Helsinki Center of Economic Research (HECER)

Discussion Papers. ISSN 1795-0562.

Markku Lanne - Jani Luoto - Pentti Saikkonen: Optimal Forecasting of Noncausal Autoregressive Time Series. Discussion Paper No 286 / February 2010.

Pentti Haaparanta: Budget Support, Project Aid, and Government Accountability. Discussion Paper No 285 / January 2010.

Erkki Koskela - Jan König: Profit Sharing, Wage Formation and Flexible Outsourcing under Labor Market Imperfection. Discussion Paper No 284 / January 2010.

Yrjö Vartia: Principles of Defining Index Numbers and Constructing Index Series. Discussion Paper No 283 / January 2010.

Panu Poutvaara - Andreas Wagener: The Invisible Hand Plays Dice: Multiple Equilibria in Sects Markets. Discussion Paper No 282 / November 2009.

Thomas Aronsson - Erkki Koskela: Coordinated Public Input Provision as a Tool for Redistribution under International Outsourcing. Discussion Paper No 281 / November 2009.

Tanja Tanayama: Rationales and reality of R&D subsidies: Are SMEs and large firms treated differently. Discussion Paper No 280 / November 2009.

Erkki Koskela: Impacts of Labor Taxation with Perfectly and Imperfectly Competitive Domestic Labor Markets under Flexible Outsourcing. Discussion Paper No 279 / November 2009.

Klaus Kultti - Mikko Leppämäki - Eeva Mauring: Endogenous Market Transparency and Price Competition. Discussion Paper No 278 / October 2009.

Ari Hyytinen - Sofia Lundberg - Otto Toivanen: Politics and procurement: Evidence from cleaning contracts. Discussion Paper No 277 / October 2009.

Matti Liski - Juan-Pablo Montero: Market power in an exhaustible resource market: The case of storable pollution permits. Discussion Paper No 276 / October 2009.

Panu Poutvaara - Andreas Wagener: The Political Economy of Conscription. Discussion Paper No 275 / October 2009.

Markku Lanne - Pentti Saikkonen: GMM Estimation with Noncausal Instruments. Discussion Paper No 274 / September 2009.

Markku Lanne - Arto Luoma - Jani Luoto: Bayesian Model Selection and Forecasting in Noncausal Autoregressive Models. Discussion Paper No 273 / September 2009.

Henri Nyberg: A Bivariate Autoregressive Probit Model: Predicting U.S. Business Cycle and Growth Rate Cycle Recessions. Discussion Paper No 272 / September 2009.

Katarina Keller - Panu Poutvaara - Andreas Wagener: Does Military Draft Discourage Enrollment in Higher Education? Evidence from OECD Countries. Discussion Paper No 271 / September 2009.

Henrik Jordahl - Panu Poutvaara - Juha Tuomala: Comment on education returns of wage earners and self-employed workers. Discussion Paper No 270 / September 2009.

Thomas Aronsson - Erkki Koskela: Optimal Income Taxation, Outsourcing and Policy Cooperation in a Dynamic Economy. Discussion Paper No 269 / August 2009.

Valtteri Ahti: Forecasting Commodity Prices with Nonlinear Models. Discussion Paper No 268 / July 2009.

Valtteri Ahti: Testing the Rational Expectations Competitive Storage Hypothesis. Discussion Paper No 267 / July 2009.

Panu Poutvaara - Henrik Jordahl - Niclas Berggren: Faces of politicians: Babyfacedness predicts inferred competence but not electoral success. Discussion Paper No 266 / June 2009.

Pauli Murto - Juuso Välimäki: Delay and Information Aggregation in Stopping Games with Private Information. Discussion Paper No 265 / June 2009.

Petri Böckerman - Pekka Ilmakunnas - Edvard Johansson: Creative destruction and employee well-being. Discussion Paper No 264 / May 2009.

Elias Einiö: The effect of government subsidies on private R&D: evidence from geographic variation in support program funding. Discussion Paper No 263 / May 2009.

Helinä Laakkonen - Markku Lanne: The Relevance of Accuracy for the Impact of Macroeconomic News on Volatility. Discussion Paper No 262 / May 2009.

Erkki Koskela - Rune Stenbacka - Mikael Juselius: Equilibrium Unemployment with Capital Investments under Labour Market Imperfections. Discussion Paper No 261 / April 2009.

Tuomas Malinen: Estimating the long-run relationship between income inequality and economic development. Discussion Paper No 260 / March 2009.

Jussi Lintunen - Olli Ropponen - Yrjö Vartia: Micro meets Macro via Aggregation. Discussion Paper No 259 / March 2009.

Matti Liski - Juan-Pablo Montero: On Coase and Hotelling. Discussion Paper No 258 / March 2009.

Yrjö Vartia: Whole and its Parts: Micro Foundations of Macro Behaviour. Discussion Paper No 257 / March 2009.

Pellervo Hämäläinen - Tuomas Malinen: The Relationship Between Regional Value Added and Public Capital in Finland: What Do the New Panel Econometric Techniques Tell Us?. Discussion Paper No 256 / March 2009.

Erkki Koskela - Jan König: Can Profit Sharing Lower Flexible Outsourcing? A Note. Discussion Paper No 255 / February 2009.

Pauli Murto - Marko Terviö: Exit Options and Dividend Policy under Liquidity Constraints. Discussion Paper No 254 / February 2009.

