Details about Seppo Mikko Sakari Honkapohja

Phone:	+358-50-4094155
Postal address:	Aalto University School of Business, PO Box 21210, FI 00076 AALTO, FINLAND
Workplace:	Centre for Economic Policy Research (CEPR), (more information at EDIRC) CESifo, (more information at EDIRC) Taloustieteen Laitos (Department of Economics), Kauppakorkeakoulu (School of Business), Aalto-yliopisto (Aalto University), (more information at EDIRC)

Access statistics for papers by Seppo Mikko Sakari Honkapohja.

Last updated 2024-12-06. Update your information in the RePEc Author Service.

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Working Papers

2024

1. Average inflation targeting in Calvo model with imperfect knowledge and learning
   Bank of Finland Research Discussion Papers, Bank of Finland

2022

2. Expectations, Stagnation and Fiscal Policy: a Nonlinear Analysis
   Discussion Papers, Department of Economics, University of Birmingham View citations (6)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020)
   See also Journal Article EXPECTATIONS, STAGNATION, AND FISCAL POLICY: A NONLINEAR ANALYSIS, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2022) View citations (5) (2022)

2021

3. On Robustness of Average Inflation Targeting
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Bank of Finland Research Discussion Papers, Bank of Finland (2021) View citations (7)

2018

4. Price Level Targeting with Evolving Credibility
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (9)
   Also in Bank of Finland Research Discussion Papers, Bank of Finland (2018) View citations (6)
   See also Journal Article Price level targeting with evolving credibility, Journal of Monetary Economics, Elsevier (2020) View citations (22) (2020)

2017

5. Expectations, Stagnation and Fiscal Policy
   2017 Meeting Papers, Society for Economic Dynamics
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2016) View citations (8)
   Bank of Finland Research Discussion Papers, Bank of Finland (2016) View citations (2)

2015

6. Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (19)
   Also in Bank of Finland Research Discussion Papers, Bank of Finland (2015) View citations (1)
   See also Journal Article Comparing Inflation and Price-Level Targeting: The Role of Forward Guidance and Transparency, Manchester School, University of Manchester (2015) View citations (18) (2015)
7. Monetary policies to counter the zero interest rate: an overview of research
   Bank of Finland Research Discussion Papers, Bank of Finland View citations (1)
   See also Journal Article Monetary policies to counter the zero interest rate: an overview of research, Empirica, Springer (2016) View citations (8) (2016)
8. Stable Sunspot Equilibria in a Cash-in-Advance Economy
   Working Papers, Barcelona School of Economics View citations (3)
   Also in Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005) View citations (3)
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2005)
   CESifo Working Paper Series, CESifo (2001) View citations (5)
   See also Journal Article Stable Sunspot Equilibria in a Cash-in-Advance Economy, The B.E. Journal of Macroeconomics, De Gruyter (2007) View citations (11) (2007)

2014

9. Targeting Nominal GDP or Prices: Guidance and Expectation Dynamics
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (9)
   Also in Bank of Finland Research Discussion Papers, Bank of Finland (2014) View citations (1)

2013

10. The euro area crisis: a view form the north
    Special Conference Papers, Bank of Greece View citations (3)
    See also Journal Article The Euro Area Crisis: A View from the North, Journal of Macroeconomics, Elsevier (2014) View citations (18) (2014)
11. The euro crisis: a view from the North
    Bank of Finland Research Discussion Papers, Bank of Finland

2012

12. Bayesian Model Averaging, Learning and Model Selection
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
    Also in SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2012)
13. Fiscal Policy and Learning
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) View citations (9)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (8)
    Bank of Finland Research Discussion Papers, Bank of Finland (2012)
14. Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (3)
    Bank of Finland Research Discussion Papers, Bank of Finland (2012)
    See also Journal Article Liquidity traps and expectation dynamics: Fiscal stimulus or fiscal austerity?, Journal of Economic Dynamics and Control, Elsevier (2014) View citations (54) (2014)
15. Policy Change and Learning in the RBC Model
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (2011)
    See also Journal Article Policy change and learning in the RBC model, Journal of Economic Dynamics and Control, Elsevier (2013) View citations (19) (2013)
16. The 1980s financial liberalization in the Nordic countries
    Bank of Finland Research Discussion Papers, Bank of Finland View citations (1)

2011

17. Growth, Expectations, and Tariffs
    CESifo Working Paper Series, CESifo View citations (2)
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (2011)
    See also Journal Article Growth, expectations and tariffs, Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons (2016) (2016)
18. Learning as a Rational Foundation for Macroeconomics and Finance
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (16)
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (2011)
19. Notes on Agents’ Behavioral Rules Under Adaptive Learning and Studies of Monetary Policy
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) View citations (17)

2010

20. Does Ricardian Equivalence Hold When Expectations are not Rational?
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (2010)
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2010) View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (5)
    See also Journal Article Does Ricardian Equivalence Hold When Expectations Are Not Rational?, Journal of Money, Credit and Banking, Blackwell Publishing (2012) View citations (6) (2012)
21. Expectations, Deflation Traps and Macroeconomic Policy
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (2009)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (4)

2009

22. A Model of Near-Rational Exuberance
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) View citations (1)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2007) View citations (2)
    See also Journal Article A MODEL OF NEAR-RATIONAL EXUBERANCE, Macroeconomic Dynamics, Cambridge University Press (2010) View citations (18) (2010)
23. The 1990's financial crises in Nordic countries
    Bank of Finland Research Discussion Papers, Bank of Finland View citations (3)

