CURRICULUM VITAE. Matti Eino Ensio VIRÉN

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1 December 12, 2007 CURRICULUM VITAE Matti Eino Ensio VIRÉN PRESENT POSITION: PERSONAL DATA: Professor of Economics and Head of Economics Department University of Turku Turku Finland Tel Fax BORN: 29th October 1948, Karuna, Finland MARRIED: 21st November 1972, 3 children NATIONALITY: Finnish MILITARY RANK: Lieutenant HOME ADDRESS: Uramonrinne 11, Riihimäki 10, Finland Tel , mobile matti.viren1@luukku.com EDUCATION AND DEGREES: 1) M.Soc.Sc., University of Helsinki, ) Lic.Soc.Sc., Univesity of Helsinki, ) Dr.Soc.Sc., University of Helsinki, 1982 thesis title: "Human Capital and Wage Differentials in a Dynamic Theory of the Firm", accepted ) Ph.D. candidate, University of Chicago, 1974/1975 (Fulbright scholarship) 5) Professor of Economics, University of Turku, ) Member of the Finnish Academy of Sciences, 1997

2 2 ACADEMIC EXPERIENCE: Teaching assistant, University of Helsinki, Department of Economics, from September 1972 to December 1972, and from September 1975 to July Senior lecturer, University of Helsinki, Department of Economics, from November 1977 to December Assistant professor, University of Helsinki, Department of Economics, from January 1980 to June Docent of economics, University of Helsinki, Department of Economics, from May 1984 to present. Acting professor of econometrics, University of Helsinki, Department of Economics, from August 1986 to December Visiting lecturer, various universities, IHTTI (Lucerne), and other institutions. Professor of economics, University of Turku, Department of Economics, January 1991 to December 1996, and from January 1999 to November 2001, and from May 2003 to present. On leave of absence, from January 1997 to December 1998 and from November 2001 to April RESEARCH & OTHER EXPERIENCE: Research fellow (and project manager), the SITRA foundation, Helsinki, from January 1973 to May Research fellow, The Research Institute of the Finnish Economy (ETLA), from March 1980 to February Research supervisor, Bank of Finland, from March 1983 to December Consultant (full-time), UN Economic Commission for Europe, General Economic Analysis Division, Geneva, November 1984 and from September- to December Consultant, European Free Trade Association (EFTA), Geneva, Research fellow, the Academy of Finland (on sabbatical leave from the University of Turku), Consultant, Bank of Finland, January 1991 to present. Research director (and the Deputy of the General Director) Government Institute for Economic Research (Helsinki), from January 1997 to December 1998.

3 3 Pre-accession advisor in the Polish Ministry of Finance, Warsaw, November 2001 to April Medium-term expert (part time) in the same Ministry from May 2003 to August CURRENT RESEARCH INTERESTS: Applied macro economics; household saving behaviour, measurement of policy effects with macro models, forecasting, empirical models of criminal behaviour. nonlinear econometric models Applied monetary economics: particularly the demand for currency and money, monetary and fiscal policy transmission mechanism, the effects of financial innovations and currency substitution, payment systems Fiscal policy and the size of government: measurement of fiscal policy effects, automatic stabilisers, tax incidence, policy coordination. PUBLICATIONS 100 articles in refereed foreign journals or edited books, 17 authored or edited books or monographs and 120 articles in Finnish professional journals. In addition, numerous discussion/working papers and newspaper columns.

4 LIST OF PUBLICATIONS by Matti Virén Articles The Variance Hypothesis on Output-Inflation Trade-off-Evidence from Scandinavia, Scandinavian Journal of Economics, 1980, (co-authored by Erkki Koskela). New International Evidence on Output-Inflation Tradeoffs A Note, Economic Letters, 1981, (co-authored by Erkki Koskela). Saving and Inflation: Some International Evidence, Economics Letters, 1982, (co-authored by Erkki Koskela). An Empirical Analysis of the Demand for Houses, Durables and Non-durables, Empirical Economics, 1982, (co-authored by Ilkka Mellin). Inflation, Tight Money and Household Saving Behavior: Finnish Evidence, Scandinavian Journal of Economics, 1982, (co-authored by Erkki Koskela). Inflation and Saving: Testing Deaton's Hypothesis, Applied Economics, 1982, (co-authored by Erkki Koskela). A Note on Long-Term Determinants of the Private Savings Ratio, Economics Letters, 1982, (co-authored by Erkki Koskela). Hur Finansieras Investeringarna i Finland, Norge och Sverige i Framtiden?, Ekonomisk Debatt, 1982, (co-authored by Erkki Koskela and Marianne Stenius). Social Security and Household Saving in an International Cross Section, American Economic Review, 1983, (co-authored by Erkki Koskela). National Debt Neutrality: Some International Evidence, Kyklos, 1983, (co-authored by Erkki Koskela). Household Saving out of Different Types of Income Revisited, Applied Economics, 1984, (co-authored by Erkki Koskela).

5 2 Testing the Stability of the Hall Consumption Function, Economics Letters, 1984, (co-authored by Erkki Koskela). Credit Rationing and Consumer Intertemporal Choice, Oxford Economic Papers, 1984, (co-authored by Erkki Koskela). Inflation, Relative Prices and Household Saving Behaviour, Empirical Economics, 1984, Some Further Results on Rosen and Quandt's Labor Market Model, European Economic Review, 1984, (co-authored by Marianne Stenius). Anticipated versus "Surprise" Inflation in Household Consumption Behaviour, Economics Letters, 1985, (co-authored by Erkki Koskela). Consumption Function, Labor Supply Rationing and Borrowing Constraints, Oxford Economic Papers 1985, (co-authored by Erkki Koskela). Determination of Employment with Wage and Price Speculation, Scandinavian Journal of Economics, 1985, The Role of Inflation in Consumption Function, Weltwirschaftliches Archiv, 1985, (co-authored by Erkki Koskela). Time-Varying Hall Consumption Function, Economics Letters, 1985, (co-authored by Erkki Koskela). The Relationship between Interest Rates and Inflation during the Prewar Period, Economics Letters, 1986, Testing the Direct Substitutability Hypothesis of Saving, Applied Economics, 1986, (co-authored by Erkki Koskela). Some Further Results on Rosen and Quandt's Labor Market Model: Queries and Disagreements: A Reply, European Economic Review, 1986, (coauthored by Marianne Stenius). Social Security and Household Saving in an International Cross Section: A Reply, American Economic Review, 1986, (co-authored by Erkki Koskela). Endogenous Policy, Structural Shift, and Demand for Money, Weltwirtschaftliches Archiv, 1986, , (co-authored by Erkki Koskela). Examining the Long-Run Relationship between Interest Rates and Inflation: Some Cross-Country Evidence, Economic Notes, 1986, New Evidence on Long Swings, Kyklos, 1986, , (co-authored by Pentti Pikkarainen).

