Markus Haavio

Bank of Finland - Research

P.O. Box 160

FIN-00101 Helsinki

Finland

SCHOLARLY PAPERS

21

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Top 18,593

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86

Scholarly Papers (21)

Real and Financial Cycles in EU Countries: Stylised Facts and Modelling Implications

ECB Occasional Paper No. 205, ISBN: 978-92-899-3364-3
Number of pages: 68 Posted: 11 Jan 2018
European Central Bank, Bank of Greece, European Central Bank (ECB), Bank of Latvia, Bank of Lithuania - Economics Department, National Bank of Belgium, Catholic University of Leuven (KUL) - Department of Economics, Banque Centrale du Luxembourg, Bank of Finland - Research, De Nederlandsche Bank, Bank of Portugal - Economic Research Department, European Central Bank (ECB) - Directorate General Research, Bank of Estonia, Croatian National Bank, Bank of Slovenia, Banque de France, Central Bank of Ireland, Deutsche Bundesbank - Economics Department, Bank of Greece, National Bank of Denmark, Banco de España, Hans-Boeckler-Stiftung - Macroeconomic Policy Institute (IMK), Magyar Nemzeti Bank, Deutsche Bundesbank and European Central Bank (ECB)
Downloads 258 (246,956)
Citation 10

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financial cycles, synchronicity, real-time estimates, DSGE models

Real and Financial Cycles in EU Countries - Stylised Facts and Modelling Implications

ECB Occasional Paper No. 2018/205
Number of pages: 68 Posted: 09 Oct 2021
European Central Bank, Bank of Greece, European Central Bank (ECB), Bank of Latvia, Bank of Lithuania - Economics Department, National Bank of Belgium, National Bank of Belgium, Banque Centrale du Luxembourg, Bank of Finland - Research, De Nederlandsche Bank, Bank of Portugal - Economic Research Department, European Central Bank (ECB) - Directorate General Research, Bank of Estonia, Croatian National Bank, Bank of Slovenia, Banque de France, Central Bank of Ireland, Deutsche Bundesbank - Economics Department, Bank of Greece, National Bank of Denmark, Banco de España, Central Bank of Ireland, Magyar Nemzeti Bank, Deutsche Bundesbank and European Central Bank (ECB)
Downloads 115 (507,317)
Citation 2

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DSGE models, financial cycles, real-time estimates, synchronicity

2.

The Political Economy of Sin Taxes

CESifo Working Paper Series No. 2650
Number of pages: 46 Posted: 19 May 2009
Markus Haavio and Kaisa Kotakorpi
Bank of Finland - Research and University of Turku - Department of Economics
Downloads 244 (262,820)
Citation 6

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excise taxation, voting, self-control

3.

Reading between the Lines: Using Text Analysis to Estimate the Loss Function of the ECB

Bank of Finland Research Discussion Paper No. 12/2020
Number of pages: 48 Posted: 14 Jan 2021 Last Revised: 18 Nov 2021
Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research and Bank of Finland
Downloads 233 (274,871)
Citation 1

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central bank communication, ECB, monetary policy, textual analysis, inflation target, real time projections, loss function

Kiss Me Deadly: From Finnish Great Depression to Great Recession

Bank of Finland Research Discussion Paper No. 24/2014
Number of pages: 42 Posted: 22 Oct 2014
Adam Gulan, Markus Haavio and Juha Kilponen
Bank of Finland - Research, Bank of Finland - Research and Bank of Finland - Research
Downloads 165 (377,333)
Citation 8

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business cycles, great depressions, financial shocks, sign restrictions, Finland

Kiss Me Deadly: From Finnish Great Depression to Great Recession

Bank of Finland Research Discussion Paper No. 24/2014
Number of pages: 42 Posted: 26 Apr 2016
Adam Gulan, Markus Haavio and Juha Kilponen
Bank of Finland - Research, Bank of Finland - Research and Bank of Finland - Research
Downloads 62 (747,054)
Citation 2

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E32, E44, O52

5.

