Research publications

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

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

2022

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?
Online First: 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
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

2021

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
Online First: 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
Stanisławska, Ewa; Paloviita, Maritta; Łyziak, Tomasz
Consumer inflation views: micro-level inconsistencies and macro-level measures
Published: Economics Letters 17.7.2021
Kultti, Klaus; Takalo, Tuomas; Vähämaa, Oskari
Intermediation in a Directed Search Model
Published: Journal of Economics & Management Strategy 15.6.2021
Haavio, Markus; Jalasjoki, Pirkka; Kilponen, Juha; Paloviita, Maritta
What does "below, but close to, two per cent" mean? Assessing the ECB's reaction function with real time data
Published: International Journal of Central Banking 1.6.2021
Tölö, Eero; Virén, Matti
How much do non-performing loans hinder loan growth in Europe?
Published: European Economic Review 26.5.2021
Juselius, Mikael; Takáts, Előd
Inflation and demography through time
Published: Journal of Economic Dynamics and Control 30.4.2021
Gulan, Adam; Haavio, Markus; Kilponen, Juha
Can large trade shocks cause crises? The case of the Finnish-Soviet trade collapse
Published: Journal of International Economics 24.4.2021
Borio, Claudio; Disyatat, Piti; Juselius, Mikael; Rungcharoenkitkul, Phurichai
Why so low for so long? A long-term view of real interest rates
Forthcoming: International Journal of Central Banking 8.4.2021
Schmöller, Michaela; Spitzer, Martin; Elfsbacka Schmöller, Michaela
Deep Recessions, Slowing Productivity and Missing (Dis-)inflation in the euro area
Published: European Economic Review 5.3.2021
Francis, Bill B.; Hasan, Iftekhar; Shen, Yinjie (Victor); Wu, Qiang
Do activist hedge funds target female CEOs? The role of CEO gender in hedge fund activism
Published: Journal of Financial Economics 27.2.2021

2020

Delis, Manthos D.; Hasan, Iftekhar; Iosifidi, Maria; Ongena, Steven
Gender, Credit, and Firm Outcomes
Published: Journal of Financial and Quantitative Analysis 7.12.2020
Honkapohja, Seppo; Mitra, Kaushik
Price level targeting with evolving credibility
Published: Journal of Monetary Economics 29.11.2020
Hasan, Iftekhar; He, Qing; Lu, Haitian
Social Capital, Trusting, and Trustworthiness: Evidence from Peer-to-Peer Lending
Published: Journal of Financial and Quantitative Analysis 3.11.2020
Arifin, Taufiq; Hasan, Iftekhar; Kabir, Rezaul
Transactional and relational approaches to political connections and the cost of debt
Published: Journal of Corporate Finance 22.10.2020
McClung, Nigel
E-Stability vis-a-vis Determinacy in Regime-Switching Model
Published: Journal of Economic Dynamics and Control 6.10.2020
Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela
Uncertainty and monetary policy in good and bad times: A Replication of the VAR investigation by Bloom (2009)
Forthcoming: Journal of Applied Econometrics 14.8.2020
Ambrocio, Gene; Hasan, Iftekhar; Jokivuolle, Esa; Ristolainen, Kim
Are bank capital requirements optimally set? Evidence from researchers’ views
Published: Journal of Financial Stability 22.7.2020
Arias, Jonas E.; Ascari, Guido; Branzoli, Nicola; Castelnuovo, Efrem
Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model
Published: International Journal of Central Banking 15.6.2020
Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios
Cross-country evidence on the relationship between regulations and the development of the life insurance sector
Published: Economic Modelling 10.6.2020
Tölö, Eero
Predicting systemic financial crises with recurrent neural networks
Published: Journal of Financial Stability 31.5.2020
Delis, Manthos D.; Hasan, Iftekhar; Ongena, Steven
Democracy and credit
Published: Journal of Financial Economics 15.4.2020
Hasan, lftekhar; Hoi, Chun-Keung(Stan); Wu, Qiang; Zhang, Hao; Hasan, Iftekhar
Is social capital associated with corporate innovation? Evidence from publicly listed firms in the U.S
Published: Journal of Corporate Finance 8.4.2020
Hasan, Iftekhar; Minnick, Kristina; Raman, Kartik
Credit allocation when borrowers are economically linked: An empirical analysis of bank loans to corporate customers
Published: Journal of Corporate Finance 7.4.2020
Juselius, Mikael; Drehmann, Mathias
Leverage dynamics and the burden of debt
Published: Oxford Bulletin of Economics and Statistics 1.4.2020

Refereed publications

Discussion Papers

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.