Honkapohja, Seppo 1951
Overview
Works:  305 works in 813 publications in 2 languages and 6,609 library holdings 

Genres:  Conference papers and proceedings 
Roles:  Author, Editor, Other, Honoree, Publishing director, ed 
Publication Timeline
.
Most widely held works by
Seppo Honkapohja
Economic prosperity recaptured : the Finnish path from crisis to rapid growth by
Seppo Honkapohja(
)
15 editions published in 2009 in English and held by 1,695 WorldCat member libraries worldwide
'Economic Prosperity Recaptured' presents an analysis of how Finland achieved economic recovery after financial crisis and deep depression, with an emphasis on the role of public policy and the rise of hightech industry
15 editions published in 2009 in English and held by 1,695 WorldCat member libraries worldwide
'Economic Prosperity Recaptured' presents an analysis of how Finland achieved economic recovery after financial crisis and deep depression, with an emphasis on the role of public policy and the rise of hightech industry
Learning and expectations in macroeconomics by
George W Evans(
)
22 editions published between 2001 and 2012 in English and Undetermined and held by 1,390 WorldCat member libraries worldwide
A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge o
22 editions published between 2001 and 2012 in English and Undetermined and held by 1,390 WorldCat member libraries worldwide
A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge o
Frontiers of economics by
Kenneth J Arrow(
Book
)
21 editions published between 1984 and 1996 in English and held by 517 WorldCat member libraries worldwide
21 editions published between 1984 and 1996 in English and held by 517 WorldCat member libraries worldwide
Macroeconomic modelling and policy implications : in honour of Pertti Kukkonen by Symposium on Macroeconomic Modelling and Policy Implications(
Book
)
12 editions published in 1993 in English and held by 225 WorldCat member libraries worldwide
The main purpose of this book is to review and discuss the different varieties of macro modelling. A second purpose is to analyze policy themes that are currently important in Finland and elsewhere. The last set of papers analyze exchange rate policies in Finland and issues in European Economic Integration. The reader will find both a useful overview of the different types of macroeconomic modelling of economic policies and some stimulating analyses of current issues in economic policymaking. The book is dedicated to Pertti Kukkonen on the occasion of his 60th birthday to honour his long and distinguished career as a participant and advisor in economic policymaking
12 editions published in 1993 in English and held by 225 WorldCat member libraries worldwide
The main purpose of this book is to review and discuss the different varieties of macro modelling. A second purpose is to analyze policy themes that are currently important in Finland and elsewhere. The last set of papers analyze exchange rate policies in Finland and issues in European Economic Integration. The reader will find both a useful overview of the different types of macroeconomic modelling of economic policies and some stimulating analyses of current issues in economic policymaking. The book is dedicated to Pertti Kukkonen on the occasion of his 60th birthday to honour his long and distinguished career as a participant and advisor in economic policymaking
Limits and problems of taxation by
Finn R Førsund(
Book
)
11 editions published in 1985 in English and held by 204 WorldCat member libraries worldwide
This volume brings together a number of new studies concerned with some of the topical problems of taxation. In Part I, limits of taxation are considered from the viewpoint of normative tax theory, its relation to the 'hidden' economy, and in terms of empirical estimates of the effects of taxes. Part II contains three theoretical studies which extend the theory of income taxation and redistribution. Part III deals with the corporate tax and contains both theoretical and empirical contributions. In conclusion, Part IV is devoted to two analyses of alternatives to income and corporate taxation. The authors represent a number of different countries and viewpoints
11 editions published in 1985 in English and held by 204 WorldCat member libraries worldwide
This volume brings together a number of new studies concerned with some of the topical problems of taxation. In Part I, limits of taxation are considered from the viewpoint of normative tax theory, its relation to the 'hidden' economy, and in terms of empirical estimates of the effects of taxes. Part II contains three theoretical studies which extend the theory of income taxation and redistribution. Part III deals with the corporate tax and contains both theoretical and empirical contributions. In conclusion, Part IV is devoted to two analyses of alternatives to income and corporate taxation. The authors represent a number of different countries and viewpoints
The State of macroeconomics : proceedings of a symposium, "whither macroeconomics?" by State of macroeconomics(
Book
)
12 editions published between 1990 and 1991 in English and held by 197 WorldCat member libraries worldwide
12 editions published between 1990 and 1991 in English and held by 197 WorldCat member libraries worldwide
Information and incentives in organizations(
Book
)
10 editions published in 1989 in English and held by 194 WorldCat member libraries worldwide
10 editions published in 1989 in English and held by 194 WorldCat member libraries worldwide
Growth and distribution : intergenerational problems by
Ragnar Bentzel(
Book
)
