Jouko Vilmunen, Head of Research, Research Unit

Jouko Vilmunen, Head of Research​ ​ ​ Address
Snellmaninaukio
00170 HELSINKI
FINLAND
Telephone
010 831 2594 (national)
+358 10 831 2594 (international)
 
Postal address
PO Box 160
FI – 00101 HELSINKI
FINLAND
Fax
010 831 2294 (national)
+358 10 831 2294 (international)
 
Email
Firstname.Lastname@bof.fi
 
 

 Presentation

 
Jouko Vilmunen, PhD (Economics), has been the Head of Research since 2005. The Research Unit is incorporated in the Monetary Policy and Research Department.
 

 CV

 

Current appointment

Head of Research, Monetary Policy and Research Department, Bank of Finland

Education

PhD, (Economics), University of Helsinki. 1992
'Labour Markets, Wage Indexation and Exchange Rate Policy', (BoF publication B:45)
Licenciate (Economics), University of Helsinki, 1989
M. Pol. Sc. (Economics), University of Helsinki, 1987

Professional activity

Bank of Finland 1996–
2005 (May)– Head of Research, Monetary Policy and Research Department
2004 (Dec.)– 2005(May) Deputy Head of Research, Research Dept.
1996–2004 (Dec.) Research Supervisor in the Research Department

1994–1996 National expert to Finland in the European Commission, DGII.D3

Bank of Finland 1988–1994:
1992–-1994 Research Supervisor in the Research Department, Bank of Finland
1991 Economist in the Economics Department
1990 Research Department, project researcher, completing PhD thesis
1988–89 Economist in the Economics Department

Academic activity

2002– Associate Professor to the faculty of social sciences, Department of Economics, Helsinki University
2002– Associate Professor to the faculty of social sciences, Department of Economics, Tampere University
2002– Lectures on monetary policy, University of Helsinki
2000, 2002 Lectures on advanced open economy macroeconomics, University of Tampere
2002 Lectures on advanced macroeconomics, University of Joensuu
1999 Lectures on advanced microeconomics at the Helsinki School of Business and Administration
1996–1997, 2000–2001 (Academic years) Part-time professor in economics, Department of Economics, University of Helsinki
1990–2004 Lectures on advanced macroeconomics and open economy macroeconomics at the Helsinki School of Business and Administration
1987–1988 Lecturer, Department of Economics, University of Helsinki
1984–1987 Lectures on introductory statistics, Open and Summer University, University of Helsinki
1981–1987 Assistant for several terms, Department of Economics and Department of Statistics, University of Helsinki

Publications

Articles in refereed journals

Monetary policy and learning in an open economy, Macroeconomic Dynamics, Forthcoming (with Martin Ellison& Lucio Sarno)

Strong Contagion with Weak Spillovers, Review of Economic Dynamics, Volume 9, Issue 2, April 2006: 263–283 (with Martin Ellison & Liam Graham)

Sticky Prices in the Euro Area: A Summary of New Micro-Evidence
Journal of the European Economic Association, 4, 2-3, 2006: 575–584
(with Luis J. Àlvarez, Emmanuel Dhyne, Marco Hoeberichts, Claudia Kwapil, Hervé Le Bihan, Patrick Lünnemann, Fernando Martins, Roberto Sabbatini, Harald Stahl & Philip Vermeulen)

Price changes in the euro area and the United States: Some facts from individual consumer price data, Journal of Economic Perspectives, 20, 2, Spring 2006: 171-192 (with Emmanuel Dhyne, Luis J. Àlvarez, Hervé Le Bihan, Giovanni Veronese, Daniel Dias, Johannes Hoffman, Nicole Jonker, Patrick Lünnemann & Fabio Rumler)

Biased Technical Change and Capital-Labour Substitution in Finland, 1902–2003
Topics in Macroeconomics, Vol. 6, No. 1, 2006: Article 8 (with Jukka Jalava, Matti Pohjola & Antti Ripatti)

A simple approach to calculating the incentives for policy activism under learning, Economics Letters 86:2 2005: 167–172 (with Martin Ellison)

Labour Taxation, public finance and wage determination: evidence from OECD countries, European Journal of Political Economy 20:4, 2004: 983–999 (with Jaakko Kiander & Juha Kilponen)

Transmission of Monetary policy shocks in Finland: evidence from bank-level data on loans, in Monetary Policy Transmission in the Euro Area ch. 23, Angeloni I., Kashyap A. & Mojon B. (eds), CUP 2003 (with Jukka Topi)

Labour market flexibility in the euro area, European Business Journal, vol. 12:2, 100–110, 2000 (with Juha Kilponen & David Mayes)

Tax progression is good for employment in popular models of trade union behaviour, Labour Economics 3, 65–80, 1996 (with Erkki Koskela)

On the trends over time in the degree of concentration of wealth in Finland; Finnish Economic Papers, Vol. 1, No.2, 1988, 184–190 (with Matti Tuomala)

