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Central Bank Research Hub - Bank of Finland Discussion Papers



The co-movements along the forward curve of natural gas futures: a structural view (JEL C22, G19)

by Fabrizio SpargoliPaolo Zagaglia2008/26
(15 Oct 2008)
 Abstract
 Full text

A continuous-time model of the term structure of interest rates with fiscal-monetary policy interactions (JEL D9, G12)

by Massimiliano MarzoSilvia RomagnoliPaolo Zagaglia2008/25
(14 Oct 2008)
 Abstract
 Full text

Determinacy of interest rate rules with bond transaction services in a cashless economy (JEL C68, E52)

by Massimiliano MarzoPaolo Zagaglia2008/24
(13 Oct 2008)
 Abstract
 Full text

Money-market segmentation in the euro area: what has changed during the turmoil? (JEL C22, E58)

by Paolo Zagaglia2008/23
(10 Oct 2008)
 Abstract
 Full text

Integrating European retail payment systems: some economics of SEPA (JEL G21, L14, L15)

by Kari Kemppainen2008/22
(24 Sep 2008)
 Abstract
 Full text

Government funds and demographic transition - alleviating ageing costs in a small open economy (JEL E13, H55, J11, J26)

by Helvi Kinnunen2008/21
(23 Sep 2008)
 Abstract
 Full text

Estimating regime-switching Taylor rules with trend inflation (JEL E52, E61, E62)

by Efrem CastelnuovoLuciano GrecoDavide Raggi2008/20
(10 Sep 2008)
 Abstract
 Full text

Adverse selection and financing of innovation: is there a need for R&D subsidies? (JEL D82, G28, H20, O30, O38)

by Tuomas TakaloTanja Tanayama2008/19
(09 Sep 2008)
 Abstract
 Full text

History of finance research and education in Finland: the first thirty years (JEL A23, B25, G00)

by Mika Vaihekoski2008/18
(08 Sep 2008)
 Abstract
 Full text

Macro-model-based stress testing of Basel II capital requirements (JEL C15, G21, G28, G33)

by Esa JokivuolleKimmo VirolainenOskari Vähämaa2008/17
(01 Sep 2008)
 Abstract
 Full text

Why do growth rates differ? Evidence from cross-country data on private sector production

by Juha KilponenMatti Viren2008/13
(13 Aug 2008)
 Abstract

Estimating open economy Phillips curves for the euro area with directly measured expectations

by Maritta Paloviita2008/16
(25 Jun 2008)
 Abstract
 Full text

Investment-cash flow sensitivities, credit rationing and financing constraints

by Leonardo BecchettiAnnalisa CastelliIftekhar Hasan2008/15
(24 Jun 2008)
 Abstract
 Full text

Does hedging tell the full story? Reconciling differences in US aggregate and industry-level exchange rate risk premia (JEL C3, F3, F4, G3)

by Bill B FrancisIftekhar HasanDelroy M Hunter2008/14
(27 May 2008)
 Abstract
 Full text

Bank runs, liquidity and credit risk (JEL G12, G21, G28)

by Jukka Topi2008/12
(14 May 2008)
 Abstract
 Full text

Efficiency and costs of payments: some new evidence from Finland (JEL E42, G21)

by Kari TakalaMatti Viren2008/11
(07 May 2008)
 Abstract
 Full text

The signalling hypothesis revisited: Evidence from foreign IPOs (JEL G14, G15, G30, G32)

by Bill B FrancisIftekhar HasanJames R LothianXian Sun2008/10
(06 May 2008)
 Abstract
 Full text

Using financial markets information to identify oil supply shocks in a restricted VAR (JEL C01, E32, E44)

by Marko Melolinna2008/09
(18 Mar 2008)
 Abstract
 Full text

On the importance of borrowing constraints for house price dynamics (JEL E21, R21)

by Essi EerolaNiku Määttänen2008/08
(17 Mar 2008)
 Abstract
 Full text

Evaluating innovation policy: a structural treatment effect model of R&D subsidies (JEL C31, L53, O31, O38)

by Tuomas TakaloTanja TanayamaOtto Toivanen2008/07
(12 Mar 2008)
 Abstract
 Full text