The Ecb's Price Stability Framework: Past Experience, and Current and Future Challenges

ECB Occasional Paper No. 2021269
Number of pages: 128 Posted: 23 Sep 2021 Last Revised: 18 Nov 2021
Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), Banque de France - Centre de Recherche, Bank of Latvia, ECB -DG Monetary Policy, De Nederlandsche Bank, European Central Bank (ECB), Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), Banque de France, Bank of Finland - Research, Central Bank of Cyprus, Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel, European Central BankECB, European Central Bank (ECB), Central Bank of Ireland, Banco de España, Bank of Italy, Deutsche Bundesbank, European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank, Deutsche Bundesbank, European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB), Bank of Finland, Central Bank of Ireland, European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), Národná banka Slovenska, Banka Slovenije, European Central Bank (ECB), Banque de France, Deutsche Bundesbank, Bank of Greece, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Frankfurt School of Finance & Management, European Central Bank, European Central Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), ZEW – Leibniz Centre for European Economic Research, National Bank of Belgium, Bank of Italy and Bank of Italy
Downloads 196 (323,734)
Citation 1

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effective lower bound, euro area, European Central Bank, monetary policy strategy, price stability

6.

Financial Shocks and the Macroeconomy: Heterogeneity and Non-Linearities

ECB Occasional Paper No. 143
Number of pages: 71 Posted: 12 Mar 2013
Board of Governors of the Federal Reserve System, European Stability Mechanism, National Bank of Slovakia, European Central Bank (ECB), Banque Centrale du Luxembourg, Bank of Finland - Research, National Bank of Belgium, European Central Bank (ECB) - Directorate General Research, Bank of Spain, DG Economics, Statistics and Research, Österreichische Nationalbank - Department of Economics and Magyar Nemzeti Bank
Downloads 189 (334,811)
Citation 16

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macro-financial linkages, financial shocks, lead-lag relationships, heterogeneity, cross-country spillovers, non-linearities

7.

House Price Fluctuations and Residential Sorting

Bank of Finland Research Discussion Paper No. 14/2009
Number of pages: 59 Posted: 05 Jul 2009
Markus Haavio and Heikki Kauppi
Bank of Finland - Research and University of Turku - Department of Economics
Downloads 165 (377,680)

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residential sorting, house prices, incomplete markets, owner-occupation, household mobility

8.

Housing Markets, Liquidity Constraints and Labor Mobility

Bank of Finland Discussion Papers 8/2000
Number of pages: 29 Posted: 12 Jun 2002
Markus Haavio and Heikki Kauppi
Bank of Finland - Research and University of Turku - Department of Economics
Downloads 164 (379,658)
Citation 13

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labor mobility, liquidity constraints, owner-occupation, rental housing

Public Funding of Banks and Firms in a Time of Crisis

Number of pages: 94 Posted: 25 Apr 2023
Bank of Finland - Research, Bank of FinlandUniversity of Helsinki and Bank of Finland
Downloads 83 (635,159)

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Macro-finance, crisis management, public bailouts, economic and financial crises

Public Funding of Banks and Firms in a Time of Crisis

Bank of Finland Research Discussion Paper No. 8/2022
Number of pages: 97 Posted: 28 Jun 2022 Last Revised: 14 Apr 2023
Bank of Finland - Research, Bank of FinlandUniversity of Helsinki and Bank of Finland
Downloads 58 (772,600)

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economic crises, optimal public funding, financial frictions, macro-financial linkage

10.

Owner-Occupied Housing as an Investment, Regional House Price Cycles and Residential Sorting

Bank of Finland Research Discussion Paper No. 24/2011
Number of pages: 88 Posted: 14 Jan 2012
Markus Haavio and Heikki Kauppi
Bank of Finland - Research and University of Turku - Department of Economics
Downloads 141 (430,058)
Citation 1

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residential sorting, house prices, consumption motive, investment motive, incomplete markets, household mobility

11.

Employment and the Conduct of Monetary Policy in the Euro Area

ECB Occasional Paper No. 2021/275
Number of pages: 149 Posted: 23 Sep 2021 Last Revised: 28 Jan 2022
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Central Bank of Ireland, Bank of Latvia, Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel, European Central Bank (ECB), European Central Bank (ECB), Banco de España, Deutsche Bundesbank, KU Leuven, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Národná banka Slovenska, Deutsche Bundesbank, European Central BankECB, European Central Bank (ECB), Bank of Italy, Banque de France, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, Central Bank of Ireland, Banque de France, Národná banka Slovenska, European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB)CEPR, Bank of Italy, Banco de España, Bank of Finland - Research, National Bank of Belgium, University of Bonn, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Bank of Finland, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Université Paris I Panthéon-Sorbonne and Bank of Portugal
Downloads 132 (453,180)
Citation 1

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Employment, inequality, monetary policy

12.

