Haku
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Monetary policy transmission below zero
(27.06.2023)
Bank of Finland Research Discussion Papers 11/2023
Bank of Finland Research Discussion Papers 11/2023
This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010–2020. We find changes in the pass-through as policy rates first dip below ...
Yield curve momentum
(16.11.2021)
Bank of Finland Research Discussion Papers 15/2021
Bank of Finland Research Discussion Papers 15/2021
I analyze time series momentum along the Treasury term structure. Past bond returns predict future returns both due to autocorrelation in bond risk premia and because unexpected bond return shocks increase the premium. ...
Inflation dynamics and forecast : frequency matters
(08.06.2021)
Bank of Finland Research Discussion Papers 8/2021
Bank of Finland Research Discussion Papers 8/2021
Policymakers and researchers see inflation characterized by cyclical fluctuations driven by changes in resource utilization and temporary shocks, around a trend influenced by inflation expectations. We study the in-sample ...
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 ...
Sustainability and private investors
(24.10.2023)
Bank of Finland Research Discussion Papers 14/2023
Bank of Finland Research Discussion Papers 14/2023
Private investors are an increasingly important voice in sustainability challenges. We examine investors’ attitudes and behavior towards sustainable investing through a survey of 5,030 Finnish private investors. We document ...
Optimal carbon leakage
(25.10.2023)
Bank of Finland Research Discussion Papers 15/2023
Bank of Finland Research Discussion Papers 15/2023
Carbon leakage is one of the major issues facing policymakers today when designing environmental regulation. While the empirical and trade literature on carbon leakage is rich, much less is known about the implications of ...
Cognitive constraints and economic incentives
(26.05.2023)
Bank of Finland Research Discussion Papers 9/2023
Bank of Finland Research Discussion Papers 9/2023
Unique administrative data on a representative population’s cognitive abilities, spending, and financials reveal that consumers at or below median cognitive abilities barely react when their incentives to spend or borrow ...
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 ...
Public funding of banks and firms in a time of crisis
(27.06.2022)
Bank of Finland Research Discussion Papers 8/2022
Bank of Finland Research Discussion Papers 8/2022
We study public funding of banks and non-financial firms in a time of crisis. We find that bank capitalization is more effective in stabilizing the economy than direct funding to firms, but it also creates larger distortions. ...
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 ...