2008

24. Anticipated Fiscal Policy and Adaptive Learning
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (5)
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2007) View citations (11)
    See also Journal Article Anticipated fiscal policy and adaptive learning, Journal of Monetary Economics, Elsevier (2009) View citations (54) (2009)
25. Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (25)
    Also in Working Papers Central Bank of Chile, Central Bank of Chile (2008) View citations (22)
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2008) View citations (21)
    Bank of Finland Research Discussion Papers, Bank of Finland (2007) View citations (1)
    See also Chapter Expectations, Learning and Monetary Policy: An Overview of Recent Research, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2009) View citations (19) (2009)
26. Generalized Stochastic Gradient Learning
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations (1)
    Also in Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2005) View citations (19)
    NBER Technical Working Papers, National Bureau of Economic Research, Inc (2005) View citations (17)
    CESifo Working Paper Series, CESifo (2005) View citations (16)
    See also Journal Article GENERALIZED STOCHASTIC GRADIENT LEARNING, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2010) View citations (36) (2010)
27. Learning and Macroeconomics
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    See also Journal Article Learning and Macroeconomics, Annual Review of Economics, Annual Reviews (2009) View citations (67) (2009)
28. Robust Learning Stability with Operational Monetary Policy Rules
    CDMA Conference Paper Series, Centre for Dynamic Macroeconomic Analysis
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008)
    Bank of Finland Research Discussion Papers, Bank of Finland (2007) View citations (1)
    Working Papers Central Bank of Chile, Central Bank of Chile (2008) View citations (1)
    See also Chapter Robust Learning Stability with Operational Monetary Policy Rules, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2009) View citations (12) (2009)

2007

29. Liquidity Traps, Learning and Stagnation
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge View citations (41)
    Also in University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2007)
    Kiel Working Papers, Kiel Institute for the World Economy (IfW Kiel) (2007) View citations (20)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (11)
    See also Journal Article Liquidity traps, learning and stagnation, European Economic Review, Elsevier (2008) View citations (66) (2008)
30. Monetary policy, judgment and near-rational exuberance
    Working Papers, Federal Reserve Bank of St. Louis View citations (6)
    See also Journal Article Monetary Policy, Judgment, and Near-Rational Exuberance, American Economic Review, American Economic Association (2008) View citations (27) (2008)
31. Policy Interaction, Learning and the Fiscal Theory of Prices
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (2002)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations (17)
    See also Journal Article POLICY INTERACTION, LEARNING, AND THE FISCAL THEORY OF PRICES, Macroeconomic Dynamics, Cambridge University Press (2007) View citations (19) (2007)
32. The EEAG Report on the European Economy 2007
    Munich Reprints in Economics, University of Munich, Department of Economics View citations (9)
    See also Journal Article EEAG Report on the European Economy 2007, EEAG Report on the European Economy, CESifo (2007) View citations (7) (2007)

2006

33. Economic growth in the European Union
    Munich Reprints in Economics, University of Munich, Department of Economics View citations (1)
    See also Chapter Economic Growth in the European Union, Palgrave Macmillan Books, Palgrave Macmillan (2009) View citations (47) (2009)
34. Global imbalances
    Munich Reprints in Economics, University of Munich, Department of Economics View citations (1)
    See also Chapter Global Imbalances, Palgrave Macmillan Books, Palgrave Macmillan (2009) View citations (1) (2009)
35. Mergers and competition policy in Europe
    Munich Reprints in Economics, University of Munich, Department of Economics
    See also Chapter Mergers and Competition Policy in Europe, Palgrave Macmillan Books, Palgrave Macmillan (2009) (2009)
36. Near-Rational Exuberance
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in Working Papers, Federal Reserve Bank of St. Louis (2004)
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2005) View citations (4)
    Working Paper Series, European Central Bank (2005) View citations (10)
37. Prospects for education policy in Europe
    Munich Reprints in Economics, University of Munich, Department of Economics
    See also Chapter Prospects for Education Policy in Europe, Palgrave Macmillan Books, Palgrave Macmillan (2009) (2009)
38. The European economy: Macroeconomic outlook and policy
    Munich Reprints in Economics, University of Munich, Department of Economics

2005

39. An Interview with Thomas J. Sargent
    CESifo Working Paper Series, CESifo View citations (38)
    Also in University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2005)
40. Are Hyperinflationary Paths Learnable?
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
41. Increasing Returns, Learning, and Beneficial Tax Competition
    Working Papers, University of New Orleans, Department of Economics and Finance
    See also Journal Article Increasing Returns, Learning, and Beneficial Tax Competition, Journal of Public Economic Theory, Association for Public Economic Theory (2007) View citations (1) (2007)
42. Monetary Policy, Expectations and Commitment
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations (22)
    Working Paper Series, European Central Bank (2002) View citations (12)
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2004)
    See also Journal Article Monetary Policy, Expectations and Commitment*, Scandinavian Journal of Economics, Wiley Blackwell (2006) View citations (130) (2006)
43. The E-correspondence Principle
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in CESifo Working Paper Series, CESifo (2004)
    See also Journal Article The E‐Correspondence Principle, Economica, London School of Economics and Political Science (2007) View citations (2) (2007)

2004

44. Adaptive Learning and Monetary Policy Design
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in Macroeconomics, University Library of Munich, Germany (2004) View citations (5)
    Bank of Finland Research Discussion Papers, Bank of Finland (2002) View citations (1)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (150)
    See also Journal Article Adaptive learning and monetary policy design, Proceedings, Federal Reserve Bank of Cleveland (2003) View citations (147) (2003)
45. Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London
    Also in University of Helsinki, Department of Economics, Department of Economics (2001) View citations (7)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2001) View citations (22)
    Discussion Papers, Department of Economics, University of York View citations (15)
    See also Journal Article Are non-fundamental equilibria learnable in models of monetary policy?, Journal of Monetary Economics, Elsevier (2004) View citations (67) (2004)
46. Friedman’s money supply rule vs optimal interest rate policy
    Macroeconomics, University Library of Munich, Germany
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (2003) View citations (2)
    See also Journal Article Friedman's Money Supply Rule vs. Optimal Interest Rate Policy, Scottish Journal of Political Economy, Scottish Economic Society (2003) View citations (35) (2003)
47. Gains and Losses from Tax Competition with Migration
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge View citations (2)
    Also in Working Papers, University of New Orleans, Department of Economics and Finance (2004)
48. Learning Stability in Economies with Heterogenous Agents
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London
    Also in Working Paper Series, European Central Bank (2002) View citations (6)
    CESifo Working Paper Series, CESifo (2002) View citations (5)
    See also Journal Article Learning Stability in Economies with Heterogeneous Agents, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2006) View citations (92) (2006)
49. Monetary Policy with Internal Central Bank Forecasting: A Case of Heterogenous Information
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London
50. Performance of Inflation Targeting Based On Constant Interest Rate Projections
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London
    Also in Computing in Economics and Finance 2004, Society for Computational Economics (2004) View citations (6)
    CFS Working Paper Series, Center for Financial Studies (CFS) (2003) View citations (5)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (4)
    CDMA Conference Paper Series, Centre for Dynamic Macroeconomic Analysis (2004) View citations (4)
    See also Journal Article Performance of inflation targeting based on constant interest rate projections, Journal of Economic Dynamics and Control, Elsevier (2005) View citations (21) (2005)
51. Performance of Monetary Policy with Internal Central Bank Forecasting
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (2002)
    Working Paper Series, European Central Bank (2002) View citations (21)
    See also Journal Article Performance of monetary policy with internal central bank forecasting, Journal of Economic Dynamics and Control, Elsevier (2005) View citations (67) (2005)
52. Policy Interaction, Expectations and the Liquidity Trap
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2003) View citations (5)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (4)
    Bank of Finland Research Discussion Papers, Bank of Finland (2003)
    Macroeconomics, University Library of Munich, Germany (2004) View citations (1)
    See also Journal Article Policy Interaction, Expectations and the Liquidity Trap, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2005) View citations (40) (2005)
53. The problems of learning and indeterminacy in inflation targeting based on constant interest rate projections
    Money Macro and Finance (MMF) Research Group Conference 2003, Money Macro and Finance Research Group View citations (1)

