Tuomas Takalo, Senior Research Adviser, Research Unit

Tuomas Takalo​ ​ Address
010 831 2370 (national)
+358 10 831 2370 (international)
Postal address
PO Box 160
010 831 2294 (national)
+358 10 831 2294 (international)


Tuomas Takalo is Senior Research Adviser in the Research Unit of the Monetary Policy and Research Department.




Current affiliations

Bank of Finland, Research Department
Research Supervisor 2002–

Helsinki School of Economics (Department of Business Technology), Turku
School of Economics (Department of Economics), University of Oulu (Department of Economics)
Adjunct Professor (docent) 2003–

University of Helsinki, Finnish Doctoral Programme in Economics
Co-ordinator of Microeconomics and Industrial Organization Group
IPR University Center
Member of Research Committee 2005–

Professional experience

IDEI, Toulouse
Visiting Scholar 2005–2005

Finnish Economic Papers
Editor-in-Chief 2001–2002

University of Helsinki, Finnish Doctoral Programme in Economics
Director 2000–2001

Boston University, Department of Economics
Visiting Scholar 1.3.–31.8.2000

MIT, Department of Economics
Yrjö Jahnsson Fellow 24.8.1999–28.2.2000

University of Helsinki, Department of Economics
- Researcher in the professors Seppo Honkapohja and Erkki Koskela’s project concerning the
Finnish economic crisis 1998–2000
- Graduate School Fellow in Finnish Doctoral Programme in Economics 1995–1998
- Professor Vesa Kanniainen’s assistant in supervising master theses 1997–1998
- Professor Pekka Sutela’s assistant in supervising master theses 1995–1996

University of Warwick, Department of Economics
Visiting research student 1996–1997

University of Helsinki, Faculty of Social Sciences
Dr. Soc.Sc. (Economics)
Doctoral dissertation: Essays on the Economics of Intellectual Property Protection


 Selected publications


Publications in peer reviewed journals

Optimal fragmentation of intellectual property rights
Forthcoming in International Journal of Industrial Organization (with Klaus Kultti)

Secrecy vs. Patenting
Forthcoming in RAND Journal of Economics, Supplementary Appendix (with Klaus Kultti and Juuso Toikka)

R&D Spillovers and Information Exchange: a Case Study
Forthcoming in Greek Economic Review (with Klaus Kultti and Tanja Tanayama)

Candidate Quality
International Tax and Public Finance, 14, 7-27 (2007), pre-print version (with Panu Poutvaara)

Cross-licensing and Collusive Behaviour
Homo Oeconomicus, 23, 181-194 (2006) (with Klaus Kultti and Juuso Toikka), an almost final pre-print version

Simultaneous Model of Innovation, Secrecy, and Patent Policy
American Economic Review (Papers & Proceedings), 96, 82-86 (2006), pre-print version (with Klaus Kultti and Juuso Toikka)

Corporate Law and Small Business Finance: Mandatory v. Enabling Rules
European Business Organization Law Review, 6, 449-466 (2005) (with Ari Hyytinen)

Preventing Systemic Crises through Bank Transparency
Economic Notes, 33, 257-273 (2004) (with Ari Hyytinen)

Law or Finance: Evidence from Finland
European Journal of Law and Economics, 16, 59-89 (2003) (with Ari Hyytinen and Iikka Kuosa)

Enchancing Bank Transparency: a Re-assesment
European Finance Review, 6, 429-445 (2002) (with Ari Hyytinen)

Hold-ups and Asymmetric Information in a Technology Transfer: the Micronas Case
Journal of Technology Transfer, 27, 233-243 (2002) (with Klaus Kultti)

Incomplete Contracting in an R&D Project: the Micronas Case
R&D Management, 30, 67-77 (2000) (with Klaus Kultti)

Do Patents Slow Down Technological Progress?
International Journal of Industrial Organization, 18, 1105-1125 (2000) (with Vesa Kanniainen)

On the Optimal Patent Policy
Finnish Economic Papers, 14, 33-40 (2001)

Equilibrium in Auction and Bargaining Markets when Agents can Wait and Search
Bulletin of Economic Research, 51,171-206 (1999) (with Klaus Kultti)

Incomplete Contracting in Research Joint Ventures: a Case Study
Homo Oeconomicus, 15, 342-367 (1999) (with Klaus Kultti)

R&D Spillovers and Information Exchange
Economics Letters, 61, 121-123 (1998) (with Klaus Kultti)

Innovation and Imitation under Imperfect Patent Protection
Journal of Economics, 67, 229-241 (1998)


 Work in progress


Main research interests
• Innovation
- Intellectual property rights
- Subsidies and technology policy
- Financial innovation
• Financial services sector
- Investor protection and financial market development
- Stability
- Market structure
- Payment media