What makes the business cycles to fluctuate? What makes economic growth go up and down? What determines the rate of inflation? What drives economy into crisis? What is productivity growth and what are its determinants? Why some countries are poor and others rich? How to deal with ageing population? How does financial sector interact with the real economy?

Macroeconomics Research Group

Macroeconomics addresses the performance, structure, behavior, and decision-making of an economy as a whole. This entails studying economy-wide phenomena such as output, unemployment, national income, inflation, economic growth, and how they interact in aggregate economies.

Additionally, Macroeconomics involves people making decisions based upon what they think will happen, and what will happen depends on what decisions people make. Consequently, the concept of equilibrium must be dynamic. Solving equilibrium often requires sophisticated techniques. Bulk of macroeconomic theorizing develops methods to achieve this. Much of the research is quantitative and empirical in trying to quantify the aggregate outcome economic policies using economic models as laboratories.

Most of the contemporary macroeconomics research is policy driven. Fiscal policy is the use of government’s expenditures, taxes and debt as instruments to influence the aggregate outcome of an economy. Finding the right balance between policy measures and intertemporal budget constraints is often the main question. Inflation is the outcome of the monetary policy. Inflation interacts with real economy and this trade-off is at the core of research on monetary policy. Financial crisis has put the macroprudential policy high on the research macroeconomics research agenda. Macroprudential policy aims safeguarding the financial system as a whole. Key research question is how financial systems interact with real economy and what are suitable policy tools for safeguarding the system.

Antti Ripatti

Chair of the group, Professor

Lauro Carnicelli

Member, PhD student

Peter Elmgren

Member, PhD student

Pertti Haaparanta

Member, Emeritus Professor

Niku Määttänen

Member, Affiliated / visiting

Alfan Mansur

Member, PhD student

Seppo Orjasniemi

Member, None

Tapio Palokangas

Member, Professor

Juho Peltonen

Member, PhD student

Ville Pikkarainen

Member, PhD student

Jussipekka Salo

Member, PhD student

Oliver Snellman

Member, PhD student

Saara Tuuli

Member, PhD student

Helsinki GSE