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Open market operations: beyond the new consensus
Toporowski, Jan - Suomen Pankki - 2006
The emergence of the New Consensus in monetary policy has been followed by a renewal of interest in central banks’ operating procedures, and specifically in the role of open market operations. There is a general view that overnight interest rates are most effectively controlled by standing or...
Persistent link: https://www.econbiz.de/10005423684
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Liquidity and market efficiency : alive and well?
Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015
On 3 July 2015, SUERF organized its sixth joint conference with the Bank of Finland in Helsinki on the subject of liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes, and a lunchtime address. The present SUERF Study...
Persistent link: https://www.econbiz.de/10011414459
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Central bank liquidity operations during the financial market and economic crisis: observations, thoughts and questions
Pikkarainen, Pentti - Suomen Pankki - 2010
The paper concentrates on illustrating and assessing central banks’ liquidity operations during the crisis that started in August 2007. In addition to the ECB, the central banks of Sweden, Switzerland, the United Kingdom, Australia, Japan, Canada and the United States are analyzed. During the...
Persistent link: https://www.econbiz.de/10008774240
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Central bank liquidity auction mechanism design and the interbank market
Ollikka, Kimmo; Tukiainen, Janne - Suomen Pankki - 2013
We study whether the mechanism design in the central bank liquidity auctions matters for the interbank money market interest rate levels and volatility. Furthermore, we compare different mechanisms to sell liquidity in terms of revenue, efficiency and auction stage interest rate levels and...
Persistent link: https://www.econbiz.de/10010698833
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Targeting nominal GDP or prices: Guidance and expectation dynamics
Mitra, Kaushik; Honkapohja, Seppo - Suomen Pankki - 2014
either pricelevel or nominal GDP targeting and compare these regimes to inflation targeting. These interest-rate rules are … domain of attraction of the targeted steady state, volatility of inflation and output and sensitivity to the speed of …
Persistent link: https://www.econbiz.de/10010818984
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The Political Economy of Monetary Policy and Wage Bargaining : Theory and Econometric Evidence
Kilponen, Juha - Suomen Pankki - 2000
independence of its personnel. Whereas the former helps to reduce inflation, the latter seems to produce lower unemployment and … bargaining is generally beneficial to inflation and employment, but that large differences between union density and coverage … act as leaders in the “inflation game”, which could happen if wage contracts are of very long duration, output in the …
Persistent link: https://www.econbiz.de/10008774219
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Liquidity traps and expectation dynamics: Fiscal stimulus or fiscal austerity?
Benhabib, Jess; Evans, George W.; Honkapohja, Seppo - Suomen Pankki - 2012
We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after...
Persistent link: https://www.econbiz.de/10010584391
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Learning by disinflating
Barnett, Alina; Ellison, Martin - Suomen Pankki - 2012
satisfy a new central bank mandate specifying greater emphasis on inflation stabilisation. In this case, our results show that … inflation may fall dramatically before it gradually rises to its new long run level. The potential for inflation to undershoot …
Persistent link: https://www.econbiz.de/10010541306
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Expectations, deflation traps and macroeconomic policy
Evans, George W; Honkapohja, Seppo - Suomen Pankki - 2009
We examine global economic dynamics under infinite-horizon learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja, European Economic Review (2008), we find that under normal monetary and fiscal policy the intended...
Persistent link: https://www.econbiz.de/10008496440
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Discretion and the transmission lags of monetary policy
Kilponen, Juha; Leitemo, Kai - Suomen Pankki - 2007
Monetary policy transmission lags create credibility problems for the inflation-targeting policy maker who acts under …: for the period monetary policy influences output, inflation is predetermined and the best discretionary policy is to …
Persistent link: https://www.econbiz.de/10005423712