7 editions published in 1986 in English and held by 168 WorldCat member libraries worldwide
7 editions published in 1986 in English and held by 168 WorldCat member libraries worldwide
Designing the European model by
Seppo Honkapohja(
)
18 editions published in 2009 in English and held by 164 WorldCat member libraries worldwide
This book examines existing problems in the European economy, focusing on labour markets, including labour market reform and outsourcing, as well as macroeconomic issues, such as macroeconomic stabilization in the Euro area and convergence and divergence in economic growth in the EU
18 editions published in 2009 in English and held by 164 WorldCat member libraries worldwide
This book examines existing problems in the European economy, focusing on labour markets, including labour market reform and outsourcing, as well as macroeconomic issues, such as macroeconomic stabilization in the Euro area and convergence and divergence in economic growth in the EU
Growth cycles by
George W Evans(
Book
)
17 editions published in 1996 in English and held by 114 WorldCat member libraries worldwide
We construct a rational expectations model in which aggregate growth alternates between a low growth and a high growth state. When all agents expect growth to be slow, the returns on investment are low, and little investment takes place. This slows growth and confirms the prediction that the returns on investment will be low. But if agents expect fast growth, investment is high, returns are high, and growth is rapid. This expectational indeterminacy is induced by complementarity between different types of capital goods. In a growth cycle there are stochastic shifts between high and low growth states and agents take full account of these transitions. The rules that agents need to form rational expectations in this equilibrium are simple. The equilibrium with growth cycles is stable under the dynamics implied by a correspondingly simple learning rule
17 editions published in 1996 in English and held by 114 WorldCat member libraries worldwide
We construct a rational expectations model in which aggregate growth alternates between a low growth and a high growth state. When all agents expect growth to be slow, the returns on investment are low, and little investment takes place. This slows growth and confirms the prediction that the returns on investment will be low. But if agents expect fast growth, investment is high, returns are high, and growth is rapid. This expectational indeterminacy is induced by complementarity between different types of capital goods. In a growth cycle there are stochastic shifts between high and low growth states and agents take full account of these transitions. The rules that agents need to form rational expectations in this equilibrium are simple. The equilibrium with growth cycles is stable under the dynamics implied by a correspondingly simple learning rule
Liquidity traps and expectation dynamics : fiscal stimulus or fiscal austerity? by
Jess Benhabib(
)
14 editions published in 2012 in English and held by 72 WorldCat member libraries worldwide
We examine global dynamics under infinitehorizon learning in New Keynesian models where the interestrate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large pessimistic shocks to expectations. For large expectation shocks that push interest rates to the zero bound, a temporary fiscal stimulus or a policy of fiscal austerity, appropriately tailored in magnitude and duration, will insulate the economy from deflation traps. However "fiscal switching rules" that automatically kick in without discretionary fine tuning can be equally effective
14 editions published in 2012 in English and held by 72 WorldCat member libraries worldwide
We examine global dynamics under infinitehorizon learning in New Keynesian models where the interestrate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large pessimistic shocks to expectations. For large expectation shocks that push interest rates to the zero bound, a temporary fiscal stimulus or a policy of fiscal austerity, appropriately tailored in magnitude and duration, will insulate the economy from deflation traps. However "fiscal switching rules" that automatically kick in without discretionary fine tuning can be equally effective
Studies in the general equilibrium theory of money and transaction costs by
Seppo Honkapohja(
Book
)
12 editions published in 1979 in 3 languages and held by 68 WorldCat member libraries worldwide
12 editions published in 1979 in 3 languages and held by 68 WorldCat member libraries worldwide
Nontrivial equilibrium in an economy with stochastic rationing by
Seppo Honkapohja(
)
4 editions published in 1979 in English and held by 63 WorldCat member libraries worldwide
Stochastic rationing when the market does not clear draws attention because both Dreze (1975) and Benassy (1975) quantityconstrained equilibria have some undesirable features. Gale (1978)gave the existence proof of trade under uncertainty. His stochastic rationing depends on all the individual effective demands. It is too vague to characterize a rationing mechanism. Moreover, his assumption to ensure a nontrivial equilibrium is economically not clear. In this paper we extend Green (1978) to characterizing the rationing scheme as the individual effective demand times the rationing number which is a function of the aggregate quantity signals. We also construct an economy with money and overlapping generations. We show the existence of the nontrivial equilibrium and provide an example of a nonWairasian equilibrium at the Walrasian equilibrium prices
4 editions published in 1979 in English and held by 63 WorldCat member libraries worldwide
