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


Martins, Manuel M. F. ; Verona, Fabio
Forecasting inflation with the new Keynesian Phillips curve: frequencies matter
Online First: Oxford Bulletin of Economics and Statistics 23.5.2024
Haavio, Markus; Ripatti, Antti; Takalo, Tuomas
Public Funding of Banks and Firms in a Time of Crisis
Forthcoming: International Journal of Central Banking 23.4.2024
Moreno, Diego; Takalo, Tuomas
Stress Test Precision and Bank Competition
Online First: Economics Letters 9.4.2024
Stanisławska, Ewa; Paloviita, Maritta
Heterogeneous responsiveness of consumers’ medium-term inflation expectations
Published: Economics Letters 5.3.2024
Sihvonen, Markus
Yield Curve Momentum
Online First: Review of Finance 10.2.2024
Eo, Yunjong; McClung, Nigel
Determinacy and E-stability with interest rate rules at the zero lower bound
Online First: Journal of Money, Credit and Banking 21.1.2024


Gibbs, Christopher G. ; McClung, Nigel
Does my model predict a forward guidance puzzle?
Published: Review of Economic Dynamics 15.12.2023
Moreno, Diego; Takalo, Tuomas
Precision of Public Information Disclosures, Banks' Stability and Welfare
Forthcoming: Journal of Money, Credit and Banking 22.11.2023
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
Breitenlechner, Max; Nuutilainen, Riikka
China’s Monetary Policy and the Loan Market: How Strong is the Credit Channel in China?
Published: Open Economies Review 10.1.2023


Nurmi, Satu; Vanhala, Juuso; Virén, Matti
Are zombies for real? Evidence from zombie dynamics
Published: International Journal of Industrial Organization 27.10.2022
Fungáčová, Zuzana; Kerola, Eeva; Weill, Laurent
Does Experience of Banking Crises Affect Trust in Banks?
Published: Journal of Financial Services Research 2.10.2022
Fungáčová, Zuzana; Kerola, Eeva; Weill, Laurent
Does Bank Efficiency Affect the Bank Lending Channel in China?
Published: Emerging Markets Review 19.9.2022
Borio, Claudio; Disyatat, Piti ; Juselius, Mikael; Rungcharoenkitkul, Phurichai
Why So Low for So Long? A Long-Term View of Real Interest Rates
Published: International Journal of Central Banking 5.9.2022
Martinez, Joseba ; Philippon, Thomas; Sihvonen, Markus
Does a Currency Union Need a Capital Market Union
Published: Journal of International Economics 12.8.2022
Kilponen, Juha; Vilmunen, Jouko; Vähämaa, Oskari
Revisiting intertemporal elasticity of substitution in a sticky price model
Published: Journal of Economic Dynamics and Control 26.7.2022
Kilponen, Juha; Verona, Fabio
Investment dynamics and forecast: Mind the frequency
Published: Finance Research Letters 28.6.2022
Ambrocio, Gene; Gu, Xian; Hasan, Iftekhar
Political ties and raising capital in global markets: Evidence from Yankee bonds
Published: Journal of Corporate Finance 28.5.2022
Blomkvist, Magnus ; Korkeamäki, Timo ; Takalo, Tuomas
Learning and staged equity financing
Published: Journal of Corporate Finance 16.5.2022
Laine, Olli-Matti
The Term Structure of Equity Premia and the Macroeconomy : Some Results
Published: Economics Letters 14.5.2022
Juvonen, Petteri
Wage-setting coordination in a small open economy
Online First: Scandinavian Journal of Economics 7.5.2022
Davydov, Denis; Sihvonen, Jukka; Solanko, Laura
Who cares about sanctions? Observations from annual reports of European firms
Published: Post-Soviet Affairs 11.3.2022
Ambrocio, Gene; Colak, Gonul; Hasan, Iftekhar
Commitment or constraint? The effect of loan covenants on merger and acquisition activity
Published: Finance Research Letters 31.1.2022


McClung, Nigel
The Power of Forward Guidance and the Fiscal Theory of the Price Level
Published: International Journal of Central Banking 1.12.2021
Ambrocio, Gene; Gu, Xian; Hasan, Iftekhar; Politsidis, Panagiotis
The diplomacy discount in global syndicated loans
Published: Journal of International Money and Finance 6.11.2021
D'Acunto, Francesco; Hoang, Daniel; Paloviita, Maritta; Weber, Michael
IQ, Expectations, and Choice
Published: Review of Economic Studies 31.10.2021
Alpanda, Sami; Granziera, Eleonora; Zubairy, Sarah
State dependence of monetary policy across business, credit and interest rate cycles
Published: European Economic Review 15.10.2021
Fungáčová, Zuzana; Turk, Rima; Weill, Laurent
High Liquidity Creation and Bank Failures
Published: Journal of Financial Stability 10.9.2021
Tölö, Eero; Jokivuolle, Esa; Virén, Matti
Have Too-Big-To-Fail Expectations Diminished? Evidence from the European Overnight Interbank Market
Published: Journal of Financial Services Research 15.8.2021
Ambrocio, Gene; Hasan, Iftekhar
Quid pro quo? Political ties and sovereign borrowing
Published: Journal of International Economics 14.8.2021
Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela
Uncertainty and monetary policy in good and bad times: A Replication of the VAR investigation by Bloom (2009)
Published: Journal of Applied Econometrics 20.7.2021
Stanisławska, Ewa; Paloviita, Maritta; Łyziak, Tomasz
Consumer inflation views: micro-level inconsistencies and macro-level measures
Published: Economics Letters 17.7.2021

Other series

Non-refereed research publications are occasionally compiled in Scientific monographs and are otherwise listed under Other research publications. BOFIT also publishes a more practically oriented BOFIT Policy Brief series.