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The Credit Channel of Monetary Policy and Housing Markets: International Empirical Evidence

Iacoviello, Matteo; Minetti, Raoul - Suomen Pankki - 2000

This paper tests for the presence of a credit channel (particularly a bank-lending sub-channel) for monetary policy in … with the existence of a broad credit channel, whereas the bank-lending channel seems to be operational only under certain … suggests the existence of a clear relationship between the presence of a credit (bank lending) channel, the efficiency level of …

Persistent link: https://www.econbiz.de/10005648926

The lending channel under optimal choice of monetary policy

Kilponen, Juha; Milne, Alistair - Suomen Pankki - 2007

Building on Cecchetti and Li (2005), we show that the bank lending channel affects monetary policy trade-offs only when interest rates affect marginal costs of production (ie when there is a cost channel of monetary policy) in the New Keynesian monetary policy model. In our calibrated model the...

Persistent link: https://www.econbiz.de/10005648972

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

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

Effects of moral hazard and monitoring on monetary policy transmission

Topi, Jukka - Suomen Pankki - 2003

This study discusses the effects of financial intermediation, banks’ moral hazard and monitoring on monetary policy transmission in a simple model where borrowers are dependent on loans granted by banks with superior monitoring skills. As distinct from the prior literature on monetary policy...

Persistent link: https://www.econbiz.de/10008774225

The bank lending channel reconsidered

Milne, Alistair; Wood, Geoffrey - Suomen Pankki - 2009

It has been widely accepted that constraints on the wholesale funding of bank balance sheets amplify the transmission of monetary policy through what is called the ‘bank lending channel’. We show that the effect of such bank balance sheet constraints on monetary transmission is in fact...

Persistent link: https://www.econbiz.de/10005648955

The 1990’s financial crises in Nordic countries

Honkapohja, Seppo - Suomen Pankki - 2009

The current financial crisis, which has lasted almost one and a half years, is the 19th such crisis in the post-war period in advanced economies. Recent literature classifies the Nordic crises in Norway, Sweden and Finland in late 1980's and early 1990’s among the Big Five crises that have...

Persistent link: https://www.econbiz.de/10005207165

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

Adaptive learning and multiple equilibria in a natural rate monetary model with unemployment persistence

Rantala, Anssi - Suomen Pankki - 2003

This paper demonstrates that the adaptive learning approach to modelling private sector expectations can be used as an equilibrium selection mechanism in a natural-rate monetary model with unemployment persistence. In particular, it is shown that only one of the two rational expectations...

Persistent link: https://www.econbiz.de/10005207142

Learning by disinflating

Barnett, Alina; Ellison, Martin - Suomen Pankki - 2012

Disinflationary episodes are a valuable source of information for economic agents trying to learn about the economy. In this paper we are particularly interested in how policymakers can themselves learn by disinflating. The approach differs from the existing literature, which typically focuses...

Persistent link: https://www.econbiz.de/10010541306

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