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Asymmetric information in credit markets and entrepreneurial risk taking

Vesala, Timo - Suomen Pankki - 2004

The paper constructs a search-theoretic model of credit markets with a bilateral trading mechanism that enables the manageable introduction of asymmetric information. Borrowers´ success probabilities are unobservable to financiers, but the degree of risk in observable projects can be used as a...

Persistent link: https://www.econbiz.de/10005207166

Bank regulations and income inequality: Empirical evidence

Delis, Manthos D.; Hasan, Iftekhar; Kazakis, Pantelis - Suomen Pankki - 2012

This paper provides cross-country evidence that variations in bank regulatory policies result in differences in income … abolition of interest rate controls also have a negative yet short-run impact on income inequality. A notable finding is that … liberalization of securities markets increases income inequality substantially and over a long time span, suggesting that …

Persistent link: https://www.econbiz.de/10010548601

House price fluctuations and residential sorting

Haavio, Markus; Kauppi, Heikki - Suomen Pankki - 2009

areas when income, age and education are used as proxies for the match. …

Persistent link: https://www.econbiz.de/10004979446

Income inequality and social preferences for redistribution and compensation differentials

Kerr, William R. - Suomen Pankki - 2013

In cross-sectional studies, countries with greater income inequality typically exhibit less support for government …

Persistent link: https://www.econbiz.de/10010945116

Staggered prices and trend inflation: some nuisances

Ascari, Guido - Suomen Pankki - 2003

Most of the papers in the sticky-price literature are based on a log-linearization around the zero inflation steady state, a simplifying but counterfactual assumption. This paper shows that when trend inflation is considered, both the long-run and the short-run properties of DGE models based on...

Persistent link: https://www.econbiz.de/10005423725

Shifts in euro area Beveridge curves and their determinants

Bonthuis, Boele; Jarvis, Valerie; Vanhala, Juuso - Suomen Pankki - 2015

This paper analyses euro area Beveridge curves at the euro area aggregate and country level over the past 25 years. Using an autoregressive distributed lag model we find a significant outward shift in the euro area Beveridge curve since the onset of the crisis, but considerable heterogeneity at...

Persistent link: https://www.econbiz.de/10011164359

Productivity and job flows: Heterogeneity of new hires and continuing jobs in the business cycle

Kilponen, Juha; Vanhala, Juuso - Suomen Pankki - 2009

This paper focuses on productivity dynamics of a firm-worker match as a potential explanation for the ‘unemployment volatility puzzle’. We let new matches and continuing jobs differ in terms of productivity level and sensitivity to aggregate productivity shocks. As a result, new matches have...

Persistent link: https://www.econbiz.de/10005034673

Equilibrium unemployment and investment under product and labour market imperfections

Kauppi, Heikki; Koskela, Erkki; Stenbacka, Rune - Suomen Pankki - 2004

The study looks at the implications of product market competition and investment for price setting, wage bargaining and thereby for equilibrium unemployment in an economy with product and labour market imperfections. We show that intensified product market competition will reduce equilibrium...

Persistent link: https://www.econbiz.de/10005648916

Labour taxation and shock propagation in a New Keynesian model with search frictions

Vanhala, Juuso - Suomen Pankki - 2006

This paper studies the implications of labour taxation in determining the sensitivity of an economy to macroeconomic shocks. We construct a New Keynesian business cycle model with matching frictions of the labour market, where sluggish employment adjustment implies a key role for labour markets...

Persistent link: https://www.econbiz.de/10005207140

Quantity rationing of credit

Waters, George A. - Suomen Pankki - 2012

Quantity rationing of credit, when firms are denied loans, has greater potential to explain macroeconomic fluctuations than borrowing costs. This paper develops a DSGE model with both types of financial frictions. A deterioration in credit market confidence leads to a temporary change in the...

Persistent link: https://www.econbiz.de/10009416201