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Details about Seppo Mikko Sakari Honkapohja

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

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Working Papers

2018

  1. Price Level Targeting with Evolving Credibility
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (2)
    Also in Research Discussion Papers, Bank of Finland (2018) Downloads View citations (2)

2017

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

2015

  1. Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (2)
    Also in Research Discussion Papers, Bank of Finland (2015) Downloads View citations (2)

    See also Journal Article in Manchester School (2015)
  2. Monetary policies to counter the zero interest rate: an overview of research
    Research Discussion Papers, Bank of Finland Downloads View citations (4)
    See also Journal Article in Empirica (2016)

2014

  1. Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis Downloads View citations (29)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2012) Downloads View citations (2)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) Downloads View citations (3)
    Research Discussion Papers, Bank of Finland (2012) Downloads

    See also Journal Article in Journal of Economic Dynamics and Control (2014)
  2. Targeting Nominal GDP or Prices: Guidance and Expectation Dynamics
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (3)
    Also in Research Discussion Papers, Bank of Finland (2014) Downloads View citations (3)

2013

  1. Fiscal Policy and Learning
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis Downloads
    Also in Research Discussion Papers, Bank of Finland (2012) Downloads View citations (7)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) Downloads View citations (7)
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2012) Downloads View citations (7)
  2. The euro area crisis: a view form the north
    Special Conference Papers, Bank of Greece Downloads View citations (3)
    See also Journal Article in Journal of Macroeconomics (2014)
  3. The euro crisis: a view from the North
    Research Discussion Papers, Bank of Finland Downloads View citations (3)

2012

  1. Bayesian Model Averaging, Learning and Model Selection
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis Downloads View citations (1)
    Also in SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2012) Downloads
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) Downloads View citations (1)
  2. Policy Change and Learning in the RBC Model
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    Also in Research Discussion Papers, Bank of Finland (2011) Downloads View citations (4)
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2011) Downloads View citations (2)

    See also Journal Article in Journal of Economic Dynamics and Control (2013)
  3. The 1980s financial liberalization in the Nordic countries
    Research Discussion Papers, Bank of Finland Downloads View citations (3)

2011

  1. Growth, Expectations, and Tariffs
    CESifo Working Paper Series, CESifo Group Munich Downloads
    Also in Research Discussion Papers, Bank of Finland (2011) Downloads

    See also Journal Article in Canadian Journal of Economics (2016)
  2. Learning as a Rational Foundation for Macroeconomics and Finance
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (10)
    Also in Research Discussion Papers, Bank of Finland (2011) Downloads View citations (10)
  3. Notes on Agents¡¯ Behavioral Rules Under Adaptive Learning and Studies of Monetary Policy
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis Downloads View citations (22)
  4. Notes on Agents’ Behavioral Rules Under Adaptive Learning and Studies of Monetary Policy
    SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) Downloads View citations (7)

2010

  1. Does Ricardian Equivalence Hold When Expectations are not Rational?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)
    Also in SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2010) Downloads View citations (2)
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2010) Downloads
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2010) Downloads View citations (1)
    Research Discussion Papers, Bank of Finland (2010) Downloads View citations (2)

    See also Journal Article in Journal of Money, Credit and Banking (2012)
  2. Expectations, Deflation Traps and Macroeconomic Policy
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) Downloads View citations (1)
    Research Discussion Papers, Bank of Finland (2009) Downloads View citations (1)

2009

  1. A Model of Near-Rational Exuberance
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis Downloads
    Also in SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2009) Downloads
    Working Papers, Federal Reserve Bank of St. Louis (2007) Downloads View citations (2)

    See also Journal Article in Macroeconomic Dynamics (2010)
  2. The 1990's financial crises in Nordic countries
    Research Discussion Papers, Bank of Finland Downloads View citations (10)

2008

  1. Anticipated Fiscal Policy and Adaptive Learning
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2007) Downloads View citations (10)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) Downloads View citations (4)
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2007) Downloads View citations (4)

    See also Journal Article in Journal of Monetary Economics (2009)
  2. Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (6)
    Also in SIRE Discussion Papers, Scottish Institute for Research in Economics (SIRE) (2008) Downloads View citations (12)
    Research Discussion Papers, Bank of Finland (2007) Downloads View citations (6)
    Working Papers Central Bank of Chile, Central Bank of Chile (2008) Downloads View citations (5)
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2008) Downloads View citations (16)

