Research publication

The Bank of Finland aims to have the results of its research activities published in international peer-reviewed journals. The listing ‘Selected research’ includes publications in categories 1–3 of the Bank of Finland’s graduated quality scale (grades 1–4) for research publications.

Selected research

2026

Haavio, Markus; Heikkinen, Joni; Jalasjoki, Pirkka; Kilponen, Juha; Paloviita, Maritta; Vänni, Ilona
Reading between the lines; Uncovering asymmetry in the central bank loss function
Forthcoming: Journal of Money, Credit and Banking | 2.2.2026

2025

Takalo, Tuomas; Tanayama, Tanja ; Toivanen, Otto
Welfare effects of R&D support policies
Forthcoming: RAND Journal of Economics | 22.12.2025

Honkapohja, Seppo; McClung, Nigel
On Robustness of Average Inflation Targeting
Published: European Economic Review | 8.12.2025

Eerola, Essi; Kosonen, Tuomas; Kotakorpi, Kaisa; Lyytikäinen, Teemu
Tax Compliance in the Rental Housing Market: Evidence from a Field Experiment
Forthcoming: American Economic Journal: Economic Policy | 19.11.2025

Haavio, Markus; Ripatti, Antti; Takalo, Tuomas
Public Funding of Banks and Firms in a Time of Crisis
Published: International Journal of Central Banking | 1.10.2025

Faria, Goncalo; Verona, Fabio
Unlocking predictive potential : the frequency-domain approach to equity premium forecasting
Published: Journal of Empirical Finance | 2.9.2025

Ambrocio, Gene
Inflationary Household Uncertainty Shocks
Online First: Journal of Money, Credit and Banking | 7.6.2025

Fungáčová, Zuzana; Kerola, Eeva; Laine, Olli-Matti
Monetary Policy Below Zero: An Empirical Investigation of the Reversal Rate
Forthcoming: International Journal of Central Banking | 19.3.2025

Kwan, Simon; Ulate, Mauricio; Voutilainen, Ville
The transmission of negative nominal interest rates in Finland
Online First: Journal of the European Economic Association | 30.1.2025

2024

Granziera, Eleonora; Jalasjoki, Pirkka; Paloviita, Maritta
The Bias of the ECB Inflation Projections: a State Dependent Analysis
Online First: Journal of Forecasting | 21.11.2024

Heikkinen, Joni; Heimonen, Kari
Media tone : the role of news and social media on heterogeneous inflation expectations
Published: Journal of Forecasting | 20.11.2024

Carli, Francesco; Uras, Burak R.
E-money, risk-sharing, and welfare
Published: European Economic Review | 1.10.2024

Nissinen, Juuso; Sihvonen, Markus
Bond Convenience Curves and Funding Costs
Published: Journal of International Economics | 19.7.2024

Moreno, Diego; Takalo, Tuomas
Precision of Public Information Disclosures, Banks' Stability and Welfare
Online First: Journal of Money, Credit and Banking | 19.7.2024

Martins, Manuel M. F. ; Verona, Fabio
Forecasting inflation with the new Keynesian Phillips curve: frequencies matter
Published: Oxford Bulletin of Economics and Statistics | 1.7.2024

Sihvonen, Markus
Yield Curve Momentum
Published: Review of Finance | 15.5.2024

Moreno, Diego; Takalo, Tuomas
Stress Test Precision and Bank Competition
Published: Economics Letters | 9.4.2024

Stanisławska, Ewa; Paloviita, Maritta
Heterogeneous responsiveness of consumers’ medium-term inflation expectations
Online First: Economics Letters | 5.3.2024

Eo, Yunjong; McClung, Nigel
Determinacy and E-stability with interest rate rules at the zero lower bound
Published: Journal of Money, Credit and Banking | 21.1.2024

2023

Gibbs, Christopher G. ; McClung, Nigel
Does my model predict a forward guidance puzzle?
Published: Review of Economic Dynamics | 15.12.2023

Laine, Olli-Matti; Pihlajamaa, Matias
Pushing and pulling on a string? Inflationary effects of expansionary and contractionary monetary policies when rates are negative
Published: Economic Modelling | 9.12.2023

Granziera, Eleonora; Sihvonen, Markus
Bonds, Currencies and Expectational Errors
Published: Journal of Economic Dynamics and Control | 20.11.2023

Ascari, Guido; Mavroeidis, Sophocles; McClung, Nigel
Coherence without Rationality at the zero lower bound
Published: Journal of Economic Theory | 31.10.2023

Fungáčová, Zuzana; Schoors, Koen ; Solanko, Laura; Weill, Laurent
Staying on top: Political cycles in private bank lending
Published: Journal of Comparative Economics | 31.8.2023

Martins, Manuel M.F.; Verona, Fabio
Inflation dynamics in the frequency domain
Published: Economics Letters | 10.8.2023

Laine, Olli-Matti
Monetary policy transmission to firms’ investments — It may depend on the tool
Published: Economics Letters | 15.6.2023

Ambrocio, Gene; Hasan, Iftekhar
Political ties and the yield curve
Published: Economics Letters | 19.5.2023

Fungáčová, Zuzana; Karas, Alexei; Solanko, Laura; Weill, Laurent
The Politics of Bank Failures in Russia
Published: Post-Soviet Affairs | 19.5.2023

Sihvonen, Markus
Equity Home Bias in a Capital Market Union
Published: IMF Economic Review | 1.3.2023

Laine, Olli-Matti
Monetary Policy and Stock Market Valuation
Published: International Journal of Central Banking | 1.3.2023