Olli Ropponen: Finding the Functional Forms for Slowly Changing Dependencies. Discussion Paper No 253 / February 2009.

Ulla Lehmijoki - Elena Rovenskaya: Environmental Mortality and Long-Run Growth. Discussion Paper No 252 / February 2009.

Hanna Pesola: Labour Market Transitions Following Foreign Acquisitions. Discussion Paper No 251 / February 2009.

Klaus Kultti - Hannu Salonen: Demented prisoners. Discussion Paper No 250 / February 2009.

Erkki Koskela - Panu Poutvaara: Is there Scope for Gains from Revenue - Neutral Labor Tax Reforms With Flexible Outsourcing? Discussion Paper No 249 / January 2009.

Yrjö Vartia: On the Aggregation of Quadratic Micro Equations. Discussion Paper No 248 / December 2008.

Leena Kalliovirta: Quantile Residuals for Multivariate Models. Discussion Paper No 247 / December 2008.

Katja Ahoniemi - Markku Lanne: Implied Volatility with Time-Varying Regime Probabilities. Discussion Paper No 246 / December 2008.

Heikki Pursiainen: Index numbers and decomposition spaces. Discussion Paper No 245 / November 2008.

Heikki Pursiainen: Consistency in aggregation, quasilinear means and index numbers. Discussion Paper No 244 / November 2008.

Henri Nyberg: Testing an Autoregressive Structure in Binary Time Series Models. Discussion Paper No 243 / November 2008.

Erkki Koskela - Jan König: The Role of Profit Sharing in Dual Labour Market with Flexible Outsourcing. Discussion Paper No 242 / November 2008.

Pekka Laine: Segregation, gender pay gap and cross-sectional heterogneity across collective agreements. Discussion Paper No 241 / November 2008.

Thomas Aronsson - Erkki Koskela: Optimal Redistributive Taxation and Provision of Public Input Goods in an Economy with Outsourcing and Unemployment. Discussion Paper No 240 / November 2008.

Yrjö Vartia: Integration of Micro and Macro Explanations. Discussion Paper No 239 / November 2008.

Mikael Elinder - Henrik Jordahl - Panu Poutvaara: Selfish and Prospective: Theory and Evidence of Pocketbook Voting. Discussion Paper No 238 / October 2008.

Otto Toivanen - Lotta Väänänen: Returns to Inventors. Discussion Paper No 237 / October 2008.

Dirk Bergemann - Juuso Välimäki: The Dynamic Pivot Mechanism. Discussion Paper No 236 / September 2008.

Pauli Murto - Juuso Välimäki: Learning and Information Aggregation in an Exit Game. Discussion Paper No 235 / September 2008.

Ulla Lehmijoki: Longevity clubs. Discussion Paper No 234 / September 2008.

Ari Hyytinen - Sofia Lundberg - Otto Toivanen: Politics and procurement: Evidence from cleaning contracts. Discussion Paper No 233 / September 2008.

Olli Kauppi - Matti Liski: An empirical model of imperfect dynamic competition and application to hydroelectricity storage. Discussion Paper No 232 / September 2008.

J-P. Niinimäki: Does collateral fuel moral hazard in banking. Discussion Paper No 231 / September 2008.

Erkki Koskela - Jan König: Flexible Outsourcing, Profit Sharing and Equilibrium Unemployment. Discussion Paper No 230 / August 2008.

Erkki Koskela - Panu Poutvaara: Flexible Outsourcing and the Impacts of Labour Taxation in European Welfare States. Discussion Paper No 229 / August 2008.

Katarina Keller - Panu Poutvaara - Andreas Wagener: Military Draft and Economic Growth in OECD Countries. Discussion Paper No 228 / July 2008.

Henri Nyberg: Forecasting the Direction of the U.S. Stock Market with Dynamic Binary Probit Models. Discussion Paper No 227 / June 2008.

Jouko Verho: Determinants of Unemployment Duration over the Business Cycle in Finland. Discussion Paper No 226 / June 2008.

Henri Nyberg: Dynamic Probit Models and Financial Variables in Recession Forecasting. Discussion Paper No 225 / June 2008.

Reyer Gerlagh - Matti Liski: Strategic resource dependence. Discussion Paper No 224 / June 2008.

Matti Liski - Juan-Pablo Montero: Forward trading in exhaustible-resource oligopoly. Discussion Paper No 223 / June 2008.

Mikael Juselius - Rune Stenbacka: The Relevant Market for Production and Wholesale of Electricity in the Nordic Countries: An Econometric Study. Discussion Paper No 222 / May 2008.

Heikki Kauppi: Yield-Curve Based Probit Models for Forecasting U.S. Recessions: Stability and Dynamics. Discussion Paper No 221 / May 2008.

Erkki Koskela - Ronnie Schöb: Outsourcing of Unionized Firms and the Impacts of Labour Market Policy Reforms. Discussion Paper No 220 / May 2008.

Vesa Kanniainen - Paolo M. Panteghini: Tax Neutrality: Illusion or Reality? The Case of Entrepreneurship. Discussion Paper No 219 / May 2008.

Amihai Glazer - Vesa Kanniainen - Panu Poutvaara: Firms' Ethics, Consumer Boycotts, and Signalling. Discussion Paper No 218 / May 2008.

Tommi A. Vuorenmaa: Decimalization, Realized Volatility, and Market Microstructure Noise. Discussion Paper No 217 / May 2008.

