Bank of Finland. Bulletin

Monetary policy and economic outlook 1

Macroeconomic shocks and the Nordic banking crises
by Jarmo Pesola 11

Analysing monetary policy credibility with a model of the euro area
by Juha Tarkka and Mika Kortelainen 18

Currency crises: Some policy lessons
by Lauri Kajanoja 24

Items:
Supplementary budget Commemorative coin for Aino Ackté and the opera 28

The Eurosystem's monetary policy instruments 29

Recent Bank of Finland research publications 32

Finland in brief 37

Visiting Scholars Programme 39

Balance sheet of the Bank of Finland 40

Charts C1