Details about Seppo Mikko Sakari Honkapohja

E-mail:
Homepage:	http://www.econ.cam.ac.uk/faculty/honkapohja/index.htm
Phone:	+358-10-8312005
Postal address:	Bank of Finland, P.O. Box 160, 00101 Helsinki, Finland
Workplace:	Centre for Economic Policy Research (CEPR), (more information at EDIRC) CESifo, (more information at EDIRC) Faculty of Economics, University of Cambridge, (more information at EDIRC) Research Unit on Economic Structures and Growth (RUESG), Valtiotieteellinen tiedekunta (Faculty of Social Sciences), Helsingin Yliopisto (University of Helsinki), (more information at EDIRC) Suomen Pankki (Bank of Finland), (more information at EDIRC)

Access statistics for papers by Seppo Mikko Sakari Honkapohja.

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Working Papers

2009

1. A Model of Near-Rational Exuberance
   CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis
   Also in Working Papers, Federal Reserve Bank of St. Louis (2007) View citations
2. The 1990’s financial crises in Nordic countries
   Research Discussion Papers, Bank of Finland View citations

2008

3. Anticipated Fiscal Policy and Adaptive Learning
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department
   Also in CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2007)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007)
   Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2007)
4. Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
   Also in CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2008) View citations
   Working Papers Central Bank of Chile, Central Bank of Chile (2008) View citations
   Research Discussion Papers, Bank of Finland (2007) View citations
5. Generalized Stochastic Gradient Learning
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
   Also in NBER Technical Working Papers, National Bureau of Economic Research, Inc (2005) View citations
   CESifo Working Paper Series, CESifo Group Munich (2005) View citations
   Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2005) View citations
6. Learning and Macroeconomics
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
7. Robust Learning Stability with Operational Monetary Policy Rules
   CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis
   Also in Research Discussion Papers, Bank of Finland (2007) View citations
   Working Papers Central Bank of Chile, Central Bank of Chile (2008)
   CDMA Conference Paper Series, Centre for Dynamic Macroeconomic Analysis
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008)

2007

8. Liquidity Traps, Learning and Stagnation
   Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge View citations
   Also in University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2007)
   Kiel Working Papers, Kiel Institute for the World Economy (2007)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007)
   See also Journal Article in European Economic Review (2008)
9. Monetary policy, judgment and near-rational exuberance
   Working Papers, Federal Reserve Bank of St. Louis View citations
   See also Journal Article in American Economic Review (2008)
10. Policy Interaction, Learning and the Fiscal Theory of Prices
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in Research Discussion Papers, Bank of Finland (2002) View citations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations
    See also Journal Article in Macroeconomic Dynamics (2007)

2006

11. Near-Rational Exuberance
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2005) View citations
    Working Papers, Federal Reserve Bank of St. Louis (2004)
    Working Paper Series, European Central Bank (2005) View citations

2005

12. An Interview with Thomas J. Sargent
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in CESifo Working Paper Series, CESifo Group Munich (2005) View citations
    See also Journal Article in Macroeconomic Dynamics (2005)
13. Are Hyperinflationary Paths Learnable?
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
14. Increasing Returns, Learning, and Beneficial Tax Competition
    Working Papers, University of New Orleans, Department of Economics and Finance
    See also Journal Article in Journal of Public Economic Theory (2007)
15. 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
    Working Paper Series, European Central Bank (2002) View citations
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2004) View citations
    See also Journal Article in Scandinavian Journal of Economics (2006)
16. Stable Sunspot Equilibira in a Cash-in-Advance Economy
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in CESifo Working Paper Series, CESifo Group Munich (2001) View citations
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005)
17. The E-correspondence Principle
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in CESifo Working Paper Series, CESifo Group Munich (2004)
    See also Journal Article in Economica (2007)

