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Output gaps and technological progress in European Monetary Union
Dimitz, Maria Antoinette - Suomen Pankki - 2001
Output gaps for ten European countries and the USA are estimated based on a CES production function with input augmentation in technological progress. The substitution parameter is estimated from the coefficients of the labour and capital demand functions. Estimation is carried out using...
Persistent link: https://www.econbiz.de/10005190775
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Euler consumption equation with non-separable preferences over consumption and leisure and collateral constraints
Kilponen, Juha - Suomen Pankki - 2009
This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of consumption to current income. Estimation results suggest...
Persistent link: https://www.econbiz.de/10004979450
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Interest rates and business cycles in emerging economies: The role of financial frictions
Fernández, Andrés; Gulan, Adam - Suomen Pankki - 2012
Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging market economies. In order to account for this, most business cycle models of emerging market economies have relied on ad hoc and exogenous...
Persistent link: https://www.econbiz.de/10010945109
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Financial shocks and optimal monetary policy rules
Verona, Fabio; Martins, Manuel M. F.; Drumond, Inês - Suomen Pankki - 2014
depend on the policy regime, and on the origin and the persistence of the financial shock. …
Persistent link: https://www.econbiz.de/10010945110
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Kiss me deadly: From Finnish great depression to great recession
Gulan, Adam; Haavio, Markus; Kilponen, Juha - Suomen Pankki - 2014
We investigate the causes of the Finnish Great Depression, 1990-1993. We find that the collapse of the overheated financial and banking sectors starting in 1989 was the trigger of the economic crisis. Foreign shocks, which include the collapse of trade with USSR in 1991, can account for at most...
Persistent link: https://www.econbiz.de/10010945114
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Essays on small open economy macroeconomics
Freystätter, Hanna - Suomen Pankki - 2012
accelerator and an unconventional shock structure that captures the key events of the episode. In this model framework, we study …
Persistent link: https://www.econbiz.de/10011019138
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Financial market volatility: informative in predicting recessions
Annaert, Jan; Ceuster, Marc J.K. De; Valckx, Nico - Suomen Pankki - 2001
empirical findings by examining interest rate and stock market volatility as additional recession indicators. Both risk …-return analysis and the theory of investment under uncertainty provide a rationale for this extension. The results for the United … States, Germany and Japan show that interest rate and stock return volatility contribute significantly to the forecasting of …
Persistent link: https://www.econbiz.de/10005648836
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Long swings and chaos in the exchange rate in a DSGE model with a Taylor rule
Bask, Mikael - Suomen Pankki - 2007
in currency trade, where the fractions of these trading tools are determined within the model. Then, a shock hits the …
Persistent link: https://www.econbiz.de/10005648889
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Using financial markets information to identify oil supply shocks in a restricted VAR
Melolinna, Marko - Suomen Pankki - 2008
VAR model to an oil shock to be the same as that implied by futures markets. Impulse responses are then calculated by …
Persistent link: https://www.econbiz.de/10005207161
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Expectations-driven cycles in the housing market
Lambertini, Luisa; Mendicino, Caterina; Punzi, Maria Teresa - Suomen Pankki - 2012
loan-to-value ratios reduce the severity of expectations-driven cycles and the volatility of household debt, aggregate …
Persistent link: https://www.econbiz.de/10009397037