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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 ...
Price stability and debt sustainability under endogenous trend growth
(17.01.2024)
Bank of Finland Research Discussion Papers 2/2024
Bank of Finland Research Discussion Papers 2/2024
This paper studies price stability and debt sustainability when the real rate exceeds trend growth (r > g) in a New Keynesian model with endogenous technology growth through R&D. Under debt-stabilizing (“passive”) fiscal ...
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, ...
The Phillips Curve at 60: time for time and frequency
(12.07.2019)
Bank of Finland Research Discussion Papers 12/2019
Bank of Finland Research Discussion Papers 12/2019
We estimate the U.S. New Keynesian Phillips Curve in the time-frequency domain with continuous wavelet tools, to provide an integrated answer to the three most controversial issues on the Phillips Curve. (1) Has the short-run ...