6 3 Estimating the Output Effects of Energy Price and Real Interest Rate Shocks: A Cross-Country Study, Schweizerische Zeitschrift für Volkswirtschaft und Statistik, 1986, Inflation, Hedging and the Fisher Hypothesis, Journal of Macroeconomics, 1987, Population Shocks and Employment: Testing the Labor Market Equilibrium Hypothesis, Economics Letters, 1987, , (co-authored by Juha Tarkka). Inflation, Hedging and the Demand for Money: Some Empirical Evidence, Economic Inquiry, 1987, , (co-authored by Erkki Koskela). Inflation and Interest Rates, Some Time Series Evidence from 6 OECD Countries, Empirical Economics, 1987, Inflation and the Euler Equation Approach to Consumption Behaviour: Some Empirical Evidence, Economics Letters, 1987, , (co-authored by Erkki Koskela). Long-Term Changes in Consumption: Summaries and Syntheses of National Contributions, Economic Bulletin for Europe 39, 1987, Examining the Role of Expectations in a Macromodel: Some Results with the Finnish QMED Model, Economic Modelling, 1988, , (co-authored by Ari Lahti) Interest Rates and Budget Deficits: Cross-Country Evidence from the Period , Economics Letters, 1988, Granger Causality between Money, Output, Prices and Interest Rates: Some Cross-Country Evidence from the Period , Weltwirtschaftliches Archiv, 1989, 74 82, (co-authored by Pentti Pikkarainen). Saving, Investment and the Current Account: A Review of Recent Evidence, Economic Notes, 1989, International Differences in Saving Rates and the Life Cycle Hypothesis: A Comment, European Economic Review, 1989, , (co-authored by Erkki Koskela). The Long-Run Relationship between Interest Rates and Inflation: Some Cross- Country Evidence, Journal of Banking and Finance, 1989, Monetary Policy Regimes and the Dynamics of the Demand for Money, in P. Artus and Y. Barroux (eds.) Monetary Policy: A Theoretical and Econometric Approach, Kluwer Academic Publishers, 1990, , (co-authored by Erkki Koskela).

7 A Note on Finnish Property Criminality, International Journal of Social Economics, 1990, Currency Substitution, Financial Innovations and Money Demand: A Note, Applied Economics, 1990, McKinnon's Currency Substitution Hypothesis: Some New Evidence, Economia Internazionale, 1990, The Finnish Rational Expectations QMED Model: Estimation, Dynamic Properties and Policy Results, in J. Gruber (ed.) Econometric Decision Models, Lecture Notes in Economics and Mathematical Systems No. 366, Springer-Verlag, Heidelberg 1991, (co-authored by Ari Lahti). Monetary Policy Reaction Functions and Saving Investment Correlations: Some Cross-Country Evidence, Weltwirtschaftliches Archiv, 1991, , (coauthored by Erkki Koskela). Household Saving, Interest Rates, Inflation and Taxation: Some Cross-Country Evidence, in D. Fair and C. Boissieu (eds.) Fiscal Policy, Taxation and the Financial System in Increasingly Integrated Europe, Kluwer Academic Publishers, Dordrechet, 1992, (co-authored by Erkki Koskela). Inflation, Capital Markets and Household Saving in Nordic Countries, Scandinavian Journal of Economics, 1992, , (co-authored by Erkki Koskela). Housing Markets, Taxation and Financial Liberalization: Evidence from Finland, European Economic Review, 1992, , (co-authored by Erkki Koskela and Heikki Loikkanen). Taxes, Capital Market Imperfections and Household Saving, European Journal of Political Economy, 1992, 77-78, (co-authored by Erkki Koskela). Financial Innovations and Currency Demand, Some New Evidence, Empirical Economics, 1992, Interest Rates and Policy Reactions: Some International Evidence, forthcoming in Recent Research on Financial Modelling (ed. E.J. Stokking and G. Zambruno), Physica-Verlag, Heidelberg, 1993, An Economic Model of Auto Thefts in Finland, International Review of Law and Economics, 1993, , (co-authored by Erkki Koskela). Forecasting the Behaviour of Bankruptcies, Modelling Reality and Personal Modelling (ed. R. Flavell). Physica-Verlag, Heidelberg, 1993, , (coauthored by Christian Starck). A Note on Interest Rate Policy during Great Depression, Journal of European Economic History, 1994,

8 Taxation and Household Saving in Open Economies, Evidence from the Nordic Countries, Scandinavian Journal of Economics, also reprinted in Tax Policy in Small Open Economies, Blackwell Publishers, 1994, , (co-authored by Erkki Koskela). A Test of an Economics of Crime Model, International Review of Law and Economics, 1994, Demand for Cash and Other Payment Media in Finland, The Theory and Teaching of Finance and Accounting in the Transition Economy, Bentley College & University of Tartu, Tartu, 1994, Auto Thefts in Finland: An Occupational Choice Model, Public Finance (supplement), 1994, (co-authored by Erkki Koskela). Bankruptcies. Indebtedness and the Credit Crunch. In Modelling Techniques for Financial Markets and Bank Management (Marida Bertocchi, Enrico Cavalli and Sandor Komlosi, editors), Spring Verlag, 1996, (co-authored by Kari Takala). Chaos and Nonlinear Dynamics in Financial and Nonfinancial Time Series: Evidence from Finland. European Review of Operational Research, 93, 1996, , (co-authored by Kari Takala). Suicide and Business Cycles: Finnish Evidence. Applied Economics Letters, 2, 1996, An Occupational Choice Model of Crime Switching. Applied Economics, 29, 1997, (co-authored by Erkki Koskela). Icke-Vinstsyftande sammanslutningar i nationalräkennskaperna i Finland. I Skattefria institutioner, Norstedts Juridik, Stockholm 1997, Assessing the Forecasting Performance of a Macroeocnomic Model. Journal of Policy Modelling 21:6,1999, (co-authored by Juhana Hukkinen),. How to Evaluate the Forecasting Performance of a Macroeocnomic Model. Macromodels, 25, 1999, (co-authored by Juhana Hukkinen). Demand for Cash by Business Firms. Erasmus Journal of Economics. (the paper was accepted for publication but the Journal was finished before publication). Testing the Natural Rate of Suicide Hypothesis. International Journal of Social Economics 26, 1999, Measuring Effectiveness of Fiscal Policy in OECD Countries. Applied Economics Letters 7, 2000, Analysing Long Memory and Asymmetries. European Journal of Finance 6, 2000,

