Haku
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Updating the euro area Phillips curve: the slope has increased
(16.12.2014)
Bank of Finland Research Discussion Papers 31/2014
Bank of Finland Research Discussion Papers 31/2014
This paper examines recent changes in the cyclicality of euro area inflation. We estimate time-varying parameters for the hybrid New Keynesian Phillips curve using three alternative proxies for the output gap. Our analysis, ...
The long-run relationship between interest rates and inflation : some cross-country evidence
(08.06.1989)
Bank of Finland Research Discussion Papers 20/1989
Bank of Finland Research Discussion Papers 20/1989
This paper analyzes the effect of anticipated inflation on nominal interest rates, paying special attention to the stability of this relationship over various regimes. These regimes are analyzed to find out whether the ...
Do we really know that U.S. monetary policy was destabilizing in the 1970s?
(11.09.2019)
Bank of Finland Research Discussion Papers 20/2019
Bank of Finland Research Discussion Papers 20/2019
The paper re-examines whether the Federal Reserve’s monetary policy was a source of instability during the Great Inflation by estimating a sticky-price model with positive trend inflation, commodity price shocks and sluggish ...
Endogenous TFP, business cycle persistence and the productivity slowdown
(18.09.2019)
Bank of Finland Research Discussion Papers 21/2019
Bank of Finland Research Discussion Papers 21/2019
This paper analyses the procyclicality of euro area total factor productivity and its role in business cycle amplification by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. ...
Why break down centralized bargaining?
(22.06.1989)
Bank of Finland Research Discussion Papers 22/1989
Bank of Finland Research Discussion Papers 22/1989
This paper reviews recent research on different modes of bargaining and their impact on economic performance. The aim is to examine whether a shift from a centralized bargaining procedure towards a less centralized mode ...
Fiscal federalism and European monetary integration
(15.01.1992)
Bank of Finland Research Discussion Papers 2/1992
Bank of Finland Research Discussion Papers 2/1992
The paper considers the role common fiscal arrangements might have to play in the operation of a European monetary union. In the first part of the study, we characterize an international fiscal incentive scheme which could ...
Whether to join EMS or not : Signalling and the membership
(29.05.1990)
Bank of Finland Research Discussion Papers 9/1990
Bank of Finland Research Discussion Papers 9/1990
It is argued that if in a dynamic context a central bank wants to signal its commitment to non-inflationary policies an EMS membership makes its task easier by requiring less restrictive policies than if it stays outo ...
The interaction of monetary and macroprudential policies in economic stabilisation
(10.02.2016)
Bank of Finland Research Discussion Papers 1/2016
Bank of Finland Research Discussion Papers 1/2016
I analyse the dynamics of a New Keynesian DSGE model where the financing of investments is affected by a moral hazard problem. I solve for jointly Ramsey-optimal monetary and macroprudential policies. I find that when a ...
Household saving, interest rates, inflation and taxation: some cross-country evidence
(14.06.1991)
Bank of Finland Research Discussion Papers 10/1991
Bank of Finland Research Discussion Papers 10/1991
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 ...