Nigel McClung

Bank of Finland

P.O. Box 160

Helsinki 00101

Finland

SCHOLARLY PAPERS

12

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1,217

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14

Scholarly Papers (12)

1.
Downloads 333 (193,805)
Citation 5

On Robustness of Average Inflation Targeting

Number of pages: 75 Posted: 02 Feb 2022 Last Revised: 07 Mar 2024
Seppo Honkapohja, Seppo Honkapohja and Nigel McClung
Centre for Economic Policy Research (CEPR)Aalto University School of Business and Bank of Finland
Downloads 186 (346,108)
Citation 1

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Adaptive Learning, Inflation Targeting, Zero Interest Rate Lower Bound.

On Robustness of Average Inflation Targeting

Bank of Finland Research Discussion Paper No. 6/2021
Number of pages: 68 Posted: 22 Apr 2021 Last Revised: 18 Nov 2021
Seppo Honkapohja, Seppo Honkapohja and Nigel McClung
Centre for Economic Policy Research (CEPR)Aalto University School of Business and Bank of Finland
Downloads 146 (425,783)
Citation 4

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On Robustness of Average Inflation Targeting

CEPR Discussion Paper No. DP16001
Number of pages: 66 Posted: 14 May 2021
Seppo Honkapohja, Seppo Honkapohja and Nigel McClung
Centre for Economic Policy Research (CEPR)Aalto University School of Business and Bank of Finland
Downloads 1 (1,377,236)
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2.

Challenges for Monetary and Fiscal Policy Interactions in the Post-Pandemic Era

ECB Occasional Paper No. 2024/337
Number of pages: 114 Posted: 05 Feb 2024
De Nederlandsche Bank, European Central Bank (ECB), Bank of Portugal, Banque de France, European Central Bank (ECB), Bank of Latvia, Bank of Portugal, European Central Bank (ECB), Banco de España, Bank of Finland, European Central Bank (ECB), Banco de España, Kiel Institute for the World Economy, Banque de France, De Nederlandsche Bank, Bank of Finland, Deutsche Bundesbank - Research Centre, Croatian National Bank, Bank of Italy, Bank of Greece, Central Bank of Ireland, Česká národní banka, Central Bank of Ireland, Bank of Greece, National Bank of Slovakia, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, European Central Bank (ECB), European Central Bank (ECB), Warsaw School of Economics (SGH), Banco de España, Warsaw School of Economics (SGH), Banco de España, Sapienza University of Rome and European Central Bank (ECB)
Downloads 233 (280,475)
Citation 2

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fiscal policy, monetary policy, public investment

Can Growth Stabilize Debt? A Fiscal Theory Perspective

Number of pages: 53 Posted: 28 Dec 2023 Last Revised: 21 Mar 2025
Michaela Elfsbacka-Schmöller and Nigel McClung
Bank of Finland and Bank of Finland
Downloads 96 (590,038)

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Public Debt, Inflation, Monetary-Fiscal Interactions, Fiscal Theory of the Price Level, Endogenous Growth

Can Growth Stabilize Debt? A Fiscal Theory Perspective

Bank of Finland Research Discussion Paper No. 2/2024
Number of pages: 57 Posted: 29 Jan 2024
Michaela Elfsbacka-Schmöller and Nigel McClung
Bank of Finland and Bank of Finland
Downloads 76 (687,234)

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Public Debt, Inflation, Monetary-Fiscal Interactions, Fiscal Theory of the Price Level, Endogenous Growth

The Power of Forward Guidance and the Fiscal Theory of the Price Level

Number of pages: 66 Posted: 04 Jun 2020 Last Revised: 30 Jul 2020
Nigel McClung
Bank of Finland
Downloads 73 (697,991)
Citation 1

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Forward Guidance, Monetary-Fiscal Interactions, Markov-Switching

The Power of Forward Guidance and the Fiscal Theory of the Price Level

Bank of Finland Research Discussion Paper No. 21/2018
Number of pages: 33 Posted: 30 Oct 2018 Last Revised: 18 Nov 2021
Nigel McClung
Bank of Finland
Downloads 43 (911,706)

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Determinacy and E-stability with Interest Rate Rules at the Zero Lower Bound

Number of pages: 45 Posted: 23 Apr 2021 Last Revised: 28 Oct 2022
Yunjong Eo and Nigel McClung
Department of Economics, Korea University and Bank of Finland
Downloads 53 (827,002)

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Zero Lower Bound; Policy Uncertainty; Markov-Switching; Expectations; Price level targeting; Average inflation targeting; Nominal income targeting

Determinacy and E-Stability with Interest Rate Rules at the Zero Lower Bound

Bank of Finland Research Discussion Paper No. 14/2021
Number of pages: 52 Posted: 16 Nov 2021 Last Revised: 18 Nov 2021
Yunjong Eo and Nigel McClung
Department of Economics, Korea University and Bank of Finland
Downloads 32 (1,024,330)

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Zero Lower Bound, Markov-Switching, Expectations, Price level targeting, Average inflation targeting, Nominal income targeting

6.

Does My Model Predict a Forward Guidance Puzzle?

Number of pages: 46 Posted: 05 Sep 2020 Last Revised: 08 Jan 2022
Christopher Gibbs and Nigel McClung
The University of Sydney - School of Economics and Bank of Finland
Downloads 78 (662,452)
Citation 1

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Forward guidance puzzle, Expectations, Learning, Stability

7.

Belief Heterogeneity and the Income-Wealth Relationship

Number of pages: 10 Posted: 19 Aug 2020 Last Revised: 22 May 2024
Nigel McClung
Bank of Finland
Downloads 56 (788,563)

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Learning, Life-Cycle Model, Heterogeneous Information, Wealth Inequality

8.

Resolving New Keynesian Puzzles

Bank of Finland Research Discussion Paper No. 5/2024
Number of pages: 44 Posted: 18 Jun 2024
Maria Eskelinen, Christopher Gibbs and Nigel McClung
University of Oxford - Department of Economics, The University of Sydney - School of Economics and Bank of Finland
Downloads 43 (890,273)

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9.

E-stability vis-a-vis Determinacy in Regime-Switching Models

Number of pages: 57 Posted: 03 Jun 2019 Last Revised: 12 Aug 2020
Nigel McClung
Bank of Finland
Downloads 38 (936,408)
Citation 5

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Markov-Switching, Determinacy, E-stability, Adaptive Learning

10.

Monetary Policy Announcements and Sacrifice Ratios

Bank of Finland Research Discussion Paper No. 12/2024
Number of pages: 52 Posted: 11 Nov 2024
Gene Ambrocio, Markus Haavio and Nigel McClung
Bank of Finland, Bank of Finland - Research and Bank of Finland
Downloads 31 (1,008,206)

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monetary policy announcements, sacrifice ratio, cognitive discounting

11.

Coherence without Rationality at the ZLB

De Nederlandsche Bank Working Paper No. 784
Number of pages: 74 Posted: 05 Jul 2023
Guido Ascari, Sophocles Mavroeidis and Nigel McClung
University of Oxford, University of Oxford - Department of Economics and Bank of Finland
Downloads 22 (1,114,464)

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incompleteness, incoherence, expectations, zero lower bound

12.

Average Inflation Targeting in Calvo Model with Imperfect Knowledge and Learning

Bank of Finland Research Discussion Paper No. 13/2024
Number of pages: 12 Posted: 19 Nov 2024
Seppo Honkapohja, Seppo Honkapohja and Nigel McClung
Centre for Economic Policy Research (CEPR)Aalto University School of Business and Bank of Finland
Downloads 10 (1,258,016)

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