2003

54. Adaptive Learning in Stochastic Nonlinear Models When Shocks Follow a Markov Chain
    Discussion Papers, University of Copenhagen. Department of Economics
55. Are stationary hyperinflation paths learnable?
    CFS Working Paper Series, Center for Financial Studies (CFS) View citations (4)
56. Discussion of Preston, \"Learning about monetary policy rules when long-horizon expectations matter\"
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (3)
57. Freidman's Money Supply Rule versus Optimal Interest Rate Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (18)
    Also in University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2003)

2002

58. Existence of Adaptively Stable Sunspot Equilibria near an Indeterminate Steady State
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in CESifo Working Paper Series, CESifo (2001) View citations (4)
    See also Journal Article Existence of adaptively stable sunspot equilibria near an indeterminate steady state, Journal of Economic Theory, Elsevier (2003) View citations (15) (2003)
59. Expectational Stability of Stationary Sunspot Equilibria in a Forward-looking Linear Model
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    See also Journal Article Expectational stability of stationary sunspot equilibria in a forward-looking linear model, Journal of Economic Dynamics and Control, Elsevier (2003) View citations (22) (2003)
60. The Economic Crisis of the 1990s in Finland
    Discussion Papers, The Research Institute of the Finnish Economy View citations (5)
    See also Journal Article The economic crisis of the 1990s in Finland, Economic Policy, CEPR, CESifo, Sciences Po (1999) View citations (54) (1999)

2001

61. Expectational Stability of Resonant Frequency Sunspot Equilibria
    CESifo Working Paper Series, CESifo View citations (2)
62. Expectations and the Stability Problem for Optimal Monetary Policies
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank (2000) View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2001) View citations (21)
    University of Helsinki, Department of Economics, Department of Economics (2000) View citations (6)
    See also Journal Article Expectations and the Stability Problem for Optimal Monetary Policies, The Review of Economic Studies, Review of Economic Studies Ltd (2003) View citations (216) (2003)

1999

63. Complementarity, Growth and Trade
    University of Helsinki, Department of Economics, Department of Economics View citations (2)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1999) View citations (2)
    See also Journal Article Complementarity, growth, and trade, Canadian Journal of Economics, Canadian Economics Association (2002) View citations (5) (2002)
64. Learning Dynamics: Complete and Incomplete Learning
    University of Helsinki, Department of Economics, Department of Economics View citations (12)
    See also Chapter Learning Dynamics: Complete and Incomplete Learning, International Economic Association Series, Palgrave Macmillan (2001) (2001)
65. Learning with Bounded Memory in Stochastic Models
    University of Helsinki, Department of Economics, Department of Economics View citations (1)
    Also in Discussion Papers, Department of Economics, University of York View citations (1)
    Computing in Economics and Finance 1999, Society for Computational Economics (1999) View citations (2)
    See also Journal Article Learning with bounded memory in stochastic models, Journal of Economic Dynamics and Control, Elsevier (2003) View citations (43) (2003)

1998

66. Stochastic Gradient Learning in the Cobweb Model
    University of Helsinki, Department of Economics, Department of Economics View citations (17)
    See also Journal Article Stochastic gradient learning in the cobweb model, Economics Letters, Elsevier (1998) View citations (20) (1998)

1996

67. Convergence in Monetary Inflation Models with Heterogeneous Learning Rules
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (23)
    See also Journal Article CONVERGENCE IN MONETARY INFLATION MODELS WITH HETEROGENEOUS LEARNING RULES, Macroeconomic Dynamics, Cambridge University Press (2001) View citations (66) (2001)
68. Convergence of Learning Algorithms without a Projection Facility
    CESifo Working Paper Series, CESifo View citations (1)
    See also Journal Article Convergence of learning algorithms without a projection facility, Journal of Mathematical Economics, Elsevier (1998) View citations (14) (1998)
69. Economic Dynamics with Learning: New Stability Results
    CESifo Working Paper Series, CESifo View citations (2)
    Also in Computing in Economics and Finance 1997, Society for Computational Economics View citations (57)
    See also Journal Article Economic Dynamics with Learning: New Stability Results, The Review of Economic Studies, Review of Economic Studies Ltd (1998) View citations (71) (1998)
70. Growth Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    See also Journal Article Growth Cycles, American Economic Review, American Economic Association (1998) View citations (92) (1998)

1992

71. Adaptive Learning and Expectational Stability: An Introduction - (Now published as Ch.4 in 'Learning Rationality in Economics', A Kirman and M Salmon (eds), 1995, Basil Blackwell, Oxford), pp.102-126.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE View citations (2)
72. Country Characteristics and the Choice of the Exchange Rate Regime: Are Mini-skirts Followed by Maxis?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (25)
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (1992)
73. Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models - (Now published in 'Econometrica', vol.63 (1995), pp.195-206.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
74. On the Local Stability of Sunspot Equilibria Under Adaptive Learning Rules - (Now published in 'Journal of Economic Theory', vol.64 (1994), pp.142-161.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1991

