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Financial shocks and optimal monetary policy rules

Verona, Fabio; Martins, Manuel M. F.; Drumond, Inês - Suomen Pankki - 2014

We assess the performance of optimal Taylor-type interest rate rules, with and without reaction to financial variables, in stabilizing the macroeconomy following financial shocks. We use a DSGE model that comprises both a loan and a bond market, which best suits the contemporary structure of the...

Persistent link: https://www.econbiz.de/10010945110

Descriptive analysis of Finnish equity, bond and money market returns

Nyberg, Peter; Vaihekoski, Mika - Suomen Pankki - 2011

This paper gathers the longest available historical monthly return series for the Finnish equity, bond and money markets as well as inflation. The series are analysed to calculate the statistical characteristics of the returns investors would have received in these markets. We also survey...

Persistent link: https://www.econbiz.de/10009643485

Securities market ATSs Concepts, their roles and related policy issues

Korhonen, Kari - Suomen Pankki - 2001

The aim of this paper is to clarify the concept of alternative trading systems (ATS) and to present an interpretation of their role in the securities markets. The discussion focuses on trading venues related to debt instruments and equities. Geographically, the American and European markets are...

Persistent link: https://www.econbiz.de/10005771142

Relevance of uncertainty on the volatility and trading volume in the US Treasury bond futures market

Laakkonen, Helinä - Suomen Pankki - 2015

political uncertainties. Our results might partly explain the sudden freeze and low liquidity in some financial markets during …

Persistent link: https://www.econbiz.de/10011207864

Liquidity and market efficiency : alive and well?

Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015

liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …

Persistent link: https://www.econbiz.de/10011414459

Shadow banking : financial intermediation beyond banks

Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018

Persistent link: https://www.econbiz.de/10011790739

The rigidity bias

Herrala, Risto - Suomen Pankki - 2003

We study the basic economic problem of choice between long-term and short-term commitments under a general characterization of uncertainty (aggregate uncertainty). When contingencies are contractible, a perfect market of Arrow-Debreau contingent claims implements the social optimum. When...

Persistent link: https://www.econbiz.de/10005207147

Combining liquidity usage and interest rates on overnight loans: an oversight indicator

Laine, Tatu; Nummelin, Tuomas; Snellman, Heli - Suomen Pankki - 2011

This study utilises payment system data to analyse market participants’ liquidity usage and to trace interest rates … paid on overnight loans. Our aim is to examine how liquidity usage has changed during the years 2006–2/2011 and to combine …

Persistent link: https://www.econbiz.de/10009368523

Gridlock Resolution in Interbank Payment Systems

Bech, Morten L.; Soramäki, Kimmo - Suomen Pankki - 2001

effective in reducing queuing in the systems at all levels of liquidity, but in particular when intra-day liquidity is scarce. …

Persistent link: https://www.econbiz.de/10005190740

Markets, Reserves and Lenders of Last Resort as Sources of Bank Liquidity

Herrala, Risto - Suomen Pankki - 2000

We study the long standing issue of whether markets can supply banks with sufficient liquidity or whether markets … model of Holmström and Tirole (1998) on the supply of liquidity to firms. H&Ts original model analyses liquidity supply to … problems associated with transitory liquidity outflows, even absent any change in a bank's value. Our premise is that the scope …

Persistent link: https://www.econbiz.de/10005419679