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Finnish monetary policy in the credit rationing era

Author

Listed:
  • Juhana Vartiainen

    (Labour Institute for Economic Research)

  • Anders Vredin

    (Stockholm School of Economics, Sweden)

Abstract

This paper suggests an analysis of monetary policy reactions in a typical Finnish business cycle during the regime of credit rationing. We start by presenting a macroeconomic model which incorporates the institutional characteristics of repressed financial markets and which can generate cyclical behaviour of the main variables that corresponds to stylised facts. The model is then used to motivate the estimation ofan empirical reaction function of monetary policy. We conclude by discussing the strategic policy choices in the light of the empirical results.

Suggested Citation

  • Juhana Vartiainen & Anders Vredin, 1994. "Finnish monetary policy in the credit rationing era," Finnish Economic Papers, Finnish Economic Association, vol. 7(1), pages 42-55, Spring.
    • Handle: RePEc:fep:journl:v:7:y:1994:i:1:p:42-55
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    References listed on IDEAS

    as
    1. Stanley W. Black, 1983. "The Use of Monetary Policy for Internal and External Balance in Ten Industrial Countries," NBER Chapters, in: Exchange Rates and International Macroeconomics, pages 189-234, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Markus Jäntti & Juhana Vartiainen, 2009. "The Finnish Developmental State and its Growth Regime," WIDER Working Paper Series RP2009-35, World Institute for Development Economic Research (UNU-WIDER).
    2. Markus Jäntti & Juho Saari & Juhana Vartiainen, 2006. "Growth and Equity in Finland," WIDER Working Paper Series DP2006-06, World Institute for Development Economic Research (UNU-WIDER).

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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