Notes: Left and middle panels: This chart depicts the impulse responses of real output and inflation to a standard short-term interest rate shock (normalised to 100 basis points) for the ECB-BASE model, the New Area Wide Model II (NAWM-II), the MMR model, standard projection-based tools (BME) and a large BVAR model including both macro and financial variables.
* * * Ladies and Gentlemen, It is a great pleasure to welcome all of you to this conference, organised jointly by the Bank of Finland and the Ministry of Finance. As Minister Mika Lintilä just pointed out, promoting sustainable and green finance is one of the key priorities of the Finnish EU Presidency.