    See also Chapter (2009)
  3. Generalized Stochastic Gradient Learning
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in NBER Technical Working Papers, National Bureau of Economic Research, Inc (2005) Downloads View citations (12)
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2005) Downloads View citations (14)
    CESifo Working Paper Series, CESifo Group Munich (2005) Downloads View citations (11)

    See also Journal Article in International Economic Review (2010)
  4. Learning and Macroeconomics
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads View citations (2)
    See also Journal Article in Annual Review of Economics (2009)
  5. Robust Learning Stability with Operational Monetary Policy Rules
    Working Papers Central Bank of Chile, Central Bank of Chile Downloads
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) Downloads
    CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2008) Downloads
    CDMA Conference Paper Series, Centre for Dynamic Macroeconomic Analysis (2008) Downloads
    Research Discussion Papers, Bank of Finland (2007) Downloads View citations (1)

    See also Chapter (2009)

2007

  1. Liquidity Traps, Learning and Stagnation
    Kiel Working Papers, Kiel Institute for the World Economy (IfW) Downloads View citations (10)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) Downloads View citations (4)
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2007) Downloads View citations (36)
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2007) Downloads

    See also Journal Article in European Economic Review (2008)
  2. Monetary policy, judgment and near-rational exuberance
    Working Papers, Federal Reserve Bank of St. Louis Downloads View citations (6)
    See also Journal Article in American Economic Review (2008)
  3. Policy Interaction, Learning and the Fiscal Theory of Prices
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) Downloads View citations (6)
    Research Discussion Papers, Bank of Finland (2002) Downloads View citations (4)

    See also Journal Article in Macroeconomic Dynamics (2007)
  4. The EEAG Report on the European Economy 2007
    Munich Reprints in Economics, University of Munich, Department of Economics View citations (7)
    See also Journal Article in EEAG Report on the European Economy (2007)

2006

  1. Economic growth in the European Union
    Munich Reprints in Economics, University of Munich, Department of Economics View citations (1)
  2. Global imbalances
    Munich Reprints in Economics, University of Munich, Department of Economics View citations (1)
  3. Mergers and competition policy in Europe
    Munich Reprints in Economics, University of Munich, Department of Economics
  4. Near-Rational Exuberance
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in Working Paper Series, European Central Bank (2005) Downloads View citations (10)
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2005) Downloads View citations (4)
    Working Papers, Federal Reserve Bank of St. Louis (2004) Downloads
  5. Prospects for education policy in Europe
    Munich Reprints in Economics, University of Munich, Department of Economics
  6. The European economy: Macroeconomic outlook and policy
    Munich Reprints in Economics, University of Munich, Department of Economics

2005

  1. An Interview with Thomas J. Sargent
    CESifo Working Paper Series, CESifo Group Munich Downloads View citations (20)
    Also in University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2005) Downloads

    See also Journal Article in Macroeconomic Dynamics (2005)
  2. Are Hyperinflationary Paths Learnable?
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
  3. Increasing Returns, Learning, and Beneficial Tax Competition
    Working Papers, University of New Orleans, Department of Economics and Finance Downloads
    See also Journal Article in Journal of Public Economic Theory (2007)
  4. Monetary Policy, Expectations and Commitment
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) Downloads View citations (18)
    Working Paper Series, European Central Bank (2002) Downloads View citations (6)
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2004) Downloads View citations (1)

    See also Journal Article in Scandinavian Journal of Economics (2006)
  5. Stable Sunspot Equilibira in a Cash-in-Advance Economy
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in CESifo Working Paper Series, CESifo Group Munich (2001) Downloads View citations (4)
    Working Papers, Barcelona Graduate School of Economics (2003) Downloads View citations (1)
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005) Downloads View citations (3)
  6. The E-correspondence Principle
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in CESifo Working Paper Series, CESifo Group Munich (2004) Downloads

    See also Journal Article in Economica (2007)

2004

  1. Adaptive Learning and Monetary Policy Design
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in Macroeconomics, University Library of Munich, Germany (2004) Downloads View citations (3)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) Downloads View citations (110)
    Research Discussion Papers, Bank of Finland (2002) Downloads View citations (10)