75. A Monopoly Union Model of Wage Determination with Taxes and Endogenous Capital Stock: An Empirical Application to the Finnish Manufacturing Industry
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in Bank of Finland Research Discussion Papers, Bank of Finland (1990) View citations (2)
76. On the Preservation of Deterministic Cycles when some Agents Perceive them to be Random Fluctuations (Now published in Journal of Economic Dynamics and Control, vol.17 (1993), pp.705-721.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
77. Precautionary Saving, Government Policy and Growth in a Stochastic Cash-in-Advance Economy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

1990

78. Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria - (Now published in 'European Economic Review', vol.38 (1994), pp.1071-1098.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
79. Supply Side Uncertainty and Effects of Government Financing Decisions
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

1989

80. On the Robustness of Bubbles in Linear RE Models (Now published in International Economic Review, vol.33, No.1 (1992), pp.1-14.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1987

81. Government Deficits and Speculation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    See also Journal Article On Government Deficits and Speculation, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (1990) (1990)

1983

82. Bilateral Contracts
    Scholarly Articles, Harvard University Department of Economics
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1981)
    See also Journal Article Bilateral contracts, Journal of Mathematical Economics, Elsevier (1983) View citations (2) (1983)

1979

83. A Stochastic Approach to Disequilibrium Macroeconomics
    NBER Technical Working Papers, National Bureau of Economic Research, Inc
84. Non-Trivial Equilibrium in an Economy With Stochastic Rationing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

Journal Articles

2022

1. EXPECTATIONS, STAGNATION, AND FISCAL POLICY: A NONLINEAR ANALYSIS
   International Economic Review, 2022, 63, (3), 1397-1425 View citations (5)
   See also Working Paper Expectations, Stagnation and Fiscal Policy: a Nonlinear Analysis, Discussion Papers (2022) View citations (6) (2022)

2020

2. Price level targeting with evolving credibility
   Journal of Monetary Economics, 2020, 116, (C), 88-103 View citations (22)
   See also Working Paper Price Level Targeting with Evolving Credibility, CEPR Discussion Papers (2018) View citations (9) (2018)

2019

3. FISCAL POLICY MULTIPLIERS IN AN RBC MODEL WITH LEARNING
   Macroeconomic Dynamics, 2019, 23, (1), 240-283 View citations (10)

2016

4. Growth, expectations and tariffs
   Canadian Journal of Economics/Revue canadienne d'économique, 2016, 49, (4), 1441-1469
   Also in Canadian Journal of Economics, 2016, 49, (4), 1441-1469 (2016)
   See also Working Paper Growth, Expectations, and Tariffs, CESifo Working Paper Series (2011) View citations (2) (2011)
5. Monetary policies to counter the zero interest rate: an overview of research
   Empirica, 2016, 43, (2), 235-256 View citations (8)
   See also Working Paper Monetary policies to counter the zero interest rate: an overview of research, Bank of Finland Research Discussion Papers (2015) View citations (1) (2015)

2015

6. Comparing Inflation and Price-Level Targeting: The Role of Forward Guidance and Transparency
   Manchester School, 2015, 83, 27-59 View citations (18)
   See also Working Paper Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency, CEPR Discussion Papers (2015) View citations (19) (2015)

2014

7. Financial crises: Lessons from the Nordic experience
   Journal of Financial Stability, 2014, 13, (C), 193-201 View citations (11)
8. Liquidity traps and expectation dynamics: Fiscal stimulus or fiscal austerity?
   Journal of Economic Dynamics and Control, 2014, 45, (C), 220-238 View citations (54)
   See also Working Paper Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?, CEPR Discussion Papers (2012) View citations (3) (2012)
9. The Euro Area Crisis: A View from the North
   Journal of Macroeconomics, 2014, 39, (PB), 260-271 View citations (18)
   See also Working Paper The euro area crisis: a view form the north, Special Conference Papers (2013) View citations (3) (2013)

2013

10. Policy change and learning in the RBC model
    Journal of Economic Dynamics and Control, 2013, 37, (10), 1947-1971 View citations (19)
    See also Working Paper Policy Change and Learning in the RBC Model, CEPR Discussion Papers (2012) (2012)

2012

11. Does Ricardian Equivalence Hold When Expectations Are Not Rational?
    Journal of Money, Credit and Banking, 2012, 44, (7), 1259-1283 View citations (6)
    Also in Journal of Money, Credit and Banking, 2012, 44, (7), 1259-1283 (2012) View citations (29)
    See also Working Paper Does Ricardian Equivalence Hold When Expectations are not Rational?, University of Oregon Economics Department Working Papers (2010) (2010)

2010

12. A MODEL OF NEAR-RATIONAL EXUBERANCE
    Macroeconomic Dynamics, 2010, 14, (2), 166-188 View citations (18)
    See also Working Paper A Model of Near-Rational Exuberance, SIRE Discussion Papers (2009) View citations (1) (2009)
13. Corrigendum: Monetary Policy, Expectations and Commitment
    Scandinavian Journal of Economics, 2010, 112, (3), 640-641 View citations (2)
14. GENERALIZED STOCHASTIC GRADIENT LEARNING
    International Economic Review, 2010, 51, (1), 237-262 View citations (36)
    See also Working Paper Generalized Stochastic Gradient Learning, University of Oregon Economics Department Working Papers (2008) View citations (1) (2008)

2009

15. Anticipated fiscal policy and adaptive learning
    Journal of Monetary Economics, 2009, 56, (7), 930-953 View citations (54)
    See also Working Paper Anticipated Fiscal Policy and Adaptive Learning, University of Oregon Economics Department Working Papers (2008) (2008)
16. Learning and Macroeconomics
    Annual Review of Economics, 2009, 1, (1), 421-451 View citations (67)
    See also Working Paper Learning and Macroeconomics, University of Oregon Economics Department Working Papers (2008) (2008)
17. Panel discussion
    Review, 2009, 91, (Jul), 383-395

