Research Discussion Papers

from Bank of Finland
Bank of Finland, P.O. Box 160, FI-00101 Helsinki, Finland.
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24/2009: Expectations, deflation traps and macroeconomic policy

George W Evans and Seppo Honkapohja

23/2009: Credit allocation, capital requirements and procyclicality

Esa Jokivuolle, Ilkka Kiema and Timo Vesala

22/2009: Does State Street lead to Europe? The case of financial exchange innovations

Mari Komulainen and Tuomas Takalo

21/2009: A new value-weighted total return index for the Finnish stock market

Peter Nyberg and Mika Vaihekoski

20/2009: Testing the structural interpretation of the price puzzle with a cost channel model

Efrem Castelnuovo

19/2009: Screening in the credit market when the collateral value is stochastic

Niinimäki, Juha-Pekka

18/2009: Noncausal vector autoregression

Markku Lanne and Pentti Saikkonen

17/2009: Early intervention and prompt corrective action in Europe

David G. Mayes

16/2009: Blanket guarantee and restructuring decisions for multinational banks in a bargaining model

Niinimäki, Juha-Pekka and Ville Mälkönen

15/2009: Productivity and job flows: Heterogeneity of new hires and continuing jobs in the business cycle

Juha Kilponen and Juuso Vanhala

14/2009: House price fluctuations and residential sorting

Markus Haavio and Heikki Kauppi

13/2009: Regional growth and finance in Europe: Is there a quality effect of bank efficiency?

Iftekhar Hasan, Michael Koetter and Michael Wedow

12/2009: Do markup dynamics reflect fundamentals or changes in conduct?

Mikael Juselius , Moshe Kim and Staffan Ringbom

11/2009: Evaluating the stresses from ECB monetary policy in the euro area

Jim Lee and Patrick Matthew Crowley

10/2009: Credit crunch? An empirical test of cyclical credit policy

Risto Herrala

9/2009: Euler consumption equation with non-separable preferences over consumption and leisure and collateral constraints

Juha Kilponen

8/2009: Public infrastructures, public consumption and welfare in a new open economy macro model

Giovanni Ganelli and Juha Tervala

7/2009: Political connections and the process of going public: evidence from China

Bill B Francis , Iftekhar Hasan and Xian Sun

6/2009: Financial interlinkages and risk of contagion in the Finnish interbank market

Mervi Toivanen

5/2009: The 1990’s financial crises in Nordic countries

Seppo Mikko Sakari Honkapohja

4/2009: New small firms and dimensions of economic performance

Sherrill Shaffer, Iftekhar Hasan and Mingming Zhou

3/2009: Effects of unobserved defaults on correlation between probability of default and loss given default on mortgage loans

Peter Palmroos

2/2009: The bank lending channel reconsidered

Alistair Milne and Geoffrey Wood

1/2009: Corporate social responsibility and shareholder's value: an empirical analysis

Leonardo Becchetti, Rocco Ciciretti and Iftekhar Hasan

30/2008: Shattered on the Rock? British financial stability from 1866 to 2007

Alistair Milne and Geoffrey Wood

29/2008: Central bank institutional structure and effective central banking: cross-country empirical evidence

Iftekhar Hasan and Loretta J. Mester

28/2008: Population ageing and fiscal sustainability in Finland: a stochastic analysis

Jukka Lassila and Tarmo Valkonen

27/2008: Bank competition and collateral: theory and evidence

Christa Hainz, Laurent Weill and Christophe J. Godlewski

26/2008: The co-movements along the forward curve of natural gas futures: a structural view

Fabrizio Spargoli and Paolo Zagaglia

25/2008: A continuous-time model of the term structure of interest rates with fiscal-monetary policy interactions

Massimiliano Marzo, Silvia Romagnoli and Paolo Zagaglia

24/2008: Determinacy of interest rate rules with bond transaction services in a cashless economy

Massimiliano Marzo and Paolo Zagaglia

23/2008: Money-market segmentation in the Euro area: what has changed during the turmoil?

Paolo Zagaglia

22/2008: Integrating European retail payment systems: some economics of SEPA

Kari Kemppainen

21/2008: Government funds and demographic transition – alleviating ageing costs in a small open economy

Helvi Kinnunen

20/2008: Estimating regime-switching Taylor rules with trend inflation

Efrem Castelnuovo, Luciano G. Greco and Davide Raggi

19/2008: Adverse selection and financing of innovation: is there a need for R&D subsidies?

Tuomas Takalo and Tanja Tanayama

18/2008: History of finance research and education in Finland: the first thirty years

Mika Vaihekoski

17/2008: Macro-model-based stress testing of Basel II capital requirements

Esa Jokivuolle, Kimmo Virolainen and Oskari Vähämaa

16/2008: Estimating open economy Phillips curves for the euro area with directly measured expectations

Maritta Paloviita

15/2008: Investment-cash flow sensitivities, credit rationing and financing constraints

Leonardo Becchetti, Annalisa Castelli and Iftekhar Hasan

14/2008: Does hedging tell the full story? Reconciling differences in US aggregate and industry-level exchange rate risk premia

Bill B Francis , Iftekhar Hasan and Delroy M Hunter

13/2008: Why do growth rates differ? Evidence from cross-country data on private sector production

Juha Kilponen and Matti Viren

12/2008: Bank runs, liquidity and credit risk

Jukka Topi

11/2008: Efficiency and costs of payments: some new evidence from Finland

Kari Takala and Matti Viren

10/2008: The signalling hypothesis revisited: Evidence from foreign IPOs

Bill B Francis , Iftekhar Hasan, James R. Lothian and Xian Sun

9/2008: Using financial markets information to identify oil supply shocks in a restricted VAR

Marko Melolinna

8/2008: On the importance of borrowing constraints for house price dynamics

Essi Eerola and Niku Määttänen

7/2008: Evaluating innovation policy: a structural treatment effect model of R&D subsidies

Tuomas Takalo, Tanja Tanayama and Otto Toivanen

6/2008: Cointegration implications of linear rational expectation models

Mikael Juselius

5/2008: Along but beyond mean-variance: Utility maximization in a semimartingale model

Heli Huhtala