Mikael Bask

Curriculum Vitae (Mikael Bask)Mikael BaskPostal address:E-mail addresses:Department of Economics and Statistics, Åbo Akademi University, FIN-20500 Turku, Finland.mikael.bask@abo.fi, mikael.bask@gmail.comSeptember 11, 2009NameMikael BaskDate of BirthJanuary 10, 1967CitizenshipSwedishLanguage Proficiency1. Swedish (mother tongue)2. English (fluently)Degrees• March 2, 1993B.Soc.Sc. in Economics, Luleå University of Technology, Sweden.• June 2, 1998Ph.D. in Economics, Umeå University, Sweden.• September 3, 2003Docent in Economics, Umeå University, Sweden.Current Positions• August 2009 – July 2010Professor of Economics (acting), Department of Economics and Statistics, Åbo Akademi University, Finland.• August 2009 – July 2013 (On leave of absence August 2009 – July 2010)Associate Professor of Economics, Department of Economics and Statistics, Åbo Akademi University, Finland.Previous Positions• July 1993 – June 1998Doctoral Studentship, Department of Economics, Umeå University, Sweden.• July 1998 – June 2000, July 2004 – December 2004Senior Lecturer (acting), Department of Economics, Umeå University, Sweden.• July 2000 – June 2004Postdoctoral Fellow, Department of Economics, Umeå University, Sweden.• January 2005 – December 2006 (On leave of absence August 2005 – June 2006)1

Curriculum Vitae (Mikael Bask)Senior Fellow, Research Unit of Economic Structures and Growth (RUESG), Department of Economics, University ofHelsinki, Finland.• August 2005 – June 2006, January 2007 – March 2008Project Researcher, Monetary Policy and Research Department, Bank of Finland, Finland.• April 2008 – July 2009Postdoctoral Researcher, Department of Finance and Statistics, Hanken School of Economics, Helsinki, Finland.Visits1. Honorary Fellow at the Institute for Research on Poverty and the Department of Economics, University of Wisconsin –Madison, U.S.A., September 2001 – May 2002.2. Visiting Scholar at the Department of Economics, Stanford University, California, U.S.A., July 2008 – June 2009.ScholarshipSwedish Foundation for International Cooperation in Research and Higher Education (STINT). To be an Honorary Fellow atthe Institute for Research on Poverty and the Department of Economics, University of Wisconsin – Madison, U.S.A., September2001 – May 2002.Research Grants1. Jan Wallander and Tom Hedelius Foundation, September 2000 – August 2001, with Xavier de Luna, where I was theproject leader. (The research grant covered one year of full-time research for Xavier de Luna.)2. Siamon Foundation, 2001.3. Länsförsäkringar Västerbotten and Föreningssparbanken Foundation for Economic and Social Research, 2003.4. OP Bank Group Foundation, 2005.5. OP Bank Group Foundation, 2006.6. OP Bank Group Foundation, 2008 – 2009. (The research grant covered one year of full-time research for me.)Editorial AssignmentMember of the Editorial Board, Technical Analyst, 2004 – present.Doctoral ThesisEssays on Exchange Rates: Deterministic Chaos and Technical Analysis. Umeå Economic Studies No. 465, 1998.Papers Published in Peer-Reviewed Journals1. Dimensions and Lyapunov Exponents from Exchange Rate Series. Chaos, Solitons and Fractals, 7, 2199-2214, 1996.2. Testing Chaotic Dynamics via Lyapunov Exponents. Physica D, 114, 1-2, 1998, with Ramazan Gencay. (This paper is thelead paper in the issue.)3. A Positive Lyapunov Exponent in Swedish Exchange Rates? Chaos, Solitons and Fractals, 14, 1295-1304, 2002.4. Characterizing the Degree of Stability of Non-Linear Dynamic Models. Studies in Nonlinear Dynamics and Econometrics,6 (1) article 3, 2002, with Xavier de Luna.5. Should One Use Smokeless Tobacco in Smoking Cessation Programs? A Rational Addiction Approach. European Journalof Health Economics, 4, 263-270, 2003, with Maria Melkersson.6. Rationally Addicted to Drinking and Smoking? Applied Economics, 36, 373-381, 2004, with Maria Melkersson.7. Technical Trading at the Currency Market Increases the Overshooting Effect. Finnish Economic Papers, 16, 72-80,2003.8. Rational Addiction and Cigarette Smoking in the Presence of Bootleg Cigarettes. Applied Economics Quarterly, 49,319-338, 2003, with Linda Andersson and Maria Melkersson.2

