Browsing by Subject "Yhdysvallat"

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  • Cai, Ning; Feng, Jinlu; Liu, Yong; Ru, Hong; Yang, Endong (2019)
    BOFIT Discussion Papers 7/2019
    By merging transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we analyze the effects of government credit on trade activities. We find that CDB credit mainly flows to SOEs in strategic industries at the top of the supply chain. These up-stream loans lead to the lower price and higher amount of export goods of private firms in down-stream industries, which leads to decreases in employment and performance of the US firms in the same industry. In contrast, the US firms in downstream industries use cheaper intermediate goods imported from China and perform better subsequently.
  • Rehn, Olli (2018)
    Euro & talous. Blogi
    Maailmantalouden kasvu on yhä vahvaa, mutta poliittinen epävarmuus jäytää tulevia näkymiä. Kasvua uhkaavat riskit kauppapolitiikassa ja nousevissa talouksissa ovat voimistuneet. Hallanvaaraa on ilmassa, muillakin kuin alavilla mailla. Näin voidaan tiivistää Kansainvälisen valuuttarahaston IMF:n ja Maailmanpankin vuosikokousten saldo. Kokoukset pidettiin viime viikolla Indonesiassa, paljon ihmishenkiä vaatineiden maanjäristyksen ja tulvien varjostaessa tunnelmaa.
  • Suomen Pankki (2019)
    Euro & talous 1/2019
    Tavaroiden ja palveluiden tuotantomäärät kasvoivat viime vuonna aiempaa hitaammin. Tuoreimpien talousennusteiden mukaan maailmantalouden kasvu vaimenee tänä vuonna edelleen. Yksi taustasyy on Kiinan taloustilanne. Kiina on Yhdysvaltojen jälkeen maailman toiseksi suurin talous, ja maan nopea kasvu on pitkään tukenut koko maailmantalouden kehitystä. Nyt Kiinassakin talouskasvu on hidastunut, ja se on osaltaan pienentänyt vientiä ja tuontia kaikkialla maailmassa.
  • Virén, Matti (1989)
    Bank of Finland Research Discussion Papers 19/1989
    This paper tests the hypothesis advanced particularly by McKinnon that the U.S. economy is strongly affected by the world supply of money and the U.S. effective exchange rate while the domestic money supply is of minor importance. This currency substitution hypothesis is tested by using monthly data for the floating exchange rate period 1973 - 1988. The empirical results give cle"ar support" to McKinnon's hypothesis.
  • Pekkala Kerr, Sari; Kerr, William (2020)
    Research Policy 3 ; April
    We study immigrant entrepreneurship in 2007 and 2012 using the Survey of Business Owners. First-generation immigrants create about 25% of new firms in America, but this share exceeds 40% in some states. Conditional on basic regression controls, immigrant-owned firms tend to create fewer jobs than native-owned firms, have comparable pay levels, offer fewer benefits, and engage more in international activities. Prominent tech clusters display quite pronounced shares of immigrant entrepreneurs. Our results suggest that most of the impact of immigrant high-tech entrepreneurship for tech centers happens through the quantity dimension: Silicon Valley and similar tech hubs attract many immigrant founders.
  • Acemoglu, Daron; Akcigit, Ufuk; Bloom, Nicholas; Kerr, William (2013)
    Bank of Finland Research Discussion Papers 22/2013
    We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. A key feature is the selection between high- and low-type firms, which differ in terms of their innovative capacity. We estimate the parameters of the model using detailed US Census micro data on firm-level output, R&D and patenting. The model provides a good t to the dynamics of firm entry and exit, output and R&D, and its implied elasticities are in the ballpark of a range of micro estimates. We find industrial policy subsidizing either the R&D or the continued operation of incumbents reduces growth and welfare. For example, a subsidy to incumbent R&D equivalent to 5% of GDP reduces welfare by about 1.5% because it deters entry of new high-type rms. On the contrary, substantial improvements (of the order of 5% improvement in welfare) are possible if the continued operation of incumbents is taxed while at the same time R&D by incumbents and new entrants is subsidized. This is because of a strong selection effect: R&D resources (skilled labor) are inefficiently used by low-type incumbent firms. Subsidies to incumbents encourage the survival and expansion of these firms at the expense of potential high-type entrants. We show that optimal policy encourages the exit of low-type firms and supports R&D by high-type incumbents and entry. JEL No. E2, L1, O31, O32 and O33 Keywords: entry, growth, industrial policy, innovation, R&D, reallocation, selection.
