Research seminars

Research seminars organised by the Bank of Finland's research unit are held on Thursdays at 10:30–12:00 in Rauhankatu 19, 3rd floor big meeting room (unless indicated otherwise). Seminars are held in English. Head of Research Jouko Vilmunen is responsible for the seminar programme.

Research seminars are open to all interested parties (unless indicated otherwise). Please register in advance at research(at) by noon of the preceding day. Visitors will be escorted from Rauhankatu 19 B (kirjasto bibliotek) entrance to the seminar room 10 minutes before the seminar.


 Forthcoming and previous seminars



Time Speaker/Affiliation Title
​Thu 12 Jan 2017
​Matthias Kehrig
(University of Mannheim)
​Do firms mitigate or magnify capital misallocation? Evidence from plant-level data


Time Speaker/Affiliation Title
​Thu 17 Nov 2016
​Andrea Caggese
(Pompeu Fabra)
​Reallocation of intangible capital and secular stagnation
​Thu 10 Nov 2016
​Michal Andrle
​System priors
​Thu 3 Nov 2016
​Seppo Honkapohja
(Bank of Finland)
​Expectations, stagnation and fiscal policy
​Thu 27 Oct 2016
​Kozo Ueda
(Waseda University)
The optimal inflation rate under Schumpeterian growth​
​Thu 20 Oct 2016
​James Costain
(Banco de Espana)
​Fiscal delegation in a monetary union: instrument assignment and stabilization properties
​Thu 29 Sep 2016
​Päivi Puonti
(University of Helsinki)
​Data-driven BVAR analysis of the macroeconomic impact of unconventional monetary policy measures
​Thu 15 Sep 2016
​Bonnie Buchanan
(Seattle University)
​Uncertainty and firm dividend policy - A natural experiment
​Thu 8 Sep 2016
​Gauti Eggertsson
(Brown University)
Capital risk and secular stagnation
​Thu 1 Sep 2016
​Alistair Milne
(Loughborough University)
​Digital money and the transmission mechanism
​Thu 18 Aug 2016
​Christoph Grosse Steffen
(Banque de France)
​Ambiguity and time-varying risk aversion in sovereign debt markets
​Thu 4 Aug 2016
​Pia Rattenhuber
​Access to affordable housing in OECD countries
​Thu 16 Jun 2016
​Christian Upper
​Labour reallocation and productivity dynamics: financial causes, real consequences
​Tue 7 Jun 2016
​Goncalo Faria
(Catolica Porto business school)
​The Correlation Risk Premium Term Structure
​Thu 2 Jun 2016
​Giovanni Caggiano
(University of Padova)
E​stimating the Real Effects of Uncertainty Shocks at the Zero Lower Bound
Thu ​19 May 2016
​Fiorella de Fiore
(ECB research)
​Credit subsidies
​Wed 18 May 2016
​Jussi Keppo
(National University Singapore)
​Stock Market Spoofing
Thu ​12 May 2016
​John Thanassoulis
(Warwick university)
​Ethical standards and cultural assimilation in financial services
Thu ​28 Apr 2016
​Filippo Ferroni
(JRC - Joint Research Centre)
​Were the ECB announcements Delphic or Odyssean
Thu ​21 Apr 2016
​Roberto Billi
​Price Level Targeting and Risk Management
​Tue 19 Apr 2016
​Yiming Qian
(Iowa University)
Entrusted Loans: A Close Look at China’s Shadow Banking System
​Thu 14 Apr 2016
​Francesco Furlanetto
(Norges Bank)
​Labor Supply Factors and Economic Fluctuations
Thu ​31 Mar 2016
​Frédéric Malherbe
​Optimal capital requirements over the business and financial cycles
Thu ​3 Mar 2016
​Ricardo Reis
(Columbia / LSE)
​QE in the Future: the Central Bank's Balance Sheet in a Fiscal Crisis
Thu ​25 Feb 2016
​Mathias Trabandt
(Freie Universitat Berlin)
Fiscal Multipliers in a Nonlinear World
​Wed 3 Feb 2016
​Ulrike Malmendier
(University of California, Berkeley)
​The Making of Hawks and Doves: Inflation Experiences and Voting on the FOMC
Thu ​21 Jan 2016
Nobuhiro Kiyotaki
(Princeton / LSE)
​Monetary and Financial Policies in Emerging Markets
​Thu 14 Jan 2016
​Valeriya Dinger
(University of Osnabrück)
​Evaluating Interest Rate Adjustment Costs


