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Euler consumption equation with non-separable preferences over consumption and leisure and collateral constraints
Kilponen, Juha - Suomen Pankki - 2009
This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of consumption to current income. Estimation results suggest...
Persistent link: https://www.econbiz.de/10004979450
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Interest rates and business cycles in emerging economies: The role of financial frictions
Fernández, Andrés; Gulan, Adam - Suomen Pankki - 2012
Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging market economies. In order to account for this, most business cycle models of emerging market economies have relied on ad hoc and exogenous...
Persistent link: https://www.econbiz.de/10010945109
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Financial shocks and optimal monetary policy rules
Verona, Fabio; Martins, Manuel M. F.; Drumond, Inês - Suomen Pankki - 2014
depend on the policy regime, and on the origin and the persistence of the financial shock. …
Persistent link: https://www.econbiz.de/10010945110
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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
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Essays on small open economy macroeconomics
Freystätter, Hanna - Suomen Pankki - 2012
accelerator and an unconventional shock structure that captures the key events of the episode. In this model framework, we study … BGG financial accelerator and financial market shocks. In our empirical work covering the period 1995–2008, we provide … evidence of an operative financial accelerator in Finland. The financial accelerator acts as an amplifying mechanism for many …
Persistent link: https://www.econbiz.de/10011019138
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Financial market volatility: informative in predicting recessions
Annaert, Jan; Ceuster, Marc J.K. De; Valckx, Nico - Suomen Pankki - 2001
empirical findings by examining interest rate and stock market volatility as additional recession indicators. Both risk …
Persistent link: https://www.econbiz.de/10005648836
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Long swings and chaos in the exchange rate in a DSGE model with a Taylor rule
Bask, Mikael - Suomen Pankki - 2007
in currency trade, where the fractions of these trading tools are determined within the model. Then, a shock hits the …
Persistent link: https://www.econbiz.de/10005648889
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Using financial markets information to identify oil supply shocks in a restricted VAR
Melolinna, Marko - Suomen Pankki - 2008
VAR model to an oil shock to be the same as that implied by futures markets. Impulse responses are then calculated by …
Persistent link: https://www.econbiz.de/10005207161
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Expectations-driven cycles in the housing market
Lambertini, Luisa; Mendicino, Caterina; Punzi, Maria Teresa - Suomen Pankki - 2012
Survey data suggests that news of changes in business conditions are significantly related to house prices and consumers' beliefs of favorable buying conditions in the housing market. This paper explores the transmission of "news shocks" as a source of boom-bust cycles in the housing market....
Persistent link: https://www.econbiz.de/10009397037
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Financial market disturbances as sources of business cycle fluctuations in Finland
Freystätter, Hanna - Suomen Pankki - 2010
the form of a BGG financial accelerator. We investigate empirically the importance of financial market frictions and … financial accelerator mechanism in Finland. Our key result is that disturbances originating in the financial sector have played …
Persistent link: https://www.econbiz.de/10008626083