Browsing by Subject "rahan tarjonta"

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  • Tarkka, Juha; Willman, Alpo (1990)
    Bank of Finland Research Discussion Papers 1/1990
    This paper describes the modelling of financial markets and the balance of payments in BOF4, a quarterly macroeconomic model developed by the Bank of Finland. The short-term interest rate is determined as a result of the interaction of the demand for money and money supply, as in the conventional IS-LM approach. Alternatively, the model may be solved under the assumption that monetary policy is based on pegging interest rates. In that case, the domestic credit of the Central Bank is the equilibrating variable.
  • Evans, George W.; Honkapohja, Seppo (2003)
    Suomen Pankin keskustelualoitteita 10/2003
    Using New Keynesian models, we compare Friedman's k-percent money supply rule to optimal interest rate setting, with respect to determinacy, stability under learning and optimality.We first review the recent literature.Open-loop interest rate rules are subject to indeterminacy and instability problems, but a properly chosen expectations-based rule yields determinacy and stability under learning, and implements optimal policy.We then show that Friedman's rule also can generate equilibria that are determinate and stable under learning.However, in computing the mean quadratic welfare loss, we find that for calibrated models Friedman's rule performs poorly compared to the optimal interest rate rule. Key words: monetary policy, determinacy, stability under learning JEL classification numbers: E52, E31
  • 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.
  • Kilponen, Juha (2020)
    Euro & talous. Blogi
    Inflaatio on siis rahataloudellinen ilmiö aina ja kaikkialla, mutta se ei ole riippumaton finanssipolitiikasta. Inflaatioon pitkällä aikavälillä voivat vaikuttaa myös sellaiset pitkän aikavälin trendit kuten tuottavuus, kansalliset ja kansainväliset kilpailuolosuhteet ja jopa ikääntyminen, jotka eivät ole rahapolitiikasta tai finanssipolitiikasta riippuvia.
  • Kovanen, Arto (1992)
    Bank of Finland Research Discussion Papers 5/1992
    Financial markets in Finland have undergone important structural changes over the 1980's. Most important have been the emergence of a wellfunctioning short-term money markets and the relaxation of most of the foreign exchange controls. These elements have created a situation where the economy is increasingly dependent on the developments in the rest of the world. The present study may be viewed as an extension to Hämäläinen and Kovanen (1991). The purpose is to examine how income and exchange rate expectations influence the determination of intemational capital flows. Theoretical foundations are supported by empirical evidence. Exchange rate expectations have a statistically significant role to play in the adjustment process, in particular during the final years of 1980's. Also income expectations are important for the adjustment of the demand for money. A somewhat less important, but nevertheless interesting, result concems the possibility of short-run overshooting in the net capital flows in response to changes in domestic credit. in the short runo
  • Virén, Matti (1990)
    Bank of Finland Research Discussion Papers 20/1990
    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 using monthly data for the floating exchange rate period 1973 - 1989. The empirical results give clear support to McKinnon's hypothesis.
  • Evans, George W.; Honkapohja, Seppo (2003)
    Suomen Pankin keskustelualoitteita 22/2003
    In this paper we consider inflation and government debt dynamics when monetary policy employs a global interest rate rule and private agents' forecasts using adaptive learning.Because of the zero lower bound on interest rates, active interest rate rules are known to imply the existence of a second, low inflation steady state, below the target inflation rate.Under adaptive learning dynamics we find the additional possibility of a liquidity trap, in which the economy slips below this low inflation steady state and is driven to an even lower inflation floor which, in turn, is supported by a switch to an aggressive money supply rule.Fiscal policy alone cannot push the economy out of the liquidity trap. However, raising the threshold at which the money supply rule is employed can dislodge the economy from the liquidity trap and ensure a return to the target equilibrium.Key words: stability of equilibria, fiscal and monetary policy, interest rate and money supply rules JEL classification numbers: E63, E52, E58