Time Speaker/Affiliation Title
​Mon 21 Dec 2015
​Alistair Milne
(Loughborough University)
Harry Leinonen
(the Ministry of Finance)
​Public policy issues in Bitcoin and other distributed ledger payment and settlement technologies
​Tue 15 Dec 2015
​Rafael Repullo
​Search for Yield
​Thu 10 Dec 2015
​Todd Keister
(Rutgers University)
​Liquidity Regulation and the Implementation of Monetary Policy
​Thu 19 Nov 2015
Jani Petri Laamanen
(University of Tampere)
Home-ownership, mortgages and the labour market
​Thu 12 Nov 2015
Andrea Ferrero
(Oxford University)
- ​Demographics and Real Interest Rates: Inspecting the Mechanism
- What Explains Japan's Persistent Deflation?
​Thu 29 Oct 2015
​Yehning Chen
(Taiwan National University)
​Managerial Characteristics and Bank Loan Contracting: Will Banks Prefer Overconfident Borrowers?
​Thu 15 Oct 2015
​Salvatore Nisticó
(Sapienza University of Rome)
​Non-neutrality of open-market operations (with Pierpaolo Benigno)
​Thu 8 Oct 2015
​Michal Brzoza-Brzezina
(National Bank of Poland)
​Monetary and macroprudential policy with multiperiod loans
(with Paolo Gelain and Marcin Kolasa)
​Thu 1 Oct 2015
​Enrique G. Mendoza
(University of Pennsylvania)
​Optimal, Time-Consistent Macroprudential Policy (with Javier Bianchi)
​Thu 17 Sep 2015
​Neil Mehrotra (Brown University) ​A Model of Secular Stagnation
(with Gauti Eggertsson)
​Thu 10 Sep 2015
​Matti Suominen
(Aalto university)
​Dash for Cash: Month-End Liquidity Needs and the Predictability of Stock Returns
​Mon 7 Sep 2015
​Johanna Wallenius (Stockholm School of Economics) ​Retirement, Home Production and Labor Supply Elasticities
​Thu 3 Sep 2015
​Johannes Pfeifer
(Mannheim University)
​Does austerity pay off?
Thu ​20 Aug 2015
Alistair Milne ​Balance sheet constraints and firesale externalities
​Fri 12 Jun 2015
​Markku Lanne
(University of Helsinki)
​Identification and estimation of non-Gaussian structural vector autoregressions
​Thu 11 Jun 2015
​Stefano Neri
(Bank of Italy)
​The Macroeconomic Effects of Low and Falling Inflation at the Zero Lower Bound
​Wed 10 Jun 2015
​Richard Baldwin (CEPR) ​Misthinking Globalization?
​Thu 4 Jun 2015
​Yuliy Sannikov
(Princeton University)
​I-theory of Money
​Mon 1 Jun 2015
​Michele Modugno
(FED Board)
​The Low Frequency Effects of Macroeconomic News on Government Bond Yields
​Thu 21 May 2015
Søren Hove Ravn
(University of Copenhagen)
​Changing Credit Limits, Changing Business Cycles
​Wed 20 May 2015
​Miles Kimball
(University of Michigan)
​Breaking through the zero lower bound
​Thu 7 May 2015
​Marianne Verdier
(University of Panthéon Assas, Paris)
Double Internalization and Interchange Fee Bias
​Thu 23 Aprl 2015
​Yupana Wiwattanakantang (National University of Singapore) ​Ownership and Control of Family Firms after IPO
​Thu 12 Mar 2015
​Ctirad Slavik
(Goethe University Frankfurt)
​Asset prices and business cycles with financial shocks
Thu 5 Mar 2015​
Mathias Drehmann
Leverage dynamics and the real burden of debt
​Tue 10 Feb 2015
​Thomas Gehrig
(University of Vienna)
​Supervising cross-border banks
Fri 6 Feb 2015
​Kazim Azam
(VU University Amsterdam)
​Mixed density based copula likelihood
​Mon 2 Feb 2015
​Gene Ambrosio
(University Pompeu Fabra)
​Rational exuberance and information production
​Mon 26 Jan 2015
​Jose Fique
(Indiana University Bloomington)
​A microfounded design of interconnectedness-based macroprudential regulation
Thu 8 Jan 2015​ Jo Van Biesebroeck
(KU Leuven, Belgium)
Firm creation, job creation and de novo entry


