CURRICULUM VITAE February 2016 JUHA-PEKKA JUNTTILA I. PERSONAL DETAILS

CURRICULUM VITAE February 2016 JUHA-PEKKA JUNTTILA I. PERSONAL DETAILS Date and place of birth Nationality Current Position Work Address Phone 10 July 1965, Liminka Finnish Professor of Economics JSBE/Department of Economics, Jyväskylä, Finland permanent from 1 st September 2014 Jyväskylä University School of Business and Economics Economics section Ylistö, Ohjelmakaari 10 PO Box 35 FIN-40014 UNIVERSITY OF JYVÄSKYLÄ FINLAND e-mail: juha-pekka.junttila@jyu.fi +358 40 485 309 (office) +358 8 382 880 (home) +358 40 558 5690 (mobile) Permanent Home Address Konipolku 4 FIN-91900 LIMINKA FINLAND Home Address in Jyväskylä Åströminkatu 11 A 9 FIN-40530 Jyväskylä FINLAND II. ACADEMIC QUALIFICATIONS Current position and qualification: Professor of Economics, Jyväskylä School of Business and Economics(JSBE), Department of Economics, acting from 1 st 2012, permanent from 1 st September 2014 March Stated to be qualified to serve as a professor of economics, selected to be the 1 st candidate for the position (University of Vaasa, 2007) Stated to be qualified to serve as a professor of empirical macroeconomics (University of Helsinki 2005) 1

Adjunct Professor (Docent) of Economics (special area: empirical financial market research and macroeconomics), Department of Economics, University of Oulu, since 2005 D.Sc (Econ. & Bus.Adm.), University of Oulu, Finland 1999 Lic.Sc. (Econ. & Bus.Adm.), University of Tampere, Finland, 1996 M.Sc. (Econ. & Bus.Adm.), University of Tampere, Finland, 1992 III. PREVIOUS ACADEMIC AND RESEARCH POSITIONS 1.1.2006-29.2.2012 Professor of Economics (acting), Oulu Head of the Department of Economics 1.8.2009-31.7.2011 Vice Dean (responsible for research) of the Oulu Business School 1.8.2009 31.7.2010 1.1.2005 31.8.2014 University Lecturer of Economics, Oulu, (currently on leave of absence) 1.1.2004-31.12.2004 Professor of Economics (Acting), Oulu, Head of the Department of Economics 1.8.2003-31.12.2003 Lecturer of Economics, Department of Economics, University of Oulu 1.1.2002-31.7.2003 Assistant Professor of Economics, Oulu 1.8.2001-31.12.2001 Visiting Scholar, Bank of Finland, Research Department 1.8.2000-31.7.2001 Assistant Professor of Economics, Oulu 1.8.1999-31.7.2000 Professor of Economics (Acting), Oulu, Head of the Department of Economics 2

1.4. 1996-31.7.1999 Researcher and PhD-student, Finnish Postgraduate Program in Economics and the Department of Economics, University of Oulu. Personal supervisors: prof. Markku Rahiala, Department of Applied Mathematics and Statistics, University of Oulu, and prof. Rauli Svento, Oulu. Title of the doctoral thesis: Essays on inflation expectations and interest rates in modern Finnish financial markets. Official opponent in the defence ceremony on the 16 th of January 1999 prof. Kajal Lahiri (State University of New York at Albany, USA) 1.9.1995-31.3.1996 Researcher and PhD-student, Finnish Postgraduate Program in Economics and the Department of Economics, University of Tampere 1.9.1994-31.8.1995 Visiting Student, Department of Economics, University of Warwick, personal supervisor Professor Kenneth Wallis 1.7.1993-31.8.1994 Lic Sc (Econ)-student, Department of Economics, University of Tampere 1.2.1993-30.6.1993 Research Assistant, Department of Economics, University of Tampere IV. MAJOR RESEARCH GRANTS (latest 5 years) Awarded by Purpose Academy of Finland (2013) DebtWell- project (JSBE Research consortium with ETLA) Yrjö Jahnsson Foundation (2013) Data Bank on international Macro and Finance (JSBE) OP-Pohjola Research Foundation (2009) Macroeconomic performance and the short- and long-run sustainability of economic policies (OMaG research group) 3

V. SCIENTIFIC ACTIVITIES Referee in scientific journals and conferences Applied Economics, Empirical Economics, Economic Modelling, Eurasian Economic Review, Finnish Economic Papers, Finnish Journal of Business Economics, International Journal of Forecasting, International Review of Financial Analysis, Journal of Economics and Finance, Journal of Empirical Finance, Journal of International Financial Markets, Institutions & Money, Journal of Macroeconomics, Emerging Markets Finance and Trade, International Review of Economics and Finance European Finance Association meeting, Berlin 2002, and Glasgow 2003 (referee for papers submitted to the meetings), INFINITI2010 and INFINITI2013 conferences (referee for papers submitted to the conference) Evaluation of applications for academic positions Member of the evaluation and appointing group for the research professorship in sustainable energy economics (Finland s environmental administration (SYKE) & University of Oulu), 2009-2010 Member of the evaluation and appointing group for the research professorship in the economic of multiple forest use (Finnish Forest Research Institute (Metla) & University of Oulu), 2009 2010 Docent (adjunct professor) evaluation: - Juha Pekka Niinimäki (Economics (general), University of Turku, 2007) Membership in professional associations MMF Research Group European Finance Association Other academic activities Supervisor (together with prof. Kari Heimonen) of the University of Jyväskylä International Macro & Finance (JyIMaF) research group, JSBE/Department of Economics, since May 2013 4