    See also Journal Article in Proceedings (2003)
  2. 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 Downloads
    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) Downloads View citations (21)
    Discussion Papers, Department of Economics, University of York Downloads View citations (13)

    See also Journal Article in Journal of Monetary Economics (2004)
  3. Friedman’s money supply rule vs optimal interest rate policy
    Macroeconomics, University Library of Munich, Germany Downloads
    Also in Research Discussion Papers, Bank of Finland (2003) Downloads View citations (11)

    See also Journal Article in Scottish Journal of Political Economy (2003)
  4. Gains and Losses from Tax Competition with Migration
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge Downloads View citations (2)
    Also in Working Papers, University of New Orleans, Department of Economics and Finance (2004) Downloads
  5. Learning Stability in Economies with Heterogenous Agents
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London Downloads
    Also in CESifo Working Paper Series, CESifo Group Munich (2002) Downloads View citations (5)
    Working Paper Series, European Central Bank (2002) Downloads View citations (6)

    See also Journal Article in Review of Economic Dynamics (2006)
  6. 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 Downloads
  7. 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 Downloads
    Also in Computing in Economics and Finance 2004, Society for Computational Economics (2004) Downloads View citations (5)
    CFS Working Paper Series, Center for Financial Studies (CFS) (2003) Downloads View citations (2)
    CDMA Conference Paper Series, Centre for Dynamic Macroeconomic Analysis (2004) Downloads View citations (3)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) Downloads View citations (2)

    See also Journal Article in Journal of Economic Dynamics and Control (2005)
  8. 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 Downloads
    Also in Research Discussion Papers, Bank of Finland (2002) Downloads View citations (4)
    Working Paper Series, European Central Bank (2002) Downloads View citations (4)

    See also Journal Article in Journal of Economic Dynamics and Control (2005)
  9. Policy Interaction, Expectations and the Liquidity Trap
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads View citations (1)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) Downloads View citations (3)
    Research Discussion Papers, Bank of Finland (2003) Downloads View citations (7)
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2003) Downloads View citations (3)
    Macroeconomics, University Library of Munich, Germany (2004) Downloads

    See also Journal Article in Review of Economic Dynamics (2005)
  10. 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 Downloads View citations (1)

2003

  1. Adaptive Learning in Stochastic Nonlinear Models When Shocks Follow a Markov Chain
    Discussion Papers, University of Copenhagen. Department of Economics Downloads
  2. Are stationary hyperinflation paths learnable?
    CFS Working Paper Series, Center for Financial Studies (CFS) Downloads View citations (4)
  3. Discussion of Preston, "Learning about monetary policy rules when long-horizon expectations matter"
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta Downloads View citations (2)
  4. Freidman's Money Supply Rule versus Optimal Interest Rate Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (2)
    Also in University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2003) Downloads View citations (1)

2002

  1. Existence of Adaptively Stable Sunspot Equilibria near an Indeterminate Steady State
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    Also in CESifo Working Paper Series, CESifo Group Munich (2001) Downloads View citations (4)

    See also Journal Article in Journal of Economic Theory (2003)
  2. Expectational Stability of Stationary Sunspot Equilibria in a Forward-looking Linear Model
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads
    See also Journal Article in Journal of Economic Dynamics and Control (2003)
  3. The Economic Crisis of the 1990s in Finland
    Discussion Papers, The Research Institute of the Finnish Economy Downloads View citations (5)
    See also Journal Article in Economic Policy (1999)

2001

  1. Expectational Stability of Resonant Frequency Sunspot Equilibria
    CESifo Working Paper Series, CESifo Group Munich Downloads View citations (2)
  2. Expectations and the Stability Problem for Optimal Monetary Policies
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department Downloads View citations (1)
    Also in Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank (2000) Downloads View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2001) Downloads View citations (20)
    University of Helsinki, Department of Economics, Department of Economics (2000) View citations (6)

    See also Journal Article in Review of Economic Studies (2003)

1999

  1. Complementarity, Growth and Trade
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)
    Also in University of Helsinki, Department of Economics, Department of Economics (1999) View citations (1)