Time Speaker/Affiliation Title
​Thu 4 Dec 2014 ​Prof. Dr. Valeriya Dinger University of Osnabrück, Germany ​Are banks less likely to issue equity when they are less capitalized?
Thu 2 Oct 2014​ Luca Gambetti
Universitat Autònoma de Barcelona
Noisy news in business cycles​
Thu 4 Sep 2014​ Riccardo Masolo
Bank of England
Monetary policy with ambiguity averse agents​
Thu 8 May 2014​ Janne Tukiainen
Government Institute for Economic Research (VATT)
Central bank liquidty auction mechanism design and the interbank market​
Thu 3 Apr 2014​ Taneli Mäkinen
Banca d'Italia
Information acquisition and learning from prices over the business cycle​
Thu 6 Mar 2014 Ph.D. Niku Määttänen​
Research Institute of the Finnish Economy (Etla)
Housing market dynamics with credit and matching frictions
Fri 14 Feb 2014
Prof. Kjetil Storesletten
University of Oslo​
China's great transformation​
Thu 6 Feb 2014​ Dr. Ivan Jaccard
European Central Bank​
Capital flows and the adjustment to common shocks in a two-country business cycle model​
Fri 31 Jan 2014 at 10:30–12:00​ Prof. Thomas Noe
University of Oxford​
Blood and Money: Kin altruism, governance, and inheritance in the family firm​


Time Speaker/Affiliation Title
Thu 5 Dec 2013 Prof. Harry Huizinga, Tilburg University​ Bank ownership and credit over the business cycle: Is lending  by state banks less procyclical?​
Thu 7 Nov 2013​ Prof. Mikko Puhakka​, University of Oulu Private versus public old-age security​
Thu 3 Oct 2013​ Prof. Kaisa Kotakorpi, University of Turku​ Returns to office in national and local politics
Thu 6 Jun 2013​ Assoc. Prof. Berthold Herrendorf
Arizona State University​
The allocation of time in the US and continental Europe
Mon 20 May 2013
at 10:30–12:00
Rauhankatu 19
President and CEO
James Bullard
Federal Reserve Bank of St. Louis
Debt overhang and monetary policy
Mon 13 May 2013
at 13:30​–15:00
Rauhankatu 19
4th floor big meeting room
Executive VP and Senior Policy Advisor Jeff Fuhrer
Federal Reserve Bank of Boston
Real expectations: Replacing rational expectations with survey expectations in dynamic macro models​
Thu 2 May 2013​ Ph.D. Giovanni Calice
University of Birmingham​
Liquidity spillovers in sovereign bond and CDS markets: An analysis of the eurozone sovereign debt crisis
Thu 4 Apr 2013 Prof. Franck Portier
Toulouse School of Economics & Institut d'Economie Industrielle (IDEI)
A gains from trade perspective on macroeconomic fluctuations
Thu 7 Mar 2013 Ph.D. Bartosz Maćkowiak
European Central Bank
Granger-causal-priority and choice of variables in vector autoregressions
Fri 15 Feb 2013
at 10:30
Rauhankatu 19 Auditorium​
Prof. Hans-Werner Sinn
Ifo Institute​
The European balance of payment crisis​
Thu ​7 Feb 2013 Prof. Timo Teräsvirta
Aarhus University​
Specification, estimation and evaluation of vector smooth transition autoregressive models with applications​
Thu 10 Jan 2013​ Ass. Prof. Teodora Borota
Uppsala​ University
World trade patterns and prices: The role of productivity and quality heterogeneity