Bank of Finland publications

Bank of Finland Discussion Papers (BoF DP)

Monetary policy and learning in an open economy, BoF DP 3/2004 (with Martin Ellison & Lucio Sarno)

Dynamics of investment behaviour in Finland; Aggregate and firm level evidence, BoF DP 22/2002

Declining labour share, Evidence of a change in the underlying production technology, BoF DP 10/2001 (with Antti Ripatti)

The effects of transmission uncertainty on the flexibility-credibility tradeoff in monetary policy, BoF DP 14/1999 (with Marc-Alexandre Sénégas

Anticipated monetary policy and the dynamic behaviour of the term structure of interest rates, BoF DP 12/1999 (with Jarkko Jääskelä)

Unemployment in a small open economy: Finland and New Zealand, BoF DP 10/1999 (with David Mayes).

Macroeconomic effects of looming policy shifts: Non-falsified expectations and peso problems, BoF DP 13/1998.

Relative prices and monetary policy information variables; Long run evidence from Finland, BoF DP 32/1995 (with Antti Ripatti)

Monopoly unions, corporatism and optimal structure of labour taxation, BoF DP 17/1994 (with Erkki Koskela)

Viewpoints on ”Three assessments of Finland’s economic crisis and economic policy”, BoF DP 5/1994 (with Jarmo Kontulainen)

The development of the Finnish foreign debt, BoF DP 40/1989 (in Finnish) (with Pertti Haaparanta)

Demand for durables in Finland, BoF DP 25/1989 (in Finnish) (with Pertti Haaparanta).

Expectations of higher future income reduce household saving, BoF DP 21/1988 (in Finnish) (with Pertti Haaparanta & Christian Stark)

Other Bank of Finland publications

Labour markets, wage indexation and exchange rate policy.
Bank of Finland B:045, 1992, 159 p.

Microanalysis of price-change frequencies.
Bank of Finland Bulletin Vol 1; 2005: 95–99

Aino: the Bank of Finland's new dynamic general equilibrium model of the Finnish economy,: Bank of Finland Bulletin Vol 78; 3; 2004: 71–79 (with Juha Kilponen & Antti Ripatti)

Saving and indebtedness among different age groups in Finland, Bank of Finland Bulletin 4, 1991 (with Matti Virén)

Other publications

How often do consumer prices change in Finland: Observations from microdata on consumer prices, in the publication dedicated to Erkki Koskela (Julkinen talous, rahoitus ja talouspolitiikka), Honkapohja, Stenbacka, Vanhala & Vesala (eds);. 2006: 52–68, (in Finnish)

Caution or Activism? Monetary Policy Strategies in an Open Economy
(with Martin Ellison & Lucio Sarno) Warwick Finance; Working Paper Series 06, CEPR DP 4766/2004

Sticky prices in the euro area, a summary of new micro evidence
(with Luis J. Àlvarez, Emmanuel Dhyne, Marco Hoeberichts, Claudia Kwapil, Hervé Le Bihan, Patrick Lünnemann, Fernando Martins, Roberto Sabbatini, Harald Stahl & Philip Vermeulen)
• Bank of France Working Papers 138/November 2005
• Banco de Portugal Working papers 5-06/January 2006
• DNB Working Paper 62/December 2005
• ECB Working Paper Series 563/December 2005: 22

Price setting in the euro area; some stylized facts from individual consumer price data.
(with Emmanuel Dhyne, Luis J. Àlvarez, Hervé Le Bihan, Giovanni Veronese, Daniel Dias, Johannes Hoffman, Nicole Jonker, Patrick Lünnemann & Fabio Rumler)
• Bank of France Working Papers 136/Nov 2005
• Banco de portugal ; Estudos e documentos de trabalho ; Working papers 6/2005 (Jun 2005)
• Bank of Spain Working Papers 528, 2005
• European Central Bank; Working paper 524, September 2005
• National Bank of Belgium; Working paper 74 (16.9.2005)

Biased Technical Change and Capital-Labour Substitution in Finland, 1902-2003, Helsinki Center of Economic Research, Discussion Papers No 56 / March 2005 (with Jukka Jalava, Matti Pohjola & Antti Ripatti)

Comment on "Seignorage Wealth in the Eurosystem: Eurowinners and Eurolosers Revisited", H. Sinn – H. Feist, in European monetary integration, H.-W. Sinn – M. Widgrén – M. Köthenbürger (eds), CESifo Seminar Series, The MIT Press 2004.

