Contact

Email address: Seppo.honkapohja@aalto.fi

Tel: +358 50 409 4155

Mailing address:
Aalto University School of Business
P.O. Box 21240
00076 Aalto

Visiting address:
Arkadiankatu 7
Helsinki, Finland

For full list of publications see CV.

Research papers

Expectations, Stagnation and Fiscal Policy (2016) with Co-Authors George W. Evans and Kaushik Mitra.

On Robustness of Average Inflation Targeting. Revised (2023) with coauthor Nigel McClung.

Recent Publications

Does Ricardian Equivalence Hold When Expectations are not Rational? (2012) with Co-Authors George W. Evans and Kaushik Mitra.
Journal of Money, Credit and Banking , 44, pages 1259-83.

Policy Change and Learning in the RBC Model (2013) with Co-Authors George W. Evans and Kaushik Mitra.
Journal of Economic Dynamics and Control , 37, pages 1947-1971.

The Euro Crisis: A View from the North (2014).
Journal of Macroeconomics , 39, pages 260-271.

Financial Crises: Lessons from the Nordic Experience (2014).
Journal of Financial Stability , 13, pages 193-201.

Liquidity Traps, Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity? (2014) with Co-Authors Jess Benhabib and George W. Evans.
Journal of Economic Dynamics and Control , 45, pages 220-238.

Comparing Inflation and Price-Level Targeting: the Role of Forward guidance and Transparency (2015) with Co-Author Kaushik Mitra.
The Manchester School , Supplement, 27-59.

Growth, Expectations and Tariffs (2016) with Co-Authors Arja Turunen-Red and Alan Woodland.
Canadian Journal of Economics , 49, pages 1441-1468 and Online Supplement.

Monetary Policies to Counter the Zero Interest Rate: an Overview of Research (2016).
Empirica , 43, pages 235-256.

Fiscal Policy Multipliers in an RBC Model with Learning (2019) with Co-Authors George W. Evans and Kaushik Mitra.
Macroeconomic Dynamics , 23, pages 240-283.

Price Level Targeting to Escape the Zero Lower Bound (2018) with Co-Author Kaushik Mitra.
Vox EU , April 9, 2018.

Price-Level Targeting with Evolving Credibility (2020) with Co-Author Kaushik Mitra.
Journal of Monetary Economics , 116, pages 88-103. Online appendix pages 1-57.

Pitfalls of Average Inflation Targeting When Agents Have Imperfect Knowledge (2021) with Co-Author Nigel McClung.
Vox EU , April 29, 2021.

Some Warning Signals About Average Inflation Targeting (2021) with Co-Author Nigel McClung.
SUERF Policy Briefs No.141 , July, 2021.

Economic Consequences of the Pandemic – The Nordic Countries, with Co-Authors Torben Andersen and Steinar Holden.
Sveriges Offentliga Utredningar (SOU) , 10/2022, Stockholm.

Expectations, Stagnation and Fiscal Policy: a Nonlinear Analysis (2022), with Co-Authors George W. Evans and Kaushik Mitra.
International Economic Review , 63, pages 1397-1425. Online Appendix pages 1-39.

Selected Articles in Edited Volumes

Expectations, Learning and Monetary Policy: An Overview of Recent Research (2009) with Co-Author George W. Evans.
Monetary Policy under Uncertainty and Learning, Eds. Schmidt-Hebbel, Klaus and Carl E. Walsh, Bank of Chile, Santiago , pages 145-170.

Robust Learning Stability with Operational Monetary Policy Rules (2009) with Co-Author George W. Evans.
Monetary Policy under Uncertainty and Learning, Eds. Schmidt-Hebbel, Klaus and Carl E. Walsh, Bank of Chile, Santiago , pages 145-170.

Expectations, Deflation Traps and Macroeconomic Policy (2010) with Co-Author George W. Evans.
Twenty Years of Inflation Targeting, Eds. Cobham, David, Eithreim, Øyvind, Gerlach, Stefan and Qvigstad, Jan F., Cambridge University Press , pages 232-260.

Learning as a Rational Foundation for Macroeconomics and Finance (2013) with Co-Author George W. Evans
Rethinking Expectations: The Way Forward for Macroeconomics, Eds. Frydman, R. and Phelps, E. S. Princeton University Press , pages 68-111.

Bayesian Model Averaging, Learning, and Model Selection (2013) with Co-Authors George W. Evans, Tom Sargent and Noah Williams.
Macroeconomics at the Service of Public Policy, Eds. Sargent, T.J. and Vilmunen, J., Oxford University Press , pages 99-119.

Notes on Agents’ Behavioral Rules Under Adaptive Learning and Recent Studies of Monetary Policy (2013) with Kaushik Mitra and George W. Evans.
Macroeconomics at the Service of Public Policy, Eds. Sargent, T.J. and Vilmunen, J., Oxford University Press , pages 63-79.

Lessons from the Financial Liberalization in the Nordic Countries in the 1980s (2014).
Financial Systems at the Crossroads. Eds. Woo, W.T., Pan, Y., Sachs, J., Qian, J., World Scientific Publishing, Singapore , pages 135-163.

Challenges to the Nordic Model: the Case of Finland (2015).
Reform Capacity and Macroeconomic Performance in the Nordic Countries, Eds. Andersen, T.M., Bergman, U.M. and S.E Hougaard Jensen, Oxford University Press , pages 353-360.

Financial Innovation and Financial Stability: An Introduction (2017).
Preparing for the Financial Crisis: Policies, Tools and Models, Eds. Jokivuolle, E. and R. Tunaru, Cambridge University Press , pages 26-36.

Effects from Pandemic and Stagnation (2022) with Kaushik Mitra.
The Impact of Covid 19 on India and the Global Order, Eds. Dutta M., Z. Husain and A.K. Sinha, Springer Nature Ltd , pages 171-188.

Invited Lectures

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See CV.

Teaching

Macroeconomic Policy (2018-2019, 2019-2020, 2020-2021, 2021-2022, 2022-23 academic years)

Learning in Macroeconomics PhD course, University of Naples Federico II (20119-2020, 2020-2021, 2021-2022 academic years]