9 Exchange Rate Considerations in a Small Open Economy: A Critical Look at the MCI as a Possible Solution. In Lavan Mahadeva & Gabriel Sterne (eds.) Monetary Policy Frameworks, Routledge, 2000, (co-authored by David Mayes). The Exchange rate and Monetary Conditions in the Euro Area. Weltwirtschaftliches Arhiv 136, 2000:2, , (co-authored by David Mayes). Employment Growth, Population Shocks and Labour market Flexibility in OECD Countries. In Proceedings of Macomodels 99 Conference (Welfe, W and Wdowinski, P. eds), Absolwent, (co-authored by Jaakko Kiander). The Okun Curve is Nonlinear. Economics Letters , Is There a Laffer Curve between Output and Public Sector Employment? Empirical Economics 25, 2000, (co-authored by Erkki Koskela). Measuring Labour market Flexibility on the OECD Countries. Empirica 2, 2001, (co-authored by Jaakko Kiander). Modelling Crime and Punishment. Applied Economics 33, 2001, Fiscal Policy, Automatic Stabilisers and Policy Coordination in EMU, in Brunila, A., Buti, M. and Franco, M. (eds.) The Stability and Growth Pact, Macmillan, 2001, Policy Co-ordination and Economic Adjustment in EMU: Will It Work? In The Euro and Britan (El-Agraa, A., editor). Palgrave, London (co-authored by David Mayes), 2001, Technological Innovation and Economic Performance in the Nordic Countries. In (Steil, B., Victor, D. and Nelson, R., eds.) Technological Innovation and Economic Performance, Princeton University Press 2002 (co-authored by Markku Malkamäki), Financial Condition Indexes. International Economics 55, 2002, (coauthored by David Mayes). Macroeconomic Factors, Policies and the Development of Social Exclusion. Forthcoming in Social Exclusion (Muffelis, R., Tsaklogos, P. and D. Mayes, editors), Edward Elgar, 2002, (co-authored by David Mayes). Asymmetry and the Problem of Aggregation in the Euro Area. Empirica 29, 2002, (co-authored by David Mayes). How does deterrence affect property crime, in Progress in economic research, (Albert Tavidze, Editor), Nova Science Publishers, 2003, Pressures on the Stability and Growth Pact from Asymmetries in Policy". Journal of European Public Policy 11, , 2004 (co-author David Mayes).

10 Government Size and Output Volatility: Is There a Relationship. International Economics 57, 2004, Financial Conditions and Monetary Policy. Modelling Economics in Transition 2003, 2004, (co-authored by David Mayes). Monetary Policy problems for Currency Unions: Asymmetry and problem of aggregation in the euro area. Economic Modelling 22, 2005 (co-author David Mayes), 2005, Suicide and Business Cycles: New Empirical Evidence. Applied Economics Letters 12, 2005, Is the fertility decline a consequence of the growth of the welfare state? Evidence from historical data. European Papers on the New Welfare No. 6 (co-authored by Mikko Puhakka) 2006, Do Government expenditures increase private sector productivity? Cross-country Evidence. International Journal of Social Economics 34(co-authored by Reino Hjerppe, Pellervo Hämäläinen and Jaakko Kiander), 2007, The Relation between Inflation and Regional Unemployment and Sectoral Income Growth Dispersion: Evidence from EU Countries. Journal of Economic Asymmetries 3, 2006, (co-author David Mayes). The SGP and the ECB: an exercise in asymmetry. Journal of Financial Transformation 19 (co-authored by David Mayes), 2007, Impact of ATMs on the Use of Cash. Communications and Strategies 66 (coauthored by Kari Takala), 2007:2, The Role of Inflation Expectations in the EMU (co-authored by Maritta Paloviita). Forthcoming in Applied Economics Letters ATM Networks and Cash Usage (co-authored by Heli Snellman) Forthcoming in Applied Financial Economics The Slowdown of Inflation Expectations in Europe: An Empirical Investigation, forthcoming in Current Politics and Economics of Europe 19, No. 2, 2007 Inflation expectations and regime shifts. Forthcoming in "Principles of Modelling Forecasting and Decision-making", Lodz University Press Economics of scale and scope in the gaming industry. Forthcoming in "Gaming in the New Market Environment", Palgrave/MacMillan (Matti Viren, Editor) 2008

11 The role of Expectations in the Inflation Process in the Euro Area (co-authored by Maritta Paloviita). Forthcoming in "The Role of Expectations in Modelling and Monetrary Policy Making", Routledge (Peter Sinclair, Editor) Also numerous articles, notes and book reviews in the Finnish Journal of Economics, in the Finnish Journal of Business Economics, in the Journal of Economic Society in Finland, in the Yearbook of the Finnish Society for Economic Research, in Kansallis Banking Group Economic Review and in UNITAS (Union Bank of Finland Economic Review), and in other reviews and newspapers, most in Finnish or Swedish, as well as unpublished discussion papers in the series of the Department of Economics, University of Helsinki, the Research Institute of the Finnish Economy, Bank of Finland, University of Turku, The Aboa Centre for Economics (ACE) and Government Institute for Economic Research. Some of these discussion papers are in the editorial process in professional international journals. Books The Efficiency of Investment in Higher Education (in Finnish), SITRA, Series A, No. 29, 1974, 120 pp. Human Capital and Wage Differentials in a Dynamic Theory of the Firm, (doctoral thesis), Commentationes Scientiarum Socialium No. 13, Societas Scientiarum Fennica, 1979, 90 pp. Editor of Collected Scientific Papers of Leo Törnqvist, The Research Institute of the Finnish Economy, Series A, No. 7, 1981, 423 pp. Private Consumption Expenditure in Finland (in Finnish), The Research Institute of the Finnish Economy, Series B, No. 37, 1983, 235 pp. Interest Rates, Term Structure and Inflation: Evidence from International Time- Series Data (in Finnish), Bank of Finland, Series D:66, 1988, 93 pp. Interest Rates, Capital Movements and Monetary Autonomy in the EFTA Countries, Occasional Paper No. 26, European Free Trade Association, 1988, 53 pp. Joint editor and author in Vector Autoregressive Models (in Finnish), Bank of Finland, Series D:69, 1989, 102 pp. The Use of Payment Instruments and the Demand for Notes and Coin (in Finnish), Bank of Finland, Series A:87, 1993, 92 p.