Strong Contagion with Weak Spillovers, CEPR DP 4762/2004 (with Martin Ellison & Liam Graham)

Transmission of Monetary policy shocks in Finland: evidence from bank-level data on loans, ECB Working Paper 100, 2001 (with Jukka Topi)

Taxes, growth and unemployment in the OECD countries: Does collective bargaining matter?, Government Institute for Economic Research (VATT) DP 235/2000 (with Jaakko Kiander & Juha Kilponen)

On the trends over time in the degree of concentration of wealth in Finland,: University of Helsinki, Department of Economics, Discussion Papers, 235, 1985 (with Matti Tuomala)

Wage Indexation and Macroeconomics in Money, Inflation and Economic Policy, Honkapohja S. & Suvanto A. (eds.), 161–186, 1988 (in Finnish) (with Pertti Haaparanta)

Tax progression is good for employment in popular models of trade union behaviour, University of Helsinki, Department of Economics, Discussion Papers. 377, 1995 (with Erkki Koskela)

 

 Selected publications

 

Articles in refereed journals

Monetary policy and learning in an open economy, Macroeconomic Dynamics, Forthcoming (with Martin Ellison& Lucio Sarno)

Strong contagion with weak spillovers, Review of Economic Dynamics, Volume 9, Issue 2, April 2006: 263-283 (with Martin Ellison & Liam Graham)

Sticky prices in the euro area: A summary of new micro-evidence
Journal of the European Economic Association, 4, 2-3, 2006: 575-584 (with Luis J. Àlvarez, Emmanuel Dhyne, Marco Hoeberichts, Claudia Kwapil, Hervé Le Bihan, Patrick Lünnemann, Fernando Martins, Roberto Sabbatini, Harald Stahl & Philip Vermeulen)

Price changes in the euro area and the United States: Some facts from individual consumer price data, Journal of Economic Perspectives, 20, 2, Spring 2006: 171-192 (with Emmanuel Dhyne, Luis J. Àlvarez, Hervé Le Bihan, Giovanni Veronese, Daniel Dias, Johannes Hoffman, Nicole Jonker, Patrick Lünnemann & Fabio Rumler)

Biased technical change and capital-labour substitution in Finland, 1902–2003  
Topics in Macroeconomics, Vol. 6, No. 1, 2006: Article 8 (with Jukka Jalava, Matti Pohjola & Antti Ripatti)

A simple approach to calculating the incentives for policy activism under learning, Economics Letters 86:2, 167–72, February 2005 (with Martin Ellison)

Labour taxation, public finance and wage determination: evidence from OECD countries, European Journal of Political Economy 20:4, 983-99, November 2004 (with .Jaakko Kiander & Juha Kilponen)

Transmission of monetary policy shocks in Finland: evidence from bank-level data on loans, in Monetary Policy Transmission in the Euro Area ch. 23, Angeloni I., Kashyap A. & Mojon B. (eds), CUP 2003 (with Jukka Topi).

Labour market flexibility in the euro area, European Business Journal, vol. 12:2, 100–110, 2000 (with Juha Kilponen & David Mayes)

Tax progression is good for employment in popular models of trade union behaviour, Labour Economics 3, 65–80, 1996 (with Erkki Koskela)

On the trends over time in the degree of concentration of wealth in Finland; Finnish Economic Papers, Vol. 1, No.2, 1988, 184–190 (with Matti Tuomala)

 

 Work in progress

 
Inflation and output variability trade-off under optimal monetary policy: evidence from the euro area (with Juha Kilponen & Marc-Alexandre Sénégas)

How often do prices change in Finland: microlevel evidence from the CPI (with Helinä Laakkonen) 

Estimating hazard functions for the duration of price spells using microlevel CPI-data from Finland (with Helinä Laakkonen) 

Using spectral and wavelet analysis to detect cycles in the real economy (with Patrick Crowley)
 

 BoF Publications

 
• Monetary policy and learning in an open economy, BoF DP 3/2004 (with Martin Ellison & Lucio Sarno)
• Dynamics of investment behaviour in Finland; Aggregate and firm level evidence, BoF DP 22/2002
• Declining labour share, Evidence of a change in the underlying production technology, BoF DP 10/2001 (with Antti Ripatti)
• The effects of transmission uncertainty on the flexibility-credibility tradeoff in monetary policy, BoF DP 14/1999 (with Marc-Alexandre Sénégas
• Anticipated monetary policy and the dynamic behaviour of the term structure of interest rates, BoF DP 12/1999 (with Jarkko Jääskelä)
• Unemployment in a small open economy: Finland and New Zealand, BoF DP 10/1999 (with David Mayes)
• Macroeconomic effects of looming policy shifts: Non-falsified expectations and peso problems, BoF DP 13/1998
• Relative prices and monetary policy information variables; Long run evidence from Finland, BoF DP 32/1995 (with Antti Ripatti)
• Monopoly Unions, corporatism and optimal structure of labour taxation, BoF DP 17/1994 (with Erkki Koskela)
• Viewpoints on ”Three assessments of Finland’s economic crisis and economic policy”, BoF DP 5/1994 (with Jarmo Kontulainen)
• The development of the Finnish foreign debt, BoF DP 40/1989 (in Finnish) (with Pertti Haaparanta)
• Demand for durables in Finland, BoF DP 25/1989 (in Finnish) (with Pertti Haaparanta)
• Expectations of higher future income reduce household saving, BoF DP 21/1988 (in Finnish) (with Pertti Haaparanta & Christian Stark)