Bank of Finland paper on boom and bust
A Bank of Finland paper published on Saturday compares the financial frictions experienced in current crisis to the boom-and-bust episodes in Finland during the late 1980s and early 1990s.
Hanna Freystätter, the paper's author, have developed a small open economy dynamic stochastic general equilibrium model with balance sheet-constrained firms to study the boom-bust episode in Finland late 1980s and early 1990s, focusing on the role of financial frictions and investment behaviour.
Freystätter
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