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Rating targeting and the confidence levels implicit in bank capital

Jokivuolle, Esa; Peura, Samu - Suomen Pankki - 2006

The solvency standards implicit in bank capital levels, as reported eg in Jackson et al (2002), are much higher than those required for top ratings, if standard single period economic capital models are taken se-riously. We explain this excess capital puzzle by forward looking rating targeting...

Persistent link: https://www.econbiz.de/10005207164

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

Essays on empirical macroeconomics

Mehrotra, Aaron N. - 2006

Persistent link: https://www.econbiz.de/10003367200

Essays on macroeconomic effects of fiscal policy rules

Railavo, Jukka - 2006

Persistent link: https://www.econbiz.de/10003367202

Stability consequences of fiscal policy rules

Railavo, Jukka - Suomen Pankki - 2004

of the two. We compare the accounting definition of deficit with the economic definition which takes inflation into …

Persistent link: https://www.econbiz.de/10005207145

Monetary consequences of alternative fiscal policy rules

Railavo, Jukka - Suomen Pankki - 2004

optimise. Under discretionary monetary policy the size of the inflation bias depends on the fiscal policy regime. Using the … with the alternative fiscal policy rules, and inflation and output persistence reflects the economic data. With the deficit …

Persistent link: https://www.econbiz.de/10005207156

Effects of fiscal policy on the durability of low inflation regimes

Pohjola, Tapio - Suomen Pankki - 2002

This paper deals with the interaction of fiscal and monetary policy when the central bank is pursuing a price stability-oriented monetary policy. In particular, we study the durability of the price stability regime when public debt accumulates as a result of ultimately unsustainable deficits....

Persistent link: https://www.econbiz.de/10005423694

Policy interaction, learning and the fiscal theory of prices

Evans, George W.; Honkapohja, Seppo - Suomen Pankki - 2002

We investigate both the rational explosive inflation paths studied by McCallum (2001) and the classification of fiscal …

Persistent link: https://www.econbiz.de/10005423711

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 … results obtained by models log-linearized around a zero inflation steady state are quite misleading. Furthermore, the same is …

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

Effects of the supply-side channel on stabilisation properties of policy rules

Railavo, Jukka - Suomen Pankki - 2003

results in more persistent inflation as well as output responses to shocks, than without the supply-side channel. We also … discuss the different monetary and fiscal policy regimes and their implication on the stability of inflation and output. …

Persistent link: https://www.econbiz.de/10005648851