Haku
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Why so low for so long? A long-term view of real interest rates
(21.12.2017)
Bank of Finland Research Discussion Papers 36/2017
Bank of Finland Research Discussion Papers 36/2017
Prevailing explanations of the decline in real interest rates since the early 1980s are premised on the notion that real interest rates are driven by variations in desired saving and investment. But based on data stretching ...
Formation of inflation expectations in turbulent times : Can ECB manage inflation expectations of professional forecasters?
(28.06.2017)
Bank of Finland Research Discussion Papers 13/2017
Bank of Finland Research Discussion Papers 13/2017
This paper studies the formation of inflation expectations in the euro area. We first analyse the forecast accuracy of ECB inflation projections relative to private sector forecasts. Then, using the ECB Survey of Professional ...
Controlling inflation with switching monetary and fiscal policies: expectations, fiscal guidance and timid regime changes
(05.05.2017)
Bank of Finland Research Discussion Papers 9/2017
Bank of Finland Research Discussion Papers 9/2017
Inflation depends on both monetary and fiscal policies and on how agents believe that these policies will evolve in the future. Can monetary policy control inflation, when both monetary and fiscal policies are allowed to ...
What does “below, but close to, two percent” mean? Assessing the ECB’s reaction function with real time data
(05.10.2017)
Bank of Finland Research Discussion Papers 29/2017
Bank of Finland Research Discussion Papers 29/2017
We estimate the ECB’s monetary policy reaction function by using real time Eurosystem/ECB staff macroeconomic projection data, which are presented to the ECB’s Governing Council when it assesses the monetary policy stance ...