2008

18. Liquidity traps, learning and stagnation
    European Economic Review, 2008, 52, (8), 1438-1463 View citations (66)
    See also Working Paper Liquidity Traps, Learning and Stagnation, Cambridge Working Papers in Economics (2007) View citations (41) (2007)
19. Monetary Policy, Judgment, and Near-Rational Exuberance
    American Economic Review, 2008, 98, (3), 1163-77 View citations (27)
    See also Working Paper Monetary policy, judgment and near-rational exuberance, Working Papers (2007) View citations (6) (2007)

2007

20. Authors: The Members of the European Economic Advisory Group at CESifo 2007
    EEAG Report on the European Economy, 2007, 148-151
21. Chapter 1: The European Economy: Macroeconomic Outlook and Policy
    EEAG Report on the European Economy, 2007, 15-58
    Also in EEAG Report on the European Economy, 2006, 12-49 (2006)
22. Chapter 2: Macroeonomic adjustment in the euro area – the cases of Ireland and Italy
    EEAG Report on the European Economy, 2007, 59-72
23. Chapter 3: The new EU members
    EEAG Report on the European Economy, 2007, 73-81
24. Chapter 4: Scandinavia today: An economic miracle?
    EEAG Report on the European Economy, 2007, 82-120
25. Chapter 5: Tax competition
    EEAG Report on the European Economy, 2007, 121-132
26. Chapter 6: Economic nationalism
    EEAG Report on the European Economy, 2007, 133-147 View citations (1)
27. EEAG Report on the European Economy 2007
    EEAG Report on the European Economy, 2007, 1-156 View citations (7)
    See also Working Paper The EEAG Report on the European Economy 2007, Munich Reprints in Economics (2007) View citations (9) (2007)
28. Foreword
    EEAG Report on the European Economy, 2007, 2
    Also in EEAG Report on the European Economy, 2006, 2 (2006)
    EEAG Report on the European Economy, 2005, 2 (2005)
    EEAG Report on the European Economy, 2004, 02 (2004)
29. Increasing Returns, Learning, and Beneficial Tax Competition
    Journal of Public Economic Theory, 2007, 9, (6), 927-958 View citations (1)
    See also Working Paper Increasing Returns, Learning, and Beneficial Tax Competition, Working Papers (2005) (2005)
30. POLICY INTERACTION, LEARNING, AND THE FISCAL THEORY OF PRICES
    Macroeconomic Dynamics, 2007, 11, (5), 665-690 View citations (19)
    See also Working Paper Policy Interaction, Learning and the Fiscal Theory of Prices, University of Oregon Economics Department Working Papers (2007) (2007)
31. Stable Sunspot Equilibria in a Cash-in-Advance Economy
    The B.E. Journal of Macroeconomics, 2007, 7, (1), 38 View citations (11)
    See also Working Paper Stable Sunspot Equilibria in a Cash-in-Advance Economy, Working Papers (2015) View citations (3) (2015)
32. Summary
    EEAG Report on the European Economy, 2007, 3-14
    Also in EEAG Report on the European Economy, 2005, 3-8 (2005)
33. The E‐Correspondence Principle
    Economica, 2007, 74, (293), 33-50 View citations (2)
    See also Working Paper The E-correspondence Principle, University of Oregon Economics Department Working Papers (2005) (2005)

2006

34. Are hyperinflation paths learnable?
    Journal of Economic Dynamics and Control, 2006, 30, (12), 2725-2748 View citations (37)
35. Authors: The Members of the European Economic Advisory Group at CESifo 2006
    EEAG Report on the European Economy, 2006, 117-120
36. Chapter 2: Global Imbalances
    EEAG Report on the European Economy, 2006, 50-67
37. Chapter 3: Economic Growth in the European Union
    EEAG Report on the European Economy, 2006, 68-88 View citations (1)
38. Chapter 4: Prospects for Education Policy in Europe
    EEAG Report on the European Economy, 2006, 89-100
39. Chapter 5: Mergers and Competition Policy in Europe
    EEAG Report on the European Economy, 2006, 101-116
40. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2006
    EEAG Report on the European Economy, 2006, 1-120 View citations (4)
41. Executive Summary
    EEAG Report on the European Economy, 2006, 3-11
    Also in EEAG Report on the European Economy, 2004, 03-13 (2004) View citations (1)
42. Learning Stability in Economies with Heterogeneous Agents
    Review of Economic Dynamics, 2006, 9, (2), 284-309 View citations (92)
    See also Working Paper Learning Stability in Economies with Heterogenous Agents, Royal Holloway, University of London: Discussion Papers in Economics (2004) (2004)
43. Monetary Policy, Expectations and Commitment*
    Scandinavian Journal of Economics, 2006, 108, (1), 15-38 View citations (130)
    See also Working Paper Monetary Policy, Expectations and Commitment, University of Oregon Economics Department Working Papers (2005) (2005)

2005

44. Chapter 1: The European Economy: Current Situation and Economic Outlook for 2005
    EEAG Report on the European Economy, 2005, 9-38
45. Chapter 2: Outsourcing
    EEAG Report on the European Economy, 2005, 39-50
46. Chapter 3: Longer Working Hours - the Beginning of a new Trend?
    EEAG Report on the European Economy, 2005, 51-68
47. Chapter 4: Pensions and Children
    EEAG Report on the European Economy, 2005, 69-101 View citations (1)
48. Chapter 5: House Prices in Europe
    EEAG Report on the European Economy, 2005, 102-112
49. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2005
    EEAG Report on the European Economy, 2005, 1-116 View citations (2)
50. Performance of inflation targeting based on constant interest rate projections
    Journal of Economic Dynamics and Control, 2005, 29, (11), 1867-1892 View citations (21)
    See also Working Paper Performance of Inflation Targeting Based On Constant Interest Rate Projections, Royal Holloway, University of London: Discussion Papers in Economics (2004) (2004)
51. Performance of monetary policy with internal central bank forecasting
    Journal of Economic Dynamics and Control, 2005, 29, (4), 627-658 View citations (67)
    See also Working Paper Performance of Monetary Policy with Internal Central Bank Forecasting, Royal Holloway, University of London: Discussion Papers in Economics (2004) (2004)
52. Policy Interaction, Expectations and the Liquidity Trap
    Review of Economic Dynamics, 2005, 8, (2), 303-323 View citations (40)
    See also Working Paper Policy Interaction, Expectations and the Liquidity Trap, University of Oregon Economics Department Working Papers (2004) (2004)
53. The Members of the European Economic Advisory Group at CESifo 2005
    EEAG Report on the European Economy, 2005, 113-116 View citations (2)

