Haku
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Revisiting intertemporal elasticity of substitution in a sticky price model
(09.06.2021)
Bank of Finland Research Discussion Papers 9/2021
Bank of Finland Research Discussion Papers 9/2021
Macroeconomic models typically assume additively separable preferences where consumption enters the utility function in a logarithmic form. This restriction implies that consumption growth is highly sensitive to movements ...
On robustness of average inflation targeting
(21.04.2021)
Bank of Finland Research Discussion Papers 6/2021
Bank of Finland Research Discussion Papers 6/2021
This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect ...
Monetary policy rules and the effective lower bound in the Euro area
(08.04.2021)
Bank of Finland Research Discussion Papers 5/2021
Bank of Finland Research Discussion Papers 5/2021
We analyze the economic performance of different monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often ...
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, ...
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, ...
Raha- ja valuuttamarkkinoiden vakaus EMS-maissa
(27.10.1988)
Bank of Finland Research Discussion Papers 22/1988
Bank of Finland Research Discussion Papers 22/1988
Euroopan valuuttajärjestelmä (EMS) luotiin vuonna 1979 ja sen tavoitteena oli rakentaa talousyhteisömaiden kesken vyöhyke, jolla vallitsisi rahataloudellinen stabiliteetti. Selvityksessä tarkastellaan EMS:n toimintaa ja ...
Effects of monetary policy decisions on professional forecasters’ expectations and expectations uncertainty
(20.11.2018)
Bank of Finland Research Discussion Papers 24/2018
Bank of Finland Research Discussion Papers 24/2018
In this paper, we examine how professional forecasters’ expectations and expectation uncertainty have reacted to the ECB’s interest rate decisions and non-conventional monetary policy measures during the period 1999-2017. ...
Fixed rate loan contracts, maturity transformation and competition in the deposit market
(23.06.1993)
Bank of Finland Research Discussion Papers 12/1993
Bank of Finland Research Discussion Papers 12/1993
This paper suggests that the optimal contract in lending under asymmetric information is a fixed rate loan contract. It is shown that deposit banks have an advantage to provide maturity transformation with fixed rate ...
Taxes, credit market 'imperfections' and inter-country differences in the household saving ratio
(21.06.1989)
Bank of Finland Research Discussion Papers 21/1989
Bank of Finland Research Discussion Papers 21/1989
This paper analyzes aggregate household saving under the capital market imperfection, which is characterized by the wedge between the borrowing rate and the lending rate. Under these circumstances the assumption of a ...
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 ...