The Aino 3.0 model

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dc.contributor Bank of Finland Silvo, Aino Verona, Fabio 2020-05-26T10:24:18Z 2020-05-26T10:24:18Z 2020
dc.identifier.isbn 978-952-323-329-4
dc.identifier.issn 1456-6184
dc.description.abstract 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).
dc.format.extent 89
dc.language.iso ENG
dc.subject DSGE
dc.subject mallit
dc.subject Suomen Pankki
dc.subject Aino 3.0
dc.subject avoin talous
dc.subject Suomi
dc.subject.other business cycles
dc.subject.other small open economy
dc.subject.other credit constraints
dc.subject.other housing market
dc.subject.other long-term debt
dc.title The Aino 3.0 model
dc.type Paper
dc.identifier.urn URN:NBN:fi:bof-202005262152
dc.subject.jel E21
dc.subject.jel E32
dc.subject.jel E44
dc.subject.jel F41
dc.subject.jel R31 Bank of Finland Research Discussion Papers
dc.series.year 2020
dc.series.number 9/2020
dc.series.sortingnumber 0009 26.5.2020
dc.subject.yso suhdannevaihtelut
dc.subject.yso asuntomarkkinat
dc.subject.yso kotitaloudet (organisaatiot)
dc.subject.yso luotot
dc.subject.yso velat
bof-internal.includedInCRIS 1
dc.type.okm D4

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