2004

18. Adaptive Learning and Monetary Policy Design
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in Macroeconomics, EconWPA (2004) View citations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations
    Research Discussion Papers, Bank of Finland (2002) View citations
    See also Journal Article in Proceedings (2003)
19. 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 View citations
    Also in Discussion Papers, Department of Economics, University of York View citations
    University of Helsinki, Department of Economics, Department of Economics (2001) View citations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2001) View citations
    See also Journal Article in Journal of Monetary Economics (2004)
20. Are Stationary Hyperinflation Paths Learnable?
    CFS Working Paper Series, Center for Financial Studies View citations
21. Friedman’s money supply rule vs optimal interest rate policy
    Macroeconomics, EconWPA
    Also in Research Discussion Papers, Bank of Finland (2003) View citations
    See also Journal Article in Scottish Journal of Political Economy (2003)
22. Gains and Losses from Tax Competition with Migration
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge View citations
    Also in Working Papers, University of New Orleans, Department of Economics and Finance (2004) View citations
23. 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
    CESifo Working Paper Series, CESifo Group Munich (2002) View citations
    See also Journal Article in Review of Economic Dynamics (2006)
24. 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
25. 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 View citations
    Also in CFS Working Paper Series, Center for Financial Studies (2003) View citations
    Computing in Economics and Finance 2004, Society for Computational Economics (2004) View citations
    CDMA Conference Paper Series, Centre for Dynamic Macroeconomic Analysis (2004) View citations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations
    See also Journal Article in Journal of Economic Dynamics and Control (2005)
26. 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 View citations
    Also in Research Discussion Papers, Bank of Finland (2002) View citations
    Working Paper Series, European Central Bank (2002) View citations
    See also Journal Article in Journal of Economic Dynamics and Control (2005)
27. Policy Interaction, Expectations and the Liquidity Trap
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in Working Paper, Federal Reserve Bank of Atlanta (2003) View citations
    Macroeconomics, EconWPA (2004) View citations
    Research Discussion Papers, Bank of Finland (2003) View citations
    See also Journal Article in Review of Economic Dynamics (2005)
28. 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

2003

29. Adaptive Learning in Stochastic Nonlinear Models When Shocks Follow a Markov Chain
    Discussion Papers, University of Copenhagen. Department of Economics
30. Discussion of Preston, "Learning about monetary policy rules when long-horizon expectations matter"
    Working Paper, Federal Reserve Bank of Atlanta
31. Freidman's Money Supply Rule versus Optimal Interest Rate Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2003) View citations
32. Policy Interaction, Expectation and Liquidity Trap
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations

2002

33. Existence of Adaptively Stable Sunspot Equilibria near an Indeterminate Steady State
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in CESifo Working Paper Series, CESifo Group Munich (2001) View citations
    See also Journal Article in Journal of Economic Theory (2003)
34. Expectational Stability of Stationary Sunspot Equilibria in a Forward-looking Linear Model
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    See also Journal Article in Journal of Economic Dynamics and Control (2003)
35. The Economic Crisis of the 1990s in Finland
    Discussion Papers, The Research Institute of the Finnish Economy
    See also Journal Article in Economic Policy (1999)

2001

36. Expectational Stability of Resonant Frequency Sunspot Equilibria
    CESifo Working Paper Series, CESifo Group Munich View citations
37. Expectations and the Stability Problem for Optimal Monetary Policies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    Also in Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre (2000) View citations
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2001) View citations
    University of Helsinki, Department of Economics, Department of Economics (2000) View citations
    See also Journal Article in Review of Economic Studies (2003)

1999

38. Complementarity, Growth and Trade
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in University of Helsinki, Department of Economics, Department of Economics (1999)
    See also Journal Article in Canadian Journal of Economics (2002)
39. Learning Dynamics: Complete and Incomplete Learning
    University of Helsinki, Department of Economics, Department of Economics
40. Learning with Bounded Memory in Stochastic Models
    University of Helsinki, Department of Economics, Department of Economics View citations
    Also in Discussion Papers, Department of Economics, University of York
    Computing in Economics and Finance 1999, Society for Computational Economics (1999) View citations
    See also Journal Article in Journal of Economic Dynamics and Control (2003)

1998

41. Stochastic Gradient Learning in the Cobweb Model
    University of Helsinki, Department of Economics, Department of Economics View citations
    See also Journal Article in Economics Letters (1998)

1996

42. Convergence in Monetary Inflation Models with Heterogeneous Learning Rules
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    See also Journal Article in Macroeconomic Dynamics (2001)
43. Convergence of Learning Algorithms without a Projection Facility
    CESifo Working Paper Series, CESifo Group Munich View citations
    See also Journal Article in Journal of Mathematical Economics (1998)
44. Economic Dynamics with Learning: New Stability Results
    CESifo Working Paper Series, CESifo Group Munich View citations
    Also in Computing in Economics and Finance 1997, Society for Computational Economics View citations
    See also Journal Article in Review of Economic Studies (1998)
45. Growth Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in American Economic Review (1998)

1992

46. 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
47. 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
48. 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
49. 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

50. 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
51. 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
52. Precautionary Saving, Government Policy and Growth in a Stochastic Cash-in-Advance Economy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

1990

53. 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
54. Supply Side Uncertainty and Effects of Government Financing Decisions
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

