Helsinki Center of Economic Research (HECER)

Discussion Papers. ISSN 1795-0562.

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The collection of HECER Discussion Papers will not be updated in these pages anymore. The PDF files of all Discussion papers can be found in Helda Repository of University of Helsinki.

Petri Böckerman - Pekka Ilmakunnas: The job satisfaction-productivity nexus: A study using matched survey and register data. Discussion Paper No 297 / June 2010.

Thomas Aronsson - Erkki Koskela: Redistributive Income Taxation under Outsourcing and Foreign Direct Investment. Discussion Paper No 296 / May 2010.

Erkki Koskela - Jan König: Does International Outsourcing Really Lower Workers Income?. Discussion Paper No 295 / May 2010.

Henri Nyberg: QR-GARCH-M Model for Risk-Return Tradeoff in U.S. Stock Returns and Business Cycles. Discussion Paper No 294 / April 2010.

Markku Lanne - Pentti Saikkonen: Noncausal Vector Autoregression. Discussion Paper No 293 / April 2010.

Ulla Lehmijoki - Elena Rovenskaya: Air Pollution in Europe 2020: The Gravity Model and EKC Decomposition. Discussion Paper No 292 / April 2010.

Matti Liski - Pauli Murto: Uncertainty and energy saving investments. Discussion Paper No 291 / April 2010.

Erkki Koskela - Jan König: Profit Sharing, Wage Formation and Strategic Outsourcing under Labor Market Imperfection. Discussion Paper No 290 / April 2010.

Olli Ropponen: Minimum Wages and Employment : Replication of Card and Krueger (1994) using the CIC Estimator. Discussion Paper No 289 / April 2010.

Ari Hyytinen - Pekka Ilmakunnas - Mika Maliranta: Productivity decompositions : Computation and inference. Discussion Paper No 288 / March 2010.

Ari Hyytinen - Frode Steen - Otto Toivanen: Cartels Uncovered. Discussion Paper No 287 / March 2010.

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

Pertti 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