Curriculum Vitae (Mikael Bask)9. EMU and the Stability and Volatility of Foreign Exchange: Some Empirical Evidence. Chaos, Solitons and Fractals, 25,737-750, 2005, with Xavier de Luna.10. Economic Man and the Consumption of Addictive Goods: The Case of Two Goods. Substance Use and Misuse, 41, 453-466, 2006, with Linda Andersson and Maria Melkersson.11. Heterogeneous Beliefs in a Sticky-Price Foreign Exchange Model. Ekonomia, 9, 57-85, 2006, with Carina Selander.12. The Stability of Electricity Prices: Estimation and Inference of the Lyapunov Exponents. Physica A, 376, 565-572, 2007,with Tung Liu and Anna Widerberg.13. Exchange Rate Volatility without the Contrivance of Fundamentals. Forthcoming in Frontiers in Finance and Economics.14. Chartism and Exchange Rate Volatility. International Journal of Finance and Economics, 12, 301-316, 2007.15. Adaptive Learning in an Expectational Difference Equation with Several Lags: Selecting among Learnable REE. EuropeanFinancial Management, 14, 99-117, 2008.16. Instrument Rules in Monetary Policy under Heterogeneity in Currency Trade. Journal of Economics and Business, 61,97-111, 2009. (This paper is the lead paper in the issue.)17. Announcement Effects on Exchange Rates. International Journal of Finance and Economics, 14, 64-84, 2009.18. Fundamentals and Technical Trading: Behavior of Exchange Rates in the CEECs. Forthcoming in Open Economies Review,with Jarko Fidrmuc.19. Market Power in the Expanding Nordic Power Market. Forthcoming in Applied Economics, with Jens Lundgren andNiklas Rudholm.20. Market Structure and the Stability and Volatility of Electricity Prices. Energy Economics, 31, 278-288, 2009, with AnnaWiderberg.21. Robust Taylor Rules under Heterogeneity in Currency Trade. Forthcoming in International Economics and EconomicPolicy, with Carina Selander.22. Measuring Potential Market Risk. Forthcoming in Journal of Financial Stability.Other Publications1. Några skeptiska reflektioner kring ett svenskt medlemskap i EMU. In Röster om EMU – från de samtal om EMU somägde rum i Norra Norrland under hösten 1999 by Michel Wlodarczyk, editor, Folkuniversitetet – kursverksamheten vidUmeå universitet, 43-48, 2000.2. Är svenska kronan en skvalpvaluta? Ekonomisk Debatt, 30, 693-706, 2002, with Xavier de Luna.3. Incorporating Chartist Expectations into FX Modeling. The Technical Analyst, April 2004, 35.4. Contributions to the debate in Swedish and Finnish newspapers:a. Gefle Dagbladb. Hufvudstadsbladet (several occasions)c. Nerikes Allehandad. Nya Dagen (several occasions)Papers Submitted to Peer-Reviewed Journals (2 nd round)1. A Case for Interest Rate Inertia. Revise and re-submit to Journal of Money, Credit and Banking.2. Determinacy and Learnability when Expectations-Based Optimal Monetary Policy. Revise and re-submit to B.E. Journalof Macroeconomics.3. Long Swings and Chaos in the Exchange Rate in a DSGE Model with a Taylor Rule. Revise and re-submit to MacroeconomicDynamics.Papers Submitted to Peer-Reviewed Journals (1 st round)4. Monetary Policy, Stock Price Misalignments and Macroeconomic Instability.5. Optimal Monetary Policy when Heterogeneity in Currency Trade.3