12 Editor of Financial Modelling, Physica-Verlag, Heidelberg, 1994, 364 p. (co-editor Lorenzo Peccati). The Use of Cash in Finnish Business Firms (in Finnish), Bank of Finland, Series A:97, 1996, 78 pp. (co-authored by Juhani Hirvonen). Expensive Crime (in Finnish), Edita, Helsinki 1998, 122 pp. (co-authored by Matti Wiberg). Quarterly Public Finance sector Model. Ministry of Finance, Poland. 2003, 157 pp. (co-authored by Dawid Pachucki and Slawomir Dudek). Municipalities' personnel, efficiency and municipality size (in Finnish), 129 p. KAKS (Kunnallisalan kehittämissäätiö), Research reports No. 57, Helsinki, The Citizen's municipality reform (in Finnish), KAKS (Kunnallisalan kehittämissäätiö), 65 pp., Polemia series, No. 58, Helsinki Effects of lower VAT rate for food (in Finnish), PTT Reports 200, 2007, 62 pp (co.authored by Pasi Holm, Jaakko Kiander and Timo Rauhanen). Gaming in the new market environment (Editor), Palgrave/MacMillan forthcoming Asymmetry and aggregation in the Euro Area. (co-editor with David Mayes) Palgarave-MacMillan, Forthcoming, Papers presented at major professional meetings: The Variance Hypothesis on Output-Inflation Trade-off Some Further Empirical Tests (co-authored by Erkki Koskela), Econometric Society, 4th World Congress, Aix-en-Provence, Inflation, Tight Money and the Saving Function: Evidence from Finland (coauthored by Erkki Koskela), European Meeting of the Econometric Society, Amsterdam, An Empirical Analysis of the Demand for Houses, Durables, and Non-durables (coauthored by Ilkka Mellin), European Meeting of the Econometric Society, Amsterdam, Corporate Retained Earnings and Household Consumption Behavior (co-authored by Erkki Koskela), Workshop of Finance, arranged by European Institute for Advanced Studies in Management, Brussels, National Debt Neutrality: Some International Evidence (co-authored by Erkki Koskela), European Meeting of the Econometric Society, Pisa, 1983.

13 A Note on Labor Supply Rationing in Household Consumption Behavior (coauthored by Erkki Koskela), European Meeting of the Econometric Society, Pisa, Inflation, Relative Prices and Household Saving Behavior, European Meeting of the Econometric Society, Madrid, Determination of Employment with Wage and Price Speculation, European Meeting of the Econometric Society, Madrid, Inflation, Hedging and the Demand for Money: Some Empirical Evidence (coauthored by Erkki Koskela), European Meeting of the Econometric Society, Madrid 1984, and 2nd International Meeting on Monetary Economics and Banking, Nice, Inflation, Hedging and the Fisher Hypothesis, Econometric Society, 5th World Congress, Cambridge MA, 1985 and Anglo-Finnish Workshop, CEPR, London, Modelling the Behaviour of Money Stock under Various Monetary Targeting Procedures (co-authored by Erkki Koskela), First Annual Congress of the European Economic Association, Vienna, 1986, and European Meeting of the Econometric Society, Budapest, Some Time Series Evidence on the Behaviour of Interest Rates and Inflation in Six OECD Countries, 13th Annual Meeting of the European Finance Association, Dublin, Monetary Policy Regimes and the Dynamics of the Demand for Money (coauthored by Erkki Koskela), 21st Conference of Applied Econometric Association, Geneva, Granger Causality between Money, Output, Prices and Interest Rates: Some Cross-Country Evidence from the Period (co-authored by Pentti Pikkarainen), Second Annual Congress of the European Economic Association, Copenhagen, Dynamics of the Demand for Money and Uncertainty: The U.S. Demand for Money Revisited (co-authored by Erkki Koskela), European Meeting of the Econometric Society, Copenhagen, Modelling the Long-Run Relationship between Interest Rates and Inflation: Some Cross-Country Evidence, 14th Annual Meeting of the European Finance Association, Madrid, Examining the Role of Expectations in a Macromodel: Some Results with the Finnish QMED Model (co-authored by Ari Lahti), Economic Modelling Conference, Amsterdam, 1987.

14 Using a Macromodel to Examine Policy Alternatives: Some Finnish Results (coauthored by Ari Lahti), XIV International Conference on Problems of Building and Estimation of Large Econometric Models (Macromodels' 87), Porabka, Poland, Determination of Interest Rates in Small Open Economies: A Review of Recent Evidence, European Meeting of the Econometric Society, Bologna, Rational Expectations in a Macromodel: Some Comparative Analyses with Finnish Data (co-authored by Ari Lahti), 2nd International Economic Modelling Conference, London 1988, and XV International Conference on Problems of Building and Estimation of Large Econometric Models (Macromodels' 88), Warsaw, How Does Domestic and Foreign Money Growth Affect the U.S. Economy? Fourth Annual Congress of the European Economic Association, Augsburg, Taxes, Credit Market Imperfections and Inter-Country Differences in the Household Saving Ratio (co-authored by Erkki Koskela), European Meeting of the Econometric Society, Munich, The Finnish Rational Expectations QMED Model: Estimation, Dynamic Properties and Policy Results (co-authored by Ari Lahti), European Meeting of the Econometric Society, Munich, Examining the Effects of Anticipated Policy Actions: Results with the Finnish MICRO-QMED Model, International Symposium on Economic Modelling, Urbino, Government Size and Economic Growth: Some Evidence from a Market Price Approach (co-authored by Erkki Koskela), Fifth Annual Congress of the European Economic Association, Lisbon, Monetary Policy Reaction Functions and Saving-Investment Correlations: Some Cross-Country Evidence (co-authored by Erkki Koskela), Fifth Annual Congress of the European Economic Association, Lisbon, Household Saving, Interest Rates, Inflation and Taxation (co-authored by Erkki Koskela), SUERF Colloquium "Fiscal Policy, Taxation and the Financial System in an Increasingly Integrated Europe", Lisbon, Inflation, Capital Markets and Household Saving in Nordic Countries (co-authored by Erkki Koskela), Conference on Saving Behaviour, Helsinki, Housing Markets, Taxation and Financial Liberalization: Evidence from Finland (co-authored by Erkki Koskela and Heikki Loikkanen), Sixth Annual Congress of the European Economic Association, Cambridge 1991, and 38 North American Meetings of the Regional Science Association, New Orleans, 1991.

