Juha Kilponen

Bank of Finland - Research

Research Supervisor

P.O. Box 160

FIN-00101 Helsinki

Finland

http://www.bof.fi/en/suomen_pankki/organisaatio/asiantuntijoita/kilponen_juha/

  • Bank of Finland - Research

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SCHOLARLY PAPERS

33

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260

Scholarly Papers (33)

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1.

GDP at Risk in a DSGE Model: An Application to Banking Sector Stress Testing

Bank of Finland Research Discussion Paper No. 26/2007
Number of pages: 30 Posted: 19 Dec 2007 Last Revised: 01 Feb 2008
Esa Jokivuolle, Juha Kilponen and Tero Kuusi
Bank of Finland, Research Unit, Bank of Finland - Research and Bank of Finland - Research
Downloads 540 (105,645)
Citation 2

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DSGE models, financial stability, loan losses, stress testing

2.

Sovereign Risk, European Crisis Resolution Policies and Bond Yields

International Journal of Central Banking Volume 11, Number 2, March 2015: 285-323 , Bank of Finland Research Discussion Paper No. 22/2012
Number of pages: 29 Posted: 09 Jul 2012 Last Revised: 05 Mar 2015
Juha Kilponen, Helinä Laakkonen and Jouko Vilmunen
Bank of Finland - Research, Bank of Finland and Bank of Finland, Research Unit
Downloads 454 (130,187)
Citation 18

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bond markets, policy effects, liquidity, European sovereign debt crisis, monetary policy

3.

Review of Macroeconomic Modelling in the Eurosystem: Current Practices and Scope for Improvement

ECB Occasional Paper No. 2021267
Number of pages: 193 Posted: 23 Sep 2021 Last Revised: 22 Mar 2023
Matthieu Darracq Paries, Alessandro Notarpietro, Juha Kilponen, Niki Papadopoulou, Srecko Zimic, Pierre Aldama, Geert Langenus, Matthieu Lemoine, Elena Angelini, Matija Lozej, Robert-Paul Berben, Fulvia Marotta, Alice Carroy, Julien Matheron, Kai Philipp Christoffel, Carlos Montes-Galdón, Matteo Ciccarelli, Joan Paredes, Agostino Consolo, Agostino Consolo, Massimiliano Pisani, Pietro Cova, Michaela Elfsbacka-Schmöller, Milan Damjanović, Andra Smadu, Gregory Walque, Béla Szörfi, Stéphane Dupraz, Harri Turunen, José Emilio Gumiel, Fabio Verona, Thomas Haertel, Igor Vetlov, Samuel Hurtado, Anders Warne, Paulo Júlio and Anastasia Zhutova
European Central Bank (ECB), Bank of Italy, Bank of Finland - Research, Central Bank of Cyprus, European Central Bank (ECB) - Directorate General Research, Banque de France, National Bank of Belgium, Banque de France, European Central Bank (ECB), Central Bank of Ireland, De Nederlandsche Bank - Monetary and Economic Policy Department, European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, European Central Bank (ECB), European Central Bank, European Central BankECB, Bank of Italy, Bank of Italy, Bank of Finland, Bank of Slovenia, De Nederlandsche Bank, National Bank of Belgium, European Central Bank (ECB), Banque de France, Bank of Finland, European Central Bank (ECB), Bank of Finland - Research, Deutsche Bundesbank, Deutsche Bundesbank - Economics Department, Banco de España, European Central Bank (ECB), Bank of Portugal and Université Paris I Panthéon-Sorbonne
Downloads 303 (204,377)
Citation 6

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central banking., econometric modelling, forecasting and simulation, monetary policy

4.

The Aino 2.0 Model

Bank of Finland Research Discussion Paper No. 16/2016
Posted: 14 Jun 2016 Last Revised: 18 Nov 2021
Juha Kilponen, Seppo Orjasniemi, Antti Ripatti, Antti Ripatti and Fabio Verona
Bank of Finland - Research, Bank of Finland, Monetary Policy and Research Department, Bank of FinlandUniversity of Helsinki and Bank of Finland - Research
Downloads 278 (223,551)

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DSGE model, Finnish economy, small open economy, Bayesian estimation, aggregate shocks

5.