1989

55. 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

56. Government Deficits and Speculation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

1981

57. Bilateral Contracts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Mathematical Economics (1983)

1979

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

Journal Articles

2009

1. Panel discussion
   Review, 2009, (Jul), 383-395

2008

2. Liquidity traps, learning and stagnation
   European Economic Review, 2008, 52, (8), 1438-1463
   See also Working Paper (2007)
3. Monetary Policy, Judgment, and Near-Rational Exuberance
   American Economic Review, 2008, 98, (3), 1163-77
   See also Working Paper (2007)

2007

4. Authors: The Members of the European Economic Advisory Group at CESifo
   EEAG Report on the European Economy, 2007, 148-151
   Also in EEAG Report on the European Economy, 2006, 117-120 (2006)
5. 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)
6. Chapter 2: Macroeonomic adjustment in the euro area – the cases of Ireland and Italy
   EEAG Report on the European Economy, 2007, 59-72
7. Chapter 3: The new EU members
   EEAG Report on the European Economy, 2007, 73-81
8. Chapter 4: Scandinavia today: An economic miracle?
   EEAG Report on the European Economy, 2007, 82-120
9. Chapter 5: Tax competition
   EEAG Report on the European Economy, 2007, 121-132
10. Chapter 6: Economic nationalism
    EEAG Report on the European Economy, 2007, 133-147
11. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2007
    EEAG Report on the European Economy, 2007, 1-156
    Also in EEAG Report on the European Economy, 2005, 1-116 (2005)
    EEAG Report on the European Economy, 2003, 1-140 (2003)
    EEAG Report on the European Economy, 2004, 1-148 (2004)
    EEAG Report on the European Economy, 2002, 1-99 (2002)
    EEAG Report on the European Economy, 2006, 1-120 (2006)
12. 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)
13. Increasing Returns, Learning, and Beneficial Tax Competition
    Journal of Public Economic Theory, 2007, 9, (6), 927-958
    See also Working Paper (2005)
14. POLICY INTERACTION, LEARNING, AND THE FISCAL THEORY OF PRICES
    Macroeconomic Dynamics, 2007, 11, (05), 665-690 View citations
    See also Working Paper (2007)
15. Summary
    EEAG Report on the European Economy, 2007, 3-14
    Also in EEAG Report on the European Economy, 2005, 3-8 (2005)
16. The E-Correspondence Principle
    Economica, 2007, 74, (293), 33-50
    See also Working Paper (2005)

2006

17. Are hyperinflation paths learnable?
    Journal of Economic Dynamics and Control, 2006, 30, (12), 2725-2748 View citations
18. Chapter 2: Global Imbalances
    EEAG Report on the European Economy, 2006, 50-67
19. Chapter 3: Economic Growth in the European Union
    EEAG Report on the European Economy, 2006, 68-88
20. Chapter 4: Prospects for Education Policy in Europe
    EEAG Report on the European Economy, 2006, 89-100
21. Chapter 5: Mergers and Competition Policy in Europe
    EEAG Report on the European Economy, 2006, 101-116
22. Executive Summary
    EEAG Report on the European Economy, 2006, 3-11
    Also in EEAG Report on the European Economy, 2004, 03-13 (2004)
23. Learning Stability in Economies with Heterogeneous Agents
    Review of Economic Dynamics, 2006, 9, (2), 284-309 View citations
    See also Working Paper (2004)
24. Monetary Policy, Expectations and Commitment
    Scandinavian Journal of Economics, 2006, 108, (1), 15-38 View citations
    See also Working Paper (2005)

2005

25. AN INTERVIEW WITH THOMAS J. SARGENT
    Macroeconomic Dynamics, 2005, 9, (04), 561-583 View citations
    See also Working Paper (2005)
26. Chapter 1: The European Economy: Current Situation and Economic Outlook for 2005
    EEAG Report on the European Economy, 2005, 9-38
27. Chapter 2: Outsourcing
    EEAG Report on the European Economy, 2005, 39-50
28. Chapter 3: Longer Working Hours - the Beginning of a new Trend?
    EEAG Report on the European Economy, 2005, 51-68
29. Chapter 4: Pensions and Children
    EEAG Report on the European Economy, 2005, 69-101
30. Chapter 5: House Prices in Europe
    EEAG Report on the European Economy, 2005, 102-112
31. Performance of inflation targeting based on constant interest rate projections
    Journal of Economic Dynamics and Control, 2005, 29, (11), 1867-1892 View citations
    See also Working Paper (2004)
32. Performance of monetary policy with internal central bank forecasting
    Journal of Economic Dynamics and Control, 2005, 29, (4), 627-658 View citations
    See also Working Paper (2004)
33. Policy Interaction, Expectations and the Liquidity Trap
    Review of Economic Dynamics, 2005, 8, (2), 303-323 View citations
    See also Working Paper (2004)
34. The Members of the European Economic Advisory Group at CESifo
    EEAG Report on the European Economy, 2005, 113-116 View citations
    Also in EEAG Report on the European Economy, 2002, 92-95 (2002)