15 Household Saving and Uncertainty: Evidence from Finland (co-authored by Erkki Koskela), Sixth Annual Meeting of the European Society for Population Research, Gmunden, Forecasting the Behaviour of Bankruptcies (co-authored by Christian Starck), Seventh Annual Congress of the European Economic Association, Dublin, An Economic Model of Auto Thefts in Finland (co-authored by Erkki Koskela), European Meeting of the Econometric Society, Brussels, Bankruptcies and Aggregate Economic Fluctuations (co-authored by Christian Starck), World Congress of the International Association, Moscow, Is there a Laffer Curve between Government Size and Private Output: Evidence from a Market Price Approach, Annual Meeting of the Applied Econometrics Association, Athens, Measuring Changes in Age-Income Profiles over Time: Evidence from Finnish Panel Data (co-authored by J. Pehkonen), 7th Annual Meeting of the European Society for Population Economics, Budapest, An Economic Model of Auto Thefts in Finland (co-authored by Erkki Koskela), 49th Congress of International Institute of Public Finance, Berlin, Macroeconomic Effects of Bankruptcies (co-authored by Kari Takala), CEEA Conference on Banking and Finance in a Changing World, Gerzensee, An Occupational Choice Model of Crime Switching (co-authored by Erkki Koskela), IEA World Congress, Tunis 1995, and European Meeting of the Econometric Society, Istanbul, Modelling Crime and Punishment, the 11th Annual Congress of the European Economic Association, Istanbul 1996, and European Meeting of the Econometric Society, Berlin, Testing Nonlinear Dynamics, Long Memory and Chaotic Behaviour with Financial and Nonfinancial Data (co-authored by Kari Takala), BNP/AEA Confernce on Forecasting Financial Markets, London, Can the EU Countries Cope with the Deficit Criterium? (co-authored by Tuomo Mäki), the 57th International Conference of the Applied Econometrics Association, Roma, Fiscal Policy Coordination in OECD Countries (co-authored by Tuomo Mäki), the 13th Annual Congress of the European Economic Association, Berlin 1998, and the 54th Congress of the International Institute of Public Finance (IIPF), Cordoba, How to Evaluate the Forecasting performance of a macroeconomic Model? Macromodels 1998 Conference, Jurata, December 3-5, 1998.

16 The Exchange rate and Monetary Condition in the Euro Area (co-authored by David Mayes), the 12th World Congress of IEA, Buenos Aires August 23-27, Is There a Laffer Curve between Output and Public Sector Employment? (coauthored by Erkki Koskela), the 12th World Congress of IEA, Buenos Aires August 23-27, Employment Growth, Population Shocks and Labour market Flexibility in OECD Countries (co-authored by Jaakko Kiander). Macromodels 1999 Conference, Rydzyna, December 1-4, 1999 and the 14 Annual Conference of the European Society for Population Economics, Bonn, June 15-17, Do Automatic Stabilisers Take Care of Asymmetric Shocks in the Euro Area (coauthored by Jaakko Kiander). Annual Conference of IIPF, Seville, August 28-31, How Sensitive is the Budget Balance to Cyclical Fluctuations in the EU. Annual Conference of IIPF, Seville, August 28-31, Asymmetry and the Problem of Aggregation in the Euro Area (co-author David Mayes). Conference on EMU and Asymmetries in the Labour Market. Paris, September 29-30, 2000, and the Taipei International Conference on Modelling Monetary and Fiscal Sectors, Taipei, December 18-19, Policy Co-ordination and Economic Adjustment in EMU: Will It Work? (co-author David Mayes). 7 th ECSA Biennial Conference, Madison, Policy Coordination and Economic Adjustment in EMU: Will it Work? Macromodels 2001 Conference, Krag, December Government size and output volatility: New International evidence (co-author Erkki Koskelan). Annual Conference of IIPF, Prag, August, Financial Conditions Indexes and Monetary Policy (co-author David Mayes). Macromodels 2003, Warsaw, December Pressures on the Stability and Growth Pact from Asymmetry in Policy. (co-author David Mayes) at NYU Conference Building EU Economic Government: Revising the Rules, London April 25-23, 2003, and at the CEPR Conference on the Implications of Alternative Fiscal Rules for Monetary Policy, Helsinki May 5-6, Pressure on the Stability and Growth pact from asymmetry in Policy (co-author David Mayes) EVA 2: st EUROFRAME Conference on Economic Policy Issues in the European Union, Paris, June 4, 2004 (summary published in Revue de l'ofce, October 2004).

17 How to balance the budget in the short and long run? (co-authors David Pachucki and Slawomir Dudek). Annual Congress of IIPF, Milan, August 23-26, Why do capital intensive companies pay higher wages? AEA Conference on the Econometrics of Labour Demand, Mons, Belgium, October 6-8, Are government Expenditures Productive? Measuring the effect on private sector production. The 61st Congress of the International institute of Public Finance, IIPF, Jeju (South Korea), August 22-25, 2005, and in European Public Choice Society Congress in Turku, April 20-23, The role of Expectations in the Inflation Process in the Euro Area (co-author Maritta Paloviita). in NBP Workshop on The Role of Inflation Expectations in Modelling and Monetary Policy Making", Warsaw, February 9.19, Inflation Expectations and Regime Shifts. FinfEcon conference in Lodz, May 10-13, The relationship between inflation and regional unemployment and sectoral growth dispersion: Evidence from EU countries (co-author David Mayes). In Workshop on 'Whither EU Integration and Cooperation' Wilfrid Laurier University, April 28, ATM Networks and Cash Usage (co-author Heli Snellman) in "Consumer Behavior and Payment Choice" Conference at the Federal Reserve Bank of, on July 26-27, 2006 and in the Workshop on Financial Regulation and Payment Systems, FMG/Cass Workshop in Cass Business School, London, September 28, Fiscal Policy in the 1920s and 1920s. How much different is it from the post-war periods policies? The 52 nd IIPF Congress in Paphos, August 28-31, The incidence of VAT and excise taxes. The 53rd IIPF Congress in Warwick, August 27-30, The Impact of Asset Prices and their Information Value for Monetary Policy (coauthor David Mayes). North American Economics and Finance Association Conference, Waikiki, June 29-July 3, Papers presented at other international meetings Capital-Skill Complementarity and the Wage Structure in Finnish Industry, Nordic Economists' Marstrand Meeting, Marstrand, Sweden, 1976.