Markku Lanne - Arto Luoma - Jani Luoto: A Naïve Sticky Information Model of Households’ Inflation Expectations. Discussion Paper No 216 / April 2008.

Erkki Koskela: The Effect of Labour Tax Progression under Nash Wage Bargaining and Flexible Outsourcing. Discussion Paper No 215 / April 2008.

Janne Tukiainen: The Determinants of Entry in an Auction with both Private and Common Value Bidders. Discussion Paper No 214 / April 2008.

Janne Tukiainen: Participation Screen for Collusion in Auctions. Discussion Paper No 213 / April 2008.

Markku Lanne - Pentti Saikkonen: Modeling Expectations with Noncausal Autoregressions. Discussion Paper No 212 / April 2008.

Giovanni Ganelli - Juha Tervala: Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model. Discussion Paper No 211 / April 2008.

Joacim Tåg: Efficiency and the Provision of Open Platforms. Discussion Paper No 210 / April 2008.

Joacim Tåg: Open Versus Closed Platforms. Discussion Paper No 209 / April 2008.

Erkki Koskela - Panu Poutvaara: Equilibrium Unemployment with Outsourcing and Labour Taxation under both Unionized and Competitive Labour Markets. Discussion Paper No 208 / March 2008.

Helinä Laakkkonen - Markku Lanne: Asymmetric News Effects on Volatility: Good vs. Bad News in Good vs. Bad Times. Discussion Paper No 207 / March 2008.

Thomas Aronsson - Erkki Koskela: Outsourcing and Optimal Nonlinear Taxation: A Note. Discussion Paper No 206 / March 2008.

Peter M. Kort - Pauli Murto - Grzegorz Pawlina: Uncertainty and Stepwise Investment. Discussion Paper No 205 / March 2008.

Klaus Kultti - Antti Miettunen: On the Optimal Novelty Requirement in Patent Protection. Discussion Paper No 204 / February 2008.

Michal Kempa: Liquidity Shocks in the Eurosystem Interbank Market. Discussion Paper No 203 / February 2008.

Tapio Palokangas: Patents, Product Cycles and Non-Diversifiable Risk. Discussion Paper No 202 / January 2008.

Robin Mason - Juuso Välimäki: Dynamic Moral Hazard and Project Completion. Discussion Paper No 201 / December 2007.

Robin Mason - Juuso Välimäki: Learning and Smooth Stopping. Discussion Paper No 200 / December 2007.

Erkki Koskela - Jan König: Strategic Outsourcing, Profit Sharing and Equilibrium Unemployment. Discussion Paper No 199 / December 2007.

Katja Ahoniemi - Markku Lanne: Joint Modeling of Call and Put Implied Volatility. Discussion Paper No 198 / November 2007.

Pekka Ilmakunnas - Satu Nurmi: Dynamics of export market entry and exit. Discussion Paper No 197 / November 2007.

Ari Hyytinen - Sofia Lundberg - Otto Toivanen: Politics and procurement: Evidence from cleaning contracts. Discussion Paper No 196 / November 2007.

Thomas Gehrig - Oz Shy - Rune Stenbacka: Market Dominance and Behavior-Based Pricing under Horizontal and Vertical Differentiation. Discussion Paper No 195 / November 2007.

J-P. Niinimäki: Hiding Loan Losses: How to Do It? How to Eliminate It?. Discussion Paper No 194 / November 2007.

Tuomas Malinen: A Comment on the Relationship between Inequality and Growth. Discussion Paper No 193 / October 2007.

Erkki Koskela - Ronnie Schöb: The Role of Internal and External Reference Perspectives in Efficiency Wage Models: A Note. Discussion Paper No 192 / October 2007.

Nicholas Economides - Joacim Tåg: Net Neutrality on the Internet: A Two-sided Market Analysis. Discussion Paper No 191 / October 2007.

Thomas Gehrig - Rune Stenbacka: Decentralized Screening: Coordination Failure, Multiple Equilibria and Cycles. Discussion Paper No 190 / October 2007.

Klaus Kultti - Antti Miettunen - Juha Virrankoski: Equilibrium Unemployment Duration in an Urn-Ball Model of the Labour Market. Discussion Paper No 189 / October 2007.

Elisa Riihimäki: Profit Sharing, Economic Integration and Employment: Econometric Evidence from Finland. Discussion Paper No 188 / September 2007.

Elisa Riihimäki: Welfare Policies, Labour Taxation, Employment and Economic Integration: Econometric Evidence from European Countries. Discussion Paper No 187 / September 2007.

Panu Poutvaara: The Expansion of Higher Education and Time-Consistent Taxation. Discussion Paper No 186 / September 2007.

Markus Haavio - Kaisa Kotakorpi: The Political Economy of Sin Taxes. Discussion Paper No 185 / September 2007.

Ilkka Kiema: Intellectual Property Protection Strength in a "Pool of Knowledge" Endogenous Growth Model. Discussion Paper No 184 / September 2007.

Pertti Haaparanta - Heli Virta: Do Aid and Debt Help the Poor Countries to Catch Up in Technology?. Discussion Paper No 183 / September 2007.

Heikki Kauppi: Predicting the Fed's Target Rate Decisions. Discussion Paper No 182 / August 2007.

J-P. Niinimäki: Does collateral fuel moral hazard in banking? Discussion Paper No 181 / August 2007.

Juha Tervala: The International Transmission of Monetary Policy in a Dollar Pricing Model. Discussion Paper No 180 / August 2007.