    See also Journal Article in Canadian Journal of Economics (2002)
  2. Learning Dynamics: Complete and Incomplete Learning
    University of Helsinki, Department of Economics, Department of Economics View citations (12)
  3. Learning with Bounded Memory in Stochastic Models
    Computing in Economics and Finance 1999, Society for Computational Economics Downloads View citations (2)
    Also in University of Helsinki, Department of Economics, Department of Economics (1999) View citations (1)
    Discussion Papers, Department of Economics, University of York Downloads View citations (1)

    See also Journal Article in Journal of Economic Dynamics and Control (2003)

1998

  1. Stochastic Gradient Learning in the Cobweb Model
    University of Helsinki, Department of Economics, Department of Economics View citations (11)
    See also Journal Article in Economics Letters (1998)

1996

  1. Convergence in Monetary Inflation Models with Heterogeneous Learning Rules
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (24)
    See also Journal Article in Macroeconomic Dynamics (2001)
  2. Convergence of Learning Algorithms without a Projection Facility
    CESifo Working Paper Series, CESifo Group Munich Downloads View citations (1)
    See also Journal Article in Journal of Mathematical Economics (1998)
  3. Economic Dynamics with Learning: New Stability Results
    CESifo Working Paper Series, CESifo Group Munich Downloads View citations (1)
    Also in Computing in Economics and Finance 1997, Society for Computational Economics Downloads View citations (2)

    See also Journal Article in Review of Economic Studies (1998)
  4. Growth Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (4)
    See also Journal Article in American Economic Review (1998)

1992

  1. 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 (1)
  2. 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 Downloads View citations (21)
    Also in Research Discussion Papers, Bank of Finland (1992) Downloads View citations (10)
  3. 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
  4. 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

  1. 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 Downloads
    Also in Research Discussion Papers, Bank of Finland (1990) Downloads View citations (2)
  2. 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
  3. Precautionary Saving, Government Policy and Growth in a Stochastic Cash-in-Advance Economy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads

1990

  1. 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
  2. Supply Side Uncertainty and Effects of Government Financing Decisions
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads

1989

  1. 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

  1. Government Deficits and Speculation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)
    See also Journal Article in International Economic Review (1990)

1983

  1. Bilateral Contracts
    Scholarly Articles, Harvard University Department of Economics Downloads
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1981) Downloads

    See also Journal Article in Journal of Mathematical Economics (1983)

1979

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

Journal Articles

2019

  1. FISCAL POLICY MULTIPLIERS IN AN RBC MODEL WITH LEARNING
    Macroeconomic Dynamics, 2019, 23, (01), 240-283 Downloads

2016

  1. Growth, expectations and tariffs
    Canadian Journal of Economics, 2016, 49, (4), 1441-1469 Downloads
    See also Working Paper (2011)
  2. Monetary policies to counter the zero interest rate: an overview of research
    Empirica, 2016, 43, (2), 235-256 Downloads
    See also Working Paper (2015)

2015

  1. Comparing Inflation and Price-Level Targeting: The Role of Forward Guidance and Transparency
    Manchester School, 2015, 83, 27-59 Downloads View citations (3)
    See also Working Paper (2015)

2014

  1. Financial crises: Lessons from the Nordic experience
    Journal of Financial Stability, 2014, 13, (C), 193-201 Downloads View citations (6)
  2. Liquidity traps and expectation dynamics: Fiscal stimulus or fiscal austerity?
    Journal of Economic Dynamics and Control, 2014, 45, (C), 220-238 Downloads View citations (29)
    See also Working Paper (2014)
  3. The Euro Area Crisis: A View from the North
    Journal of Macroeconomics, 2014, 39, (PB), 260-271 Downloads View citations (12)
    See also Working Paper (2013)

2013

  1. Policy change and learning in the RBC model
    Journal of Economic Dynamics and Control, 2013, 37, (10), 1947-1971 Downloads View citations (13)
    See also Working Paper (2012)

2012

  1. Does Ricardian Equivalence Hold When Expectations Are Not Rational?
    Journal of Money, Credit and Banking, 2012, 44, (7), 1259-1283 Downloads View citations (19)
    See also Working Paper (2010)

