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Suvanto, Antti; Hukkinen, Juhana - Suomen Pankki - 2004

. This was a period of very low inflation. The rate of growth in the aggregate price level was occasionally very close to … inflation. The declining prices cannot, however, be explained by lack of demand or any generalized deflationary tendencies … develops a new method for looking at the composition of inflation and illustrating how relative price dynamics interact with …

Persistent link: https://www.econbiz.de/10005648879

Financial factors in the boom-bust episode in Finland in the late 1980s and early 1990s

Freystätter, Hanna - Suomen Pankki - 2011

This paper proposes a framework for studying the boom and bust in Finland in the late 1980s and early 1990s. We develop a small open economy DSGE model with balance sheet-constrained firms à la BGG and calibrate it to the Finnish economy. We use the model to simulate three events that are...

Persistent link: https://www.econbiz.de/10008835099

Kiss me deadly: From Finnish great depression to great recession

Gulan, Adam; Haavio, Markus; Kilponen, Juha - Suomen Pankki - 2014

We investigate the causes of the Finnish Great Depression, 1990-1993. We find that the collapse of the overheated financial and banking sectors starting in 1989 was the trigger of the economic crisis. Foreign shocks, which include the collapse of trade with USSR in 1991, can account for at most...

Persistent link: https://www.econbiz.de/10010945114

Financial market volatility: informative in predicting recessions

Annaert, Jan; Ceuster, Marc J.K. De; Valckx, Nico - Suomen Pankki - 2001

It is commonly agreed that the term spread and stock returns are useful in predicting recessions. We extend these empirical findings by examining interest rate and stock market volatility as additional recession indicators. Both risk-return analysis and the theory of investment under uncertainty...

Persistent link: https://www.econbiz.de/10005648836