Cointegration implications of linear rational expectation models (JEL C52)

by Mikael Juselius2008/06
(11 Mar 2008)
 Abstract
 Full text

Along but beyond mean-variance: Utility maximization in a semimartingale model (JEL C61, G11)

by Heli Huhtala2008/05
(10 Mar 2008)
 Abstract
 Full text

Market power and merger simulation in retail banking (JEL G21, L11, L13)

by József Molnár2008/04
(27 Feb 2008)
 Abstract
 Full text

One Money, Several Cycles? Evaluation of European business cycles using model-based cluster analysis (JEL F15, F31)

by Patrick M Crowley2008/03
(26 Feb 2008)
 Abstract
 Full text

Consumer awareness and the use of payment media: evidence from young Finnish consumers (JEL E59, G20)

by Ari HyytinenTuomas Takalo2008/02
(25 Feb 2008)
 Abstract
 Full text

Regulatory choices in global financial markets - restoring the role of aggregate utility in the shaping of market supervision (JEL G28, K23, O16)

by Peik Granlund2008/01
(13 Feb 2008)
 Abstract
 Full text

2007

The lending channel under optimal choice of monetary policy (JEL E51, E52, G21)

by Juha KilponenAlistair Milne2007/33
(26 Dec 2007)
 Abstract
 Full text

Expectations, learning and monetary policy: an overview of recent research (JEL D84, E31, E52)

by George W EvansSeppo Honkapohja2007/32
(25 Dec 2007)
 Abstract
 Full text

Robust learning stability with operational monetary policy rules (JEL D84, E31, E52)

by George W EvansSeppo Honkapohja2007/31
(24 Dec 2007)
 Abstract
 Full text

What determines commercial banks' demand for reserves in the interbank market? (JEL E43, E52, E58)

by Michal Kempa2007/30
(23 Dec 2007)
 Abstract
 Full text

The international transmission of monetary policy in a dollar pricing model (JEL F30, F41, F42)

by Juha Tervala2007/29
(22 Dec 2007)
 Abstract
 Full text

‘Some unpleasant fiscal arithmetic': the role of monetary and fiscal policy in public debt dynamics since the 1970s (JEL C22, E62, H62)

by Harri Hasko2007/28
(21 Dec 2007)
 Abstract
 Full text

Integration in euro area retail banking markets - convergence of credit interest rates (JEL F36, G21)

by Laura Vajanne2007/27
(20 Dec 2007)
 Abstract
 Full text

GDP at risk in a DSGE model: an application to banking sector stress testing (JEL E13, E37, G21, G28)

by Esa JokivuolleJuha KilponenTero Kuusi2007/26
(19 Dec 2007)
 Abstract
 Full text

A case for interest-rate smoothing (JEL E52, F31)

by Mikael Bask2007/25
(18 Dec 2007)
 Abstract
 Full text

Optimal monetary policy in a hybrid New Keynesian model with a cost channel (JEL E52, E61)

by Mikael Bask2007/24
(05 Dec 2007)
 Abstract
 Full text

Exchange rate volatility, macro announcements and the choice of intraday seasonality filtering method (JEL C22, C49, C52, E44)

by Helinä Laakkonen2007/23
(28 Nov 2007)
 Abstract
 Full text

Instrument rules in monetary policy under heterogeneity in currency trade (JEL C62, E52, F31, F41)

by Mikael Bask2007/22
(20 Nov 2007)
 Abstract
 Full text

Optimal monetary policy under heterogeneity in currency trade (JEL C62, E52, F31, F41)

by Mikael Bask2007/21
(14 Nov 2007)
 Abstract
 Full text

Measuring potential market risk (JEL G11)

