etolo.github.io/index.html at master · etolo/etolo.github.io · GitHub

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Eero Tölö - GitHub Page
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<h1>Welcome to Eero Tölö's Research page</h1>

</div>
<h2>About me:</h2>
<p>
Last updated (21.5.2025)
I presently work as a Chief Advisor in the Norwegian Ministry of Finance. I previously worked at the Bank of Finland and studied at the Helsinki University of Technology/Aalto University, London School of Economics, and University of Helsinki. This site is a compilation of my research work with links to articles and to some related materials.<!-- For further info, click <a href='https://no.linkedin.com/in/eero-t%C3%B6l%C3%B6-6779ba39?trk=profile-badge'>here</a>. -->
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<h2>Blogs:</h2>
  <li><a href="https://www.suerf.org/suer-policy-brief/38253/have-bail-in-policies-reduced-too-big-to-fail-expectations-evidence-from-the-european-overnight-interbank-market">Have Bail-in Policies Reduced Too-Big-To-Fail Expectations? Evidence from the European Overnight Interbank Market (SUERF Policy Brief, No. 251, Dec 2021)</a></li><br>
  <li><a href="https://www.cgdev.org/blog/financing-global-health-security-fairly">Financing Global Health Security Fairly (21.4.2021)</a></li><br>
  <li><a href="https://www.bofbulletin.fi/en/author/eero-tolo/">My posts in Bank of Finland Bulletin</a></li><br>

<h2>Research:</h2>

<h3>More articles (including some non-scholarly texts) are available through my <a href="https://scholar.google.com/citations?user=9hDm_PQAAAAJ">Google Scholar profile</a></h3>