2010

  1. A MODEL OF NEAR-RATIONAL EXUBERANCE
    Macroeconomic Dynamics, 2010, 14, (02), 166-188 Downloads View citations (15)
    See also Working Paper (2009)
  2. Corrigendum: Monetary Policy, Expectations and Commitment
    Scandinavian Journal of Economics, 2010, 112, (3), 640-641 Downloads View citations (1)
  3. GENERALIZED STOCHASTIC GRADIENT LEARNING
    International Economic Review, 2010, 51, (1), 237-262 Downloads View citations (21)
    See also Working Paper (2008)

2009

  1. Anticipated fiscal policy and adaptive learning
    Journal of Monetary Economics, 2009, 56, (7), 930-953 Downloads View citations (36)
    See also Working Paper (2008)
  2. Learning and Macroeconomics
    Annual Review of Economics, 2009, 1, (1), 421-451 Downloads View citations (32)
    See also Working Paper (2008)
  3. Panel discussion
    Review, 2009, (Jul), 383-395 Downloads

2008

  1. Liquidity traps, learning and stagnation
    European Economic Review, 2008, 52, (8), 1438-1463 Downloads View citations (29)
    See also Working Paper (2007)
  2. Monetary Policy, Judgment, and Near-Rational Exuberance
    American Economic Review, 2008, 98, (3), 1163-77 Downloads View citations (15)
    See also Working Paper (2007)

2007

  1. Authors: The Members of the European Economic Advisory Group at CESifo 2007
    EEAG Report on the European Economy, 2007, 148-151 Downloads
  2. Chapter 1: The European Economy: Macroeconomic Outlook and Policy
    EEAG Report on the European Economy, 2007, 15-58 Downloads
    Also in EEAG Report on the European Economy, 2006, 12-49 (2006) Downloads
  3. Chapter 2: Macroeonomic adjustment in the euro area – the cases of Ireland and Italy
    EEAG Report on the European Economy, 2007, 59-72 Downloads
  4. Chapter 3: The new EU members
    EEAG Report on the European Economy, 2007, 73-81 Downloads
  5. Chapter 4: Scandinavia today: An economic miracle?
    EEAG Report on the European Economy, 2007, 82-120 Downloads
  6. Chapter 5: Tax competition
    EEAG Report on the European Economy, 2007, 121-132 Downloads
  7. Chapter 6: Economic nationalism
    EEAG Report on the European Economy, 2007, 133-147 Downloads
  8. EEAG Report on the European Economy 2007
    EEAG Report on the European Economy, 2007, 1-156 Downloads View citations (2)
    See also Working Paper (2007)
  9. Increasing Returns, Learning, and Beneficial Tax Competition
    Journal of Public Economic Theory, 2007, 9, (6), 927-958 Downloads
    See also Working Paper (2005)
  10. POLICY INTERACTION, LEARNING, AND THE FISCAL THEORY OF PRICES
    Macroeconomic Dynamics, 2007, 11, (05), 665-690 Downloads View citations (15)
    See also Working Paper (2007)
  11. Summary
    EEAG Report on the European Economy, 2007, 3-14 Downloads
    Also in EEAG Report on the European Economy, 2005, 3-8 (2005) Downloads
  12. The E‐Correspondence Principle
    Economica, 2007, 74, (293), 33-50 Downloads View citations (2)
    See also Working Paper (2005)

2006

  1. Are hyperinflation paths learnable?
    Journal of Economic Dynamics and Control, 2006, 30, (12), 2725-2748 Downloads View citations (30)
  2. Authors: The Members of the European Economic Advisory Group at CESifo 2006
    EEAG Report on the European Economy, 2006, 117-120 Downloads
  3. Chapter 2: Global Imbalances
    EEAG Report on the European Economy, 2006, 50-67 Downloads
  4. Chapter 3: Economic Growth in the European Union
    EEAG Report on the European Economy, 2006, 68-88 Downloads View citations (1)
  5. Chapter 4: Prospects for Education Policy in Europe
    EEAG Report on the European Economy, 2006, 89-100 Downloads
  6. Chapter 5: Mergers and Competition Policy in Europe
    EEAG Report on the European Economy, 2006, 101-116 Downloads
  7. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2006
    EEAG Report on the European Economy, 2006, 1-120 Downloads
  8. Executive Summary
    EEAG Report on the European Economy, 2006, 3-11 Downloads
    Also in EEAG Report on the European Economy, 2004, 03-13 (2004) Downloads
  9. Learning Stability in Economies with Heterogeneous Agents
    Review of Economic Dynamics, 2006, 9, (2), 284-309 Downloads View citations (68)
    See also Working Paper (2004)
  10. Monetary Policy, Expectations and Commitment*
    Scandinavian Journal of Economics, 2006, 108, (1), 15-38 Downloads View citations (79)
    See also Working Paper (2005)