2004

54. Acceding Countries: The Road to the Euro
    EEAG Report on the European Economy, 2004, 119-136
    See also Chapter Acceding Countries: The Road to the Euro, Palgrave Macmillan Books, 2009, 229-258 (2009) (2009)
55. Are non-fundamental equilibria learnable in models of monetary policy?
    Journal of Monetary Economics, 2004, 51, (8), 1743-1770 View citations (67)
    See also Working Paper Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?, Royal Holloway, University of London: Discussion Papers in Economics (2004) (2004)
56. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2004
    EEAG Report on the European Economy, 2004, 1-148 View citations (8)
57. Labour Market Reform in Europe
    EEAG Report on the European Economy, 2004, 49-60
    See also Chapter Labour Market Reform in Europe, Palgrave Macmillan Books, 2009, 61-81 (2009) (2009)
58. Pay-setting Systems in Europe: On-going Development and Possible Reforms
    EEAG Report on the European Economy, 2004, 61-83 View citations (2)
    See also Chapter Pay-setting Systems in Europe: Ongoing Developments and Possible Reforms, Palgrave Macmillan Books, 2009, 82-121 (2009) (2009)
59. Pro: The Stability and Growth Pact Should be Reformed
    CESifo Forum, 2004, 5, (04), 09-10
60. The 2004 Enlargement: Key Economic Issues
    EEAG Report on the European Economy, 2004, 96-118
61. The Economics of Discrimination: Equity, Equality and Diversity in the New European Constitution
    EEAG Report on the European Economy, 2004, 84-95
62. The European Economy: Current Situation and Economic Outlook
    EEAG Report on the European Economy, 2004, 14-48
    Also in EEAG Report on the European Economy, 2003, 13-45 (2003)
    EEAG Report on the European Economy, 2002, 6-26 (2002)
63. The Members of the European Advisory Group at CESifo 2004
    EEAG Report on the European Economy, 2004, 137-142

2003

64. Adaptive learning and monetary policy design
    Proceedings, 2003, 1045-1084 View citations (147)
    See also Working Paper Adaptive Learning and Monetary Policy Design, University of Oregon Economics Department Working Papers (2004) (2004)
65. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2003
    EEAG Report on the European Economy, 2003, 1-140 View citations (9)
66. Existence of adaptively stable sunspot equilibria near an indeterminate steady state
    Journal of Economic Theory, 2003, 111, (1), 125-134 View citations (15)
    See also Working Paper Existence of Adaptively Stable Sunspot Equilibria near an Indeterminate Steady State, University of Oregon Economics Department Working Papers (2002) (2002)
67. Expectational stability of stationary sunspot equilibria in a forward-looking linear model
    Journal of Economic Dynamics and Control, 2003, 28, (1), 171-181 View citations (22)
    See also Working Paper Expectational Stability of Stationary Sunspot Equilibria in a Forward-looking Linear Model, University of Oregon Economics Department Working Papers (2002) (2002)
68. Expectations and the Stability Problem for Optimal Monetary Policies
    The Review of Economic Studies, 2003, 70, (4), 807-824 View citations (216)
    See also Working Paper Expectations and the Stability Problem for Optimal Monetary Policies, University of Oregon Economics Department Working Papers (2001) (2001)
69. Financial Architecture
    EEAG Report on the European Economy, 2003, 98-117 View citations (2)
    See also Chapter Financial Architecture, Palgrave Macmillan Books, 2009, 366-398 (2009) (2009)
70. Fiscal Policy and Macroeconomic Stabilisation in the Euro Area: Possible Reforms of the Stability and Growth Pact and National Decision-Making-Processes
    EEAG Report on the European Economy, 2003, 46-75 View citations (2)
    See also Chapter Fiscal Policy and Macroeconomic Stabilisation in the Euro Area: Possible Reforms of the Stability and Growth Pact and National Decision-Making Processes, Palgrave Macmillan Books, 2009, 177-228 (2009) (2009)
71. Friedman's Money Supply Rule vs. Optimal Interest Rate Policy
    Scottish Journal of Political Economy, 2003, 50, (5), 550-566 View citations (35)
    See also Working Paper Friedman’s money supply rule vs optimal interest rate policy, Macroeconomics (2004) (2004)
72. Introduction: Foreword, Executive Summary
    EEAG Report on the European Economy, 2003, 2-12
73. Learning with bounded memory in stochastic models
    Journal of Economic Dynamics and Control, 2003, 27, (8), 1437-1457 View citations (43)
    See also Working Paper Learning with Bounded Memory in Stochastic Models, University of Helsinki, Department of Economics (1999) View citations (1) (1999)
74. Rethinking Subsidiarity in the EU: Economic Principles
    EEAG Report on the European Economy, 2003, 76-97 View citations (1)
    See also Chapter Rethinking Subsidiarity in the EU: Economic Principles, Palgrave Macmillan Books, 2009, 331-365 (2009) (2009)
75. Should We Worry about the Brain Drain?
    EEAG Report on the European Economy, 2003, 118-130 View citations (1)
76. The Members of the European Economic Advisory Group at CESifo 2003
    EEAG Report on the European Economy, 2003, 131-136 View citations (1)

2002

77. Book Reviews
    Journal of Economics, 2002, 76, (2), 189-192
78. CAP Reform
    EEAG Report on the European Economy, 2002, 87-91
79. Complementarity, growth, and trade
    Canadian Journal of Economics, 2002, 35, (3), 495-516 View citations (5)
    Also in Canadian Journal of Economics/Revue canadienne d'économique, 2002, 35, (3), 495-516 (2002) View citations (2)
    See also Working Paper Complementarity, Growth and Trade, University of Helsinki, Department of Economics (1999) View citations (2) (1999)
80. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2002
    EEAG Report on the European Economy, 2002, 1-99 View citations (9)
81. Fiscal and Monetary Policy
    EEAG Report on the European Economy, 2002, 42-47 View citations (1)
82. Growth and Productivity
    EEAG Report on the European Economy, 2002, 57-70 View citations (1)
83. Introduction; Executive Summary
    EEAG Report on the European Economy, 2002, 2-5
84. Prices, Wages and Inflation after the Euro - What Europeans Shoud or Should not Expect
    EEAG Report on the European Economy, 2002, 48-56
85. The Members of the European Economic Advisory Group at CESifo 2002
    EEAG Report on the European Economy, 2002, 92-95
86. The Weakness of the Euro: Is it Really a Mystery?
    EEAG Report on the European Economy, 2002, 27-42
87. Welfare to Work
    EEAG Report on the European Economy, 2002, 71-86 View citations (4)
    See also Chapter Welfare to Work, Palgrave Macmillan Books, 2009, 35-60 (2009) (2009)

