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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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Unconventional government debt purchases as a supplement to conventional monetary policy
Ellison, Martin; Tischbirek, Andreas - Suomen Pankki - 2013
output and inflation. …
Persistent link: https://www.econbiz.de/10010610549
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Money as an indicator variable for monetary policy when money demand is forward looking
Kajanoja, Lauri - Suomen Pankki - 2003
This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We use a forward and backward looking model, calibrated for the euro area. The policymaker cannot completely observe the state of the economy. Money reveals some of the private...
Persistent link: https://www.econbiz.de/10005207135
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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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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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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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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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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
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Monetary policy and learning in an open economy
Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - Suomen Pankki - 2004
In this paper, we examine the incentives for central bank activism and caution in a two-country open-economy model with uncertainty and learning. We find that the presence of a strategic interaction between the home and foreign central banks creates an additional motivation for caution in...
Persistent link: https://www.econbiz.de/10005423715
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Monetary policy rules in practice: Evidence from New Zealand
Huang, Angela; Margaritis, Dimitri; Mayes, David - Suomen Pankki - 2001
We use the ten years of experience in inflation-targeting in New Zealand since 1989 to test whether monetary policy … appears to conform to the simple rules that have been recommended for it in the literature. Of the inflation targeting central … Policy Statements is firmly based on targeting the inflation rate in the future we find, using the Bank’s own forecasts, that …
Persistent link: https://www.econbiz.de/10005648979