Bank of Finland Research Discussion Papers

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3/2025: ECB's evolving communication and policy preferences since 2021 strategy review

Markus Haavio, Joni Heikkinen, Pirkka Jalasjoki, Juha Kilponen and Maritta Paloviita

2/2025: Beyond one-size-fits-all: Designing monetary policy for diverse models and frequencies

Alexander Dück and Fabio Verona

1/2025: From waves to rates: Enhancing inflation forecasts through combinations of frequency-domain models

Fabio Verona

15/2024: Do recessions slow technology growth? Evidence from the firm level

Michaela Elfsbacka Schmöller, Olga Goldfayn-Frank and Tobias Schmidt

14/2024: Enhancing forecast accuracy through frequencydomain combination: Applications to financial and economic indicators

Gonçalo Faria and Fabio Verona

13/2024: Average inflation targeting in Calvo model with imperfect knowledge and learning

Seppo Honkapohja and Nigel McClung

12/2024: Monetary policy announcements and sacrifice ratios

Gene Ambrocio, Markus Haavio and Nigel McClung

11/2024: Exchange rate narratives

Vito Cormun and Kim Ristolainen

10/2024: Unlocking predictive potential: the frequency-domain approach to equity premium forecasting

Gonçalo Faria and Fabio Verona

9/2024: Robust design of countercyclical capital buffer rules

Dominik Hecker, Hun Jang, Margarita Rubio and Fabio Verona

8/2024: Media tone: The role of news and social media on heterogeneous inflation expectations

Joni Heikkinen and Kari Heimonen

7/2024: Central bank collateral policy and credit pricing: Evidence from Finland

Aleksi Paavola and Ville Voutilainen

6/2024: Reading between the lines: Uncovering asymmetry in the central bank loss function

Markus Haavio, Joni Heikkinen, Pirkka Jalasjoki, Juha Kilponen, Maritta Paloviita and Ilona Vänni

5/2024: Resolving new keynesian puzzles

Maria Eskelinen, Christopher Gibbs and Nigel McClung

4/2024: The bias of the ECB inflation projections: A State-dependent analysis

Eleonora Granziera, Pirkka Jalasjoki and Maritta Paloviita

3/2024: Stress test precision and bank competition

Diego Moreno and Tuomas Takalo

2/2024: Can growth stabilize debt? A fiscal theory perspective

Michaela Elfsbacka Schmöller and Nigel McClung

1/2024: Global political ties and the global financial cycle

Gene Ambrocio, Iftekhar Hasan and Xiang Li

16/2023: Demographic aging and the New Keynesian Phillips Curve

Gene Ambrocio

15/2023: Optimal carbon leakage

Topi Hokkanen

14/2023: Sustainability and private investors

Bonnie Buchanan, Hanna Silvola and Emilia Vähämaa

13/2023: Assessing targeted longer-term refinancing operations: Identification through search intensity

Olli-Matti Laine and Jaakko Nelimarkka

12/2023: Monetary policy rules: model uncertainty meets design limits

Alexander Dück and Fabio Verona

11/2023: Monetary policy transmission below zero

Zuzana Fungáécová, Eeva Kerola and Olli-Matti Laine

10/2023: Identifying money and inflation expectation shocks on real oil prices

Szilard Benk and Max Gillman

9/2023: Cognitive constraints and economic incentives

Francesco D'Acunto, Daniel Hoang, Maritta Paloviita and Michael Weber

8/2023: News or animal spirits? Consumer confidence and economic activity: Redux

Sangyup Choi, Jaehun Jeong, Dohyeon Park and Donghoon Yoo

7/2023: Climate-related disclosure commitment of the lenders, credit rationing, and borrower environmental performance

Iftekhar Hasan, Haekwon Lee, Buhui Qiu and Anthony Saunders

6/2023: The transmission of negative nominal interest rates in Finland

Simon Kwan, Mauricio Ulate and Ville Voutilainen

5/2023: Long-term debt propagation and real reversals

Mathias Drehmann, Mikael Juselius and Anton Korinek

4/2023: Lone (loan) wolf pack risk

Mingze Gao, Iftekhar Hasan, Buhui Qiu and Eliza Wu

3/2023: Asymmetric effects of conventional and unconventional monetary policy when rates are low

Olli-Matti Laine and Matias Pihlajamaa

2/2023: Who funds zombie firms: Banks or non-banks?

Saara Tuuli

1/2023: Forecast combination in the frequency domain

Gonçalo Faria and Fabio Verona

15/2022: Money, e-money and consumer welfare

Francesco Carli and Burak Uras

14/2022: Banking market deregulation and mortality inequality

Iftekhar Hasan, Thomas Krause, Stefano Manfredonia and Felix Noth

13/2022: Endogenous technology, scarring and fiscal policy

Michaela Elfsbacka Schmöller

12/2022: The scarring effects of deep contractions

David Aikman, Mathias Drehmann, John Juselius and Xiaochuan Xing

11/2022: Bond convenience curves and funding costs

Juuso Nissinen and Markus Sihvonen

10/2022: Belief polarization and Covid-19

Gene Ambrocio and Iftekhar Hasan

9/2022: Growing like Germany: Local public debt, local banks, low private investment

Mathias Hoffmann, Iryna Stewen and Michael Stiefel

8/2022: Public funding of banks and firms in a time of crisis

Markus Haavio, Antti Ripatti and Tuomas Takalo

7/2022: What should the inflation target be? Views from 600 economists

Gene Ambrocio, Andrea Ferrero, Esa Jokivuolle and Kim Ristolainen

6/2022: Lower for longer under endogenous technology growth

Michaela Elfsbacka Schmöller and Martin Spitzer

5/2022: Inflationary household uncertainty shocks

Gene Ambrocio

4/2022: When uncertainty decouples expected and unexpected losses

John Juselius and Nikola A. Tarashev

3/2022: Monetary policy and inequality: The Finnish case

Petri Mäki-Fränti, Aino Silvo, Adam Gulan and Juha Kilponen

2/2022: Welfare effects of R&D support policies

Tuomas Takalo, Tanja Tanayama and Otto Toivanen

1/2022: Covid-19 pandemic, state aid and firm productivity

Tommaso Bighelli, Tibor Lalinsky and Juuso Vanhala

16/2021: Evaluating the US pharmaceutical patent policy

Olena Izhak, Tanja Saxell and Tuomas Takalo