2001

88. CONVERGENCE IN MONETARY INFLATION MODELS WITH HETEROGENEOUS LEARNING RULES
    Macroeconomic Dynamics, 2001, 5, (1), 1-31 View citations (66)
    See also Working Paper Convergence in Monetary Inflation Models with Heterogeneous Learning Rules, CEPR Discussion Papers (1996) View citations (23) (1996)

2000

89. Convergence for difference equations with vanishing time-dependence, with applications to adaptive learning
    Economic Theory, 2000, 15, (3), 717-725 View citations (9)

1999

90. The economic crisis of the 1990s in Finland
    Economic Policy, 1999, 14, (29), 400-436 View citations (54)
    See also Working Paper The Economic Crisis of the 1990s in Finland, Discussion Papers (2002) View citations (5) (2002)

1998

91. Comment on E. Dierker and B. Grodal, “Modelling Policy Issues in a World of Imperfect Competition”
    Scandinavian Journal of Economics, 1998, 100, (1), 181-186
92. Convergence of learning algorithms without a projection facility
    Journal of Mathematical Economics, 1998, 30, (1), 59-86 View citations (14)
    See also Working Paper Convergence of Learning Algorithms without a Projection Facility, CESifo Working Paper Series (1996) View citations (1) (1996)
93. Economic Dynamics with Learning: New Stability Results
    The Review of Economic Studies, 1998, 65, (1), 23-44 View citations (71)
    See also Working Paper Economic Dynamics with Learning: New Stability Results, CESifo Working Paper Series (1996) View citations (2) (1996)
94. Growth Cycles
    American Economic Review, 1998, 88, (3), 495-515 View citations (92)
    See also Working Paper Growth Cycles, NBER Working Papers (1996) View citations (4) (1996)
95. Stochastic gradient learning in the cobweb model
    Economics Letters, 1998, 61, (3), 333-337 View citations (20)
    See also Working Paper Stochastic Gradient Learning in the Cobweb Model, University of Helsinki, Department of Economics (1998) View citations (17) (1998)

1997

96. Growth, inflation, and economic policy in a stochastic cash-in-advance economy
    Finnish Economic Papers, 1997, 10, (2), 51-66

1996

97. Least squares learning with heterogeneous expectations
    Economics Letters, 1996, 53, (2), 197-201 View citations (18)
98. The depression of the 1990s in Finland: an analytic view
    Finnish Economic Papers, 1996, 9, (1), 37-54 View citations (8)

1995

99. Bounded rationality in macroeconomics A review essay
    Journal of Monetary Economics, 1995, 35, (3), 509-518 View citations (2)
100. Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models
     Econometrica, 1995, 63, (1), 195-206 View citations (51)

1994

101. A monopoly-union model of wage determination with capital and taxes: An empirical application to the Finnish manufacturing
     European Economic Review, 1994, 38, (2), 285-303 View citations (33)
102. Convergence of least squares learning to a non-stationary equilibrium
     Economics Letters, 1994, 46, (2), 131-136 View citations (3)
103. Learning, convergence, and stability with multiple rational expectations equilibria
     European Economic Review, 1994, 38, (5), 1071-1098 View citations (37)
104. On the Local Stability of Sunspot Equilibria under Adaptive Learning Rules
     Journal of Economic Theory, 1994, 64, (1), 142-161 View citations (47)
105. Report of the IEA Committee on a new School of Economics and Economic Development (SEED) in the Third World
     Journal of Public Economics, 1994, 55, (1), 1-18 View citations (1)

1993

106. Adaptive forecasts, hysteresis, and endogenous fluctuations
     Economic Review, 1993, 3-13 View citations (27)
107. Adaptive learning and bounded rationality: An introduction to basic concepts
     European Economic Review, 1993, 37, (2-3), 587-594 View citations (5)
108. Incidence effects of proposed reforms for the payroll tax in Finnish manufacturing
     Finnish Economic Papers, 1993, 6, (2), 67-78 View citations (3)
109. Learning and economic fluctuations: Using fiscal policy to steer expectations
     European Economic Review, 1993, 37, (2-3), 595-602 View citations (3)
110. On the preservation of deterministic cycles when some agents perceive them to be random fluctuations
     Journal of Economic Dynamics and Control, 1993, 17, (5-6), 705-721 View citations (15)

1992

111. On the Robustness of Bubbles in Linear RE Models
     International Economic Review, 1992, 33, (1), 1-14 View citations (35)

1990

112. On Government Deficits and Speculation
     International Economic Review, 1990, 31, (3), 597-617
     See also Working Paper Government Deficits and Speculation, CEPR Discussion Papers (1987) View citations (1) (1987)

1987

113. On Continuity of Compensated Demand
     International Economic Review, 1987, 28, (3), 545-57 View citations (8)

1986

114. A Complete Characterization of ARMA Solutions to Linear Rational Expectations Models
     The Review of Economic Studies, 1986, 53, (2), 227-239 View citations (18)

1985

115. Adjustment Costs, Optimal Capacity Utilization, and the Corporation Tax
     Oxford Economic Papers, 1985, 37, (3), 486-99 View citations (2)
116. Expectations and the theory of macroeconomic policy: Some recent developments
     European Journal of Political Economy, 1985, 1, (4), 467-483