  • Mehrotra, Aaron; Moessner, Richhild; Shu, Chang (2019)
    BOFIT Discussion Papers 20/2019
    We analyse how movements in the components of sovereign bond yields in the United States affect long-term rates in 10 advanced and 21 emerging economies. The paper documents significant global spillovers from both the expectations and term premia components of long-term rates in the United States. We find that spillovers to domestic long-term rates in emerging economies from the US expectations components tend to be more sizeable than those from the US term premia. Finally, spillovers from US term premia are larger when an emerging economy displays greater macro-financial vulnerabilities.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 4/2021
    The international economy is recovering from the COVID-19 crisis. Recovery is underpinned by the rising vaccination coverage and accommodative monetary policies. The steep contraction in the international economy last year is now giving way to growth of 6% for 2021. In the euro area, the economy will close the COVID-19 gap by the end of the year, posting growth of 5% for 2021. The euro area’s recovery is nevertheless still in progress and remains reliant on economic policy support. Furthermore, the Delta variant of coronavirus brings uncertainty to the euro area’s short-term outlook. As the vaccination coverage increases and restrictive measures become more targeted, the spread of the virus presents a lower health risk and the economic impacts will become less significant than before. Nevertheless, for some time to come the outlook will be overshadowed by the low vaccination coverage in developing countries and the threat of new variants of the virus.
  • Järvenpää, Maija; Paavola, Aleksi (2021)
    Bank of Finland Research Discussion Papers 2/2021
    An asset is money-like if investors have no incentives to acquire costly private information on the underlying collateral. However, privately provided money-like assets—like prime money market fund (MMF) shares—are prone to runs if investors suddenly start to question the value of the collateral. Therefore, for risky assets, lack of money-likeness is a necessary condition for lack of run incentives. But is it a sufficient one? This paper studies the effect of the U.S. money market fund reform of 2014–2016 on investor monitoring, money-likeness and stability of institutional prime MMFs. Using the number of distinct IP addresses accessing MMFs’ regulatory reports as a proxy for investor monitoring, we find that the reform increased monitoring and thus decreased money-likeness of institutional prime funds. However, we also show that after the reform, institutional prime funds that are more likely to impose the newly introduced redemption restrictions are more monitored, suggesting that investors may monitor in order to avoid being hit by the restrictions. Overall, our results indicate that increased monitoring, or decreased money-likeness, has not made institutional prime MMFs run-free, and it may have actually created a new source of fragility for MMFs.
  • Hasan, Iftekhar; Hoi, Chun-Keung (Stan); Wu, Qiang; Zhang, Hao (2020)
    Journal of Corporate Finance June
    We find that social capital in U.S. counties, as captured by strength of social norms and density of social networks, is positively associated with innovation of firms headquartered in the county, as captured by patents and citations. This relation is robust in fixed-effect regressions, instrumental variable regressions with a Bartik instrument, propensity score matching regressions, and a difference-in-differences design that isolates the effects of over time variations in social capital due to corporate headquarter relocations. Strength of social norms plays a more dominant role than density of social networks in producing these empirical regularities. Cross-sectional evidence indicates the prominence of the contracting channel through which social capital relates to innovation. Additionally, we find that social capital is also positively associated with trademarks and effectiveness of corporate R&D expenditures.
  • Suomen Pankki (2021)
    Euro & talous 4/2021
    Kansainvälinen talous on elpymässä pandemiakriisistä. Tätä tukevat rokotuskattavuuden nousu ja elvyttävä talouspolitiikka. Maailmantalouden jyrkkä supistuminen vuonna 2020 vaihtuu 6 prosentin kasvuksi tänä vuonna. Euroalueen talous kuroo koronakuopan umpeen vuoden loppuun mennessä kasvamalla 5 prosentin vauhdilla tänä vuonna. Euroalueen elpyminen on kuitenkin kesken, eikä talous vielä pärjää ilman talouspolitiikan tukea. Lisäksi koronan deltavariantti tuo epävarmuutta euroalueen lähiajan näkymiin. Koska rokotuskattavuus paranee ja rajoitustoimia toteutetaan suunnatummin, koronan leviäminen on pienempi riski terveydelle ja talousvaikutukset vähäisempiä kuin aiemmin. Kehittyvien maiden alhainen rokotuskattavuus ja uusien virusvarianttien uhka varjostavat kuitenkin vielä pidemmän aikaa näkymiä.
  • Karhapää, Henna (2019)
    Euro & talous. Blogi
  • Suomen Pankki (2018)
    Euro & talous 4/2018
    Yhdysvaltojen kauppapolitiikka on viime vuoden aikana muuttunut selvästi protektionistisemmaksi ja pyrkinyt muuttamaan kansainvälisen kaupan ehtoja. Protektionistisilla toimilla voi kuitenkin olla arvaamattomia ja pitkäkestoisia seurauksia, kun yritysten tuotantoketjut ovat monimutkaistuneet ja levinneet valtionrajojen yli. Vaikka korkeammat tullit jäisivätkin väliaikaisiksi, maailmantalouden kasvu hidastuu sitä enemmän, mitä voimakkaammin tullikorotukset lisäävät epävarmuutta ja lykkäävät investointeja.
