Bank of Finland Research Discussion Papers

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20/2006: Why the marginal MRO rate exceeds the ECB policy rate?

Tuomas Välimäki

19/2006: Why do bank runs look like panic? A new explanation

Yehning Chen and Iftekhar Hasan

18/2006: How hard is the euro area core? An evaluation of growth cycles using wavelet analysis

Patrick Crowley, Douglas Maraun and David Mayes

17/2006: The cyclical behaviour of European bank capital buffers

Terhi Jokipii and Alistair Milne

16/2006: Osakeyhtiölain vaikutukset sijoittajan suojaan ja rahoitusmarkkinoiden kehitykseen

Elina Rainio

15/2006: Contagion and interdependence: measuring CEE banking sector co-movements

Terhi Jokipii and Brian Lucey

14/2006: Open market operations: beyond the new consensus

Jan Toporowski

13/2006: Money market volatility: a simulation study

Michal Kempa

12/2006: Labour taxation and shock propagation in a New Keynesian model with search frictions

Juuso Vanhala

11/2006: The effect of a transaction tax on exchange rate volatility

Markku Lanne and Timo Vesala

10/2006: Fundamentals and technical trading: behaviour of exchange rates in the CEECs

Mikael Bask and Jarko Fidrmuc

9/2006: The stability of electricity prices: estimation and inference of the Lyapunov exponents

Mikael Bask, Tung Liu and Anna Widerberg

8/2006: Exchange rate volatility without the contrivance of fundamentals and the failure of PPP

Mikael Bask

7/2006: Adaptive learning in an expectational difference equation with several lags: selecting among learnable REE

Mikael Bask

6/2006: Announcement effects on exchange rate movements: continuity as a selection criterion among the REE

Mikael Bask

5/2006: Labour and product market competition in a small open economy – Simulation results using a DGE model of the Finnish economy

Juha Kilponen and Antti Ripatti

4/2006: Robustness in monetary policymaking: a case for the Friedman rule

Juha Kilponen and Kai Leitemo

3/2006: Pricing risky bank loans in the new Basel II environment

Iftekhar Hasan and Cristiano Zazzara

2/2006: Policy words and policy deeds: the ECB and the euro

Pierre Siklos and Martin Bohl

1/2006: The role of comparing in financial markets with hidden information

Juha-Pekka Niinimäki, Tuomas Takalo and Klaus Kultti

27/2005: A wavelet analysis of scaling laws and long-memory in stock market volatility

Tommi A. Vuorenmaa

26/2005: The effects of aging population on the sustainability of fiscal policy

Mikko Puhakka

25/2005: Inflation expectations and regime shifts in the euro area

Matti Virén

24/2005: The transparency of the banking industry and the efficiency of information-based bank runs

Yehning Chen and Iftekhar Hasan

23/2005: Standard setting and competition in securities settlement

Alistair Milne

22/2005: Comparing alternative Phillips curve specifications: European results with survey-based expectations

Maritta Paloviita

21/2005: Forecasting with a forward-looking DGE model: combining long-run views of financial markes with macro forecasting

Hanna-Leena Männistö

20/2005: Robust monetary policy in a small open economy

Kai Leitemo and Ulf Söderström

19/2005: Assessing effects of price regulation in retail payment systems

Kari Kemppainen

18/2005: International economic spillovers and the liquidity trap

Juha Tarkka and Mika Kortelainen

17/2005: Identifying the interdependence between US monetary policy and the stock market

Hilde Bjørnland and Kai Leitemo

16/2005: What's in it for us? Network effects and bank payment innovation

Alistair Milne

15/2005: Fiscal policy in the 1920s and 1930s: How much different it is from the post war period's policies?

Matti Virén

14/2005: The demand for money market mutual funds

Karlo Kauko

13/2005: Banking fragility and distress: an econometric study of macroeconomic determinants

Jarmo Pesola

12/2005: Decomposing the co-movement of the business cycle: a time-frequency analysis of growth cycles in the euro area

Patrick Crowley and Jim Lee

11/2005: The mixed oligopoly of cross-border payment systems

Karlo Kauko

10/2005: The optimal tax treatment of housing capital in the neoclassical growth model

Essi Eerola and Niku Määttänen

9/2005: Bank interest rates in a small European economy: Some exploratory macro level analyses using Finnish data

Karlo Kauko

8/2005: Government size and output volatility: is there a relationship?

Matti Virén

7/2005: Productivity differentials and external balance in ERM II

Marketta Henriksson

6/2005: The role of expectations in the inflation process in the euro area

Maritta Paloviita and Matti Virén

5/2005: Why do capital intensive companies pay higher wages?

Matti Virén

4/2005: Labour productivity growth and industry structure. The impact of industry structure on productivity growth, export prices and labour compensation

Johanna Sinkkonen

3/2005: Relationship lending and competiiton: higher switching cost does not necessarily imply greater relationship benefits

Timo Vesala

2/2005: Ageing, interest rates, and financial flows

Tuomas Saarenheimo

1/2005: An intuitive guide to wavelets for economists

Patrick Crowley

31/2004: Robust monetary policy in the New-Keynesian framework

Kai Leitemo and Ulf Söderström

30/2004: Central counterparty clearing: constructing a framework for evaluation of risks and benefits

Kirsi Ripatti

29/2004: Equilibrium dynamics under lump-sum taxation in an exchange economy with skewed endowments

Mikko Puhakka