1984

117. On the design of bilateral contracts
     European Economic Review, 1984, 26, (1-2), 55-71

1983

118. Bilateral contracts
     Journal of Mathematical Economics, 1983, 11, (2), 171-187 View citations (2)
     See also Working Paper Bilateral Contracts, Scholarly Articles (1983) (1983)
119. Stability with regime switching
     Journal of Economic Theory, 1983, 29, (1), 22-48 View citations (20)
120. Variance-minimizing monetary policies with lagged price adjustment and rational expectations
     European Economic Review, 1983, 20, (1-3), 123-141 View citations (2)

1982

121. Disequilibrium dynamics with monetarist price expectations
     Economics Letters, 1982, 9, (1), 69-75 View citations (6)

1980

122. A note on monopolistic quantity rationing
     Economics Letters, 1980, 6, (3), 203-209 View citations (1)

1979

123. Monetary non-neutrality with anticipatory price setting and rational expectations
     Economics Letters, 1979, 4, (1), 23-27

1978

124. A reexamination of the store of value in a sequence economy with transaction costs
     Journal of Economic Theory, 1978, 18, (2), 278-293
125. On the Efficiency of a Competitive Monetary Equilibrium with Transaction Costs
     The Review of Economic Studies, 1978, 45, (3), 405-415

1977

126. Money and the core in a sequence economy with transaction costs
     European Economic Review, 1977, 10, (2), 241-251 View citations (1)

Books

2019

1. Suomen kasvu (Finnish Economic Growth)
   ETLA B, The Research Institute of the Finnish Economy

2018

2. Shadow Banking: Financial Intermediation beyond Banks
   SUERF Studies, SUERF - The European Money and Finance Forum View citations (2)

2009

3. Economic Prosperity Recaptured: The Finnish Path from Crisis to Rapid Growth, vol 1
   MIT Press Books, The MIT Press View citations (16)

2007

4. The Nordic Model. Embracing globalization and sharing risks
   ETLA B, The Research Institute of the Finnish Economy View citations (41)

Edited books

2009

1. Designing the European Model
   Palgrave Macmillan Books, Palgrave Macmillan View citations (2)

Chapters

2013

1. Comment on "Monetary Policy Mistakes and the Evolution of Inflation Expectations"
   A chapter in The Great Inflation: The Rebirth of Modern Central Banking, 2013, pp 288-293
2. Restarting growth in Europe after the Great Recession: CEE versus other countries
   Chapter 3 in A New Model for Balanced Growth and Convergence, 2013, pp 19-35

2011

3. Re-establishing Growth After the Crisis – Lessons from the Nordic Countries
   Chapter 3 in Post-Crisis Growth and Integration in Europe, 2011

2009

4. Acceding Countries: The Road to the Euro
   Palgrave Macmillan
   See also Journal Article Acceding Countries: The Road to the Euro, CESifo (2004) (2004)
5. Economic Growth in the European Union
   Palgrave Macmillan View citations (47)
   See also Working Paper Economic growth in the European Union, University of Munich, Department of Economics (2006) View citations (1) (2006)
6. Expectations, Learning and Monetary Policy: An Overview of Recent Research
   Chapter 2 in Monetary Policy under Uncertainty and Learning, 2009, vol. 13, pp 027-076 View citations (19)
   See also Working Paper Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch, C.E.P.R. Discussion Papers (2008) View citations (25) (2008)
7. Financial Architecture
   Palgrave Macmillan
   See also Journal Article Financial Architecture, CESifo (2003) View citations (2) (2003)
8. Fiscal Policy and Macroeconomic Stabilisation in the Euro Area: Possible Reforms of the Stability and Growth Pact and National Decision-Making Processes
   Palgrave Macmillan
   See also Journal Article Fiscal Policy and Macroeconomic Stabilisation in the Euro Area: Possible Reforms of the Stability and Growth Pact and National Decision-Making-Processes, CESifo (2003) View citations (2) (2003)
9. Global Imbalances
   Palgrave Macmillan View citations (1)
   See also Working Paper Global imbalances, University of Munich, Department of Economics (2006) View citations (1) (2006)
10. Introduction
    Palgrave Macmillan
11. Labour Market Reform in Europe
    Palgrave Macmillan
    See also Journal Article Labour Market Reform in Europe, CESifo (2004) (2004)
12. Longer Working Hours — The Beginning of a New Trend?
    Palgrave Macmillan
13. Mergers and Competition Policy in Europe
    Palgrave Macmillan
    See also Working Paper Mergers and competition policy in Europe, University of Munich, Department of Economics (2006) (2006)
14. Outsourcing
    Palgrave Macmillan
15. Pay-setting Systems in Europe: Ongoing Developments and Possible Reforms
    Palgrave Macmillan
    See also Journal Article Pay-setting Systems in Europe: On-going Development and Possible Reforms, CESifo (2004) View citations (2) (2004)
16. Pensions and Children
    Palgrave Macmillan
17. Prospects for Education Policy in Europe
    Palgrave Macmillan
    See also Working Paper Prospects for education policy in Europe, University of Munich, Department of Economics (2006) (2006)
18. Rethinking Subsidiarity in the EU: Economic Principles
    Palgrave Macmillan
    See also Journal Article Rethinking Subsidiarity in the EU: Economic Principles, CESifo (2003) View citations (1) (2003)
19. Robust Learning Stability with Operational Monetary Policy Rules
    Chapter 5 in Monetary Policy under Uncertainty and Learning, 2009, vol. 13, pp 145-170 View citations (12)
    See also Working Paper Robust Learning Stability with Operational Monetary Policy Rules, Centre for Dynamic Macroeconomic Analysis (2008) (2008)
20. Welfare to Work
    Palgrave Macmillan
    See also Journal Article Welfare to Work, CESifo (2002) View citations (4) (2002)

2006

21. Learning of Steady States in Nonlinear Models when Shocks Follow a Markov Chain
    Springer View citations (1)

2001

22. Learning Dynamics: Complete and Incomplete Learning
    Palgrave Macmillan
    See also Working Paper Learning Dynamics: Complete and Incomplete Learning, Department of Economics (1999) View citations (12) (1999)

1999

23. Learning dynamics
    Chapter 07 in Handbook of Macroeconomics, 1999, vol. 1, Part A, pp 449-542 View citations (83)

1981

24. Inventory Dynamics in a Simple Disequilibrium Macroeconomic Model
    Palgrave Macmillan