Stochastic rationing when the market does not clear draws attention because both Dreze (1975) and Benassy (1975) quantityconstrained equilibria have some undesirable features. Gale (1978)gave the existence proof of trade under uncertainty. His stochastic rationing depends on all the individual effective demands. It is too vague to characterize a rationing mechanism. Moreover, his assumption to ensure a nontrivial equilibrium is economically not clear. In this paper we extend Green (1978) to characterizing the rationing scheme as the individual effective demand times the rationing number which is a function of the aggregate quantity signals. We also construct an economy with money and overlapping generations. We show the existence of the nontrivial equilibrium and provide an example of a nonWairasian equilibrium at the Walrasian equilibrium prices
Generalized stochastic gradient learning by
George W Evans(
)
10 editions published in 2005 in English and held by 61 WorldCat member libraries worldwide
We study the properties of generalized stochastic gradient (GSG) learning in forwardlooking models. We examine how the conditions for stability of standard stochastic gradient (SG) learning both differ from and are related to Estability, which governs stability under least squares learning. SG algorithms are sensitive to units of measurement and we show that there is a transformation of variables for which Estability governs SG stability. GSG algorithms with constant gain have a deeper justification in terms of parameter drift, robustness and risk sensitivity
10 editions published in 2005 in English and held by 61 WorldCat member libraries worldwide
We study the properties of generalized stochastic gradient (GSG) learning in forwardlooking models. We examine how the conditions for stability of standard stochastic gradient (SG) learning both differ from and are related to Estability, which governs stability under least squares learning. SG algorithms are sensitive to units of measurement and we show that there is a transformation of variables for which Estability governs SG stability. GSG algorithms with constant gain have a deeper justification in terms of parameter drift, robustness and risk sensitivity
Monetary policy, expectations and commitment by
George W Evans(
Book
)
12 editions published in 2002 in English and held by 46 WorldCat member libraries worldwide
12 editions published in 2002 in English and held by 46 WorldCat member libraries worldwide
Bilateral contracts by
Jerry R Green(
)
6 editions published in 1981 in English and held by 44 WorldCat member libraries worldwide
The basic form of economic exchange is a bilateral relationship between buyer and seller. If economic conditions are common knowledge there is no problem in principle to determine the efficient quantity to trade. But if benefits are known only to the buyer and costs are known only to the seller a situation of bargaining under incomplete information results. Instead of relying on the vagaries of a bargaining outcome, which might be quite costly to implement, economic inefficiency is likely to be improved by a contractual arrangement that could be agreed upon in advance. In such contracts various aspects of the exchange could be allocated to the two parties involved. For example, a price per unit might be fixed in advance and the buyer might be allowed to name his quantity in the light of the information he has about benefits. A more complex version would present the buyer with a nonlinear price schedule. Alternatively the supplies might be given control. While these solutions are fairly well understood, there are other types of arrangements in which control is mutual. This paper studies contracts of this nature. We examine the feasibility of implementing various agreements and the nature of optimal bilateral contracts under these informational circumstances. When the random influences impact both parties significantly, full efficiency is not attainable. We show that contracts involving mutual control might sometimes be superior to the best contract giving one side or the other exclusive dominance
6 editions published in 1981 in English and held by 44 WorldCat member libraries worldwide
The basic form of economic exchange is a bilateral relationship between buyer and seller. If economic conditions are common knowledge there is no problem in principle to determine the efficient quantity to trade. But if benefits are known only to the buyer and costs are known only to the seller a situation of bargaining under incomplete information results. Instead of relying on the vagaries of a bargaining outcome, which might be quite costly to implement, economic inefficiency is likely to be improved by a contractual arrangement that could be agreed upon in advance. In such contracts various aspects of the exchange could be allocated to the two parties involved. For example, a price per unit might be fixed in advance and the buyer might be allowed to name his quantity in the light of the information he has about benefits. A more complex version would present the buyer with a nonlinear price schedule. Alternatively the supplies might be given control. While these solutions are fairly well understood, there are other types of arrangements in which control is mutual. This paper studies contracts of this nature. We examine the feasibility of implementing various agreements and the nature of optimal bilateral contracts under these informational circumstances. When the random influences impact both parties significantly, full efficiency is not attainable. We show that contracts involving mutual control might sometimes be superior to the best contract giving one side or the other exclusive dominance
