On Thursday, 19 November, Eesti Pank holds an open seminar, where KATRIN TINN, lecturer at the University of Essex, introduces her research on the impact of equity overpricing on welfare.

The USA equity market has experienced several boom-and-bust cycles over the past 10-15 years. Are such cycles just harmful? Could such cycles be beneficial? Katrin Tinn shows in her study that on certain conditions, the overpricing of equity may contribute to innovation and thus also to short-term and long-term general welfare. The research forming the basis of the seminar is available on the web page of Eesti Pank at http://www.eestipank.info/pub/et/yldine/pank/uuringud/seminarid/.

Katrin Tinn's research fields include financial economics, macroeconomics, technology and innovation, applied game theory. She acquired her PhD at the London School of Economics and, prior to that, a MSc at the University College London. Katrin Tinn is the first Estonian whose article has been published in a top economic journal "The American Economic Review".

The seminar will be in English. Participation is free of charge. The venue is Eesti Pank (entrance at Sakala 4) and the event lasts from 11.00-12.30. Registration lasts until 18 November. To register, please contact Ms Eve Mägin, Assistant to the Department of Economic Research, by telephone 6680 758 or e-mail [email protected]. For further information on the seminar and the research paper see the home page of Eesti Pank.

Eesti Pank has been organising open seminars since 2000. The aim of the seminars is to support the exchange of ideas between the central bank and both Estonian and foreign academic circles and economic policy institutions. The 2009 open seminars calendar is published on the web site of Eesti Pank.