J-P. Niinimäki: Evergreening in Banking. Discussion Paper No 179 / August 2007.

Essi Eerola - Niku Määttänen: The Optimal Tax Treatment of Housing Capital in the Neoclassical Growth Model. Discussion Paper No 178 / August 2007.

Dirk Bergemann - Xianwen Shi - Juuso Välimäki: Information Acquisition in Interdependent Value Auctions. Discussion Paper No 177 / July 2007.

Dirk Bergemann - Juuso Välimäki: Dynamic Marginal Contribution Mechanism. Discussion Paper No 176 / July 2007.

Hanna Pesola: Foreign Ownership, Labour Mobility and Wages. Discussion Paper No 175 / July 2007.

Toni Nordlund: Dynamic Management of R&D under Uncertainty and Competition. Discussion Paper No 174 / July 2007.

J-P. Niinimäki - Tuomas Takalo: Benchmarking and Comparing Entrepreneurs with Incomplete Information. Discussion Paper No 173 / July 2007.

Katja Ahoniemi: Multiplicative Models for Implied Volatility. Discussion Paper No 172 / July 2007.

Heli Virta: Corruption and Shadow Economy: Differences in the Relationship between Countries. Discussion Paper No 171 / June 2007.

Vesa Kanniainen - Panu Poutvaara: Imperfect Transmission of Tacit Knowledge and Other Barriers to Entrepreneurship. Discussion Paper No 170 / June 2007.

Panu Poutvaara - Mikael Priks: Unemployment and Gang Crime: Could Prosperity Backfire?. Discussion Paper No 169 / May 2007.

Markku Lanne - Jani Luoto: Robustness of the Risk-Return Relationship in the U.S. Stock Market. Discussion Paper No 168 / May 2007.

Markku Lanne: The Properties of Market-Based and Survey Forecasts for Different Data Releases. Discussion Paper No 167 / May 2007.

Petri Böckerman - Pekka Ilmakunnas: Job Disamenities, Job Satisfaction, Quit Intentions, and Actual Separations: Putting the Pieces Together. Discussion Paper No 166 / May 2007.

Reyer Gerlagh - Matti Liski: Strategic Oil Dependence. Discussion Paper No 165 / May 2007.

Pekka Ilmakunnas - Mika Maliranta: Aging, labor turnover and firm performance. Discussion Paper No 164 / May 2007.

Timo Seppälä: A Public Health Care Puzzle. Discussion Paper No 163 / May 2007.

Joacim Tåg: Paying to Remove Advertisements. Discussion Paper No 162 / May 2007.

Tanja Tanayama: Eligibility, awareness and the application decision: An empirical study of firm participation in an R&D subsidy program. Discussion Paper No 161 / April 2007.

Tapio Palokangas: Emission Policy in an Economic Union with Poisson Technological Change. Discussion Paper No 160 / April 2007.

Anne Mikkola - Carrie A. Miles: Development and Gender Equality: Consequences, Causes, Challenges and Cures. Discussion Paper No 159 / April 2007.

Erkki Koskela - Ronnie Schöb: Tax Progression and Efficiency Wages: Partial Equilibrium Analysis. Discussion Paper No 158 / April 2007.

Janne Tukiainen: Testing for Common Costs in the City of Helsinki Bus Transit Auctions. Discussion Paper No 157 / April 2007.

Vesa Kanniainen - Seppo Kari - Jouko Ylä-Liedenpohja: Nordic Dual Income Taxation of Entrepreneurs. Discussion Paper No 156 / April 2007.

Erkki Koskela - Rune Stenbacka: Equilibrium Unemployment with Outsourcing and Wage Solidarity under Labour Market Imperfections. Discussion Paper No 155 / April 2007.

Klaus Kultti - Juuso Vanhala - Timo Vesala: Adverse selection in dynamic matching markets. Discussion Paper No 154 / March 2007.

Tuomas Takalo - Tanja Tanayama - Otto Toivanen: Returns to innovation: a structural treatment effect model of R&D subsidies. Discussion Paper No 153 / March 2007.

Panu Poutvaara - Lars-H. R. Siemers: Smoking and Social Interaction. Discussion Paper No 152 / March 2007.

Klaus Kultti: About the Firms' Tendency to Cluster. Discussion Paper No 151 / February 2007.

Pekka Laine: Firm profitability and individual pay: Evidence from matched employer-employee data. Discussion Paper No 150 / February 2007.

Niku Määttänen - Panu Poutvaara: Should Old-age Benefits Be Earnings-tested. Discussion Paper No 149 / February 2007.

Petri Böckerman - Pekka Ilmakunnas: Unemployment and self-assessed health: Evidence from panel data. Discussion Paper No 148 / February 2007.

Marko Koethenbuerger - Panu Poutvaara: Rent Taxation in a Small Open Economy: The Effect on Transitional Generations. Discussion Paper No 147 / January 2007.

Vesa Kanniainen - Jenni Pääkkönen: Piracy and Welfare: Tax Evasion, Norms and Fiscal Externality. Discussion Paper No 146 / January 2007.

Vesa Kanniainen - Jenni Pääkkönen: Do the Catholic and Protestant Countries Differ by Their Tax Morale?. Discussion Paper No 145 / January 2007.

Klaus Kultti - Tuomas Takalo - Juuso Toikka: Patents hinder collusion. Discussion Paper No 144 / January 2007.