Curriculum Vitae (Mikael Bask)Completed Paper not yet Submitted to Peer-Reviewed Journal6. Inequality Generating Processes and the Measurement of the Matthew Effect, with Miia Bask.Working Papers at Umeå University, Sweden1. Dimensions and Lyapunov Exponents from Exchange Rate Series. Umeå Economic Studies No. 398, 1996.2. Using Moving Blocks Bootstrap to Test for the Presence of a Positive Lyapunov Exponent in a Time Series. Umeå EconomicStudies No. 442, 1997.3. Deterministic Chaos in Exchange Rates? Umeå Economic Studies No. 453, 1997.4. Essays on Exchange Rates: Deterministic Chaos and Technical Analysis. Umeå Economic Studies No. 465, 1998. This ismy Doctoral Thesis that contains an introduction to and summary of the following four (4) papers that also are includedin the thesis:a. Dimensions and Lyapunov Exponents from Exchange Rate Series.b. Testing Chaotic Dynamics via Lyapunov Exponents, with Ramazan Gencay.c. Deterministic Chaos in Exchange Rates?d. Chartists and Fundamentalists in the Foreign Exchange Market: Forecasting Horizons and Exchange Rate Dynamics.5. Deterministic Chaos in Swedish Exchange Rates? Umeå Economic Studies No. 528, 2000.6. Rational Addiction and Smoking when there are Legal and Illegal Cigarettes. Umeå Economic Studies No. 543, 2000,with Maria Melkersson.7. Rational Addiction when there are Two Addictive Goods: Cigarettes and Smokeless Tobacco. Umeå Economic StudiesNo. 545, 2000, with Maria Melkersson.8. Characterizing the Degree of Stability of Non-Linear Dynamic Models. Umeå Economic Studies No. 564, 2001, withXavier de Luna.9. EMU and the Stability and Volatility of Foreign Exchange: Some Empirical Evidence. Umeå Economic Studies No. 565,2001, with Xavier de Luna.10. Rationally Addicted to Drinking and Smoking? Umeå Economic Studies No. 567, 2001, with Maria Melkersson.11. Chartists and Fundamentalists in the Currency Market and the Volatility of Exchange Rates: First Results. Umeå EconomicStudies No. 594, 2002.12. Chartists and Fundamentalists in the Currency Market and the Volatility of Exchange Rates. Umeå Economic StudiesNo. 605, 2003.13. Economic Man and the Consumption of Addictive Goods: The Case of Two Goods. Umeå Economic Studies No. 615,2003, with Linda Andersson and Maria Melkersson.Working Papers at Helsinki Center of Economic Research (HECER), Finland14. Heterogeneous Beliefs in a Sticky-Price Foreign Exchange Model. HECER Discussion Paper No. 48, 2005, with CarinaSelander.15. Chartism and Exchange Rate Volatility. HECER Discussion Paper No. 71, 2005.16. Should one augment the Taylor Rule with an Exchange Rate Term? HECER Discussion Paper No. 135, 2006.Working Papers at Bank of Finland, Finland17. Announcement Effects on Exchange Rate Movements: Continuity as a Selection Criterion among the REE. Bank of FinlandResearch Discussion Paper 6/2006.18. Adaptive Learning in an Expectational Difference Equation with Several Lags: Selecting among Learnable REE. Bank ofFinland Research Discussion Paper 7/2006.19. Exchange Rate Volatility without the Contrivance of Fundamentals and the Failure of PPP. Bank of Finland ResearchDiscussion Paper 8/2006.20. The Stability of Electricity Prices: Estimation and Inference of the Lyapunov Exponents. Bank of Finland Research DiscussionPaper 9/2006, with Tung Liu and Anna Widerberg.21. Fundamentals and Technical Trading: Behaviour of Exchange Rates in the CEECs. Bank of Finland Research DiscussionPaper 10/2006, with Jarko Fidrmuc.4

Curriculum Vitae (Mikael Bask)22. Robust Taylor Rules in an Open Economy with Heterogeneous Expectations and Least Squares Learning. Bank of FinlandResearch Discussion Paper 6/2007, with Carina Selander.23. Long Swings and Chaos in the Exchange Rate in a DSGE model with a Taylor Rule. Bank of Finland Research DiscussionPaper 19/2007.24. Measuring Potential Market Risk. Bank of Finland Research Discussion Paper 20/2007.25. Optimal Monetary Policy under Heterogeneity in Currency Trade. Bank of Finland Research Discussion Paper 21/2007.26. Instrument Rules in Monetary Policy under Heterogeneity in Currency Trade. Bank of Finland Research Discussion Paper22/2007.27. Optimal Monetary Policy in a Hybrid New Keynesian Model with a Cost Channel. Bank of Finland Research DiscussionPaper 24/2007.28. A Case for Interest Rate Smoothing. Bank of Finland Research Discussion Paper 25/2007.Working Paper at Swedish Retail Institute (HUI), Sweden29. Market Power in the Expanding Nordic Power Market. HUI Working Paper No. 9, 2007, with Jens Lundgren and NiklasRudholm.Working Papers at Göteborg University, Sweden30. The Stability and Volatility of Electricity Prices: An Illustration of (λ,σ 2 )-Analysis. Göteborg University Working Paper inEconomics No. 267, 2007, with Anna Widerberg.31. Market Structure and the Stability and Volatility of Electricity Prices. Göteborg University Working Paper in EconomicsNo. 