Comparing Fiscal Multipliers Across Models and Countries in Europe

ECB Working Paper No. 1760
Number of pages: 48 Posted: 12 Mar 2015
Juha Kilponen, Massimiliano Pisani, Sebastian Schmidt, Vesna Corbo, Tibor Hlédik, Josef Hollmayr, Samuel Hurtado, Paulo Júlio, Dmitry Kulikov, Matthieu Lemoine, Matija Lozej, Henrik Lundvall, José Maria, Brian Micallef, Dimitris Papageorgiou, Jakub Rysanek, Dimitrios Sideris, Carlos Thomas, Gregory de Walque and Gregory de Walque
Bank of Finland - Research, Bank of Italy, European Central Bank (ECB), Sveriges Riksbank - Monetary Policy, Czech National Bank, Goethe University Frankfurt, Banco de España, Bank of Portugal, Bank of Estonia, Banque de France, Central Bank of Ireland, Sveriges Riksbank, Bank of Portugal, Central Bank of Malta - Modelling and Research Office, Bank of Greece, Czech National Bank (CNB), Bank of Greece, Banco de España and National Bank of BelgiumFacultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences
Downloads 274 (226,711)
Citation 18

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fiscal policy, output multipliers, model comparison, zero lower bound

6.

When Do R&D Subsidies Boost Innovation? Revisiting the Inverted U-Shape

Bank of Finland Research Discussion Paper No. 10/2007
Number of pages: 33 Posted: 13 Sep 2007
Juha Kilponen and Torsten Santavirta
Bank of Finland - Research and Aalto University
Downloads 267 (232,754)
Citation 7

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competition, innovation, R&D subsidies, patents

7.

Kiss Me Deadly: From Finnish Great Depression to Great Recession

Downloads 224 (276,685)
Citation 9

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 163 (369,236)
Citation 7

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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 61 (725,986)
Citation 2

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E32, E44, O52

8.

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
Maritta Paloviita, Markus Haavio, Pirkka Jalasjoki, Juha Kilponen and ilona vänni
Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research and Bank of Finland
Downloads 223 (277,905)
Citation 1

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

9.

Population Ageing in a Small Open Economy - Some Policy Experiments with a Tractable General Equilibrium Model

Bank of Finland Research Discussion Paper No. 28/2006
Number of pages: 45 Posted: 02 Oct 2007
Juha Kilponen, Helvi Kinnunen, Antti Ripatti and Antti Ripatti
Bank of Finland - Research, Bank of Finland - Research and Bank of FinlandUniversity of Helsinki
Downloads 184 (332,266)
Citation 18

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ageing, general equilibrium, public finance, demographic uncertainty

10.

Monetary Policy and Inequality in a Small Open Economy

Bank of Finland Research Discussion Paper No. 3/2022
Number of pages: 60 Posted: 21 Jan 2022 Last Revised: 28 Jun 2022
Petri Mäki-Fränti, Aino Silvo, Adam Gulan and Juha Kilponen
Bank of Finland, Bank of Finland, Bank of Finland - Research and Bank of Finland - Research
Downloads 180 (338,946)

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monetary policy, income inequality, wealth inequality

11.

Public Debt, Population Ageing and Medium-Term Growth

ECB Occasional Paper No. 165
Number of pages: 62 Posted: 26 Sep 2015
Alistair Dieppe, Paolo Guarda, Maria Albani, Alberto GonzÁlez Pandiella, Owen Grech, Delphine Irac, Juha Kilponen, Dmitry Kulikov, Luca Marchiori, Ricardo Félix, Niki Papadopoulou, Maria Lisa Rodano, Dimitris Sideris, Edgar Vogel and Esther Gordo Mora
European Central Bank (ECB), Banque Centrale du Luxembourg, Bank of Greece, European Central Bank (ECB), Central Bank of Malta, Banque de France, Bank of Finland - Research, Bank of Estonia, Banque Centrale du Luxembourg, Banco do Portugal, Central Bank of Cyprus, Bank of Italy, Bank of Greece, Deutsche Bundesbank and Independent Authority for Fiscal Responsibility
Downloads 174 (349,157)

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medium-term growth, fiscal consolidation, sovereign debt, structural

12.

The Lending Channel under Optimal Choice of Monetary Policy

Bank of Finland Research Discussion Paper No. 33/2007
Number of pages: 42 Posted: 31 Jan 2008
Juha Kilponen and Alistair Milne
Bank of Finland - Research and Loughborough University - School of Business and Economics
Downloads 152 (391,886)
Citation 1

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bank capital, bank lending, capital buffers, pro-cyclicality, capital regulation, cost channel, credit channel, loan margins, monetary trade-offs

13.