Juha-Pekka Niinimäki: Liquidity. Discussion Paper No 143 / January 2007.

Timo Seppälä: Existence Effects of Retirement Savings Program. Discussion Paper No 142 / January 2007.

Erkki Koskela - Rune Stenbacka: Equilibrium Unemployment with Outsourcing under Labour Market Imperfections. Discussion Paper No 141 / December 2006.

Marja-Liisa Halko - Timo Seppälä: Ultimatum Game Experiments. Discussion Paper No 140 / December 2006.

Timo Vesala: Alternating-offers bargaining, dynamic matching and threat of Bertrand competition. Discussion Paper No 139 / December 2006.

Vesa Kanniainen - Elise Pietarila: Corporate Social Responsibility: Can Markets Control? Discussion Paper No 138 / December 2006.

Markus Haavio - Heikki Kauppi: House Price Fluctuations and Residential Sorting. Discussion Paper No 137 / November 2006.

Ulla Lehmijoki - Jenni Pääkkönen: Demographic Clubs; Convergence Within, Divergence Between. Discussion Paper No 136 / November 2006.

Mikael Bask: Should one augment the Taylor Rule with an Exchange Rate Term? Discussion Paper No 135 / November 2006.

Panu Poutvaara - Mikael Priks: Hooliganism in the Shadow of the 9/11 Terrorist Attack and the Tsunami: Do Police Reduce Group Violence? Discussion Paper No 134 / November 2006.

Mikael Juselius: Estimating the Determinants of Finnish Inflation. Discussion Paper No 133 / November 2006.

Mikael Juselius: Finnish Inflation: a New Keynesian Perspective. Discussion Paper No 132 / November 2006.

Mikael Juselius: Testing the New Keynesian Model on U.S. and Aggregate Euro Area Data. Discussion Paper No 131 / November 2006.

Ilkka Kiema: Modeling Commercial Piracy of Information Goods. Discussion Paper No 130 / November 2006.

Katja Ahoniemi: Modeling and Forecasting Implied Volatility - an Econometric Analysis of the VIX Index. Discussion Paper No 129 / October 2006.

Sami Napari: Type of Education and the Gender Wage Gap. Discussion Paper No 128 / October 2006.

Erkki Koskela - Mikko Puhakka: Stability and Dynamics in an Overlapping Generations Economy under Flexible Wage Negotiation and Capital Accumulation. Discussion Paper No 127 / October 2006.

Dirk Bergemann - Juuso Välimäki: Efficient Dynamic Auctions. Discussion Paper No 126 / October 2006.

Pertti Haaparanta - Heli Virta: Do Aid and Debt Help the Poor Countries to Catch Up in Technology?. Discussion Paper No 125 / October 2006.

Leena Kalliovirta: Misspecification Tests Based on Quantile Residuals. Discussion Paper No 124 / October 2006.

Pertti Haaparanta: Nationalism, Merit Goods and Multilateral Trade Reform. Discussion Paper No 123 / October 2006.

Maija Gao - Ari Hyytinen - Otto Toivanen: Demand for and Pricing of Mobile Internet: Evidence from a Real-World Pricing Experiment. Discussion Paper No 122 / October 2006.

Pekka Ilmakunnas - Seija Ilmakunnas: Gradual Retirement and Lengthening of Working Life. Discussion Paper No 121 / October 2006.

Juha Tervala: Productive Government Spending and the International Transmission of Fiscal Policy. Discussion Paper No 120 / September 2006.

Niclas Berggren - Henrik Jordahl - Panu Poutvaara: The Looks of a Winner: Beauty, Gender and Electoral Success. Discussion Paper No 119 / September 2006.

Pekka Ilmakunnas: Lower Bounds of Concentration in a Small Open Economy. Discussion Paper No 118 / September 2006.

Tommi Vuorenmaa: A q-Weibull Autoregressive Conditional Duration Model and Threshold Dependence. Discussion Paper No 117 / September 2006.

Tuomas Takalo - Otto Toivanen: Entrepreneurship, Financiership, and Selection. Discussion Paper No 116 / September 2006.

J-P. Niinimäki: Financial Crises in Emerging Economies: Moral Hazard when Banks Can Hide Their Loan Losses? Discussion Paper No 115 / September 2006.

Klaus Kultti - Hannu Vartiainen: Von Neumann-Morgenstern Stable Sets and the Non-cooperative Solution to the Bargaining Problem. Discussion Paper No 114 / September 2006.

Pertti Haaparanta - Kirsti Kuisma: Peace-building and local conflicts in developing countries. Discussion Paper No 113 / August 2006.

Ville Mälkönen - Timo Vesala: The adverse selection problem in imperfectly competitive credit markets. Discussion Paper No 112 / August 2006.

Ari Hyytinen - Pekka Ilmakunnas: What distinguishes a serial entrepreneur?. Discussion Paper No 111 / August 2006.

Pauli Murto - Juuso Välimäki: Learning in a Model of Exit. Discussion Paper No 110 / August 2006.

Erkki Koskela - Ronnie Schöb: Tax Progression under Collective Wage Bargaining and Individual Effort Determination. Discussion Paper No 109 / June 2006.

Mikko Mustonen: Basic research utilization and the R&D employment contract. Discussion Paper No 108 / May 2006.

Erkki Koskela - Ronnie Schöb: Internal versus External Reference Perspective in Efficiency Wage Models Reconsidered. Discussion Paper No 107 / May 2006.

