Showing 1 - 6 of 6
Persistent link: https://www.econbiz.de/10011524317
In this paper we build a dynamic stochastic general equilibrium model of a small open monetary union with optimal monetary and fiscal policy, to study the transmission of country specific shocks and associated exchange rate fluctuations. We show that movements of the monetary union's exchange...
Persistent link: https://www.econbiz.de/10013130526
This paper presents Aino 2.0 – the dynamic stochastic general equilibrium (DSGE) model currently used at the Bank of Finland for forecasting and policy analysis. The paper provides a detailed theoretical description of the model, its estimation and how it can be used to interpret the evolution...
Persistent link: https://www.econbiz.de/10012855432
We study the impact of monetary policy on income and wealth distributions ina small open economy. To do so, we use household-level registry and surveydata from Finland, a small member of a monetary union. This setup allows usto circumvent endogeneity issues and thus helps achieve causal...
Persistent link: https://www.econbiz.de/10014081208
This paper investigates public pension funding using a dynamic general equilibrium macroeconomic model (DSGE) that facilitates investigation of distortionary effects of fiscal and pension policy responses to ageing. The model is calibrated to the Finnish economy, which will encounter substantial...
Persistent link: https://www.econbiz.de/10014213022
This paper extends Gertler's (1999) tractable overlapping generations model with life-cycle features by allowing for distortionary taxation, demographic transition and stochastic variation in demographic structure. The model is then used to study demographic change in the small open economy of...
Persistent link: https://www.econbiz.de/10014223799