18 Testing the Labour Market Equilibrium Hypothesis, Seminar in CEMI (Central Mathematics and Economics Institute of the Soviet Academy of Sciences), Moscow, Some Aspects of Recent Developments in Household Savings Ratio in Western Europe, GEAD Seminar, in ECE/UN, Geneve, Measuring the Output Effects of Energy Price and Real Interest Rate Shocks: A Cross-Country Study, GEAD Seminar, in ECE/UN, Geneve, The Revised Version of the Annual Model of the Economics Department of Bank of Finland (co-authored by Monica Ahlstedt), Seminar in Riksbank (Swedish Central Bank), Stockholm, Modelling the Behaviour of Money Stock under Various Monetary Targeting Procedures (co-authored by Erkki Koskela), Seminars in the Economics Departments of the Universities of Bern and Basle, Bern and Basle, respectively, Inflation, Hedging and the Fisher Hypothesis, Nordic Economists' Marstrand Meeting, Marstrand, Sweden, General Reporter of the UN Seminar on the Evolution of Consumption Patterns and their Impact on Overall Economic Development, Helsinki/Geneva, Modelling the Long-Run Relationship between Interest Rates and Inflation: Some Cross-Country Evidence, 1st Meeting of the Euro Working Group on Financial Modelling, Rotterdam, Determination of Interest Rates in Small Open Economies: A Review of Recent Evidence, 4th Meeting of the Euro Working Group on Financial Modelling, London, Taxes, Credit Market Imperfections and Inter-Country Differences in the Household Saving Ratio (co-authored by Erkki Koskela), Economics Seminar in CentER for Economic Research, Tilburg University, Tilburg, Currency Substitution, Financial Innovations and the Demand for Financial Assets, 6th Meeting of the Euro Working Group on Financial Modelling, Liege, Interest Rates and Policy Reactions: Some Cross-Country Evidence, 8th Meeting of the Euro Working Group on Financial Modelling, Gieten, Currency Substitution, Financial Innovations and the Demand for Financial Assets, Conference on Monetary Reform, Tartto, Taxation and Household Saving in Nordic Countries (co-authored by Erkki Koskela), Conference on Tax Policy in Small Open Economies, Bergen, Forecasting the Behaviour of Bankruptcies (co-authored by Christian Starck), 10th Meeting of the Euro Working Group on Financial Modelling, London,1991.

19 Household Saving in the Nordic Countries: An International Perspective, Conference on Medium-Term Economic Assessment, Oslo, Taxation, House Prices and Household Saving in the Nordic Countries (coauthored by Camilla Harismaa and Erkki Koskela), Conference on Tax Policy in Small Open Economies, Reykjavik Testing Nonlinearities with Finnish Historical Times Series (co-authored by Kari Takala), Workshop on Recent Developments in Econometrics, Århus, 1993 and faculty seminar in Caledonian University, Glasgow, Testing Nonlinearities in Financial Time Series (co-authored by Kari Takala), 15th Meeting of Euro Working Group on Financial Modelling, Rotterdam, Demand for Cash and Other Payment Media in Finland, Development of Financial Markets in Transition Economies, Tartto, Bankruptcies, Indebtedness and the Credit Crunch (co-authored by Kari Takala), 17th Meeting of Euro Working Group on Financial Modelling, Bergamo, Financial Factors and the Macro Economy (co-authored by Carolina Sierimo). Economic Council's conference on Financial Markets and the Macro Economy, Stockholm, Testing Nonlinear Dynamics, Long Memory and Chaotic Behaviour with Macroeconomic Data. (co-authored by Kari Takala), Workshop in Nonlinear Time Series and Econometrics, Stockholm, Demand for Cash by Business Firms, 18th Meeting of the Euro Working Group on Financial Modelling, Keele, Non-profit Organisations in Finnish National Accounts, Meeting of the Nordic Research Council for Tax Policy, Oslo, Testing the Natural Rate of Suicide Hypothesis, 43rd International Atlantic Economic Conference, London, Finnish Experiences in the European Union, 4th International Road Transport Union Conference on East-West Road Haulage, Vienna, Analysing Long Memory and Asymmetries in Financial Time Series, 21st Meeting of the Euro Working Group on Financial Modelling, Venice, Long Memory in Financial Time Series, Conference on Financial Markets in the Nordic Countries, Århus, The Need to Coordinate National Economic Policies under EMU. In Conference on Political Backlash against the Market Economy? Mustio

20 Financing the Welfare State in the Global Economy. Conference on Nordic Welfare States. Copenhagen August 21-22, Technological Innovation and Economic Performance in the Nordic Countries. Meeting on Technological Innovation and Economic Performance, Council on Foreign Relations, New York, November 30, Public Finance Statistics and Models in Finland. Ministry of Finance (Italy), Rome, September 8, Review of some recent work on asymmetry and aggregation (co-authored by David Mayes). Policy-making Strategies under Uncertainty. International seminar in Bank of Finland, August 13, Have economic policies surrendered to market forces? BCCA Economic Forum, Turku, September 29, Gaming and free competition: what is the outcome? WLA Conference on gaming. Ivalo, March 1-4, Economics of scale and scope in the gaming industry. WLA Congress, Singapore, November 12-15, The Economics of scale and scope in the lottery industry. Faculty seminar in Århus University, January 12, 2007, and in the EL Congress in Budapest, May 22-25, Data requirements in the analysis of market structure of lotteries. In EL seminar entitled "From data to the story of lotteries", Helsinki, February Juridical argumentation from an economical viewpoint, European Legal Affairs Seminar, Saariselkä, April 2-4, Analyzing the incidence of consumption taxes. FindEcon Conference, Lodz, May 9-12, Efficiency and Costs of Payments. (co-authored by Kari Takala). Conference on Payments Systems (organized by Telecom Paris), Paris, October 25-26, 2007.

