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On the importance of borrowing constraints for house price dynamics

Eerola, Essi; Määttänen, Niku - Suomen Pankki - 2008

We study how a household borrowing constraint the the form of a down payment requirement affects house price dynamics … interest rate or aggregate income shocks. Moreover, because of the borrowing constraint, house price dynamics display … in an OLG model with standard preferences. We find that in certain situations the borrowing constraint shapes house price …

Persistent link: https://www.econbiz.de/10005648901

Payment and financial innovation, reserve demand and implementation of monetary policy

Lahdenperä, Harri - Suomen Pankki - 2001

The consequences of electronic trading, payment and settlement have recently become one of the main topics in monetary economics. New innovations in payment and settlement technology are challenging the central bank’s monopoly over the supply of base money, which is generally considered the...

Persistent link: https://www.econbiz.de/10005648845

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

Household optimism and borrowing

Hyytinen, Ari; Putkuri, Hanna - Suomen Pankki - 2012

and link the errors to households’ borrowing behaviour. We find that households making greatest optimistic forecast errors …

Persistent link: https://www.econbiz.de/10010819005

Essays on financial crises in emerging markets

Komulainen, Tuomas - Suomen Pankki - 2004

extend the different generations of crisis literature and analyse the role of capital movements and borrowing in the recent … delayed by bond financing, especially if the borrowing is carried out with bonds denominated in foreign currency. Essay 2 … to use outside borrowing, the amount of which is determined by the value of their collateral. The essay finds that the …

Persistent link: https://www.econbiz.de/10008692076

The demand for money market mutual funds

Kauko, Karlo - Suomen Pankki - 2005

This paper presents a model on the demand for money market funds (MMFs). These funds are a very close substitute for M1 deposits, except that MMFs do not satisfy immediate transaction requirements. The demand for MMFs strengthens when the intended volume of transactions is low. A high interest...

Persistent link: https://www.econbiz.de/10005423687

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...

Persistent link: https://www.econbiz.de/10005648854

Stability of the Demand for M1 and Harmonized M3 in Finland

Ripatti, Antti - Suomen Pankki - 1996

fits the M1 data. The adjustment cost parameters of the M1 model describing the dynamics of the demand for money are stable …

Persistent link: https://www.econbiz.de/10005190768

Limited and Full Information Estimation of the Rational Expectations Demand for Money Model: Application to Finnish M1

Ripatti, Antti - Suomen Pankki - 1997

We compare parameter estimates of the intertemporal money-in-the-utility-function model estimated using the Generalized Method of Moments and the Full Information Maximum Likelihood method. The process driving the forcing variables is approximated with vector autoregression. The FIML estimates...

Persistent link: https://www.econbiz.de/10005207151

Automated Teller Machine network market structure and cash usage

Snellman, Heli - Suomen Pankki - 2006

This study discusses the effects of the Automated Teller Machine (ATM) network market structure on the availability of cash withdrawal ATM services and cash usage. The aim and novelty of the study is to construct the ATM equation. The study also contributes to the earlier discussion on the...

Persistent link: https://www.econbiz.de/10008774224