Bank of Finland articles on the economy
Bank of Finland Bulletin 5/2020 - Monetary policy and the global economy
Published 17 Sep 2020
pdf, 563 kB
Bank of Finland Bulletin 4/2020 - Monetary policy and the global economy
Published 11 Sep 2020
pdf, 16.0 MB
Monetary policy is supporting economic recovery — but the outlook for employment remains weak17 Sep 2020, Bank of Finland Bulletin 5/2020
Monetary accommodation has opened up space for other economic policies in the euro area, which needs to be put to good use by pursuing economic reforms. Productivity and employment growth ultimately rest on our ability to reform.
Monetary policy implementation in changing times25 Aug 2020, Bank of Finland Bulletin 4/2020
Over the past decade the tools for implementing monetary policy have become ever more diverse. These measures now include refinancing banks at favourable terms and large-scale asset purchases.
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The euro area economy is growing, supported by monetary policy. Confidence in the economy is strong, and investment and employment are both growing. On the other hand, there still remain problems from the financial and debt crises, and the pace of structural reform has slowed.
The global economy is experiencing brisk, broadly based growth in the current year. World trade is undergoing a growth spurt. At the same time, inflation remains sluggish.
How would a rapid but controlled restructuring of China’s economy or a sudden halt to debt-driven growth affect the Chinese and euro area economies?
The US economy has recovered from the financial crisis. Beginning in October, the Fed will reduce the holdings of securities on its balance sheet that it had purchased in its securities purchase programmes.
A number of variations can be formed of the Taylor rule, all of which are simplifications. Monetary policy decisions cannot, however, be taken solely on the basis of simple rules.
Labour productivity growth has slowed in many advanced economies. Is this phenomenon temporary or permanent, and what is the cause?
The amount of underutilized domestic capacity is expected to gradually be taken up, and the global economy's generally favourable outlook will support growth in the euro area. Together these factors support expectations that the inflation rate will slowly return to the policy objective.
By promising low interest rates in the future, a central bank can provide stimulus for the economy today. The effectiveness of this kind of forward guidance can be assessed by the impact it has on market expectations regarding interest rates.
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