Testing the Q Theory of Investment in the Frequency Domain

Bank of Finland Research Discussion Paper No. 32/2016
Number of pages: 32 Posted: 14 Feb 2017
Juha Kilponen and Fabio Verona
Bank of Finland - Research and Bank of Finland - Research
Downloads 148 (400,563)
Citation 3

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investment, Tobin’s Q, bond Q, intangible Q, intangible investment, cash flow, discrete wavelets, frequency estimation, forecast

14.

Government Bond Risk Premia and the Cyclicality of Fiscal Policy

ECB Working Paper No. 1411
Number of pages: 59 Posted: 21 Dec 2011
Kai Philipp Christoffel, Ivan Jaccard and Juha Kilponen
European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research and Bank of Finland - Research
Downloads 137 (425,909)
Citation 1

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DSGE models, fiscal policy, bond risk premium, monetary policy

15.

A Positive Theory of Monetary Policy and Robust Control

Bank of Finland Discussion Paper No. 18/2003
Number of pages: 29 Posted: 29 Oct 2003
Juha Kilponen
Bank of Finland - Research
Downloads 128 (449,118)
Citation 18

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Risk-sensitivity, robust control theory, monetary policy, Brainard conservatism, model uncertainty

16.

Euler Consumption Equation with Non-Separable Preferences over Consumption and Leisure and Collateral Constraints

Bank of Finland Research Discussion Paper No. 9/2009
Number of pages: 36 Posted: 07 Jul 2009
Juha Kilponen
Bank of Finland - Research
Downloads 127 (451,848)
Citation 25

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housing, financial distress, excess sensitivity of consumption

17.

Labour and Product Market Competition in a Small Open Economy − Simulation Results Using a DGE Model of the Finnish Economy

Bank of Finland Research Discussion Paper No. 5/2006
Number of pages: 54 Posted: 30 Aug 2007
Juha Kilponen, Antti Ripatti and Antti Ripatti
Bank of Finland - Research and Bank of FinlandUniversity of Helsinki
Downloads 126 (454,611)
Citation 34

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competition, dynamic general equilibrium, public finance

18.

Discretion and the Transmission Lags of Monetary Policy

Bank of Finland Research Discussion Paper No. 8/2007
Number of pages: 27 Posted: 24 Aug 2007
Juha Kilponen and Kai Leitemo
Bank of Finland - Research and Norwegian School of Management
Downloads 124 (460,281)
Citation 1

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discretionary and stabilization bias, monetary policy, transmission lags, inflation targeting, money targeting

19.

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
Maritta Paloviita, Markus Haavio, Pirkka Jalasjoki and Juha Kilponen
Bank of Finland - Research, Bank of Finland - Research, Bank of Finland - Research and Bank of Finland - Research
Downloads 117 (481,265)
Citation 12

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

20.

Robust Expectations and Uncertain Models - a Robust Control Approach with Application to the New Keynesian Economy

Bank of Finland Discussion Paper No. 5.2004
Number of pages: 46 Posted: 02 Jul 2004
Juha Kilponen
Bank of Finland - Research
Downloads 92 (569,056)
Citation 27

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expectations, robust control, model uncertainty, monetary policy,

21.

Sovereign Risk, European Crisis Resolution Policies and Bond Yields

Bank of Finland Research Discussion Paper No. 22/2012
Number of pages: 29 Posted: 30 Nov 2015 Last Revised: 04 Jun 2016
Juha Kilponen and Helinä Laakkonen
Bank of Finland - Research and Bank of Finland
Downloads 89 (580,840)

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22.

Central Bank Independence and Wage Bargaining Structure - Empirical Evidence

Bank of Finland Research Discussion Paper No. 9/1999
Number of pages: 45 Posted: 18 Oct 2007
Juha Kilponen
Bank of Finland - Research
Downloads 85 (597,271)
Citation 6

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central bank independence, wage bargaining, monetary policy

23.

Why Do Growth Rates Differ? Evidence from Cross-Country Data on Private Sector Production

Bank of Finland Research Discussion Paper No. 13/2008
Number of pages: 32 Posted: 20 May 2008
Juha Kilponen and Matti Viren
Bank of Finland - Research and Bank of Finland - Research
Downloads 82 (610,047)
Citation 19

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growth, R&D, production function, patents

24.