327, 2008, with Anna Widerberg.Working Paper at Hanken School of Economics, Finland32. Monetary Policy, Stock Price Misalignments and Macroeconomic Instability. Hanken School of Economics Working Paperin Economics No. 540, 2009.Work in Progress1. Long-Run Dependencies and Consequences for Portfolio Optimization, with Timo Korkeamäki and Anders Löflund.2. Market Risk and Potential Market Risk in Stock Prices, with Anna Widerberg.Academic Assignments1. Faculty Discussant, Luleå University of Technology, Sweden, August 21, 2000: Christer Berglund’s Licentiate Thesis“Spatial Issues in Economics and Econometrics”.2. Member of the Examining Committee, Göteborg University, Sweden, December 17, 2004: Dag Fjeld Edvardsen’s DoctoralThesis “Four Essays on the Measurement of Productive Efficiency”.Journal Referee1. Ambio2. Applied Economics3. Applied Economics Quarterly (2 different papers)4. B.E. Journal of Macroeconomics5. Canadian Journal of Economics6. Computational Economics7. Economic Inquiry8. Energy Economics9. European Journal of Health Economics5

Curriculum Vitae (Mikael Bask)10. Finnish Economic Papers11. Global Finance Journal12. Health Economics13. Journal of Business and Economic Statistics14. Journal of Econometrics (2 different papers)15. Journal of Health Economics16. Open Economies Review17. Oxford Bulletin of Economics and Statistics18. Southern Economic Journal19. Studies in Nonlinear Dynamics and Econometrics20. Technical AnalystPublisher’s ReaderSNS FörlagRefereeing Papers for Conferences and Workshops1. “INFER Workshop on Integration and Globalization: Challenges for Developed and Developing Countries” in Coimbra,Portugal, June 29-30, 2007.2. “9 th INFER Annual Conference” in Loughborough, England, United Kingdom, October 12-14, 2007.3. “12 th Annual European Conference of the Financial Management Association International” in Prague, Czech Republic,June 4-6, 2008.4. “7 th INFER Workshop on International Economics” in Murcia, Spain, March 28-29, 2008.5. “6 th INFINITI Conference on International Finance” in Dublin, Ireland, June 9-10, 2008.6. “7 th INFINITI Conference on International Finance” in Dublin, Ireland, June 8-9, 2009.Conferences and Workshops Attended1. “4 th International Symposium: Chaotic Dynamical Systems” in Zeist, The Netherlands, June 12-15, 1994.2. “Conference on Bifurcations and Chaos in Economic and Social Systems” in Umeå, Sweden, September 22-23, 1995.3. “Workshop in Nonlinear Time Series and Econometrics” in Stockholm, Sweden, May 24-25, 1996.4. “2 nd CeNDEF Workshop on Economic Dynamics” in Amsterdam, The Netherlands, January 4-6, 2001.5. “Annual Meeting of the Finnish Statistical Society: Analysis of High Frequency Financial Data” in Vaasa, Finland, May17-18, 2001.6. “International Health Economics Association: 3 rd International Conference” in York, England, United Kingdom, July 22-25, 2001.7. “Empirical Exchange Rate Models” in Madison, Wisconsin, U.S.A., September 28-29, 2001.8. “18 th Annual Congress of the European Economic Association” in Stockholm, Sweden, August 20-24, 2003.9. “58 th European Meeting of the Econometric Society” in Stockholm, Sweden, August 20-24, 2003.10. “9 th International Conference on Macroeconomic Analysis and International Finance” in Rethymno, Crete, Greece,May 26-28, 2005.11. “10 th Annual Workshop on Economic Heterogeneous Interacting Agents” in Colchester, England, United Kingdom,June 13-15, 2005.12. “12 th Annual Global Finance