Browsing by Subject "economic policy"

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  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    The global economic crisis caused by the coronavirus pandemic intensified in March 2020. The health crisis and the lockdown measures necessary to contain the epidemic led to an exceptionally sudden and sharp decline in output worldwide in the first half of the year. In 2020 as a whole, the global economy is expected to contract by about 4–6%, and the euro area economy by about 8–10%. The euro area economy would seem to be diving a little deeper this year than the United States, but the pace of recovery is very uncertain for both. China saw the most difficult phase of the epidemic and thus the sharpest economic contraction in the first quarter of 2020. China’s recovery has been facilitated by the production and export of remote work equipment and protective equipment for the coronavirus disease. The pandemic shock has had a dampening effect on inflation. Unemployment is on the rise, but the euro area has avoided sudden mass unemployment through furloughs and government aid.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    The worldwide economic crisis caused by the corona pandemic peaked in March 2020. In the early part of the year both output and consumption contracted suddenly and strongly; in other words, goods and services were both produced and consumed considerably less than before. The global economy is forecast to contract in the current year by around 4–6%, and the euro area economy by around 8–10%. Prior to the corona crisis, in 2019 the economy grew 2.9% globally, and 1.3% in the euro area. In the current year, the euro area economy would appear to be diving slightly deeper than the US economy, but the pace of recovery for both is very uncertain. Unemployment is growing, but in the euro area sudden mass unemployment has been avoided through the deployment of furloughs and various support measures.
  • Solanko, Laura (2020)
    BOFIT Policy Brief 1/2020
    This paper gives a concise overview of the economic difficulties and policy responses in Putin’s Russia from the late 1990s to present. The discussion concludes with thoughts on future challenges facing Russia.
  • Simola, Heli (2021)
    BOFIT Policy Brief 11/2021
    Russia’s economic growth slowed substantially over the past decade. To improve its long-term growth outlook, Russia must deal with structural problems. While the country has not lacked for ambitious development plans, the results of late have been rather thin. We discuss some of the key challenges facing the Russian economy and policy responses. Considering Russia’s recent economic policy in light of the economic literature and potential reasons for its successes and failures, we suggest the focus of the country’s current economic policy framework is too narrowly drawn to achieve a significant acceleration in long-term growth.
  • Bank of Finland (2017)
    Bank of Finland. Bulletin 1/2017
    The economic policy measures planned by the new US administration are geared towards fuelling growth. The form, magnitude and timing of the measures, nevertheless, are still undecided. Their potential effects are, therefore, not captured by the Bank of Finland’s baseline forecast for the global economy. The following alternative scenario explores the effects of one potential policy package on total output, the rate of inflation, interest rates and the external value of the US dollar. The broad infrastructure investments scheduled for the following decade, together with concurrent tax cuts for households and businesses, are key elements of the scenario. The assumption of the scenario is that the increase in public spending will be funded by levying taxes on imports and taking on additional debt.
  • Bank of Finland (2015)
    Bank of Finland. Bulletin 4/2015
    Structural reforms are playing an increasingly important role in the recovery of long-term outlook for growth. Globally, growth has been slow since the Great Recession. Reasons for this have been sought from both supply- and demand-side factors. At least some of the problems are structural and cannot be addressed with counter-cyclical stimulus policies.
  • Crowley, Patrick M.; Hughes Hallett, Andrew (2019)
    Bank of Finland Research Discussion Papers 23/2019
    Understanding the relationship between national income GDP components is an essential part of macroeconomics. This study investigates quarterly real GDP component data for the U.S. and the U.K. and applies continuous wavelet analysis on cross comparisons of the data, from both within and between the two datasets. The results show that the cyclical interactions between consumption and investment are the most complex and most substantial at several different frequencies. The relationship of exports with other macroeconomic variables has also developed over time, likely due to the evolution of an international business cycle.
  • Belabed, Christian Alexander; Theobald, Thomas (2020)
    BOFIT Policy Brief 8/2020
    The outlook for economic growth in China remains highly uncertain and dependent on factors such as domestic economic policy and recovery in external demand. We attempt to assess China’s short-term growth outlook with readily available monthly sectoral data of supply-side and demand-side indicators. We also discuss well-known issues surrounding Chinese data and potential pitfalls to medium-to-long-term growth. We conclude that China may well deliver a V-shaped recovery over the very short-term, while long-term growth is likely to be significantly lower than previously anticipated.