<h3>Economics:</h3>
<ul class="a">

<h4>Publications:</h4>
    <li>Brasch, T. von, Frankovic, I., Tölö, E., 2022. “Corporate taxes and investment when firms are internationally mobile,” <i>International Tax and Public Finance</i>. Available at: <a href="https://doi.org/10.1007/s10797-022-09748-8">https://doi.org/10.1007/s10797-022-09748-8</a></li><br>
  <li>Tölö, E., Viren, M., 2021. “How much do non-performing loans hinder loan growth in Europe?” <i>European Economic Review</i>, Vol. 136, 103773. Available at: <a href="https://doi.org/10.1016/j.euroecorev.2021.103773">https://doi.org/10.1016/j.euroecorev.2021.103773</a></li><br>
  <li>Tölö, E., Jokivuolle, E., Viren, M., 2021. “Have Too-Big-To-Fail Expectations Diminished? Evidence from the European Overnight Interbank Market,” <i>Journal of Financial Services Research</i>. Available at: <a href="https://doi.org/10.1007/s10693-021-00351-2">https://doi.org/10.1007/s10693-021-00351-2</a></li><br>
  <li>Tölö, E., 2020. “Predicting financial crises with recurrent neural networks,” <i>Journal of Financial Stability</i>, Volume 49, August 2020, 100746. Available at: <a href="https://doi.org/10.1016/j.jfs.2020.100746">https://doi.org/10.1016/j.jfs.2020.100746</a> <a href="https://github.com/etolo/research_data/tree/main/JFS_2020">[Code available here]</a><a href="http://www.macrohistory.net/data/">[Data available here]</a></li><br>
  <li>Tölö, E., Jokivuolle, E., Viren, M., 2017. “Do banks&#39; overnight borrowing rates lead their CDS Price?” <i>Journal of Financial Intermediation</i>, Vol. 31, pp. 93–106. Available at: <a href="https://dx.doi.org/10.1016/j.jfi.2017.05.006">https://dx.doi.org/10.1016/j.jfi.2017.05.006</a></li><br>
  <li>Tölö, E., Laakkonen, H., Kalatie, S., 2018. “Indicators used in setting the countercyclical capital buffer,” <i>International Journal of Central Banking</i>, Vol. 14, No. 2, pp. 51–111. Available at: <a href="https://www.ijcb.org/journal/ijcb18q1a2.htm">https://www.ijcb.org/journal/ijcb18q1a2.htm</a></li><br>
  <li>Virtanen, T., Tölö, E., Viren, M., Taipalus, K., 2018. “Can bubble theory foresee financial crises?” <i>Journal of Financial Stability</i>, Vol. 36, pp. 66–81. Available at: <a href="https://dx.doi.org/10.1016/j.jfs.2018.02.008">https://dx.doi.org/10.1016/j.jfs.2018.02.008</a></li><br>
  <li>Kauko, K., Tölö, E., 2020. “On the Long-Run Calibration of the Credit-to-GDP Gap as a Banking Crisis Predictor,” <i>Finnish Economic Papers</i> Vol. 29, No. 2: pp. 1-12. Available at: <a href="https://www.taloustieteellinenyhdistys.fi/wp-content/uploads/2020/11/FEP_2_2020_Kauko_Tolo_WEB.pdf">https://www.taloustieteellinenyhdistys.fi/wp-content/uploads/2020/11/FEP_2_2020_Kauko_Tolo_WEB.pdf</a></li><br>
  <li>Kauko, K., Tölö, E., 2020. “Crisis prediction with differenced relative credit,” <i>Applied Economics Quarterly</i> Vol. 65, Iss. 4: pp. 277-297. Available at: <a href="https://doi.org/10.3790/aeq.65.4">https://doi.org/10.3790/aeq.65.4</a></li><br>
  <li>Tölö, E., 2021. “Financial fragility - Empirical studies on crises and reforms,” Doctoral dissertation, Valtiotieteellisen tiedekunnan julkaisuja. Available at: <a href="http://urn.fi/URN:ISBN:978-951-51-6336-3">http://urn.fi/URN:ISBN:978-951-51-6336-3</a></li><br>
  <!--  <li>Lang, J. H., Pirovano, M., Ilbas, P., Van Niewenhuyze, C., Metiu, N., Galán, J., Tölö, E., Juselius, M., Couailler, C., Fiori, R., Moscatelli, M., Karmelavicius, J., Pereira, A., Rünstler, G., Consolo, A., Welz, P., 2019, Cyclical systemic risk measurement, European Systemic Risk Board Occasional Paper Series (forthcoming).</li>-->

  <h4>Unpublished working papers:</h4>
  <li>Tölö, E., Miettinen, P., “How do shocks to bank capital affect lending and growth?” Working paper available at: <a href="http://urn.fi/URN:NBN:fi:bof-201811282145">http://urn.fi/URN:NBN:fi:bof-201811282145</a></li><br>

