Publications

Working Papers 131

GenAI, Growth, and the Multi-Sector Multipliers

Kuusi Tero
This paper analyzes the macroeconomic impact of Generative Artificial Intelligence (GenAI) on the Finnish economy, integrating recent literature and
Academic Publications

Firm Resilience During Long-Term Economic Stagnation: Register-Based Analysis of Finnish Manufacturing Firms

Ali-Yrkkö JyrkiKuosmanen NataliaPajarinen MikaYlhäinen Ilkka
Economic resilience, the ability of firms to withstand and recover from economic challenges, has traditionally been studied in response
Working Papers 130

Privacy Regulation and R&D Investments: Causal Evidence from Global Pharmaceutical and Biotechnology Firms

Koski Heli
This paper examines the effects of data privacy regulation on R&D investment in the pharmaceutical and biotechnology sectors. In
Briefs 161

Efficiency or National Interest: The Economic Dilemma of EU Defense

Puonti Päivi
The EU’s defence industry is fragmented and inefficient, which hampers the rapid strengthening of military capabilities. For member states,
Briefs 160

Employer Costs of Sickness Absence: Results and Lessons Learned

Kulvik MarttiKuusi TeroLaurikka AnnuValkonen Tarmo
Sickness absence causes a significant loss of value added for employers and increases production costs. The subject is important
Reports 165

The Cost of Short-term Disability in Municipal Workplaces: Costs of Sickness Absence Incurred by Municipal Employers Prior to the Covid-19 Pandemic

Kulvik MarttiKuusi TeroLaurikka AnnuValkonen Tarmo
Sickness absence is a complex and costly problem that affects all parties in the workplace. The aim of our
Academic Publications

Returns to Adult Learning

Silliman MikkoVirtanen Hanna
Summary A common starting point in understanding investments in learning is that people participate in education when the life-cycle
Working Papers 129

Intangible Assets in Finnish Business

Pajarinen MikaRouvinen Petri
This working paper investigates intangible investments in Finnish firms from 2014 to 2019, utilizing comprehensive, register-based data from Statistics
Academic Publications

Assessing Early Labour Market Effects of Generative AI: Evidence from Population Data

Kauhanen AnttiRouvinen Petri
We use data covering all wage earners from Finland to study the impact of generative artificial intelligence (GAI) on
Reports 164

Finland’s Future Growth Depends on Intangible Capital: Why Policy Must Expand Its Scope Beyond R&D

Rouvinen PetriKässi OttoPajarinen Mika
Finland’s future prosperity hinges on intangible assets such as software, data, brands, and organizational capital. While research and development
Other publications

How is Finland Responding to the Shifts in the Geopolitical Landscape?

Ali-Yrkkö JyrkiKuusela Olli-PekkaKuusi TeroMaczulskij TerhiPajarinen Mika
The world economy is undergoing significant changes, characterized by increasing trade barriers and regional bloc formations. International trade and
Working Papers 128

Growth in Chains: EU Value Chain Productivity and its Slowdown

Kuusi TeroLähdemäki Sakari
We examine value chain productivity within the EU15 from 1995 to 2017; a period marked by growth and its
Briefs 159

Boosting Labour Productivity in Service Sectors with Investments

Kaitila Ville
Labour productivity in service industries in Finland is lower than in peer countries on average. The difference in the
Academic Publications

Do Green Products Pay Off? Register-based Evidence on Finland’s Manufacturing Firms

Kuosmanen NataliaPajarinen Mika
As environmental concerns reshape market demand, the economic implications of producing green products by firms remain underexplored. This study
Reports 163

Public Sector Wage-Setting: Can an Export-Led Labour Market Model Be Created in Finland?

Kauhanen Antti
The Finnish labour market model has been undergoing a transformation since 2007, and the role of the public sector
Briefs 158

Ex-Nokians Eagerly Became Entrepreneurs and Business Angels: Nokia Experience Fueled Rapid Growth of Startups’ Turnovers

Rouvinen PetriBreznitz DanPajarinen Mika
This brief examines entrepreneurship and business angel activity in Finland following the challenges Nokia’s mobile telephony business faced in
Briefs 157

Public Finance Perspective from Recent Studies on Finnish Pharmaceutical Markets

Jokelainen AnttoMarkkanen JaakkoSiikanen MarkkuToivanen Otto
Petteri Orpo’s government program plans to reform pharmaceutical and pharmacy regulation in Finland. In this memo, we review some
Reports 162

A Clean Tariff? Effects and Challenges of EU CBAM

Kaitila VilleKuusi TeroPajarinen MikaWang Maria
This study examines the impacts of the European Union’s Carbon Border Adjustment Mechanism (CBAM) on corporate costs, adaptation strategies,
Reports 161

Finnish Business Finance in European Comparison: Money is Not the Key Bottleneck to Economic Growth

Rouvinen PetriYlhäinen Ilkka
Finnish businesses face fewer financial challenges than their European peers. To the extent financial challenges do exist, they disproportionately
Briefs 156

The Long-term Effects of Finland’s Recession of the 1990s on Mortality

Maczulskij Terhi
Job loss is one of the most significant negative shocks experienced by an individual. Job loss can lead to
Academic Publications

Effect of Secondary Education on Cognitive and Non-cognitive Skills

Ollikainen Jani-PetteriPekkarinen TuomasUusitalo RoopeVirtanen Hanna
We examine the effects of secondary education on cognitive and non-cognitive skills using admission cutoffs to general secondary schools.
Working Papers 127

Service Industries, Capital Intensity, and Labour Productivity

Kaitila Ville
We analyse the development of labour productivity in five service industries in Europe, the United States, and Japan. Vis-à-vis
Briefs 155

US Tariffs Would Seriously Hit the Finnish Economy

Ali-Yrkkö Jyrki
The United States has proposed large tariff increases, which will probably also apply to the EU. The majority of
Briefs 154

Productivity at its Highest at an Intermediate Intensity of Work from Home

Kangasharju AkiKauhanen AnttiPajarinen MikaRouvinen Petri
We examine the relationship between remote work intensity and labor productivity using a survey of Finnish business leaders conducted

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