2005

  1. AN INTERVIEW WITH THOMAS J. SARGENT
    Macroeconomic Dynamics, 2005, 9, (04), 561-583 Downloads View citations (20)
    See also Working Paper (2005)
  2. Chapter 1: The European Economy: Current Situation and Economic Outlook for 2005
    EEAG Report on the European Economy, 2005, 9-38 Downloads
  3. Chapter 2: Outsourcing
    EEAG Report on the European Economy, 2005, 39-50 Downloads
  4. Chapter 3: Longer Working Hours - the Beginning of a new Trend?
    EEAG Report on the European Economy, 2005, 51-68 Downloads
  5. Chapter 4: Pensions and Children
    EEAG Report on the European Economy, 2005, 69-101 Downloads
  6. Chapter 5: House Prices in Europe
    EEAG Report on the European Economy, 2005, 102-112 Downloads
  7. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2005
    EEAG Report on the European Economy, 2005, 1-116 Downloads
  8. Performance of inflation targeting based on constant interest rate projections
    Journal of Economic Dynamics and Control, 2005, 29, (11), 1867-1892 Downloads View citations (12)
    See also Working Paper (2004)
  9. Performance of monetary policy with internal central bank forecasting
    Journal of Economic Dynamics and Control, 2005, 29, (4), 627-658 Downloads View citations (53)
    See also Working Paper (2004)
  10. Policy Interaction, Expectations and the Liquidity Trap
    Review of Economic Dynamics, 2005, 8, (2), 303-323 Downloads View citations (27)
    See also Working Paper (2004)
  11. The Members of the European Economic Advisory Group at CESifo 2005
    EEAG Report on the European Economy, 2005, 113-116 Downloads View citations (2)

2004

  1. Acceding Countries: The Road to the Euro
    EEAG Report on the European Economy, 2004, 119-136 Downloads
  2. Are non-fundamental equilibria learnable in models of monetary policy?
    Journal of Monetary Economics, 2004, 51, (8), 1743-1770 Downloads View citations (56)
    See also Working Paper (2004)
  3. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2004
    EEAG Report on the European Economy, 2004, 1-148 Downloads View citations (2)
  4. Labour Market Reform in Europe
    EEAG Report on the European Economy, 2004, 49-60 Downloads
  5. Pay-setting Systems in Europe: On-going Development and Possible Reforms
    EEAG Report on the European Economy, 2004, 61-83 Downloads View citations (2)
  6. The 2004 Enlargement: Key Economic Issues
    EEAG Report on the European Economy, 2004, 96-118 Downloads
  7. The Economics of Discrimination: Equity, Equality and Diversity in the New European Constitution
    EEAG Report on the European Economy, 2004, 84-95 Downloads
  8. The European Economy: Current Situation and Economic Outlook
    EEAG Report on the European Economy, 2004, 14-48 Downloads
    Also in EEAG Report on the European Economy, 2002, 6-26 (2002) Downloads
    EEAG Report on the European Economy, 2003, 13-45 (2003) Downloads
  9. The Members of the European Advisory Group at CESifo 2004
    EEAG Report on the European Economy, 2004, 137-142 Downloads

