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Miksi Suomi säästyi pankkikriisiltä?
(18.12.2017)
Kansantaloudellinen aikakauskirja 4/2017
Kansantaloudellinen aikakauskirja 4/2017
Suomen pankkikriisi ja sen syventämä suuri lama 1990-luvun alussa on vakavuudessaan opettavainen tarina siitä, miten pankkisektori ja koko talous voi joutua ennakoimattoman suuriin vaikeuksiin yrityssektorin huonon ...
Monetary Policy, Private Debt and Financial Stability Risks
(15.09.2017)
International Journal of Central Banking 3 ; September
International Journal of Central Banking 3 ; September
Can monetary policy be used to promote financial stability? We answer this question by estimating the impact of a monetary policy shock on private-sector leverage and the likelihood of a financial crisis. Impulse responses ...
The Risk-Taking Channel of Monetary Policy in the U.S. : Evidence from Corporate Loan Data
(27.01.2017)
Journal of Money, Credit and Banking 1 ; February
Journal of Money, Credit and Banking 1 ; February
To study the presence of a risk-taking channel in the U.S., we build a comprehensive data set from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and ...