The Aino 3.0 model

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Titel: The Aino 3.0 model
Författare: Silvo, Aino ; Verona, Fabio
Institution: Bank of Finland
Serie: Bank of Finland Research Discussion Papers
Serienumber: 9/2020
Utgivningsår: 2020
Utgivningsdatum: 26.5.2020
Sidor: 89
Subject (yso): suhdannevaihtelut; asuntomarkkinat; kotitaloudet (organisaatiot); luotot; velat
Nyckelord: DSGE; mallit; Suomen Pankki; Aino 3.0; avoin talous; Suomi
JEL: E21; E32; E44; F41; R31
Andra nyckelord: business cycles; small open economy; credit constraints; housing market; long-term debt
Abstrakt: In this paper we present Aino 3.0, the latest vintage of the dynamic stochastic general equilibrium (DSGE) model used at the Bank of Finland for policy analysis. Aino 3.0 is a small-open economy DSGE model at the intersection of the recent literatures on so-called TANK (“Two-Agent New Keynesian”) and MONK (“Mortgages in New Keynesian”) models. It aims at capturing the most relevant macro-financial linkages in the Finnish economy and provides a rich laboratory for the analysis of various macroeconomic and macroprudential policies. We show how the availability of a durable consumption good (housing), on the one hand, and the presence of credit-constrained households, on the other hand, affect the transmission of key macroeconomic and financial shocks. We also illustrate how these new transmission channels affect model dynamics compared to the previous model vintage (the Aino 2.0 model of Kilponen et al., 2016).

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