by Mikael Bask2007/20
(13 Nov 2007)
 Abstract
 Full text

Long swings and chaos in the exchange rate in a DSGE model with a Taylor rule (JEL C65, E32, E44, E52, F31)

by Mikael Bask2007/19
(12 Nov 2007)
 Abstract
 Full text

Monetary policy, expected inflation and inflation risk premia (JEL E43, E44, E5, G12)

by Federico RavennaJuha Seppälä2007/18
(12 Oct 2007)
 Abstract
 Full text

Pre-emptive horizontal mergers: theory and evidence (JEL D43, D44, G14, G34, L13)

by Jozsef Molnar2007/17
(11 Oct 2007)
 Abstract
 Full text

Bank ownership and efficiency in China: what lies ahead in the world's largest nation? (JEL F23, G21, G28, G34)

by Allen N BergerIftekhar HasanMingming Zhou2007/16
(10 Oct 2007)
 Abstract
 Full text

Financial fragility, macroeconomic shocks and banks' loan losses: evidence from Europe (JEL E44, G21)

by Jarmo Pesola2007/15
(09 Oct 2007)
 Abstract
 Full text

Estimating a small DSGE model under rational and measured expectations: some comparisons (JEL C52, E20, E52)

by Maritta Paloviita2007/14
(03 Oct 2007)
 Abstract
 Full text

Portfolio effects and efficiency of lending under Basel II (JEL D41, D82, G14, G21, G28)

by Esa JokivuolleTimo Vesala2007/13
(01 Oct 2007)
 Abstract
 Full text

Integration of financial supervision (JEL G21, G22, G28)

by Helena Holopainen2007/12
(24 Sep 2007)
 Abstract
 Full text

Managers and efficiency in banking (JEL G21, L25, M19)

by Karlo Kauko2007/11
(18 Sep 2007)
 Abstract
 Full text

When do R&D subsidies boost innovation? Revisiting the inverted U-shape (JEL D40, H25, L10, O31)

by Juha KilponenTorsten Santavirta2007/10
(13 Sep 2007)
 Abstract
 Full text

Adjustment of the US current account deficit (JEL E61, F32)

by Mika Kortelainen2007/09
(12 Sep 2007)
 Abstract
 Full text

Discretion and the transmission lags of monetary policy (JEL E52, E58, E61)

by Juha KilponenKai Leitemo2007/08
(28 Aug 2007)
 Abstract
 Full text

Multiple safety net regulators and agency problems in the EU: is Prompt Corrective Action a partial solution? (JEL F20, G28, K23)

by David G MayesMaría J NietoLarry Wall2007/07
(11 Jun 2007)
 Abstract
 Full text

Robust Taylor rules in an open economy with heterogeneous expectations and least squares learning (JEL E52, F31)

by Mikael BaskCarina Selander2007/06
(09 May 2007)
 Abstract
 Full text

Household loan loss risk in Finland - estimations and simulations with micro data (JEL D14, E47, G21, R29)

by Risto HerralaKarlo Kauko2007/05
(07 May 2007)
 Abstract
 Full text

Bank behaviour with access to credit risk transfer markets (JEL G20, G21, G28)

by Benedikt GoderisIan W MarshJudit Vall CastelloWolf Wagner2007/04
(28 Feb 2007)
 Abstract
 Full text

Why is Europe lagging behind? (JEL E22, E23, O51, O52)

by Ilmo Pyyhtiä2007/03
(26 Feb 2007)
 Abstract
 Full text

A note on the national contributions to euro area M3 (JEL E31, E51, M3, M3)

by Aaron Mehrotra2007/02
(07 Feb 2007)
 Abstract
 Full text

Phoenix rising: Legal reforms and changes in valuations in Finland during the economic crisis (JEL G34, K22)

by Timo KorkeamäkiYrjö KoskinenTuomas Takalo2007/01
(06 Feb 2007)
 Abstract
 Full text