Panu Poutvaara - Andreas Wagener: The Economic Costs and the Political Allure of Conscription. Discussion Paper No 106 / May 2006.

Erkki Koskela - Mikko Puhakka: Cycles and Indeterminacy in Overlapping Generations Economies with Stone-Geary Preferences. Discussion Paper No 105 / May 2006.

Luis H. R. Alvarez E.: A General Theory of Optimal Capital Accumulation under Price Uncertainty and Costly Reversibility. Discussion Paper No 104 / April 2006.

Heikki Kauppi - Mika Widgrén: Voting Rules and Budget Allocation in the Enlarged EU. Discussion Paper No 103 / April 2006.

Luis H. R. Alvarez E.: Irreversible Capital Accumulation under Interest Rate Uncertainty. Discussion Paper No 102 / April 2006.

Ulla Lehmijoki: Optimal Pollution, Optimal Population, and Sustainability. Discussion Paper No 101 / March 2006.

Axel Dreher - Panu Poutvaara: Student Flows and Migration: An Empirical Analysis. Discussion Paper No 100 / March 2006.

Panu Poutvaara - Andreas Wagener: To Draft or Not to Draft? Efficiency, Generational Incidence, and Political Economy of Military Conscription. Discussion Paper No 99 / March 2006.

Xavier Carpentier: The Timing of Patent Infringement and Litigation: Sequential Innovation, Damages and the Doctrine of Laches. Discussion Paper No 98 / February 2006.

Topi Miettinen: Promises and Conventions - A Theory of Pre-play Agreements. Discussion Paper No 97 / February 2006.

Heikki A. Loikkanen - Ilkka Susiluoto: Cost Efficiency of Finnish Municipalities in Basic Service Provision 1994-2002. Discussion Paper No 96 / February 2006.

Volker Grossman - Panu Poutvaara: Pareto-Improving Bequest Taxation. Discussion Paper No 95 / January 2006.

Matti Liski - Pauli Murto: Backstop Technology Adoption. Discussion Paper No 94 / January 2006.

Dirk Bergemann - Juuso Välimäki: Bandit Problems. Discussion Paper No 93 / January 2006.

Dirk Bergemann - Juuso Välimäki: Information in Mechanism Design. Discussion Paper No 92 / January 2006.

Matti Liski - Juan-Pablo Montero: Market power in a storable-good market: Theory and applications to carbon and sulfur trading. Discussion Paper No 91 / December 2005.

Klaus Kultti: Inefficiency caused by random matching and heterogeneity. Discussion Paper No 90 / December 2005.

Panu Poutvaara: On Human Capital Formation with Exit Options: Comment and New Results. Discussion Paper No 89 / December 2005.

Timo Vesala: Middlemen intermediate 'lemons'?. Discussion Paper No 88 / November 2005.

Juha-Pekka Niinimäki: Control Risk Taking by Controlling Growth. Discussion Paper No 87 / November 2005.

Erkki Koskela - Rune Stenbacka: Product Market Competition, Profit Sharing and Equilibrium Unemployment. Discussion Paper No 86 / November 2005.

Mika Maliranta - Pekka Ilmakunnas: Decomposing productivity and wage effects of intra-establishment labor restructuring. Discussion Paper No 85 / November 2005.

Aune Mikkola: Role of Gender Equality in Development - A Literature Review. Discussion Paper No 84 / November 2005.

Marko Koethenbuerger - Panu Poutvaara - Paola Profeta: Why are More Redistributive Social Security Systems Smaller? A Median Voter Approach. Discussion Paper No 83 / November 2005.

Panu Poutvaara: Public Education in an Integrated Europe: Studying to Migrate and Teaching to Stay?. Discussion Paper No 82 / October 2005.

Timo Vesala: Pairwise matching, worker heterogeneity and non-linear wages. Discussion Paper No 81 / October 2005.

Topi Miettinen - Panu Poutvaara: Political Parties and Network Formation. Discussion Paper No 80 / September 2005.

Heikki Kauppi - Pentti Saikkonen: Predicting U.S. Recession with Dynamic Binary Response Models. Discussion Paper No 79 / September 2005.

Tapio Palokangas: Innovation, Imitation, Growth, and Capital Market Imperfections. Discussion Paper No 78 / September 2005.

Panu Poutvaara: Social Security Incentives, Human Capital Investment and Mobility of Labor. Discussion Paper No 77 / September 2005.

Tuomas Takalo - Tanja Tanayama - Otto Toivanen: Selection or self-rejection? Applications into a voluntary treatment program: The case of R&D subsidies. Discussion Paper No 76 / August 2005.

Ari Hyytinen - Otto Toivanen: Income Inequality and Technology Diffusion. Discussion Paper No 75 / August 2005.

Panu Poutvaara - Tuomas Takalo: Candidate Quality. Discussion Paper No 74 / August 2005.

Panu Poutvaara - Andreas Wagener: Why is the Public Sector More Labor-Intensive? A Distortionary Tax Argument. Discussion Paper No 73 / August 2005.

Panu Poutvaara: On the Political Economy of Social Security and Public Education. Discussion Paper No 72 / August 2005.

Mikael Bask: Chartism and Exchange Rate Volatility. Discussion Paper No 71 / June 2005.

Pauli Murto - Juuso Välimäki: Experimentation and Observational Learning in a Market with Exit. Discussion Paper No 70 / June 2005.