  • Lassila, Jaakko (1966)
    Suomen Pankin taloustieteellisen tutkimuslaitoksen julkaisuja. B 25
    Esipuhe 7 Johdanto 9 I. TUTKIMUKSEN TAUSTAA JA TUTKIMUSONGELMA 11 I. 1. Tutkimusongelman hahmotus 11 I. 2. Rahalaitokset taloustieteen analyysissa 11 I 2. 1. Luottokerroinanalyysin tarkastelua 17 I. 2. 2. Ns. luotonsaatavuusteoria 27 I 3. Rahateoreettista taustaa 31 I. 3. 1. Rahateorian yleispiirteitä 31 I. 3. 2. Rahantarjonnan joustavuudesta 36 I. 3. 3. Rahoituksesta sekä investointi- ja säästämispäätösten korkojoustosta 41 I. 4. Yhteenveto 49 II. RAHALAITOSTEN KÄYTTÄYTYMINEN 51 II. 1. Rahalaitoksen maksuvalmius 53 II. 2. Käteispoistuma ja antolainauskerroin 66 II. 3. Rahalaitoksen toiminnan tavoite 72 II. 3. 1. Voitonmaksimointi ja täydellinen ennakkotietämys 78 II. 3. 1. 1. Riippuvuusolettamus 81 II. 3. 2. Jatkuvuustavoite ja epätäydellinen ennakkotietämys 86 II. 3. 2. 1. Rahalaitosten välinen kilpailu 87 II. 4. Velkaantumishalukkuus keskuspankissa 99 II. 5. Rahalaitoksen omaisuustaseen koostumus 104 II. 6. Yhteenveto 108 III. LUOTTOEKSPANSIOPROSESSI 112 III. 1. Luottoekspansion ongelma 113 III. 2. Dynaamisen analyysin tekniikasta 116 III. 3. Mallin perushypoteesit ja taseyhtälöt 120 III. 4. Kokonaismalli 127 III. 5. Malliteknillinen tarkastelu 136 III. 5. 1. Rahalaitoksilla ei ole keskuspankkivelkaantumisen mahdollisuutta 137 III. 5. 2. Rahalaitoksilla rajoittamattomat mahdollisuudet velkaantua keskuspankissa 146 III. 5. 3. Rahalaitoksilla rajoitetut mahdollisuudet velkaantua keskuspankissa 152 Yhteenveto 161 Lähdeluettelo 165 Contents 169 Summary 170
  • Autio, Jaakko (1996)
    Suomen Pankin keskustelualoitteita 31/1996
    Tässä tutkimuksessa esitetään Suomen rahan tarjontaa kuvaavat kuukausittaiset aikasarjat vuodesta 1868 vuoteen 1980.Aikaisempiin tutkimuksiin verrattuna tässä työssä yleisön hallussa olevaan käteiseen rahaan on sisällytetty myös metalliraha ja talletuksiin on luettu mukaan yleisön talletukset muissakin kuin liikepankeissa. Kuva rahan tarjonnasta ennen toista maailmansotaa muuttuu siten olennaisesti.Tilastoliitteessä julkaistaan pitkät aikasarjat rahaperustasta (MB), suppeasta (M1) ja laveasta (M2) rahasta komponentteineen.Julkaisun tekstiosuudessa on yksityiskohtainen lähdeselvitys ja eräitä seikkoja, jotka tulee ottaa huomioon sarjoja käytettäessä.Aineisto on saatavissa myös levykkeellä Suomen Pankin tutkimusosastolta. Asiasanat: rahan tarjonta, M1, M2, rahoitusmarkkinat, taloushistoria, Suomi
  • (1957)
    Bank of Finland. Monthly Bulletin 31 ; 12 ; December
  • Mattila, Veli-Matti (1998)
    Suomen Pankin keskustelualoitteita 24/1998
    In this paper we analyse the macroeconomic effects of peso problems by simulating numerically a small-scale rational expectations macromodel.The model is a conventional IS-LM-AS model of an open economy under floating exchange rates.The peso problem has been incorporated in the model by assuming that the money supply process entails a small but nonzero probability of a sizable discrete shift in the money supply.In addition, the severity of a peso problem can vary over time.The procedure used in solving our model is more complicated than the standard solution methods for rational expectation models in that there are two dates at which expectations are formed. Both deterministic and stochastic simulations were used in the analysis.Results from the deterministic simulations suggest that the presence of the peso problem leads to an overvalued real exchange rate and a higher ex ante real interest rate, which results in output losses.In the stochastic simulations, the values of the IS, AS and monetary disturbances vary along with the severity of the peso problem.The simulations show that the presence of a variable peso problem affects the correlations between macroeconomic variables, especially between the ex post yield differential and either the real exchange rate or the output gap.In the case of conventional (non-autocorrelated) IS, AS and monetary disturbances, these correlation coefficients are equal to, zero.The inclusion of a variable peso problem in the simulation model changes these results: the ex post yield differential is now correlated with the real exchange rate and the output gap. In the empirical part of the paper we demonstrate the applicability of our simulation results using Canada and the United Kingdom as examples. Keywords: peso problem, credibility, simulation