2004

35. Acceding Countries: The Road to the Euro
    EEAG Report on the European Economy, 2004, 119-136
36. Are non-fundamental equilibria learnable in models of monetary policy?
    Journal of Monetary Economics, 2004, 51, (8), 1743-1770 View citations
    See also Working Paper (2004)
37. Labour Market Reform in Europe
    EEAG Report on the European Economy, 2004, 49-60
38. Pay-setting Systems in Europe: On-going Development and Possible Reforms
    EEAG Report on the European Economy, 2004, 61-83
39. The 2004 Enlargement: Key Economic Issues
    EEAG Report on the European Economy, 2004, 96-118
40. The Economics of Discrimination: Equity, Equality and Diversity in the New European Constitution
    EEAG Report on the European Economy, 2004, 84-95
41. The European Economy: Current Situation and Economic Outlook
    EEAG Report on the European Economy, 2004, 35
    Also in EEAG Report on the European Economy, 2002, 6-26 (2002)
    EEAG Report on the European Economy, 2003, 13-45 (2003)
42. The Members of the European Advisory Group at CESifo
    EEAG Report on the European Economy, 2004, 137-142

2003

43. Adaptive learning and monetary policy design
    Proceedings, 2003, 1045-1084 View citations
    See also Working Paper (2004)
44. Existence of adaptively stable sunspot equilibria near an indeterminate steady state
    Journal of Economic Theory, 2003, 111, (1), 125-134 View citations
    See also Working Paper (2002)
45. 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
    See also Working Paper (2002)
46. Expectations and the Stability Problem for Optimal Monetary Policies
    Review of Economic Studies, 2003, 70, (4), 807-824 View citations
    See also Working Paper (2001)
47. Financial Architecture
    EEAG Report on the European Economy, 2003, 98-117
48. 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
49. Friedman's Money Supply Rule vs. Optimal Interest Rate Policy
    Scottish Journal of Political Economy, 2003, 50, (5), 550-566
    See also Working Paper (2004)
50. Introduction: Foreword, Executive Summary
    EEAG Report on the European Economy, 2003, 2-12
51. Learning with bounded memory in stochastic models
    Journal of Economic Dynamics and Control, 2003, 27, (8), 1437-1457 View citations
    See also Working Paper (1999)
52. Rethinking Subsidiarity in the EU: Economic Principles
    EEAG Report on the European Economy, 2003, 76-97 View citations
53. Should We Worry about the Brain Drain?
    EEAG Report on the European Economy, 2003, 118-130
54. The Members of the European Economic Advisory Group at CESifo, Authors
    EEAG Report on the European Economy, 2003, 131-136

2002

55. CAP Reform
    EEAG Report on the European Economy, 2002, 87-91
56. Complementarity, growth, and trade
    Canadian Journal of Economics, 2002, 35, (3), 495-516 View citations
    See also Working Paper (1999)
57. Fiscal and Monetary Policy
    EEAG Report on the European Economy, 2002, 42-47
58. Growth and Productivity
    EEAG Report on the European Economy, 2002, 57-70
59. Introduction; Executive Summary
    EEAG Report on the European Economy, 2002, 2-5
60. Prices, Wages and Inflation after the Euro - What Europeans Shoud or Should not Expect
    EEAG Report on the European Economy, 2002, 48-56
61. The Weakness of the Euro: Is it Really a Mystery?
    EEAG Report on the European Economy, 2002, 27-42
62. Welfare to Work
    EEAG Report on the European Economy, 2002, 71-86

2001

63. CONVERGENCE IN MONETARY INFLATION MODELS WITH HETEROGENEOUS LEARNING RULES
    Macroeconomic Dynamics, 2001, 5, (01), 1-31 View citations
    See also Working Paper (1996)

2000

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

1999

65. The economic crisis of the 1990s in Finland
    Economic Policy, 1999, 14, (29), 399-436 View citations
    See also Working Paper (2002)

