It is shown that the Dixit-Norman argument for the creation of an optimal customs union without lump sum transfers presupposes either that there exists a joint fiscal authority in the union or that lump sum transfers between national governments are possible. A necessary and sufficient condition...

Kotitalouksien säästämisaste on trendimäisesti alentunut Suomessa jo useamman vuoden ajan. Tämä näyttäisi muodostuvan ongelmalliseksi kasvavan vaihtotaseen alijäämän olosuhteissa. Säästämisasteen alenemiseen on useita syitä, joista yksi keskeisimmistä on kotitalouksien...

The Finnish real exchange rate is estimated as a latent variable in a model of current account determination. The measure thus constructed behaves in the 70's much like the measures most often used (relative unit labour costs and relative consumer prices) but in the 80·s there are considerable...

Tutkimusraportissa esitellään tulokset, jotka on saatu selvitettäessä kestokulutushyödykkeiden kokonaiskysyntää. Tulokset viittaavat siihen, että kestokulutushyödykkeiden kysynnän kasvu voidaan selittää lähes täysin tulojen kasvulla ja kestokulutushyödykkeiden suhteellisten...

Raportissa tutkitaan, onko Suomen ulkomainen velkaantuminen ollut tasapainoista vuoden 1970 jälkeen vai ei. Tasapainottomalla velkaantumisella tarkoitetaan tässä sitä, ovatko Suomen suhteellisen ulkomaisen nettovelan vaihtelut olleet liiallisia suhteessa taloudelliseen kasvuun. Saatujen...

The paper analyzes the applicability of variable parameter models to examine the behaviour of the interest rates in the market for cd's on the first market day after the bank strike, 7.3.1990, and on the first "normal" Wednesday after the strike, 21.3.1990. The data is minute data and variable...

It is argued that if in a dynamic context a central bank wants to signal its commitment to non-inflationary policies an EMS membership makes its task easier by requiring less restrictive policies than if it stays outo Despite this depending on the initial beliefs of the public the central bank...

The impact of asymmetries in trade and industrial policies on the market structure and location of firms and on the pattern of commodity trade are examined using a model in which firms have to take the decisions of other firms into account because of imperfect competition. This approach allows...

The increasing use of recycled fibres in paper production may have large effects on the forest industry and on the structure of aggregate production. One of the most surprising results was reached is that in a Nordic type of economy where forestry is important, recycling requirements may cause...