  • Karhapää, Henna (2017)
    Euro & talous. Blogi
    Yhdysvaltojen tärkeimpien kauppakumppanien valuuttapolitiikasta tehdyssä arviossa määritetään maat, joiden nähdään manipuloivan valuuttaansa Yhdysvaltojen dollaria vastaan saadakseen viennilleen keinotekoisen kilpailuedun.
  • Bank of Finland (2018)
    Bank of Finland. Bulletin 4/2018
    Labour is one of the key components of economic growth, alongside capital formation and productivity. Labour supply in the euro area has been supported by a slight uplift in labour-force participation since the financial crisis. This is measured by the labour force participation rate, defined as the total number of employed and unemployed persons relative to the same-age population. By contrast, in the United States labour participation has declined notably. Because the participation rate declines as the population ages, demographic change has eroded the participation rates of both regions. In the euro area, however, increased participation especially among 50–64-year-olds has successfully offset the negative impact of population ageing on the participation rate. Yet what remains troubling is that the labour market participation of young people has declined in both regions.
  • Suomen Pankki (2017)
    Euro & talous 1/2017
    Yhdysvaltain uuden hallinnon suunnittelemilla talouspoliittisilla toimilla haetaan kasvun kiihtymistä. Toimenpiteiden muoto, kokoluokka ja ajoitus ovat kuitenkin edelleen päättämättä. Tämän vuoksi niiden vaikutuksia ei ole otettu huomioon Suomen Pankin kansainvälisen talouden ennusteen perusurassa. Seuraavissa mallilaskelmissa arvioidaan yhden mahdollisen politiikkapaketin vaikutuksia kokonaistuotantoon, inflaatioon, korkoihin ja dollarin ulkoiseen arvoon. Laskelman keskeisiä elementtejä ovat seuraavan vuosikymmenen aikana toteutettavat laajat infrastruktuuri-investoinnit sekä samanaikainen kotitalouksien ja yritysten verotuksen keventäminen. Julkisten menojen kasvu rahoitetaan laskelmassa verottamalla tuontia ja ottamalla lisää velkaa.
  • Juselius, Mikael; Drehmann, Mathias (2020)
    Oxford Bulletin of Economics and Statistics 2
    Published in Bank of Finland Research Discussion Papers 3/2016
    In addition to leverage, the debt service burden of households and firms is an important link between financial and real developments at the aggregate level. Using US data from 1985 to 2017, we find that the debt service burden has sizeable negative effects on expenditure. Its interplay with leverage also explains several data puzzles, including the lack of above trend output growth during credit booms and the severity of ensuing recessions, without appealing to large shocks or nonlinearities. Estimating the model with data up to 2005, it predicts credit and expenditure paths that closely match actual developments before and during the Great Recession.
  • Rehn, Olli (2020)
    Euro & talous. Blogi
    Rahapolitiikan ajankohtaisiin haasteisiin paneutuva vuosittainen Jackson Hole -konferenssi järjestettiin viime viikon lopulla etäyhteyksien voimin. Normaalisti se pidetään ”lännen mailla” Wyomingin osavaltiossa. Järjestävä seura Kansas City Fed on yksi Yhdysvaltain Federal Reserve -järjestelmän alueellisista keskuspankeista. Tämänvuotisen Jackson Holen uutinen oli Fedin pääjohtajan Jerome Powellin ilmoitus siitä, että Fed on saanut oman strategiarevisionsa päätökseen. Se julkaisi uudet rahapolitiikan periaatteet ja määritteli samalla inflaatiotavoitteensa uudelleen.
  • Golan, Amos; Kim, Moshe (1992)
    Bank of Finland Research Discussion Papers 26/1992
    A non-parametric framework for testing the existence of aggregates is developed. The framework is based on the notion of the maximum entropy formalism which is applied to model the size distribution of firms. The theory, once presented, is applied to the US banking industry in order to test for the existence 'of a consistent output-aggregate. The existence of an output-aggregate in banking can facilitate much of the empirical research in this industry and shed some light on the industry's long-run market structure.
  • Stjernvall, Wilhelm (2019)
    Euro & talous. Blogi
    Tyypillisesti pidemmästä lainasta maksetaan enemmän korkoa kuin lyhyestä lainasta. Tällä hetkellä tilanne on toisin päin Yhdysvalloissa. Mistä johtuu Yhdysvaltojen pitkien valtionlainakorkojen viimeaikainen lasku alle lyhyiden?