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Does monetary union reduce employment?
Rantala, Anssi - Suomen Pankki - 2001
We use a two-country monetary model with unionized labor markets and open-economy spillovers to study the macroeconomic consequences of the formation of a monetary union. It is shown that the monetary regime affects the trade-off between real consumer wages and employment faced by the unions....
Persistent link: https://www.econbiz.de/10005207167
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Robustness in monetary policymaking: a case for the Friedman rule
Kilponen, Juha; Leitemo, Kai - Suomen Pankki - 2006
Inflation targeting involves using all available information in stabilizing inflation around some target rate (Svensson, 2003). Inflation is typically at the very end of the transmission mechanism and hence its de-termination is subject to much model uncertainty which the central bank will want...
Persistent link: https://www.econbiz.de/10005190781
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Labour market reform and the sustainability of exchange rate pegs
Castrén, Olli; Takalo, Tuomas; Wood, Geoffrey - Suomen Pankki - 2004
It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an 'escape clause' model of currency crises. We show that the absence of structural reform...
Persistent link: https://www.econbiz.de/10005648915
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Evaluating the stresses from ECB monetary policy in the euro area
Lee, Jim; Crowley, Patrick M - Suomen Pankki - 2009
This paper investigates the extent to which euro area monetary policy has responded to evolving economic conditions in individual member states as opposed to the euro area as a whole. Based on a forward-looking Taylor rule-type policy reaction function, we conduct counterfactual exercises that...
Persistent link: https://www.econbiz.de/10004979449
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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 this information with data on overnight lending rates...
Persistent link: https://www.econbiz.de/10009368523
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Midas, transmuting all, into paper: The Bank of England and the Banque de France during the Revolutionary and Napoleonic Wars
Chadha, Jagjit S.; Newby, Elisa - Suomen Pankki - 2013
Bank of England notes and afforded simultaneous protection to the government and the Bank in pursuit of the conflicting … goals of price stability and war finance. The government, the Bank of England and the commercial banks formed a loose … notes and for the government to finance the war effort, even with significant recourse to unfunded debt. These aspects …
Persistent link: https://www.econbiz.de/10010698830
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The quality of monetary policy and inflation performance: globalization and its aftermath
Bohl, Martin T; Mayes, David G; Siklos, Pierre L - Suomen Pankki - 2009
With a few unfortunate exceptions the last three decades have seen reductions in inflation around the world to the point that many would argue that further improvements in price stability would offer only limited welfare gains. This experience is the result of many factors, some of which are...
Persistent link: https://www.econbiz.de/10008509438
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Shattered on the Rock? British financial stability from 1866 to 2007
Milne, Alistair; Wood, Geoffrey - Suomen Pankki - 2008
In autumn of 2007 Britain experienced its first bank run of any significance since the reign of Queen Victoria. The run was on a bank called Northern Rock. This was extraordinary, for Britain had been free of such episodes because by early in the third quarter of the 19th century the Bank of...
Persistent link: https://www.econbiz.de/10005423702
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Diagnostics for the financial markets – computational studies of payment system: Simulator Seminar Proceedings 2009–2011
Hellqvist, Matti; Laine, Tatu - Suomen Pankki - 2012
This publication consists of fifteen studies on payment and settlement systems conducted using computational or simulation techniques. The studies have been presented at the simulator seminars arranged by the Bank of Finland during the years 2009–2011. The main focus of the studies is on the...
Persistent link: https://www.econbiz.de/10010584387
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Heterogeneous information about the term structure, least-squares learning and optimal rules for inflation targeting
Schaling, Eric; Eijffinger, Sylvester; Tesfaselassie, Mewael - Suomen Pankki - 2004
In this paper we incorporate the term structure of interest rates into a standard inflation forecast targeting framework. Learning about the transmission process of monetary policy is introduced by having heterogeneous agents – ie central bank and private agents – who have different...
Persistent link: https://www.econbiz.de/10005648857