2003

  1. Adaptive learning and monetary policy design
    Proceedings, 2003, 1045-1084 View citations (110)
    See also Working Paper (2004)
  2. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2003
    EEAG Report on the European Economy, 2003, 1-140 Downloads View citations (3)
  3. Existence of adaptively stable sunspot equilibria near an indeterminate steady state
    Journal of Economic Theory, 2003, 111, (1), 125-134 Downloads View citations (11)
    See also Working Paper (2002)
  4. Expectational stability of stationary sunspot equilibria in a forward-looking linear model
    Journal of Economic Dynamics and Control, 2003, 28, (1), 171-181 Downloads View citations (16)
    See also Working Paper (2002)
  5. Expectations and the Stability Problem for Optimal Monetary Policies
    Review of Economic Studies, 2003, 70, (4), 807-824 Downloads View citations (160)
    See also Working Paper (2001)
  6. Financial Architecture
    EEAG Report on the European Economy, 2003, 98-117 Downloads View citations (2)
  7. 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 Downloads View citations (2)
  8. Friedman's Money Supply Rule vs. Optimal Interest Rate Policy
    Scottish Journal of Political Economy, 2003, 50, (5), 550-566 Downloads View citations (23)
    See also Working Paper (2004)
  9. Introduction: Foreword, Executive Summary
    EEAG Report on the European Economy, 2003, 2-12 Downloads
  10. Learning with bounded memory in stochastic models
    Journal of Economic Dynamics and Control, 2003, 27, (8), 1437-1457 Downloads View citations (37)
    See also Working Paper (1999)
  11. Rethinking Subsidiarity in the EU: Economic Principles
    EEAG Report on the European Economy, 2003, 76-97 Downloads View citations (1)
  12. Should We Worry about the Brain Drain?
    EEAG Report on the European Economy, 2003, 118-130 Downloads View citations (1)
  13. The Members of the European Economic Advisory Group at CESifo 2003
    EEAG Report on the European Economy, 2003, 131-136 Downloads

2002

  1. Book Reviews
    Journal of Economics, 2002, 76, (2), 189-192 Downloads
  2. CAP Reform
    EEAG Report on the European Economy, 2002, 87-91 Downloads
  3. Complementarity, growth, and trade
    Canadian Journal of Economics, 2002, 35, (3), 495-516 Downloads View citations (3)
    See also Working Paper (1999)
  4. EEAG European Economic Advisory Group at CESifo: Report on the European Economy 2002
    EEAG Report on the European Economy, 2002, 1-99 Downloads View citations (2)
  5. Fiscal and Monetary Policy
    EEAG Report on the European Economy, 2002, 42-47 Downloads View citations (1)
  6. Growth and Productivity
    EEAG Report on the European Economy, 2002, 57-70 Downloads View citations (1)
  7. Introduction; Executive Summary
    EEAG Report on the European Economy, 2002, 2-5 Downloads
  8. Prices, Wages and Inflation after the Euro - What Europeans Shoud or Should not Expect
    EEAG Report on the European Economy, 2002, 48-56 Downloads
  9. The Members of the European Economic Advisory Group at CESifo 2002
    EEAG Report on the European Economy, 2002, 92-95 Downloads
  10. The Weakness of the Euro: Is it Really a Mystery?
    EEAG Report on the European Economy, 2002, 27-42 Downloads
  11. Welfare to Work
    EEAG Report on the European Economy, 2002, 71-86 Downloads View citations (7)

2001

  1. CONVERGENCE IN MONETARY INFLATION MODELS WITH HETEROGENEOUS LEARNING RULES
    Macroeconomic Dynamics, 2001, 5, (01), 1-31 Downloads View citations (42)
    See also Working Paper (1996)

2000

  1. Convergence for difference equations with vanishing time-dependence, with applications to adaptive learning
    Economic Theory, 2000, 15, (3), 717-725 Downloads View citations (7)

1999

  1. The economic crisis of the 1990s in Finland
    Economic Policy, 1999, 14, (29), 399-436 Downloads View citations (44)
    See also Working Paper (2002)

1998

  1. Convergence of learning algorithms without a projection facility
    Journal of Mathematical Economics, 1998, 30, (1), 59-86 Downloads View citations (12)
    See also Working Paper (1996)
  2. Economic Dynamics with Learning: New Stability Results
    Review of Economic Studies, 1998, 65, (1), 23-44 Downloads View citations (61)
    See also Working Paper (1996)
  3. Growth Cycles
    American Economic Review, 1998, 88, (3), 495-515 Downloads View citations (76)
    See also Working Paper (1996)
  4. Stochastic gradient learning in the cobweb model
    Economics Letters, 1998, 61, (3), 333-337 Downloads View citations (17)
    See also Working Paper (1998)