Time Speaker/Affiliation Title
Thu 13 Dec 2012 Prof. Pentti Saikkonen
University of Helsinki​
A Gaussian mixture autoregressive model for univariate time series
Thu ​4 Oct 2012 Ph.D. Paolo Zagaglia​
University of Bologna
Network formation in the Euro interbank market: A longitudinal analysis of the turmoil
Thu 7 June 2012​ Prof. Guido Ascari
University​ of Pavia​
Does inflation walk on unstable paths? Rational sunspots and drifting parameters​
Thu 3 May 2012 Prof. Guglielmo Maria Caporale
Brunel University London​​
Fiscal spillovers in the euro area​
Wed 4 Apr 2012
at 14.30​
Prof. Lars Jonung
Lund University
​Searching for a macroprudential regime. The case of Sweden​
Fri 10 Feb 2012​
Rauhankatu 19, Auditorium
Prof. Per Krusell
Stockholm University​
Asset trading and valuation with uncertain exposure
Thu 12 Jan 2012 Prof. Charles Noussair
Tilburg School of Economics and Management​
DSGE macro experiments​ at the central bank


Time Speaker/Affiliation Title
Thu 1 Dec 2011​ D.Soc.Sc. Paavo Miettinen
Bank of Finland​
Bank of Finland balance sheet model​
Thu 3 Nov 2011​ Ass. Prof. Christian Matthes
Universitat Pompeu Fabra​
Optimal Disinflation Under Learning​
Thu 1 Sep 2011​ Ph. D. Tianxi Wang
University of Essex​
Is the Banking Sector Too Big?
Thu 9 Jun 2011​ Prof. Panu Poutvaara
University of Munich​
Preferences for Redistribution among Emigrants from a Welfare State​
Tue 5 Apr 2011 at 10.00–11.30​ Ph.D. Juha Kilponen
European Financial Stability Facility (EFSF)​
Sovereign Risks and Elements of Crisis Resolution for the Euro Area​
Thu 3 Mar 2011 Prof. Jagjit Chadha
University of Kent​
Roundheads versus Cavaliers: An Early Assessment of Quantitative Easing​
Fri 4 Feb 2011 at 14.00–15.30
Rauhankatu 19, Auditorium​
Prof. John B. Taylor
Stanford University​
Can a Rule for Monetary Policy Be Legislated?​


Time Speaker/Affiliation Title
Thu 2 Dec 2010 Ass. Prof. Saku Aura
University of Missouri
A Simple Positive Theory of Government Land Sales
Thu 4 Nov 2010 Prof. Markku Kaustia
Aalto University School of Economics
What drives the heterogeneity in portfolio choice? The role of traditional, institutional, and behavioral factors
Wed 6 Oct 2010 Ph.D. Jiří Slačálek
European Central Bank
Disagreement among forecasters in G7 countries
Thu 2 Sep 2010 Ph.D. Erkko Etula
Federal Reserve Bank of New York
Funding Liquidity Risk and the Cross-Section of Stock Returns
Wed 25 Aug 2010 Ph.D. Biliana Alexandrova-Kabadjova
Banco de México
Understanding bank failure: A close examination of rules created by Genetic Programming 
Wed 4 Aug 2010
at 10.00–11.30
Rauhankatu 19, Auditorium
Ph.D. Jonathan Heathcote
Federal Reserve Bank of Minneapolis
Redistributive Taxation in a Partial-Insurance Economy
Thu 6 May 2010 Prof. Markku Lanne
University of Helsinki
Optimal Forecasting of Noncausal Autoregressive Time Series
Thu 8 Apr 2010 Ph.D. Samuel Reynard
Swiss National Bank
Modeling Monetary Policy
Thu 4 Mar 2010 Ph.D. Student Qinwei Wang
University of Cambridge
Heterogeneous Expectations, Learning and Monetary Policy Rules in a Two-Country Model
Tue 16 Feb 2010
at 13.00–14.30
Rauhankatu 19, Auditorium
Dr. Richard Clarida
Columbia University & NBER & PIMCO
Currency Carry Trades
Fri 5 Feb 2010
Rauhankatu 19, Auditorium
Prof. Jaume Ventura
Universitat Pompeu Fabra
Theoretical Notes on Bubbles and the Current Crisis
Thu 28 Jan 2010
at 10.30–12.00
Rauhankatu 19, Auditorium
Prof. Fabrizio Zilibotti
University of Zurich
Growing like China
Thu 14 Jan 2010 D.Sc. Chitro Majumdar
R-square RiskLab
Economic Risk Capital Measure & Credit Derivative Pricing Issues: Credit Tsunami and Beyond