1998

66. Comment on E. Dierker and B. Grodal, "Modelling Policy Issues in a World of Imperfect Competition."
    Scandinavian Journal of Economics, 1998, 100, (1), 184-86
67. Convergence of learning algorithms without a projection facility
    Journal of Mathematical Economics, 1998, 30, (1), 59-86 View citations
    See also Working Paper (1996)
68. Economic Dynamics with Learning: New Stability Results
    Review of Economic Studies, 1998, 65, (1), 23-44 View citations
    See also Working Paper (1996)
69. Growth Cycles
    American Economic Review, 1998, 88, (3), 495-515 View citations
    See also Working Paper (1996)
70. Stochastic gradient learning in the cobweb model
    Economics Letters, 1998, 61, (3), 333-337 View citations
    See also Working Paper (1998)

1996

71. Least squares learning with heterogeneous expectations
    Economics Letters, 1996, 53, (2), 197-201 View citations

1995

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

1994

74. 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
75. Convergence of least squares learning to a non-stationary equilibrium
    Economics Letters, 1994, 46, (2), 131-136 View citations
76. Learning, convergence, and stability with multiple rational expectations equilibria
    European Economic Review, 1994, 38, (5), 1071-1098 View citations
77. On the Local Stability of Sunspot Equilibria under Adaptive Learning Rules
    Journal of Economic Theory, 1994, 64, (1), 142-161 View citations
78. 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

1993

79. Adaptive forecasts, hysteresis, and endogenous fluctuations
    Economic Review, 1993, 3-13 View citations
80. Adaptive learning and bounded rationality: An introduction to basic concepts
    European Economic Review, 1993, 37, (2-3), 587-594 View citations
81. Learning and economic fluctuations: Using fiscal policy to steer expectations
    European Economic Review, 1993, 37, (2-3), 595-602
82. 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

1992

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

1990

84. On Government Deficits and Speculation
    International Economic Review, 1990, 31, (3), 597-617
85. The Macroeconomic Tradeoffs of Price and Income Policies: Comment
    Scandinavian Journal of Economics, 1990, 92, (2), 345-47

1989

86. Keynesian Issues and Economic Theory: Comment
    Scandinavian Journal of Economics, 1989, 91, (2), 295-99
87. Whither Macroeconomics? Editor's Introduction
    Scandinavian Journal of Economics, 1989, 91, (2), 209-21

1987

88. On Continuity of Compensated Demand
    International Economic Review, 1987, 28, (3), 545-57

1986

89. A Complete Characterization of ARMA Solutions to Linear Rational Expectations Models
    Review of Economic Studies, 1986, 53, (2), 227-39 View citations
90. Intergenerational Aspects of Public Transfers, Borrowing and Debt: Comment
    Scandinavian Journal of Economics, 1986, 88, (1), 269-72

1985

91. Adjustment Costs, Optimal Capacity Utilization, and the Corporation Tax
    Oxford Economic Papers, 1985, 37, (3), 486-99 View citations
92. Expectations and the theory of macroeconomic policy: Some recent developments
    European Journal of Political Economy, 1985, 1, (4), 467-483
93. On Macroeconomic Equilibrium with Stochastic Rationing
    Scandinavian Journal of Economics, 1985, 87, (1), 66-88 View citations

1984

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

1983

95. Bilateral contracts
    Journal of Mathematical Economics, 1983, 11, (2), 171-187
    See also Working Paper (1981)
96. Stability with regime switching
    Journal of Economic Theory, 1983, 29, (1), 22-48 View citations
97. Variance-minimizing monetary policies with lagged price adjustment and rational expectations
    European Economic Review, 1983, 20, (1-3), 123-141

1982

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

1980

99. A note on monopolistic quantity rationing
    Economics Letters, 1980, 6, (3), 203-209
100. Inventory Dynamics in a Simple Disequilibrium Macroeconomic Model
     Scandinavian Journal of Economics, 1980, 82, (2), 184-98
101. The Employment Multiplier after Disequilibrium Dynamics
     Scandinavian Journal of Economics, 1980, 82, (1), 1-14 View citations

1979

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

1978

103. A reexamination of the store of value in a sequence economy with transaction costs
     Journal of Economic Theory, 1978, 18, (2), 278-293
104. On the Efficiency of a Competitive Monetary Equilibrium with Transaction Costs
     Review of Economic Studies, 1978, 45, (3), 405-15

1977

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

Books

2009

1. Economic Prosperity Recaptured: The Finnish Path from Crisis to Rapid Growth, vol 1
   MIT Press Books, The MIT Press

Chapters

1999

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