Bank of Finland
People: Slovenia gets new deputy; ECB appoints new member to financial stability council
Slovenian parliament appoints new deputy to central bank; ECB chooses Finnish deputy governor to sit on financial stability council
Economic growth on the horizon for Finland, says Liikanen
Improved productivity and higher employment are needed to boost economic growth, says Finnish governor; Bank of Finland’s forecasts show recovery will be slower than in previous cycles
Finnish paper rethinks transmission of financial shocks
Researcher’s model uses search and matching approach
Book notes: On central banking, by Jan Qvigstad
Qvigstad’s collection of lectures captures not just the culture of Norwegian central banking, but also an intellectual history of which the country can be proud
Unit root methods can help detect financial bubbles, Finnish paper argues
Researchers apply tool to data from 15 European countries
People: Finland appoints two central bank board members; Atlanta Fed promotes senior managers
Former European Commissioner Rehn joins Finnish board; Atlanta Fed makes four promotions; Switzerland changes regional delegate
Bank of Finland looking to streamline and upgrade payments simulator
Economist sheds light on the bank’s plans for adding new features, improving efficiency and integrating agent-based modelling
US enforcement actions stopped worse borrowing terms during subprime crisis, paper argues
Researchers compile database matching US enforcement actions to banks and their loans; price, duration and size of loans improved following enforcement actions, they argue
Liikanen calls for more macroprudential tools in Finland
Bank of Finland governor says new tools should be provided before there is a need to use them; warns of risks associated with growing debt-to-income ratios alongside weaker long-term growth
Liikanen anticipates more changes to come from digitisation
Many new actors in the payments system in recent years have still made use of existing instruments, Bank of Finland governor says – although this could change in the future
European markets may still view some banks as ‘too big to fail’, paper argues
European governments may be seen as supporting ‘national champions’ in banking, researchers say
2015: The year in review
Research exploring new frontiers and challenging the prevailing orthodoxies took centre stage over the past year - we look back at some of the biggest stories
External review recommends Bank of Finland expand its research unit
The Bank of Finland should increase the size of its research unit and revise its rankings of research journals, an external evaluation says
People: Finland names new head of statistics; RBI appoints executive director
Bank of Finland promotes head of macro-prudential analysis division to head of financial stability and statistics department; RBI gets new executive director; and more
Adaptive learning models offer route out of liquidity traps, paper argues
An adaptive learning-based macro model shows monetary easing policies can end a liquidity trap under certain conditions; empirical studies of easing differ widely on its effects
Liikanen discusses logic behind publishing ‘accounts’
Bank of Finland governor says it is important central banks exhibit a ‘high degree’ of transparency, noting the ECB decided to begin publishing accounts as policy became more unconventional
Finland governor donates month’s pay to help refugees
Erkki Liikanen will donate €10,000 to the Red Cross to help refugees; Mario Draghi says any European should be ‘horrified by the tragic loss of life happening on our doorstep’
Finnish deputy: international competition will change mortgage lending
Bank of Finland deputy argues conditions for international competition in mortgage lending are ‘improving’ and there is the potential for a ‘substantial impact’ in the eurozone
Liikanen sees potential for payments revolution
Bank of Finland governor says we are yet to witness the emergence of a ‘true future payment system’ but it nonetheless feels like ‘something fundamental has changed’
Bank of Finland launches second website with fresh design
Content from flagship publications will be published in a new format on a dedicated website, with a focus on the simple and clean presentation of text and graphs
Bank of Finland shuffles board responsibilities
Under new set-up, Erkki Liikanen is responsible for monetary policy preparation, domestic economic policy, financial market issues and external communications
Finnish paper explains why bank runs are sometimes partial
Discussion paper published by the Bank of Finland explains why bank runs in a situation where deposits are back with a government guarantee sometimes remain partial
Bank of Finland paper tests price-level based forward guidance
Seppo Honkapohja and Kaushik Mitra use ‘adaptive learning’ approach to show price-level targeting can outperform inflation targeting under some circumstances
Colombian paper analyses intraday liquidity needs
Intraday liquidity risks can be ‘mitigated or even eliminated’ if entities have higher opening balances than the balances required to opportunely liquidate all payment obligations, paper finds