Gregory S. Amacher - Erkki Koskela - Markku Ollikainen: Quality Competition and Social Welfare in Markets with Partial Coverage: New Results. Discussion Paper No 69 / June 2005.

Pekka Sinko: Labour Taxation, Job Creation and Job Destruction - Focusing on the Role of Wage Setting. Discussion Paper No 68 / June 2005.

Klaus Kultti - Hannu Salonen: Minimum Norm Solutions for Cooperative Games. Discussion Paper No 67 / May 2005.

Pekka Sääskilahti: Monopoly Pricing of Social Goods. Discussion Paper No 66 / May 2005.

Pekka Sääskilahti: Strategic R&D and Network Compatibility. Discussion Paper No 65 / May 2005.

Pekka Sääskilahti: Buying Decision Coordination and Monopoly Pricing of Network Goods. Discussion Paper No 64 / May 2005.

Markku Lanne - Pentti Saikkonen: A Multivariate Generalized Orthogonal Factor GARCH Model. Discussion Paper No 63 / May 2005.

Kristiina Huttunen: The Effect of Foreign Acquisition on Employment and Wages: Evidence from Finnish Establishments. Discussion Paper No 62 / May 2005.

Ari Hyytinen - Otto Toivanen: Designing Markets. Discussion Paper No 61 / May 2005.

Erkki Koskela - Rune Stenbacka: Flexible and Committed Profit Sharing with Wage Bargaining. Discussion Paper No 60 / May 2005.

Erkki Koskela - Ronnie Schöb: The Structure of Labour Taxation and Unemployment in Efficiency Wage Models. Discussion Paper No 59 / April 2005.

Harri Hietala - Seppo Kari: Investment Incentives in Closely Held Corporations and Finland’s 2005 Tax Reform. Discussion Paper No 58 / April 2005.

Mikael Juselius: Long-Run Relationships Between Labor and Capital: Indirect Evidence on the Elasticity of Substitution. Discussion Paper No 57 / April 2005.

Jukka Jalava - Matti Pohjola - Antti Ripatti - Jouko Vilmunen: Biased Technical Change and Capital-Labour Substitution in Finland, 1902-2003. Discussion Paper No 56 / March 2005.

Thomas Gehrig - Rune Stenbacka: Two at the Top: Quality Differentiation in Markets with Switching Costs. Discussion Paper No 55 / March 2005.

Marja-Liisa Halko - Klaus Kultti - Juha Virrankoski: Wage Distribution with a Two-Sided Job Auction. Discussion Paper No 54 / March 2005.

Vesa Kanniainen - Seppo Kari - Jouko Ylä-Liedenpohja: The Start-Up and Growth Stages in Enterprise Formation: The "New View" of Dividend Taxation Reconsidered. Discussion Paper No 53 / February 2005.

Jukka Jalava - Matti Pohjola: ICT as a Source of Output and Productivity Growth in Finland. Discussion Paper No 52 / February 2005.

Markus Haavio: Migration and the Environment: Instrument Choice Matters. Discussion Paper No 51 / February 2005.

Biing-Shen Kuo - Ching-Chuan Tsong: Bootstrap Inference for Stationarity. Discussion Paper No 50 / February 2005.

Luis H.R. Alvarez - Erkki Koskela: Irreversible Capital Accumulation and Non-Linear Tax Policy. Discussion Paper No 49 / February 2005.

Mikael Bask - Carina Selander: Heterogeneous Beliefs in a Sticky-Price Foreign Exchange Model. Discussion Paper No 48 / February 2005.

Petri Böckerman - Pekka Ilmakunnas: Elusive effects of unemployment on happiness. Discussion Paper No 47 / February 2005.

Elisa Riihimäki: Economic Integration and the Elasticities of Labour Demand: Econometric Evidence from Finland. Discussion Paper No 46 / January 2005.

Ville Mälkönen: Harmonization Versus Mutual Recognition of National Eco-Labels. Discussion Paper No 45 / January 2005.

Panu Kalmi: On the Relationship Between Stock Option Compensation and Equity Values: a Note. Discussion Paper No 44 / January 2005.

Maija Gao - Ari Hyytinen - Otto Toivanen: Demand for Mobile Internet: Evidence from a Real-world Pricing Experiment. Discussion Paper No 43 / January 2005.

Vesa Kanniainen - Mikko Leppämäki: Entrepreneurship and Labour Market Institutions. Discussion Paper No 42 / January 2005.

Erkki Koskela - Markku Ollikainen - Timo Pukkala: Biodiversity Policies in Commercial Boreal Forests: Optimal Design of Subsidy and Tax Combination. Discussion Paper No 41 / January 2005.

Markus Haavio - Heikki Kauppi: A Model of Residential Sorting with an Endogenous Wealth Distribution. Discussion Paper No 40 / December 2004.

Klaus Kultti - Paavo Miettinen: Consistent Constitutions. Discussion Paper No 39 / December 2004.

Staffan Ringbom - Oz Shy: Refunds and Collusion. Discussion Paper No 38 / December 2004.

Luis H. R. Alvarez - Rune Stenbacka: Irreversibility, Uncertainty and Investment in the Presence of Sequential Technology Generations. Discussion Paper No 37 / December 2004.

Petri Böckermann - Pekka Ilmakunnas: Job disamenities, job satisfaction, and on-the-job search: is there a nexus? Discussion Paper No 36 / December 2004.