1997

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

1996

  1. Least squares learning with heterogeneous expectations
    Economics Letters, 1996, 53, (2), 197-201 Downloads View citations (15)
  2. The depression of the 1990s in Finland: an analytic view
    Finnish Economic Papers, 1996, 9, (1), 37-54 Downloads View citations (7)

1995

  1. Bounded rationality in macroeconomics A review essay
    Journal of Monetary Economics, 1995, 35, (3), 509-518 Downloads View citations (2)
  2. Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models
    Econometrica, 1995, 63, (1), 195-206 Downloads View citations (44)

1994

  1. 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 Downloads View citations (22)
  2. Convergence of least squares learning to a non-stationary equilibrium
    Economics Letters, 1994, 46, (2), 131-136 Downloads View citations (3)
  3. Learning, convergence, and stability with multiple rational expectations equilibria
    European Economic Review, 1994, 38, (5), 1071-1098 Downloads View citations (32)
  4. On the Local Stability of Sunspot Equilibria under Adaptive Learning Rules
    Journal of Economic Theory, 1994, 64, (1), 142-161 Downloads View citations (35)
  5. 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 Downloads View citations (1)

1993

  1. Adaptive forecasts, hysteresis, and endogenous fluctuations
    Economic Review, 1993, 3-13 Downloads View citations (26)
  2. Adaptive learning and bounded rationality: An introduction to basic concepts
    European Economic Review, 1993, 37, (2-3), 587-594 Downloads View citations (5)
  3. Incidence effects of proposed reforms for the payroll tax in Finnish manufacturing
    Finnish Economic Papers, 1993, 6, (2), 67-78 Downloads View citations (2)
  4. Learning and economic fluctuations: Using fiscal policy to steer expectations
    European Economic Review, 1993, 37, (2-3), 595-602 Downloads View citations (2)
  5. 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 Downloads View citations (8)

1992

  1. On the Robustness of Bubbles in Linear RE Models
    International Economic Review, 1992, 33, (1), 1-14 Downloads View citations (29)

1990

  1. On Government Deficits and Speculation
    International Economic Review, 1990, 31, (3), 597-617 Downloads
    See also Working Paper (1987)

1987

  1. On Continuity of Compensated Demand
    International Economic Review, 1987, 28, (3), 545-57 Downloads View citations (6)

1986

  1. A Complete Characterization of ARMA Solutions to Linear Rational Expectations Models
    Review of Economic Studies, 1986, 53, (2), 227-239 Downloads View citations (15)

1985

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

1984

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

1983

  1. Bilateral contracts
    Journal of Mathematical Economics, 1983, 11, (2), 171-187 Downloads View citations (2)
    See also Working Paper (1983)
  2. Stability with regime switching
    Journal of Economic Theory, 1983, 29, (1), 22-48 Downloads View citations (12)
  3. Variance-minimizing monetary policies with lagged price adjustment and rational expectations
    European Economic Review, 1983, 20, (1-3), 123-141 Downloads View citations (2)

1982

  1. Disequilibrium dynamics with monetarist price expectations
    Economics Letters, 1982, 9, (1), 69-75 Downloads View citations (5)

1980

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

1979

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

1978

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

1977

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

Books

2019

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

2018

  1. Shadow Banking: Financial Intermediation beyond Banks
    SUERF Studies, SUERF - The European Money and Finance Forum Downloads

2009

  1. Economic Prosperity Recaptured: The Finnish Path from Crisis to Rapid Growth, vol 1
    MIT Press Books, The MIT Press View citations (11)

2007

  1. The Nordic Model. Embracing globalization and sharing risks
    ETLA B, The Research Institute of the Finnish Economy Downloads View citations (20)

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 Downloads
  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 Downloads

2011

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

2009

  1. 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 Downloads View citations (8)
    See also Working Paper (2008)
  2. Robust Learning Stability with Operational Monetary Policy Rules
    Chapter 5 in Monetary Policy under Uncertainty and Learning, 2009, vol. 13, pp 145-170 Downloads View citations (5)
    See also Working Paper (2008)

1999

  1. Learning dynamics
    Chapter 07 in Handbook of Macroeconomics, 1999, vol. 1, Part A, pp 449-542 Downloads View citations (84)
 
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