Time Speaker/Affiliation Title
Thu 3 Dec 2009 Academy Research Fellow Pauli Murto
Helsinki School of Economics
Exit Options and Dividend Policy under Liquidity Constraints
Fri 6 Nov 2009
at 10.00–12.00
Prof. Kjell Nyborg
University of Zurich, Swiss Banking Institute
Money and liquidity in financial markets
Thu 1 Oct 2009 Ph.D. Henri Pagès
Banque de France
Bank incentives and optimal CDOs
Fri 18 Sep 2009
at 10.00–11.30
Prof. Volker Wieland
Goethe University Frankfurt
Keynesian government spending multipliers and spillovers in the euro area
Thu 3 Sep 2009 Ph.D. Tiago Cavalcanti
University of Cambridge
The Welfare Gains of Financial Liberalization: Capital Accumulation and Idiosyncratic Risks
Wed 2 Sep 2009 Ass. Prof. Alfred Guender
University of Canterbury, NZ
Instrument and Target Rules as Specifications of Optimal Monetary Policy
Wed 3 Jun 2009
at 9.00–10.15
Rauhankatu 19,
Prof. Viral Acharya
Stern School of Business, New York University
Restoring Financial Stability: How to Repair a Failed System
Thu 7 May 2009 Prof. Kai Leitemo
Norwegian School of Management
The price puzzle: Mixing the temporary and permanent monetary policy shocks
Thu 2 Apr 2009 Prof. Matti Keloharju
Helsinki School of Economics 
Do smart investors outperform dumb investors?
Thu 5 Mar 2009 Prof. Klaus Adam
Mannheim University
Monetary Policy and Aggregate Volatility
Fri 6 Feb 2009
Rauhankatu 19, Auditorium
Prof. Jean-Charles Rochet
Toulouse School of Economics
The future of banking regulation: BASEL II after the crisis
Thu 8 Jan 2009 Ass. Prof. Yrjö Koskinen
Boston University
The Euro and Corporate Financing


Time Speaker/Affiliation Title
Fri 5 Dec 2008​ Prof. Raghuram G. Rajan
University of Chicago
The Global Roots of the Current Financial Crisis and its Implications for Regulation​
Thu 4 Dec 2008 Ph.D. Christian Haefke
Institute for Advanced Studies 
Wage Rigidity and Job Creation 
Thu 6 Nov 2008 Prof. Matti Suominen
Helsinki School of Economics 
Arbitrage Capital and Currency Carry Trade Returns (updated 2 Feb 2010)
Executive summary of the research (18 Nov 2008)
Thu 2 Oct 2008 Ph.D. Gyöngyi Lóránth
University of Cambridge 
Internal Reporting System, Compensation Contracts, and Bank Regulation 
Thu 4 Sep 2008 Ass. Prof.  Antonella Trigari
Bocconi University
An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining
Thu 8 May 2008 Prof.  Charles M. Kahn
University of Illinois at Urbana-Champaign & Bank of England
Liquidity, Payment and Endogenous Financial Fragility (24 Nov 2008)
Thu 3 Apr 2008 Ass. Prof. Silvia Marchesi
University of Milano-Bicocca
Agency and communication in IMF conditionality
Thu 6 Mar 2008 Ph.D. Giacomo Carboni
European Central Bank
Inflation and Output Volatility under Asymmetric Incomplete Information
Fri 15 Feb 2008 Ph.D. Candidate Paolo Zagaglia
Stockholm University
The term structure of interest rates and the monetary transmission mechanism
Thu 10 Jan 2008 Prof. Ph.D. Erkki Koskela
University of Helsinki
Strategic outsourcing, profit sharing and equilibrium unemployment


Time Speaker/Affiliation Title
Thu 13 Dec 2007 Ass. Prof. Samuli Knüpfer
Helsinki School of Economics
Bricks-and-mortar banks and stock market participation
Thu 8 Nov 2007 Ph.D. Student Alina Barnett
University of Warwick
Inflation, Unemployment and Recursive Learning
Thu 4 Oct 2007 Prof. Juuso Välimäki
Helsinki School of Economics
Dynamic Marginal Contribution Mechanism
Thu 6 Sep 2007 Prof. Seppo Honkapohja
University of Cambridge
Liquidity Traps, Learning and Stagnation

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