</ul>

<!--
<h3>Molecular biology / Genetics:</h3>
<ul class="a">
  <li>TBA</li>
</ul>
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<h3>Natural sciences:</h3>
<ul class="a">
<h4>Publications:</h4>
  <li>Reint et al., 2021, “Rapid genome editing by CRISPR-Cas9-POLD3 fusion,” <i>eLife</i>, 10, e75415. Available at: <a href="https://doi.org/10.7554/eLife.75415">https://doi.org/10.7554/eLife.75415</a></li><br>
  <li>Tölö, E. Harju, A., 2010. “Reduced density-matrix functional theory in quantum Hall systems,” <i>Physical Review</i>, B 81, 075321. Available at: <a href="https://dx.doi.org/10.1103/PhysRevB.81.075321">https://dx.doi.org/10.1103/PhysRevB.81.075321</a></li><br>
  <li>Saarikoski, H., Tölö, E., Harju, A., Räsänen, E., 2008. “Pfaffian and fragmented states at ν = 5⁄2 in quantum Hall droplets,” <i>Physical Review</i>, B 78, 195321. Available at: <a href="https://dx.doi.org/10.1103/PhysRevB.78.195321">https://dx.doi.org/10.1103/PhysRevB.78.195321</a></li><br>
  <li>Tölö, E., Harju, A., 2009. “Effects of thickness in quantum dots in strong magnetic fields,” <i>Physical Review</i>, B 79, 075301. Available at: <a href="https://dx.doi.org/10.1103/PhysRevB.79.075301">https://dx.doi.org/10.1103/PhysRevB.79.075301</a></li><br>
  <li>Drut, J, Lähde, T. A., Tölö, E., 2010. “Graphene: from materials science to particle physics,” <i>Proceedings of Science</i>, 105.Available at: <a href="https://dx.doi.org/10.22323/1.105.0006">https://dx.doi.org/10.22323/1.105.0006</a></li><br>
  <li>Tölö, E., Harju, A., 2010. “Optimal confinement potential in quantum Hall droplets,” <i>Physica</i>, E 42, 1050. Available at: <a href="https://dx.doi.org/10.1016/j.physe.2009.10.031">https://dx.doi.org/10.1016/j.physe.2009.10.031</a></li><br>
  <li>Bårdsen, G., Tölö, E., Harju, A., 2009. “Magnetism in tunable quantum rings,” <i>Physical Review</i>, B 80, 205308. Available at: <a href="https://dx.doi.org/10.1103/PhysRevB.80.205308">https://dx.doi.org/10.1103/PhysRevB.80.205308</a></li><br>
  <li>Tölö, E., Harju, A., 2009. “Quantum Hall droplet laterally coupled to a quantum ring,” <i>Physical Review</i>, B 80, 045303. Available at: <a href="https://dx.doi.org/10.1103/PhysRevB.80.045303">https://dx.doi.org/10.1103/PhysRevB.80.045303</a></li><br>
  <li>Hancock, Y., Suorsa, J., Tölö, E., Harju, A., 2008. “Fractional periodicity and magnetism of extended quantum rings,” <i>Physical Review</i>, B 77, 155103. Available at: <a href="https://dx.doi.org/10.1103/PhysRevB.77.155103">https://dx.doi.org/10.1103/PhysRevB.77.155103</a></li><br>
  <li>Tölö, E., Suorsa, J., Harju, A., 2007. “Two interacting electrons in a square quantum dot,” <i>Physica</i>, E 40, 1038. Available at: <a href="https://doi.org/10.1016/j.physe.2007.09.133">https://doi.org/10.1016/j.physe.2007.09.133</a></li><br>
  <li>Tölö, E., 2010. “Nanostructures in the quantum Hall regime,” 	Dissertations of Department of Applied Physics, 162. Available at: <a href="http://urn.fi/URN:NBN:fi:aalto-2020120554977">http://urn.fi/URN:NBN:fi:aalto-2020120554977</a></li><br>
</ul>

<!--
<h2>Codes:</h2>
<ul class="a">
<h4>Research codes: (Python, Matlab, SQL, Excel VBA, Stata, Fortran 90)</h4>
  <li>Suppose you are looking for a code related to a particular research paper. Check whether the link to code is included next to the paper in the research project list below. If it's not there, do not hesitate to contact me as it may be available for sharing.</li>
<h4>Other codes that may be available: (Python, Kotlin/Java, SQL)</h4>
  <li><a href="https://github.com/etolo/Cheat-Sheets">Code cheat sheets</a></li>
  <u>Python:</u>
  <li>Web crawler for used cars in Norway (you need to fit your own pricing model; outside Norway needs to be accommodated to your used local car sales website)</li>
  <li>Web crawler and heat-map for apartments in Norway (same thing, <p2 id="myImg" alt="Snow" data-text="aa" style="width:100%;max-width:300px"><u>click here</u></p2> for screenshot)</li>
  <u>Kotlin:</u>
  <li>Android codes (TBA): integration with WordPress, push notifications.</li>
</ul>

  <h2><a href="market.html">Market watch</a></h2>
-->
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