Macroeconomic Effects of Financial Shocks

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  • On September 16th Olli Palmén will defend his dissertation “Macroeconomic effects of financial shocks” at the University of Helsinki.

    The dissertation was supervised by Prof. Markku Lanne (University of Helsinki) and Assoc. Prof. Henri Nyberg (University of Turku). 

    The dissertation consists of three essays that each examine the role of financial shocks as sources of business cycle fluctuations. The first essay studies the extent to which tensions in the sovereign debt markets affected bank lending and the consequent economic downturn in euro area countries during the European sovereign debt crisis. The second essay proposes a new way of disentangling financial and uncertainty shocks to study their importance in driving business cycles. The third essay examines the inflationary responses to different types of financial shocks. 

    Olli Palmén works as a Senior Specialist at the Ministry of Finance.

    Further information:

    Contact Olli Palmén

    Email: olli.palmen(at)

    LinkedIn: Olli Palmén