21 Other professional activities Referee of the following foreign journals: Applied Financial Economics, Econometrica, Economic Inquiry, Economic Journal, Economic Modelling, Empirica, Empirical Economics, European Economic Review, European Journal of Operational Research, Journal of Applied Econometrics, Journal of Macroeconomics, Journal of Money, Credit, and Banking, Oxford Economic Papers, Scandinavian Journal of Economics. Referee and economic advisor to Economic Research Council of Nordic Countries, Economic Council (Sweden), University Foundation (Turku), the Finnish Work Environment Fund and the Academy of Finland. Member of the program committee of the 26th Annual meeting of EFA, Member of the Scientific Committee of the Conference on Payments Systems (organized by Telecom Paris, October 2007, Member of the Program Committee of the FindEcon Conference in Lodz May 14-17, Associate Editor of Scandinavian Journal of Economics ( ). Member of editorial board in: European Journal of Operational Research ( ), International Journal of Social Economics (1992 to present), and Economic and Financial Computing (1994 to present). Head of local organisers of the 12th Meeting of the Euro Working Group on Financial Modelling, in Turku, November 26 28, Member (deputy chairman) of the executive board of the Finnish Postgraduate Program in Economics from February 2004 to 1006t. Head of the executive board for Aboa Centre for Economics (ACE), and Member of the executive board of the Finnish Economic Association (from March 1992 to March 1995), President of the Joint Committee of the Finnish Economic Associations (from December 1992 to 2000) member of the IEA Council (from 1995 to 2000), member of International Executive Committee of the Euro Working Group on Financial Modelling (from November 1992 to present), member of Finnish government working group on EMU , member of the Nordic Research Council on Tax Research from 1997 to Official pre-examiner of 7 doctoral theses and official in opponent in 9 official examinations of doctoral theses.

22 Matti Virén JULKAISUT SUOMALAISISSA AIKAKAUSKIRJOISSA (Publications in Finnish professional Journals and periodicals) Kirja-arvosteluja 11 kpl. (kansantaloudellinen aikakauskirja, 1976:3, 1977:4, 1978:4, 1979:1, 1980:4, 1981:3, 1981:3, Ekonomiska Samfundets Tidskrift 1977:1, 1979:2 ja Liiketaloudellinen aikakauskirja, 1985:4) Osittaisoptimointi valtion menotaloudessa, Kansantaloudellinen aikakauskirja, 1972:2, Ekonomistien ammattikuva, Taloustieteellisen seuran vuosikirja, 1975, Työvoiman vaihtuvuudesta (yhdessä Heikki A. Loikkasen kanssa), Kansantaloudellinen aikakauskirja, 1977:3, Mitä korkeakoulut tutkivat taloustieteissä (yhdessä Seppo Honkapohjan kanssa), Kansantaloudellinen aikakauskirja, 1977:4, ja 1978:2, Onko työvoima liian kallista Suomessa (yhdessä Jukka Pekkarisen kanssa), Kansantaloudellinen aikakauskirja, 1979:3, ja 1980:1, Väitöskirjojen tarkastuksesta (yhdessä Heikki A. Loikkasen kanssa), Kansantaloudellinen aikakauskirja, 1980:2, Työmarkkinoiden tutkimuksesta ja työllisyyspolitiikasta, Kansantaloudellinen aikakauskirja, 1980:3, Katsaus työllisyyden ja inflaation välisiin yhteyksiin Suomen kansantaloudessa, Kansantaloudellinen aikakauskirja, 1981:1, Kotitalouksien säästäminen Suomessa vuosina (yhdessä Sinikka Salon kanssa), Kansallis-Osake-Pankki, Taloudellinen katsaus, 1981:4, Hushållens sparande och inflationen i Finland och Sverige: en komparativ studie (yhdessä Erkki Koskelan kassa), Ekonomiska Samfundets Tidskrift, 1982:4, Kotitalouksien kulutuskäyttäytyminen: tasapaino- ja epätasapainomallin vertailu (yhdessä Ilkka Mellinin kanssa), Taloustieteellisen seuran vuosikirja, 1981/82, Mistä johtuvat kotitalouksien säästämisasteiden maittaiset tasoerot (yhdessä Erkki Koskelan kanssa), Kansantaloudellinen aikakauskirja, 1982:3,

23 17 Some Characteristics of Saving in Finland, Norway and Sweden (yhdessä Erkki Koskelan kanssa), Bank of Finland Monthly Bulletin, 1982:10, Bytesbalansen i OECD-länderna (yhdessä Erkki Koskelan kassa), Ekonomiska Samfundets Tidskrift, 1984:2, Real Wages, Inflation and Household Consumption Behavior (yhdessä Ilkka Mellinin kanssa), Liiketaloudellinen aikakauskirja, 1983:3, Miten työllistetään optimaalisesti? Kansantaloudellinen aikakauskirja, 1983:3, Työllisyys pienessä avoimessa taloudessa (yhdessä Erkki Koskelan kanssa), Kansantaloudellinen aikakauskirja, 1983:4, ja Changes in Private Consumption Expenditure in Finland , Bank of Finland Monthly Bulletin, 1983:12, 2 5. Korot, inflaatio ja tuotanto eri maissa ja 1930-luvulla: Vertaileva analyysi, Kansantaloudellinen aikakauskirja, 1984, Expected Inflation and Interest Rates: Some Cross-Country Evidence, Liiketaloudellinen aikakauskirja, 1984, Kilpailukyky ja työllisyys Suomessa: kommentti (yhdessä Erkki Koskelan kanssa), Kansantaloudellinen aikakauskirja, 1985, Hushållens sparande och penningmarknaderna i Norden (yhdessä Erkki Koskelan kassa), Ekonomiska Samfundets Tidskrift, 1984, Aiheutuuko työttömyydestä kansantaloudellisia menetyksiä? Kansantaloudellinen aikakauskirja, 1985, Social Security and Household Saving in an International Cross-section: Some Further Evidence (yhdessä Erkki Koskelan kanssa), Liiketaloudellinen aikakauskirja, 1986, Mitä erilaiset kokonaistuotannon trendipoikkeamat kuvaavat? (yhdessä Pentti Pikkaraisen kanssa), Liiketaloudellinen aikakauskirja, 1986, Suomen ja Yhdysvaltojen rahan kysynnän rakennemuutosten vertailua (yhdessä Marianne Steniuksen kanssa), KOP Taloudellinen katsaus, 1986, Kilpailukyky pitkän aikavälin tasolla (yhdessä Vesa Vihriälän kanssa), KOP Taloudellinen katsaus, 1987,

