Juho Pitkäranta, Economist

Tag: economy

  • Protectionism as a market failure

    Protectionism as a market failure

    In this short post I argue for a viewpoint of seeing protectionism as a market failure. Although not a definite nor a perfect viewpoint in general, I think it makes clear certain implications which could be important when considering protectionism, trade wars and geoeconomic fragmentation. What a market failure is not? Just to make the…

  • The case for steady state priors in BVARs – application to the euro area inflation surge

    The case for steady state priors in BVARs – application to the euro area inflation surge

    Note: Due to a small coding error in the original modelling, this post has been edited since its initial release. Results and discussion remain qualitatively the same, while some differences in the impulse responses emerged. Historical decompositions remain practically the same. Although practical algorithms for Gibbs sampling have been available for some time (see Villani,…

  • Russian sabre rattling and the Finnish economy – Some evidence of inflationary effects

    Russian sabre rattling and the Finnish economy – Some evidence of inflationary effects

    As a result of the full-scale invasion of Ukraine by Russia, the prevalence of rogue states at the international stage has once again become undeniable. Besides the obvious humanitarian suffering, power politics also has macroeconomic consequences. As seen in Ukraine, fighting a war takes a huge toll on employment and human capital as working force…