Labour Market Modelling in the Light of the Financial Crisis

ECB Occasional Paper No. 175
Number of pages: 69 Posted: 25 Aug 2016
De Nederlandsche Bank, Bank of Italy, Czech National Bank (CNB), Deutsche Bundesbank, Bank of Latvia, Sveriges Riksbank - Monetary Policy, Bank of Finland - Research, Sveriges Riksbank, Czech National Bank, Banque de France, Bank of Estonia, Central Bank of Ireland, Central Bank of Malta - Modelling and Research Office, Bank of Greece, Bank of Finland and National Bank of Slovakia
Downloads 121 (485,155)
Citation 1

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labour market, financial crisis, unemployment, output, macroeconomic models of the labour market

13.

What Does “Below, But Close to, Two Percent” Mean? Assessing the Ecb's Reaction Function with Real Time Data

Bank of Finland Research Discussion Paper No. 29/2017
Number of pages: 45 Posted: 09 Oct 2017 Last Revised: 18 Nov 2021
Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research and Bank of Finland - Research
Downloads 120 (488,266)
Citation 12

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credibility, inflation target, monetary policy, realtime projections, Taylor rule

14.

Monetary Policy Rules and the Effective Lower Bound in the Euro Area

Bank of Finland Research Discussion Paper No. 5/2021
Number of pages: 33 Posted: 09 Apr 2021 Last Revised: 18 Nov 2021
Markus Haavio and Olli-Matti Laine
Bank of Finland - Research and Bank of Finland
Downloads 95 (577,196)
Citation 3

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15.

Reading Between the Lines - Uncovering Asymmetry in the Central Bank Loss Function

Bank of Finland Research Discussion Paper No. 6/2024
Number of pages: 95 Posted: 18 Jun 2024
Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research and Bank of Finland
Downloads 79 (644,918)
Citation 1

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central bank communication, textual analysis, language models, asymmetric loss function, optimal monetary policy

16.

Financial and Economic Downturns in OECD Countries

Bank of Finland Research Discussion Paper No. 35/2013
Number of pages: 19 Posted: 13 Mar 2014
Bank of Finland - Research, European Central Bank (ECB) - Directorate General Research and Vienna University of Economics and Business
Downloads 58 (757,240)
Citation 3

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macro-financial linkages, turning point analysis, probit models

17.

Can Large Trade Shocks Cause Crises? The Case of the Finnish-Soviet Trade Collapse

Bank of Finland Research Discussion Paper No. 9/2019
Number of pages: 107 Posted: 06 Jun 2019 Last Revised: 18 Nov 2021
Adam Gulan, Markus Haavio and Juha Kilponen
Bank of Finland - Research, Bank of Finland - Research and Bank of Finland - Research
Downloads 56 (770,136)
Citation 3

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trade shock, natural experiment, financial propagation, great depressions, small open economy

18.

Saving Wall Street or Main Street

Bank of Finland Research Discussion Paper No. 12/2016
Number of pages: 74 Posted: 16 May 2016
Bank of Finland - Research, Bank of FinlandUniversity of Helsinki and Bank of Finland
Downloads 55 (776,648)
Citation 2

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E44, G21, G28, G38, financial frictions, bank capitalization, public funding of non-financial firms

19.

Sin Licenses Revisited

CESifo Working Paper Series No. 4010
Number of pages: 51 Posted: 05 Dec 2012
Markus Haavio and Kaisa Kotakorpi
Bank of Finland - Research and University of Turku - Department of Economics
Downloads 51 (804,341)

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self-control problems, sin licenses, secondary markets

20.

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 27 (1,021,903)

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monetary policy announcements, sacrifice ratio, cognitive discounting

21.

ECB’s Evolving Communication and Policy Preferences Since 2021 Strategy Review

Bank of Finland Research Discussion Paper No. 3/2025
Number of pages: 21 Posted: 13 Mar 2025
Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research and Bank of Finland - Research
Downloads 9 (1,241,810)

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asymmetric loss function, central bank communication, textual analysis, topic model, optimal monetary policy