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Monetary Policy for Smoothing Real Fluctuations? – Assessing Finnish Monetary Autonomy

Saarenheimo, Tuomas - Suomen Pankki - 1996

The possible participation of Finland in the Stage III of the European Monetary Union would constitute a major change in the operating environment of the Finnish economy. As a member of the common currency area, Finnish interest and exchange rates would no longer be determined by domestic...

Persistent link: https://www.econbiz.de/10005190737

Is Europe growing together or growing apart?

Crowley, Patrick; Garcia, Enrique; Quah, Chee-Heong - Suomen Pankki - 2013

While it is painfully clear that the ’ever closer’ monetary and financial union in the EU has run into serious trouble there has been very little study of the degree to which the countries have become similar or different in their economic growth dynamics. This paper therefore goes beyond...

Persistent link: https://www.econbiz.de/10010722796

How hard is the euro are core? An evaluation of growth cycles using wavelet analysis

Crowley, Patrick; Maraun, Douglas; Mayes, David - Suomen Pankki - 2006

Using recent advances in time-varying spectral methods, this research analyses the growth cycles of the core of the euro area in terms of frequency content and phasing of cycles. The methodology uses the con-tinuous wavelet transform (CWT) and also Hilbert wavelet pairs in the setting of a...

Persistent link: https://www.econbiz.de/10005207143

Finnish monetary and foreign exchange policy and the changeover to the euro

Korhonen, Tapio - Suomen Pankki - 2001

This paper presents the salient aspects of Finland’s monetary and exchange rate policies during the run-up to monetary union in the 1990s. In the course of slightly more than a decade, Finland’s monetary and exchange rate policies were thoroughly revamped. The remnants of heavy regulation...

Persistent link: https://www.econbiz.de/10005190736

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

Divergences in the Euro Area: a Cause for Concern?

Björkstén, Nils; Syrjänen, Miika - Suomen Pankki - 1999

Evidence suggests that after a period of convergence in the early and mid-1990s, the euro area economies may have started diverging. As a consequence, the common monetary policy could become well-suited for a number of countries. This paper studies the extent and severity of the recent...

Persistent link: https://www.econbiz.de/10005423706

Accountability of the ECB and a Government's Incentives to Rebel against the Common Monetary Policy in EMU

Castrén, Olli - Suomen Pankki - 1999

This paper considers how the "true" common monetary policy that is conducted by the ECB under various sources of uncertainty will differ from the policy that was agreed in the Maastricht Treaty, and how the uncertainties may induce a representative government to criticise the common monetary...

Persistent link: https://www.econbiz.de/10005648867

Is There Scope for Inflation Differentials in EMU? An Empirical Evaluation of the Balassa-Samuelson Model in EMU Countries

Alberola, Enrique; Tyrväinen, Timo - Suomen Pankki - 1998

The Balassa-Samuelson (BS) model is evaluated in eight of the eleven EMU countries. This model suggests that … possible inflation differentials. Setting EMU-wide inflation equal to 2 per cent and assuming that PPP holds for traded goods …, the projected inflation varies around the EMU-average within a margin of some +/-1 percentage points across the countries. …

Persistent link: https://www.econbiz.de/10005648892

What Do We Know about Productivity Gaps and Convergence in EMU Economies?

Tyrväinen, Timo - Suomen Pankki - 1998

This paper examines labour productivity levels and growth rates in 10 EMU economies: Germany, France, Belgium … the EMU-countries into high- and low-productivity economies. A fairly certain conclusion of this study is that relative to …

Persistent link: https://www.econbiz.de/10005648953

Cross-country asymmetries in euro area monetary transmission: the role of national financial systems

Putkuri, Hanna - Suomen Pankki - 2003

Since 1 January 1999 the ECB has conducted a single monetary policy in the euro area, but the mechanisms by which and the extent to which monetary shocks are transmitted into prices and real economic activity may vary from country to country. This paper investigates how and to what extent the...

Persistent link: https://www.econbiz.de/10005648969