Tapio Palokangas: Capital Accumulation and Employment Cycles in a Model of Creative Destruction. Discussion Paper No 35 / November 2004.

Tapio Palokangas: Foreign Direct Investment, Expropriation, and Unionization. Discussion Paper No 34 / November 2004.

Ari Hyytinen - Pekka Ilmakunnas: Geneses of labour market turnover: Job search and entrepreneurial aspirations on-the-job. Discussion Paper No 33 / November 2004.

Ulla Lehmijoki: Demographic Transition in the Ramsey Model: Do Country-Specific Features Matter?. Discussion Paper No 32 / November 2004.

Luis Alvarez - Erkki Koskela: Optimal Harvesting Under Resource Stock and Price Uncertainty. Discussion Paper No 31 / November 2004.

Vesa Kanniainen - Jenni Pääkkönen - Friedrich Schneider: Fiscal and Ethical Determinants of Shadow Economy: Theory and Evidence. Discussion Paper No 30 / November 2004.

Heidi Soininen: Increased Difficulties in the Labor Market Matching Process: Econometric Evidence from Finland. Discussion Paper No 29 / November 2004.

Otto Toivanen: Choosing Standards. Discussion Paper No 28 / October 2004.

Luis Alvarez - Erkki Koskela: Progressive Taxation and Irreversible Investment Under Uncertainty. Discussion Paper No 27 / October 2004.

Tapio Palokangas: Optimal Taxation with Capital Accumulation and Wage Bargaining. Discussion Paper No 26 / October 2004.

Tapio Palokangas: Aging in a Currency Union with Endogenous Growth. Discussion Paper No 25 / October 2004.

Heikki Kauppi - Erkki Koskela - Rune Stenbacka: Equilibrium Unemployment and Capital Intensity Under Product and Labor Market Imperfections. Discussion Paper No 24 / October 2004.

Markus Haavio: Non-traded Amenities and Strategic Environmental Policies. Discussion Paper No 23 / October 2004.

Mikko Leppämäki - Mikko Mustonen: Signaling with Externality. Discussion Paper No 22 / September 2004.

Luis H.R. Alvarez - Erkki Koskela: Does Risk Aversion Accelerate Optimal Forest Rotation Under Uncertainty?. Discussion Paper No 21 / September 2004.

Petri Böckermann - Pekka Ilmakunnas: Do Job Disamenities Raise Wages or Ruin Job Satisfaction?. Discussion Paper No 20 / September 2004.

Tapio Palokangas: Economic Integration, Union Power, and Growth with Creative Destruction. Discussion Paper No 19 / September 2004.

Dirk Bergemann - Juuso Välimäki: Monopoly Pricing of Experience Goods. Discussion Paper No 18 / August 2004.

Vesa Kanniainen - Jenni Pääkkönen: Anonymous Money, Moral Sentiments and Welfare. Discussion Paper No 17 / July 2004.

Erkki Koskela - Mikko Puhakka: Stabilizing Endogenous Cycles with Balanced Budget Distortionary Taxation. Discussion Paper No 16 / July 2004.

Monica Merz: Women's Hours of Market Work in Germany: The Role of Parental Leave. Discussion Paper No 15 / July 2004.

Essi Eerola - Niku Määttänen - Panu Poutvaara: Citizens Should Vote on Secession. Discussion Paper No 14 / June 2004.

Timo Vesala: Overinvestment vs. Underinvestment in Educational Signals: A Search-Theoretic Approach. Discussion Paper No 13 / June 2004.

Matti Liski - Juan-Pablo Montero: Forward Trading and Collusion in Oligopoly. Discussion Paper No 12 / June 2004.

Pertti Haaparanta: International Trade, Resource Curse and Demographic Transition. Discussion Paper No 11 / May 2004.

Essi Eerola - Niku Määttänen: On the Political Economy of Housing's Tax Status. Discussion Paper No 10 / May 2004.

Amihai Glazer - Vesa Kanniainen - Panu Poutvaara: Initial Luck, Status-Seeking and Snowballs Lead to Corporate Success and Failure. Discussion Paper No 9 / May 2004.

Amihai Glazer - Vesa Kanniainen - Panu Poutvaara: Income Taxes, Property Values, and Migration. Discussion Paper No 8 / May 2004.

Luis H. R. Alvarez - Erkki Koskela: Taxation and Rotation Age under Stochastic Forest Stand Value. Discussion Paper No 7 / May 2004.

Klaus Kultti - Antti Miettunen - Tuomas Takalo - Juha Virrankoski: Who Searches? Discussion Paper No 6 / May 2004.

Pertti Haaparanta: Electrified Trade. Discussion Paper No 5 / April 2004.

Dirk Bergemann - Juuso Välimäki: Dynamic Price Competition. Discussion Paper No 4 / April 2004.

Panu Kalmi - Andrew Pendleton - Erik Poutsma: The Relationship Between Financial Participation and Other Forms of Employee Participation: New Survey Evidence from Europe. Discussion Paper No 3 / April 2004.

Erkki Koskela - Markku Ollikainen - Timo Pukkala: Biodiversity Conversation in Boreal Forests: Optimal Rotation Age and Volume of Retention Trees. Discussion Paper No 2 / April 2004.

Luis H. R. Alvarez - Erkki Koskela: Wicksellian Theory of Forest Rotation under Interest Rate Variability. Discussion Paper No 1 / April 2004.

Last updated 19.11.2009