Conference” in Dublin, Ireland, June 27-29, 2005.13. “9 th World Congress of the Econometric Society” in London, England, United Kingdom, August 19-24, 2005.14. “SUERF and Bank of Finland Joint Conference: Open Market Operations and the Financial Markets” in Helsinki, Finland,September 22-23, 2005.15. “HECER Workshop on Fiscal Federalism” in Helsinki, Finland, November 18-19, 2005.16. “5 th NoonToNoon Meeting on Statistical and Mathematical Applications in Finance” in Vaasa, Finland, December 8-9,2005.17. “28 th Annual Meeting of the Finnish Society for Economic Research” in Helsinki, Finland, February 2-3, 2006.18. “14 th Annual Symposium of the Society for Nonlinear Dynamics and Econometrics” in St. Louis, Missouri, U.S.A.,March 24-25, 2006.6

Curriculum Vitae (Mikael Bask)19. “European Financial Management Symposium 2006” in Durham, England, United Kingdom, April 20-22, 2006.20. “10 th International Conference on Macroeconomic Analysis and International Finance” in Rethymno, Crete, Greece,May 25-27, 2006.21. “Practical Issues in DSGE Modelling at Central Banks” in Helsinki, Finland, June 5-7, 2006.22. “4 th INFINITI Conference on International Finance” in Dublin, Ireland, June 12-13, 2006.23. “1 st International Conference on Economic Sciences with Heterogeneous Interacting Agents” in Bologna, Italy, June15-17, 2006.24. “Nonlinear Dynamical Methods and Time Series Analysis” in Udine, Italy, August 30-September 1, 2006. (I was invitedto present a paper.)25. “New Developments in Macroeconomic Modelling and Growth Dynamics” in Faro, Portugal, September 7-9, 2006.26. “7 th Annual Bank of Finland/CEPR Conference: Credit and the Macroeconomy” in Helsinki, Finland, November 2-3,2006.27. “INFER Workshop on Bounded Rationality in Economics and Finance” in Loughborough, England, United Kingdom, December1-2, 2006.28. “29 th Annual Meeting of the Finnish Society for Economic Research” in Lappeenranta, Finland, February 1-2, 2007.29. “2 nd RIEF Conference on International Economics and Finance” in Rome, Italy, May 11-12, 2007.30. “11 th International Conference on Macroeconomic Analysis and International Finance” in Rethymno, Crete, Greece,May 24-26, 2007.31. “5 th INFINITI Conference on International Finance” in Dublin, Ireland, June 11-12, 2007.32. “2 nd International Conference on Economic Sciences with Heterogeneous Interacting Agents” in Fairfax, Virginia,U.S.A., June 17-19, 2007.33. “Australasian Meeting of the Econometric Society” in Brisbane, Queensland, Australia, July 3-6, 2007.34. “9 th INFER Annual Conference” in Loughborough, England, United Kingdom, October 12-14, 2007.35. “8 th Annual Bank of Finland/CEPR Conference: Expectations and Business Cycle Dynamics” in Helsinki, Finland, November1-2, 2007.36. “7 th INFER Workshop on International Economics” in Murcia, Spain, March 28-29, 2008.37. “6 th INFINITI Conference on International Finance” in Dublin, Ireland, June 9-10, 2008.38. “Work, Poverty and Inequality in the 21 st Century” in Palo Alto, California, U.S.A., August 6-9, 2008.39. “Allied Social Science Associations Annual Meeting” in San Francisco, California, U.S.A., January 3-5, 2009.40. “American Economic Association Continuing Education Program in Monetary Policy”, given by Lawrence Christianoand Patrick J. Kehoe, in San Francisco, California, U.S.A., January 5-7, 2009.41. “Money, Macroeconomics and Finance Research Group: 41 st Annual Conference” in Bradford, England, United Kingdom,September 7-9, 2009.Seminars1. Department of Economics, Umeå University, Sweden (several occasions).2. Swedish Institute for Social Research (SOFI), Stockholm University, Sweden.3. Division of Economics, Luleå University of Technology, Sweden.4. Department of Economics, Stockholm University, Sweden.5. Umeå School of Business and Economics, Umeå University, Sweden.6. Research Unit of Economic Structures and Growth (RUESG), University of Helsinki, Finland (several