2006

Finnish consumers' expectations on developments and changes in payment habits. Survey in connection with the research projectFinnish payment habits 2010' (JEL A14, D14, L81, O33)

by Tomi DahlbergAnssi Öörni2006/32
(03 Oct 2006)
 Abstract
 Full text

The effect of lenders' credit risk transfer activities on borrowing firms' equity returns (JEL G12, G21)

by Ian W Marsh2006/31
(03 Oct 2006)
 Abstract
 Full text

The importance of attractive prices in pricing dynamics (JEL D01, E42)

by Ville Aalto-Setälä - Robert M Schindler2006/30
(03 Oct 2006)
 Abstract
 Full text

A global house price bubble? Evaluation based on a new rent-price approach (JEL G12)

by Katja Taipalus2006/29
(03 Oct 2006)
 Abstract
 Full text

Population ageing in a small open economy - some policy experiments with a tractable general equilibrium model (JEL E13, H55, J11, J26)

by Juha KilponenHelvi KinnunenAntti Ripatti2006/28
(03 Oct 2006)
 Abstract
 Full text

Rating targeting and the confidence levels implicit in bank capital (JEL G21, G32)

by Esa Jokivuolle - Samu Peura2006/27
(03 Oct 2006)
 Abstract
 Full text

The adverse selection problem in imperfectly competitive credit markets (JEL D43, D82, G21, L13)

by Ville MälkönenTimo Vesala2006/26
(03 Oct 2006)
 Abstract
 Full text

Monetary policy and rejections of the expectations hypothesis (JEL E43, E44, E5, G12)

by Federico RavennaJuha Seppälä2006/25
(03 Oct 2006)
 Abstract
 Full text

Financial market integration and the value of global diversification: evidence from US acquirers in cross-border mergers and acquisitions (JEL G15, G31, G34)

by Bill B FrancisIftekhar HasanXian Sun2006/24
(03 Oct 2006)
 Abstract
 Full text

The use of loan loss provisions for capital management, earnings management and signalling by Australian banks (JEL C23, G14, M41)

by Asokan AnandarajanIftekhar HasanCornelia McCarthy2006/23
(03 Oct 2006)
 Abstract
 Full text

Forecasting market crashes: further international evidence (JEL C14, G12, G15)

by Terhi Jokipii2006/22
(03 Oct 2006)
 Abstract
 Full text

ATM networks and cash usage (JEL E41, E51)

by Heli Snellman - Matti Virén2006/21
(03 Oct 2006)
 Abstract
 Full text

Why the marginal MRO rate exceeds the ECB policy rate? (JEL D44, E58)

by Tuomas Välimäki2006/20
(03 Oct 2006)
 Abstract
 Full text

The role of comparing in financial markets with hidden information (JEL G21, G24)

by Juha-Pekka Niinimäki - Tuomas Takalo - Klaus Kultti2006/01
(16 Mar 2006)
 Abstract
 Full text

Why do bank runs look like panic? A new explanation

by Yehnign Chen - Iftekhar Hasan2006/19
(31 Jan 2006)
 Abstract
 Full text

How hard is the euro area core? An evaluation of growth cycles using wavelet analysis

by Patrick M Crowley - Douglas Maraun - David Mayes2006/18
(31 Jan 2006)
 Abstract
 Full text

The cyclical behaviour of European bank capital buffers

by Terhi Jokipii - Alistair Milne2006/17
(31 Jan 2006)
 Abstract
 Full text

Legislation, investor protection and financial growth (JEL G14, G32, G38)

by Elina Rainio2006/16
(31 Jan 2006)
 Abstract
 Full text

Contagion and interdependence: measuring CEE banking sector co-movements (JEL F30, F40, G15)

by Terhi Jokipii - Brian Lucey2006/15
(31 Jan 2006)
 Abstract