We document a remarkable increase in economic belief polarization - disagreement - regarding the future state of the economy across Europe during the Covid-19 pandemic. We find evidence suggesting that belief polarization ...
Reading between the lines : Using text analysis to estimate the loss function of the ECB
(06.07.2020)
Bank of Finland Research Discussion Papers 12/2020
Bank of Finland Research Discussion Papers 12/2020
We apply textual analysis to extract the tone (sentiment) from the introductory statements to the ECB’s press conferences regarding economic outlook. By combining this information with Eurosystem/ECB staff macroeconomic ...