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An analysis of advance effects of anticipated policy actions: Recent results with the Finnish MICRO-QMED model

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  • Virén, Matti

Abstract

This paper reports some policy simulations carried out with the Finnish MICRO-QMED model. This rational expectations model built at the Economics Department of Bank of Finland is used to evaluate the short-run effects of some anticipated policy actions. The role of alternative (income) policy rules is also assessed.All these experiments demonstr-ate the importance of advance effects. In addition, they underline the importance of knowing the nature of the policy actions and the expectations horizon of economic agents. The paper also contains a short desc~iption of the MICRO-QMED model and its computational properties.

Suggested Citation

  • Virén, Matti, 1990. "An analysis of advance effects of anticipated policy actions: Recent results with the Finnish MICRO-QMED model," Bank of Finland Research Discussion Papers 15/1990, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp1990_015
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    1. repec:zbw:bofrdp:1990_002 is not listed on IDEAS
    2. Tarkka, Juha & Männistö, Hanna-Leena & Willman, Alpo, 1990. "Macroeconomic foundations and simulation properties of the BOF4 quarterly model of the Finnish economy," Bank of Finland Research Discussion Papers 2/1990, Bank of Finland.
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    1. Tarkka, Juha & Willman, Alpo, 1990. "Income distribution and government finances in the BOF4 model of the Finnish economy," Bank of Finland Research Discussion Papers 7/1990, Bank of Finland.

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