24 18 Kulutuksen Eulerin yhtälö -lähestymistapa: valikoiva katsaus kirjallisuuteen (yhdessä Erkki Koskelan kanssa), teoksessa Raha, inflaatio ja talouspolitiikka (toim. Seppo Honkapohja ja Antti Suvanto), Valtion painatuskeskus, Helsinki 1988, Miten kauan kuntasektori vielä paisuu? Kanava, 1988, Työvoimapoliittinen tutkimus Suomessa: tila, puutteita, mahdollisuuksia: kommentti, Suomen Tilastoseuran vuosikirja 1987, Mitä tehdä kuntasektorin paisuvalle taloudelle, teoksessa Vapaakuntakokeilu käynnistyy, itsehallintoprojektin julkaisuja 2/1988, Voidaanko inflaatiolta katkaista siivet, UNITAS, 1988, Kotitalouksien tulot ja kulutus, teoksessa Suomen kansantalous, toim. Heikki A. Loikkanen ja Jukka Pekkarinen, WSOY, 1989, Recent Trends in the Use of Cash in Transactions, Bank of Finland Bulletin, 1989, Vieläkö tarvitaan seteleitä ja kolikoita? UNITAS, 1989, Kotitalouksien säästämisen lama on vaarassa jäädä pitkäaikaiseksi ilmiöksi, KOP Taloudellinen Katsaus, 1989, Palveluelinkeinot yhä laajeneva sektori, teoksessa Suomi 2017, toim. Olavi Riihinen, 1990, Keskuspankin kustannusrasitus eri maissa (yhdessä Tom Kokkolan kanssa), teoksessa Pankkitoiminnan lähtökohdat kansainvälisessä kilpailussa, Suomen Pankki, No. A:77, 1990, Recent Finnish Developments in Financial Wealth and Money and Credit Aggregates (yhdessä Markku Malkamäen kanssa), Liiketaloudellinen aikakauskirja, 1990, Onko yhteiskunta voimaton rikollisuuden kasvun suhteen?, Kanava, 1990, Mikä on syynä autovarkauksien kasvuun?, FAKTA 1990, Ovatko kaikki säästöt nykyään eläkeläisillä?, UNITAS 1990, Instituutiot, rakenteet ja politiikka hintatasoon vaikuttavina tekijöinä, Paulon säätiön juhlakirjassa Korkean hintatason Suomi, 1991, Kuntien talous uusille urille, Kansantaloudellinen aikakauskirja, 1991,

25 19 Saving and Indebtedness among Different Age Groups in Finland (yhdessä Jouko Vilmusen kanssa), Bank of Finland Bulletin, 1991, Kannattaako Suomessa investoida korkeakouluopetukseen? Tiedepolitiikka Tiede ja Sivistys, 1991, Korkeakoulujen kehittäminen ei onnistu ilman yksityistämistä, Kanava, 1991, Kotitaloudet laman kourissa, Kotitalous, 1992:3, 6-7. Ongelmana organisaatiot, Kanava, 1992, Tarvitaanko lisää perusoikeuksia?, Kanava, 1992, 267. Valtiovallan puututtava omaisuusrikollisuuden kasvuun, Poliisimies, 1992:3, 4-6. Miten käy pankkisäästämiselle?, UNITAS, 1992:2, Suomi 75-vuotias: Rahoitusmarkkinamuuttujien pitkän aikavälin kehitystendenssejä, KOP Taloudellinen katsaus, 1992:2, Tutkimus omaisuusrikollisuuden syistä Suomessa, Kansantaloudellinen aikakauskirja 88:4, 1992, Talouspolitiikka ja vuoden 1993 budjettiesitys: kommentti, Kansantaloudellinen aikakauskirja 88:4, 1992, Large Banknotes Dominate Currency Demand, Bank of Finland Bulletin, 1993:3, Orwellilaisia tulkintoja rikollisuustilanteesta, Kanava 1993:4, Mistä lisää valuuttavarantoa?, UNITAS 1993:2, Omaisuusrikollisuus ei tunne alueellista tasa-arvoa, Poliisimies 1993:1, 6-7. Omaisuusrikollisuuden kasvu ei ole mikään luonnonlaki, Suomen Poliisilehti 1993:1, 5-6. Ennustaminen on vaikeaa, KOP Taloudellinen katsaus 1994:2, Demand for Different Payment Media in Finland, Bank of Finland Bulletin 1994:2, Ennustaminen on vaikeaa, teoksessa Suhdannekäänne ja taloudelliset aikasarjat (toim. Pahkinen, E. ja Ritola, V.), Tilastokeskus, Tutkimuksia No. 210, 1994, 9-13.

26 20 Omaisuusrikollisuuden kasvu saatava pysähtymään, Rikospoliisi 1994:3, 4-6. Kannattaako työnteko? Laskelmia sosiaaliturvan ja verotuksen vaikutuksesta kotitalouksien käytettävissä oleviin tuloihin, Kansantaloudellinen aikakauskirja 1994:4, Pahin konkurssiaalto ohitettu onko silti paluuta normaalitasolle? Velkakierre 13, 1995, Onko suurtyöttömyys pysyvä ongelma? Aurora 6/95, Maksuvälineiden käytössä eletään murroskautta, Velkakierre 15, 1996, The Use of Cash in Finnish Business Firms (co-authored by Juhani Hirvonen), Bank of Finland Bulletin 70, 1996, No. 3, 3-9. Käteisrahan käyttö suomalaisissa yrityksissä (yhdessä Juhani Hirvosen kanssa), Markka ja talous, No. 1, 1996, Money Counterfeiting in Finland (co-authored by Pekka Somerkoski), Bank of Finland Bulletin 70, 1996, No. 5, Väärä raha polttaa hyppysissä yhä useammin, Luottolista No. 15, 1996, Rahan väärennökset tulleet yleisemmiksi (yhdessä Pekka Somerkosken kanssa), Velkakierre 16, 1996, Ickevinstsyftande sammanslutningar i nationalräkennskaperna i Finland. Teoksessa Skattefria institutioner, Norstedts Juridik, Stockholm 1997, Kotitalouksien tulot ja kulutus. Teoksessa Kansantaloutemme - rakenteet ja muutos (toimittaneet H. Loikkanen, J. Pekkarinen, S.-A.. Siimes ja P. Vartia), Taloustieto, 1997, Finanssipolitiikka ja rahaliitto (yhdessä Erkki Koskelan kanssa). Kansantaloudellinen aikakauskirja 93, 1997, Tuotanto- ja työllisyysmenetykset korjaantuvat hitaasti (yhdessä Vesa Vihriälän kanssa). Kansantaloudellinen aikakauskirja 93, 1997, Mistä hyvä korkokehitys johtuu? (yhdessä Jan Täppisen ja Vesa Vihriälän kanssa). Kansantaloudellinen aikakauskirja 93, 1997, Työttömyys Euroopan suuri ongelma, Eurooppa-raportti, Tilastokeskus, 1997:6,