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This paper studies financial market disturbances as sources of investment fluctuations in Finland during 1995–2008. We … financial accelerator mechanism in Finland. Our key result is that disturbances originating in the financial sector have played … a significant role in the historical variation of investment activities in Finland. Even allowing for several shocks …
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This paper investigates how different types of monetary policy have affected house prices in Finland, a small euro area … temporary impact on house prices in Finland, with the response to a balance sheet shock being smaller and fading out faster. The … peak of the effect of a policy rate shock on house prices in Finland arrives faster than in the whole euro area but the …
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In this paper, I use high-frequency financial market estimates to identify the monetary policy shock in a non-recursive 133 variable FAVAR. All restrictions are imposed exclusively on impact, and only on financial market variables. Using the economy's underlying factor structure as the link...
Persistent link: https://www.econbiz.de/10009760371
This paper studies the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986 - 2006. We estimate VARs for individual economies and panel VARs in which we distinguish between groups of countries on...
Persistent link: https://www.econbiz.de/10010382339
We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the "missing disinflation" during the Great Recession. We apply a vector autoregressive model to US data and identify financial shocks through sign restrictions. Our main finding is that...
Persistent link: https://www.econbiz.de/10011546785