Revisiting Intertemporal Elasticity of Substitution in a Sticky Price Model

Downloads 74 (645,605)

Revisiting Intertemporal Elasticity of Substitution in a Sticky Price Model

Number of pages: 29 Posted: 14 Jun 2021 Last Revised: 29 Oct 2022
Juha Kilponen, Jouko Vilmunen and Oskari Vähämaa
Bank of Finland - Research, University of Turku and University of Helsinki
Downloads 40 (874,941)

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Monetary policy, Bayesian estimation, Non-separable utility, intertemporal elasticity of substitution

Revisiting Intertemporal Elasticity of Substitution in a Sticky Price Model

Bank of Finland Research Discussion Paper No. 9/2021
Number of pages: 32 Posted: 10 Jun 2021 Last Revised: 18 Nov 2021
Juha Kilponen, Jouko Vilmunen and Oskari Vähämaa
Bank of Finland - Research, University of Turku and University of Helsinki
Downloads 34 (929,151)

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25.

Welfare and Bond Pricing Implications of Fiscal Stabilization Policies

Bank of Finland Research Discussion Paper No. 32/2013
Number of pages: 50 Posted: 20 Dec 2013
Kai Philipp Christoffel, Ivan Jaccard and Juha Kilponen
European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research and Bank of Finland - Research
Downloads 65 (690,197)
Citation 2

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New Keynesian models, fiscal policy, bond risk premium, monetary policy

26.

Estimating Intertemporal Elasticity of Substitution in a Sticky Price Model

Bank of Finland Research Discussion Paper No. 9/2013
Number of pages: 30 Posted: 10 Jul 2013
Juha Kilponen, Jouko Vilmunen and Oskari Vahamaa
Bank of Finland - Research, Bank of Finland, Research Unit and University of Turku
Downloads 65 (690,197)
Citation 1

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monetary policy, Bayesian estimation, non-separable utility

27.

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
Markus Haavio, Joni Heikkinen, Pirkka Jalasjoki, Juha Kilponen, Maritta Paloviita and ilona vänni
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 59 (723,207)
Citation 1

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

28.

Robustness in Monetary Policymaking: A Case for the Friedman Rule

Bank of Finland Research Discussion Paper No. 4/2006
Number of pages: 22 Posted: 30 Aug 2007
Juha Kilponen and Kai Leitemo
Bank of Finland - Research and Norwegian School of Management
Downloads 55 (747,039)
Citation 1

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policy robustness, money growth targeting, inflation targeting, Friedman rule

29.

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 54 (753,353)
Citation 3

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

30.

The Inflation Target and the Structure of Labour Markets: Implications for Common Monetary Policy

Bank of Finland Research Discussion Paper No. 7/1999
Number of pages: 31 Posted: 14 Oct 2007
Juha Kilponen
Bank of Finland - Research
Downloads 54 (753,353)
Citation 1

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monetary policy, labor markets, European Monetary Union, inflation targeting

31.

Productivity and Job Flows: Heterogeneity of New Hires and Continuing Jobs in the Business Cycle

The Scandinavian Journal of Economics, Vol. 116, Issue 4, pp. 1068-1090, 2014 , Bank of Finland Research Discussion Paper No. 15/2009, ECB Working Paper No. 1080
Number of pages: 50 Posted: 06 Jul 2009 Last Revised: 13 Oct 2014
Juha Kilponen and Juuso Vanhala
Bank of Finland - Research and Bank of Finland
Downloads 52 (766,135)
Citation 22

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matching, productivity shocks, new hires, continuing jobs, job flows, Beveridge curve, vintage structure

32.

New Evidence on Implicit Contracts from Linked Employer-Employee Data

Bank of Finland Research Discussion Paper No. 12/2010
Number of pages: 28 Posted: 06 May 2010
Juha Kilponen and Torsten Santavirta
Bank of Finland - Research and Aalto University
Downloads 49 (785,934)
Citation 2

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wage cyclicality, limited commitment, match-specific fixed effects

33.

Monetary Policy and Inequality in a Small Open Economy

Number of pages: 42 Posted: 06 Jul 2022
Adam Gulan, Petri Mäki-Fränti, Aino Silvo and Juha Kilponen
Bank of Finland - Research, Bank of Finland, Bank of Finland and Bank of Finland - Research
Downloads 44 (821,753)
Citation 1

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Monetary Policy, income inequality, wealth inequality