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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
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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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Do markup dynamics reflect fundamentals or changes in conduct?
Juselius, Mikael; Kim, Moshe; Ringbom, Staffan - Suomen Pankki - 2009
Persistent shifts in equilibria are likely to arise in oligopolistic markets and may be detrimental to the measurement of conduct, related markups and intensity of competition. We develop a cointegrated VAR (vector autoregression) based approach to detect long-run changes in conduct when data...
Persistent link: https://www.econbiz.de/10004979444
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Shadow banking : financial intermediation beyond banks
Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018
Persistent link: https://www.econbiz.de/10011790739
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Money-market segmentation in the Euro area: what has changed during the turmoil?
Zagaglia, Paolo - Suomen Pankki - 2008
In this paper we study how the pattern of segmentation in the euro area money market has been affected by the recent turmoil in financial markets. We use nonparametric estimates of realized volatility to test for volatility spillovers between rates at different maturities. For the pre-turmoil...
Persistent link: https://www.econbiz.de/10005648863
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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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Labour market flexibility and policy coordination in a monetary union
Rantala, Anssi - Suomen Pankki - 2003
market policies among member countries if the common central bank can credibly precommit to a low inflation target or if …
Persistent link: https://www.econbiz.de/10005207159
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Does monetary union reduce employment?
Rantala, Anssi - Suomen Pankki - 2001
. Inflation is higher in a monetary union with all finite degrees of central bank conservatism. In addition, we consider an … that labor unions are only interested in employment and real wages (not directly inflation) and that all structural …
Persistent link: https://www.econbiz.de/10005207167
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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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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