occasions).7. Helsinki Center of Economic Research (HECER), University of Helsinki, Finland.8. Monetary Policy and Research Department, Bank of Finland, Finland (several occasions).9. Government Institute for Economic Research (VATT), Finland.10. Center for Economic Research and Graduate Education (CERGE) of Charles University and Economics Institute (EI) ofthe Academy of Sciences of the Czech Republic (CERGE-EI), Czech Republic.11. Department of Finance and Statistics, Hanken School of Economics, Helsinki, Finland.12. Bank of Estonia, Estonia.13. Department of Sociology, Stanford University, U.S.A.7

Curriculum Vitae (Mikael Bask)Advanced Macroeconomics Fall 1997Advanced Macroeconomics Fall 1998Advanced Macroeconomics Fall 1999• Graduate Teaching in Economics (Doctoral courses), Umeå University, SwedenMathematical Economics I Fall 1998Mathematical Economics I Fall 1998 – Spring 1999Macroeconomics II Fall 2004Microeconomics I 4 Fall 2002Microeconomics I 5 Fall 2003International Macroeconomics and Finance 6 Fall 2003 – Spring 2004• Extra-Mural Teaching in Economics, Umeå University, SwedenIntroductory Economics Fall 1999Introductory Economics Fall 1999 – Spring 2000• Undergraduate Teaching in Economics, Hanken School of Economics, Helsinki, FinlandTopics in International Finance and Macroeconomics Spring 2006• Undergraduate Teaching in Economics, Åbo Akademi University, Turku, FinlandAdvanced Microeconomics Fall 2009Administrative Experiences1. Member of the Appointment Board at the Faculty of Social Sciences, Umeå University, Sweden.2. Member of the Board at the Department of Economics, Umeå University, Sweden.3. Member of the group of supervisors that plans the Ph.D. programs in Economics and Econometrics as well as recruitsPh.D. students to these programs at the Department of Economics, Umeå University, Sweden.4. Coordinator of Bachelor and Master Theses in Economics at the Department of Economics and Statistics, Åbo AkademiUniversity, Finland, Fall 2009 – Spring 2010.Experiences to Communicate with the Surrounding Society1. Participated in 4 public debates in Storuman, Skellefteå (2) and Örnsköldsvik, Sweden, regarding Sweden and theEMU, November-December 1999, March 2000.2. Appeared on Swedish national TV (Channel: SVT2; Program: “Nattöppet”) to speak about Sweden and the EMU, December1999.3. Appeared on Swedish national TV (Channel: 24; Program: “24 Konsument”) to speak about how a war in Iraq may affectconsumers in Sweden, February 2003.4. Invited 6 times by Eurofakta, Sweden, to speak about Sweden and the EMU (Umeå: Moderata ungdomsförbundet;Örnsköldsvik: Svenskt Näringsliv; Östersund: Info Point Europa; Umeå: Umeå Finansforum; Stockholm: Eurofakta;Umeå: Studiefrämjandet), April-May, August-September 2003.5. Invited to Sveriges Television in Umeå, Sweden, to speak about Sweden and the EMU, May 2003.6. Appeared 2 times on Swedish radio (Channel: SR Västerbotten; Program: “Eftermiddag i Västerbotten”) to speakabout Sweden and the EMU, August-September 2003.7. Invited to ITPS in Östersund, Sweden, to speak about economic growth and monetary unions, September 2003.4I gave ½ of the course.5The course was given in English and I gave ½ of the course.6The course was ½ of a semester.9

Curriculum Vitae (Mikael Bask)8. Appeared on international radio (Channel: BBC Radio 4 in United Kingdom; Program: “The World This Weekend”) tospeak about Sweden and the EMU, September 2003.9. Appeared on Swedish national TV (Channel: 24; Program: “24 Konsument”) to speak about how the deflation in Swedenmay affect consumers, April 2004.10. Appeared on Swedish national TV (Channel: 24; Program: “24 Konsument”) to speak about how the weak U.S. dollarmay affect consumers in Sweden, November 2004.11. Appeared on Finnish national radio (Channel: YLE X3M; Program: “Pravda”) to speak about taxes on income and capitalin Finland, November 2005.ReferencesAvailable on request.10