Haku
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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 ...
Bonds, Currencies and Expectational Errors
(11.10.2020)
Bank of Finland Research Discussion Papers 7/2020
Bank of Finland Research Discussion Papers 7/2020
We propose a model in which sticky expectations concerning short-term interest rates generate joint predictability patterns in bond and currency markets. Using our calibrated model, we quantify the effect of this channel ...
Welfare effects of R&D support policies
(18.01.2022)
Bank of Finland Research Discussion Papers 2/2022
Bank of Finland Research Discussion Papers 2/2022
We construct a model of innovation incorporating R&D externalities, R&D participation, financial market imperfections, and application and allocation of R&D subsidies, estimate it using Finnish R&D project level data and ...
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, ...
Forecast combination in the frequency domain
(18.01.2023)
Bank of Finland Research Discussion Papers 1/2023
Bank of Finland Research Discussion Papers 1/2023
Predictability is time and frequency dependent. We propose a new forecasting method – forecast combination in the frequency domain – that takes this fact into account. With this method we forecast the equity premium and ...