Haku
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The risk-taking channel of monetary policy in the US : Evidence from corporate loan data
(07.08.2017)
Bank of Finland Research Discussion Papers 18/2017
Bank of Finland Research Discussion Papers 18/2017
To study the presence of a risk-taking channel in the US, we build a comprehensive dataset from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and Romer ...
Monetary policy, the financial cycle and ultralow interest rates
(10.08.2016)
Bank of Finland Research Discussion Papers 24/2016
Bank of Finland Research Discussion Papers 24/2016
Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors ...
State dependence of monetary policy across business, credit and interest rate cycles
(06.09.2019)
Bank of Finland Research Discussion Papers 16/2019
Bank of Finland Research Discussion Papers 16/2019
We investigate how the business, credit and interest rate cycles affect the monetary transmission mechanism, using state-dependent local projection methods and data from 18 advanced economies. We exploit the time-series ...
Financial shocks, financial stability, and optimal Taylor rules
(26.08.2014)
Bank of Finland Research Discussion Papers 21/2014
Bank of Finland Research Discussion Papers 21/2014
We assess the performance of optimal Taylor-type interest rate rules, with and without reaction to financial variables, in stabilizing an economy following financial shocks. The analysis is conducted in a DSGE model with ...
The effect of TLTRO-II on bank lending
(08.04.2019)
Bank of Finland Research Discussion Papers 7/2019
Bank of Finland Research Discussion Papers 7/2019
This study estimates the effect of the European Central Bank’s second series of targeted longerterm refinancing operations (TLTRO-II) on bank lending using bank level data from multiple countries and instrumental variable ...