The Aino 2.0 model

Juha Kilponen, Seppo Orjasniemi, Antti Jaakko Ripatti, Fabio Verona

Research output: Working paperDiscussion paperProfessional


​This paper presents Aino 2.0 – the dynamic stochastic general equilibrium (DSGE) model currently used at the Bank of Finland for forecasting and policy analysis. The paper provides a detailed theoretical description of the model, its estimation and how it can be used to interpret the evolution of the Finnish economy between 1995 and 2014, including the rise and fall of the electronics industry, the global financial crisis, and the stagnant growth performance since the end of the financial crisis.
Original languageEnglish
Place of PublicationHelsinki
PublisherBank of Finland
Number of pages94
ISBN (Electronic)978-952-323-112-2
Publication statusPublished - 2016
MoE publication typeD4 Published development or research report or study

Fields of Science

  • 511 Economics
  • DSGE model
  • Finnish economy
  • small open economy
  • Bayesian estimation
  • aggregate shocks

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