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The historical development of bank liquidity doctrines is surveyed from the real bills doctrine and its antecedents to the present day. The underlying ideas of the succession of several dominant liquidity doctrines are analysed and compared, with attention to their historical contexts and...
Persistent link: https://www.econbiz.de/10014523004
Specification of the volume and price equation of Finlands multilateral exports of goods is based on the assumption that Finnish products enjoy only temporary monopoly power. In the context of the whole model this implies that the price of exports of goods as well as short-run marginal costs...
Persistent link: https://www.econbiz.de/10012147437
This paper contains a description of the production and labour demand sections of the BOF4 model. CES value added production functions are developed and estimated for the five sectors of the economy. From these the marginal product of labour and capital functions are derived which are important...
Persistent link: https://www.econbiz.de/10012147448
This paper describes the supply of labour and the determination of wages and prices in the BOF4 model. Labour supply is modelled as a function of real wage, income and discouraged worker effects. Wages are a functi on of the unemployment rate. Besides that they respond to the deviation of actual...
Persistent link: https://www.econbiz.de/10012147472
This report describes the determination of private consumption and investment in the BOF4 model. The consumption function of the model is largely based on thepermanent income hypothesis. Relative prices and the level of aggregate consumption determine the shares of the three consumption...
Persistent link: https://www.econbiz.de/10012147475
Tässä selvityksessä esitetään kuukausittaiset aikasarjat valtion obligaatioiden efektiivisistä tuotoista 1948 - 1986 ja verollisten yksityisten joukkovelkakirjojen tuotoista 1971 - 1986. Pörssinoteerauksista laskettuja jälkimarkkinatuottoja verrataan vastaavilla ensisijaismarkkinoilla...
Persistent link: https://www.econbiz.de/10012147476
This paper presents a partial equilibrium model of the determination of deposit rates of interest and bank service charges in a competitive banking industry. It is shown that uncertainty regarding the future use of transactions services can cause a positive. interest rate margin on deposits, and...
Persistent link: https://www.econbiz.de/10012147492
This paper describes the modelling of financial markets and the balance of payments in BOF4, a quarterly macroeconomic model developed by the Bank of Finland. The short-term interest rate is determined as a result of the interaction of the demand for money and money supply, as in the...
Persistent link: https://www.econbiz.de/10012147507
This paper describes the structure and simulation properties of the Bank of Finland's macroeconometric model BOF4. BOF4 is a quarterly, medium-sized macro model of the Finnish economy, consisting of about 70 behavioural equations. Including accounting identities and technical linkages of...
Persistent link: https://www.econbiz.de/10012147508
This paper describes how income distribution and government finances are modelled i n BOF4, a quarterly econometric model of the Bank of Finland. The equations eomprising the ineome distribution and government finanees bloek in the model eonsist of tax equations, behavioural equations for the...
Persistent link: https://www.econbiz.de/10012147513