A stochastic approach to disequilibrium macroeconomics by
Seppo Honkapohja(
)
4 editions published in 1979 in English and held by 39 WorldCat member libraries worldwide
In this paper, our aim is to develop an alternative approach to analyzing a macroeconomic model where markets do not clear. Earlier approaches have had difficulties in interpreting effective demand, a key concept in disequilibrium macroeconomics. We propose a new definition of effective demand similar to that of Svensson, Gale, and Green. Given the states of the markets, there is in general uncertainty about the amount of trades individuals can complete. Considering this uncertainty, each individual has to make binding trade offers, i.e., effective demands, a fraction of which will be actually transacted. Using the newlydefined effective demand, we define the rationing equilibrium as a fixed point of disequilibrium signals. We analyze various regimes of rationing equilibria. The most startling conclusion is the multiplicity of equilibria: (1) given wages and prices, there may exist more than one type of equilibrium and (ii) even at Wairasian prices there may exist nonWalrasian equilibria, and these are usually stable with respect to a quantityadjustment mechanism while the Wairasian equilibrium is unstable, The comparativestatic properties of policy we also considered, and they are comparable to those of the earlier approach
4 editions published in 1979 in English and held by 39 WorldCat member libraries worldwide
In this paper, our aim is to develop an alternative approach to analyzing a macroeconomic model where markets do not clear. Earlier approaches have had difficulties in interpreting effective demand, a key concept in disequilibrium macroeconomics. We propose a new definition of effective demand similar to that of Svensson, Gale, and Green. Given the states of the markets, there is in general uncertainty about the amount of trades individuals can complete. Considering this uncertainty, each individual has to make binding trade offers, i.e., effective demands, a fraction of which will be actually transacted. Using the newlydefined effective demand, we define the rationing equilibrium as a fixed point of disequilibrium signals. We analyze various regimes of rationing equilibria. The most startling conclusion is the multiplicity of equilibria: (1) given wages and prices, there may exist more than one type of equilibrium and (ii) even at Wairasian prices there may exist nonWalrasian equilibria, and these are usually stable with respect to a quantityadjustment mechanism while the Wairasian equilibrium is unstable, The comparativestatic properties of policy we also considered, and they are comparable to those of the earlier approach
Convergence in monetary inflation models with heterogeneous learning rules by
George W Evans(
Book
)
12 editions published between 1995 and 1996 in English and held by 36 WorldCat member libraries worldwide
12 editions published between 1995 and 1996 in English and held by 36 WorldCat member libraries worldwide
Complementarity, growth and trade by
Seppo Honkapohja(
Book
)
13 editions published in 1999 in English and held by 36 WorldCat member libraries worldwide
13 editions published in 1999 in English and held by 36 WorldCat member libraries worldwide
Learning stability in economics with heterogenous agents by
Seppo Honkapohja(
Book
)
7 editions published in 2002 in English and held by 35 WorldCat member libraries worldwide
7 editions published in 2002 in English and held by 35 WorldCat member libraries worldwide
more
fewer
Audience Level
0 

1  
Kids  General  Special 
Related Identities
 Evans, George W. 1949 Author
 Arrow, Kenneth J. (Kenneth Joseph) 19212017 Editor
 Yrjö Jahnssonin säätiö
 Jahnsson, Hilma Gabriella
 National Bureau of Economic Research
 Centre for Economic Policy Research (Great Britain)
 Kukkonen, Pertti Honoree Editor
 Ingberg, Mikael Editor
 Førsund, Finn R. Other Author Editor
 Westermann, Frank 1970 Author Editor
Useful Links
Associated Subjects
Autarchy Bentzel, Ragnar Budget deficits Business cyclesMathematical models Communication in organizationsMathematical models Consumption (Economics) Contracts Debts, Public Disclosure of informationMathematical models Econometric models Econometrics Economic development Economic forecastingMathematical models Economic history Economic policy Economics EconomicsMathematical models EconomicsMethodology EconomicsStatistical methods Economic stabilization Endogenous growth (Economics) Equilibrium (Economics) Equilibrium (Economics)Mathematical models EuropeEuropean Union countries Finland Fiscal policy Incentives in industryMathematical models Income tax Industrial relationsMathematical models Inflation (Finance)Econometric models International economic integration International trade Jahnsson, Hilma Gabriella Labor market LearningEconometric models Macroeconomics MacroeconomicsMathematical models Monetary policy Organizational behaviorMathematical models Politics and government Rational expectations (Economic theory) Rational expectations (Economic theory)Mathematical models Social policy Social sciences Stochastic analysis Subsidies Taxation Technology and state Terms of trade Welfare state
Covers
Alternative Names
Honkapohja S.
Honkapohja, S. 1951
Honkapohja, Seppo M. S. 1951
Seppo Honkapohja finnischer Ökonom
Seppo Honkapohja Finnish economist, board member of Finnish central bank, Professor of Internationale Macroeconomics at the
University of Cambridge.
Seppo Honkapohja Fins econoom
Languages