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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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Essays on macroeconomic effects of fiscal policy rules
Railavo, Jukka - 2006
Persistent link: https://www.econbiz.de/10003367202
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Evolving Voluntary Rules for the Operation of the European Central Bank
Mayes, David - Suomen Pankki - 1998
This paper argues that, despite the substantial independence offered by the Maastricht Treaty, the ESCB will wish to bind itself by a set of voluntary rules in the conduct of monetary policy. This binding will occur because of the demands of policy itself. The ESCB as such has no history of a...
Persistent link: https://www.econbiz.de/10005190770
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Essays on empirical macroeconomics
Mehrotra, Aaron N. - 2006
Persistent link: https://www.econbiz.de/10003367200
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The role of expectations in the inflation process in the euro area
Paloviita, Maritta; Virén, Matti - Suomen Pankki - 2005
This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …
Persistent link: https://www.econbiz.de/10005648940
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Monetary Policy in Transition – Essays on Monetary Policy Transmission Mechanism in China
Koivu, Tuuli - Suomen Pankki - 2012
policy impacts inflation and real economic developments in China. The results indicate that the conduct of monetary policy in … aims to hit an inflation target by simply controlling the target interest rate. First, China’s monetary policy toolkit is …
Persistent link: https://www.econbiz.de/10010584388
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Evaluating the stresses from ECB monetary policy in the euro area
Lee, Jim; Crowley, Patrick M - Suomen Pankki - 2009
This paper investigates the extent to which euro area monetary policy has responded to evolving economic conditions in individual member states as opposed to the euro area as a whole. Based on a forward-looking Taylor rule-type policy reaction function, we conduct counterfactual exercises that...
Persistent link: https://www.econbiz.de/10004979449
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Combining liquidity usage and interest rates on overnight loans: an oversight indicator
Laine, Tatu; Nummelin, Tuomas; Snellman, Heli - Suomen Pankki - 2011
This study utilises payment system data to analyse market participants’ liquidity usage and to trace interest rates paid on overnight loans. Our aim is to examine how liquidity usage has changed during the years 2006–2/2011 and to combine this information with data on overnight lending rates...
Persistent link: https://www.econbiz.de/10009368523
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Policy words and policy deeds: the ECB and the euro
Siklos, Pierre; Bohl, Martin - Suomen Pankki - 2006
This paper examines the role of the ECB communication activities on daily Eurodollar exchange rate and interest rates. We estimate the relationship between monetary policy and the exchange rate using a technique that explicitly recognises the joint determination of both the levels and...
Persistent link: https://www.econbiz.de/10005648902
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Bank interest rates in a small European economy: Some exploratory macro level analyses using Finnish data
Kauko, Karlo - Suomen Pankki - 2005
This paper presents econometric analyses on the determination of bank deposit and lending rates using longitudinal Finnish data. Interest rate pass-through is very strong, possibly complete, in the case of lending rates; in the case of deposit rates the pass-through is far from complete, even in...
Persistent link: https://www.econbiz.de/10005649010