Narrow search
Showing 1 - 10 of 106
Cover Image
Unconventional government debt purchases as a supplement to conventional monetary policy
Ellison, Martin; Tischbirek, Andreas - Suomen Pankki - 2013
In response to the Great Financial Crisis, the Federal Reserve and the Bank of England have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional short-term interest rate policy...
Persistent link: https://www.econbiz.de/10010610549
Cover Image
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
Cover Image
Money as an indicator variable for monetary policy when money demand is forward looking
Kajanoja, Lauri - Suomen Pankki - 2003
This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We … state of the economy. Money reveals some of the private sector’s information to the policymaker, especially if there is a … forward looking element in money demand. We show that observing money can considerably reduce the loss that is due to …
Persistent link: https://www.econbiz.de/10005207135
Cover Image
ATM networks and cash usage
Snellman, Heli; Virén, Matti - Suomen Pankki - 2006
This paper deals with the issue of how the market structure in banking affects the choice of means of payment. In particular, the demand for cash is analysed from this point of view. The analysis is based on a simple spatial transactions model in which the banks’ optimization problem is...
Persistent link: https://www.econbiz.de/10005207157
Cover Image
Payment and financial innovation, reserve demand and implementation of monetary policy
Lahdenperä, Harri - Suomen Pankki - 2001
base money, which is generally considered the cornerstone of the central bank’s power to set the short-term interest rate … settlement money that competes with the liabilities of the central bank. The paper presents a model on the implementation of … monetary policy in an economy where such private substitutes for central bank money are available for the settlement of …
Persistent link: https://www.econbiz.de/10005648845
Cover Image
Inflation Targeting and the Role of Money in a Model with Sticky Prices and Sticky Money
Ripatti, Antti - Suomen Pankki - 1997
In order to study the role of money in an inflation targeting regime for monetary policy, we compare the interest rate … and money as monetary policy instruments. Our dynamic stochastic general equilibrium model combines the money …-in-the utility-function approach with sticky prices. We allow for time-varying preferences for real money balances, ie velocity …
Persistent link: https://www.econbiz.de/10005648854
Cover Image
Announcement effects on exchange rate movements: continuity as a selection criterion among the REE
Bask, Mikael - Suomen Pankki - 2006
, it is shown that the exchange rate is much more sensitive to changes in money supply than when technical trading is …
Persistent link: https://www.econbiz.de/10005648882
Cover Image
The Credit Channel of Monetary Policy and Housing Markets: International Empirical Evidence
Iacoviello, Matteo; Minetti, Raoul - Suomen Pankki - 2000
This paper tests for the presence of a credit channel (particularly a bank-lending sub-channel) for monetary policy in the housing market. We argue that the importance of this channel for investment in residential housing is highly dependent on the structural features, and particularly the...
Persistent link: https://www.econbiz.de/10005648926
Cover Image
The lending channel under optimal choice of monetary policy
Kilponen, Juha; Milne, Alistair - Suomen Pankki - 2007
Building on Cecchetti and Li (2005), we show that the bank lending channel affects monetary policy trade-offs only when interest rates affect marginal costs of production (ie when there is a cost channel of monetary policy) in the New Keynesian monetary policy model. In our calibrated model the...
Persistent link: https://www.econbiz.de/10005648972
Cover Image
Effects of moral hazard and monitoring on monetary policy transmission
Topi, Jukka - Suomen Pankki - 2003
This study discusses the effects of financial intermediation, banks’ moral hazard and monitoring on monetary policy transmission in a simple model where borrowers are dependent on loans granted by banks with superior monitoring skills. As distinct from the prior literature on monetary policy...
Persistent link: https://www.econbiz.de/10008774225