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Shadow banking : financial intermediation beyond banks

Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018

Persistent link: https://www.econbiz.de/10011790739

Productivity differentials and external balance in ERM II

Henriksson, Marketta - Suomen Pankki - 2005

Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still on-going in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster...

Persistent link: https://www.econbiz.de/10005190776

Does monetary union reduce employment?

Rantala, Anssi - Suomen Pankki - 2001

We use a two-country monetary model with unionized labor markets and open-economy spillovers to study the macroeconomic consequences of the formation of a monetary union. It is shown that the monetary regime affects the trade-off between real consumer wages and employment faced by the unions....

Persistent link: https://www.econbiz.de/10005207167

Robust monetary policy in the New-Keynesian framework

Leitemo, Kai; Söderström, Ulf - Suomen Pankki - 2004

We study the effects of model uncertainty in a simple New-Keynesian model using robust control techniques. Due to the simple model structure, we are able to find closed-form solutions for the robust control problem, analysing both instrument rules and targeting rules under different timing...

Persistent link: https://www.econbiz.de/10005419678

Monetary policy and learning in an open economy

Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - Suomen Pankki - 2004

In this paper, we examine the incentives for central bank activism and caution in a two-country open-economy model with uncertainty and learning. We find that the presence of a strategic interaction between the home and foreign central banks creates an additional motivation for caution in...

Persistent link: https://www.econbiz.de/10005423715

Robust monetary policy in a small open economy

Leitemo, Kai; Söderström, Ulf - Suomen Pankki - 2005

This paper studies how a central bank’s preference for robustness against model misspecification affects the design of monetary policy in a New-Keynesian model of a small open economy. Due to the simple model structure, we are able to solve analytically solve the optimal robust policy rule,...

Persistent link: https://www.econbiz.de/10005190748

The euro and corporate financing

Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - Suomen Pankki - 2011

In this paper we study how the introduction of the euro has affected corporate financing in Europe. We use firm …-level data from eleven euro area countries as well as from a control group of five other European countries spanning the years … 1991–2006. We show that firms from euro area countries that previously had weak currencies have increased both their equity …

Persistent link: https://www.econbiz.de/10008867448

Are there Economies of Scale in Stock Exchange Activities?

Malkamäki, Markku - Suomen Pankki - 1999

This is the first paper that examines economies of scale in stock exchanges. The data employed in the study include cost and output statistics for 37 stock exchanges in four continents around the world for the year 1997. I estimate two traditional cost functions and find that ray (overall) scale...

Persistent link: https://www.econbiz.de/10005648842

Heterogeneous information about the term structure, least-squares learning and optimal rules for inflation targeting

Schaling, Eric; Eijffinger, Sylvester; Tesfaselassie, Mewael - Suomen Pankki - 2004

In this paper we incorporate the term structure of interest rates into a standard inflation forecast targeting framework. Learning about the transmission process of monetary policy is introduced by having heterogeneous agents – ie central bank and private agents – who have different...

Persistent link: https://www.econbiz.de/10005648857

Learning, inflation expectations and optimal monetary policy

Schaling, Eric - Suomen Pankki - 2003

In this paper we analyse disinflation policy in two environments. In the first, the central bank has perfect knowledge, in the sense that it understands and observes the process by which private sector inflation expectations are generated; in the second, the central bank has to learn the private...

Persistent link: https://www.econbiz.de/10005648895

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