Supervisor (together with prof.mikko Puhakka) of the Oulu Macroeconomic Group (OMaG, a research team at the Department of Economics, University of Oulu) 1.1.2008 29.2.2012 Member of the JSBE Faculty Council since December 2013 Member of the University of Oulu Graduate School (UniOGS) humanities committee 1.1.2011-29.2.2012 Member of the Oulu Business School education committee 2010 29.2.2012 Coordinator (together with prof. Tom Berglund) of the Capital Markets and Financial Economics (CMFE) seminar group of the Finnish Doctoral Program in Economics (FDPE), 2003 2006 Expert advisor in the Macroeconomics and Political Economy seminar group of FDPE, since 2002, coordinator of the group with Mikko Puhakka, 2010-2012 Member of the group of supervisors in a 4-year project The role of high tech industry in the Finnish financial markets and economy (HITECON), other supervisors prof. Jukka Perttunen and prof. Juha-Pekka Kallunki. The project was financed by the Research Foundation of the OKO-Bank Group, 1.8.2000 31.12.2004 VI. THESIS WORK SUPERVISION, EXAMINATIONS AND ACTING AS AN OPPONENT 1) Official pre-examiner of doctoral dissertation: - Tahir Mahmood (University of Eastern Finland, 2011) - Anna Aleksandra Maslowska (University of Turku, 2011) - Maritta Paloviita (University of Helsinki, 2008) - Hannu Koskinen (University of Jyväskylä, 2007) 2) Official opponent in the defence ceremony: - Marko Melolinna (Doctoral Dissertation, Aalto University, Department of Economics, January 2013) - Jan-Erik Antipin (Doctoral Dissertation, University of Tampere, Department of Economics, October 2012) - Kasimir Kaliva (Doctoral Dissertation, University of Helsinki, Department of Statistics, June 2011) - Kari Takala (Doctoral Dissertation, University of Helsinki, Department of Economics, February 2002) 3)Official examiner of the licentiate thesis: - Katja Taipalus (University of Helsinki, 2005) - Hannu Koskinen (University of Jyväskylä, 2003) 4)Supervisor (S) and/or advisor (A) in doctoral dissertations of 5

- (S&A): Marko Korhonen (completed in 2005), first affiliation in the job market University of Turku - (A): Saara Pekkarinen (completed in 2005), first affiliation in the job market University of Oulu - (S&A): Heli Kortela (completed in 2006), first affiliation in the job market Aktia Bank - (A): Lauri Vilmi (completed in 2012, OMaG), first affiliation in the job market Bank of Finland - (A): Seppo Orjasniemi (completed in 2012, OMaG), first affiliation in the job market Bank of Finland - (S&A): Riikka Nuutilainen (started in 2009, ongoing in OMaG) - (S&A): Ville Savolainen (started in 2013, JSBE) - (A): Juhani Raatikainen (expected to be completed 2015, JSBE) - (A): Mika Nieminen (expected to be completed 2016, JSBE) - (A): Annika Kuusela (started in 2015, JSBE) - (S&A): Isto Raatikainen (started in 2015, JSBE) 5) Advisor in licentiate theses of - Juha Niemelä (University of Turku, 1997) - Marko Korhonen (University of Oulu, 2001) - Heli Kinnunen (University of Oulu, 2003) 6) Supervised about 125 master s theses in the disciplines of economics and finance VII. UNIVERSITY LEVEL TEACHING EXPERIENCE (Responsible teacher of the courses) MSc-degree courses (during the years 1998 2014) at the Universities of Oulu (Ou) and Jyväskylä (Jy)(B = basic level, I = intermediate level, A = advanced level): 1) Applied Time Series for Finance and Macroeconomics, (JSBE) 5 credits (I & A), spring term 2013, 2014, 2015 2) Econometrics I (JSBE) 8 credits (I), autumn term 2012, 2013 3) Economic Statistics, (Ou) 5 credits (B), autumn terms 1999, 2000 4) Principles of Economics, (Ou) 5 credits (B), autumn terms 2003, 2005, Macro part spring 2012 5) Macroeconomic analysis, (Ou) 5 credits (A), autumn terms 1999, 2004, 2006, 2008, 2009 6) Macroeconomics I, (Ou) 5 credits (I), spring terms 2000, 2001, 2004, 2006-2012 7) Financial Theory: Interest and Exchange Rate Markets, (Ou) 5 credits (A), spring terms 1999 2005 (in years 2003 2005 as a separate course Interest and Exchange rate Markets), 8) Theory of Money, Banking and Monetary Policy, (Ou) 5 credits (B), spring terms 2001-2007, autumn term 6

2008, spring 2010, autumn 2011 (uses visiting lecturers, but responsible for the course also in 2011) 9) Seminar in Economics, (Ou) 10 credits (I), spring terms 2000 and the whole study years 2005 2012 10) Master s Thesis seminar (Ou) (A), 1999, 2004 2005, 2009 2010; (JSBE) 2012 - VIII. LIST OF SCIENTIFIC PUBLICATIONS AND OTHER ACADEMIC RESEARCH PAPERS Articles in refereed scientific journals 1) Stock Market Information and the Relationship Between Real Exchange Rate and Real Interest Rates, with Marko Korhonen, Applied Financial Economics 23:11 (2013), 901 920. 2) The Role of Inflation Regime in the Exchange Rate Pass-Through to Import Prices, with Marko Korhonen, International Review of Economics and Finance 21/1 (2012), 88 96. 3) Nonlinearity and Time-Variation in the Monetary Model of Exchange Rates, with Marko Korhonen, Journal of Macroeconomics 33/2 (2011), 288 302. 4) Utilizing Financial Market Information in Forecasting Real Growth, Inflation and Real Exchange Rate, with Marko Korhonen, International Review of Economics and Finance 20/2 (2011), 281-301. 5) Forecasting the Macroeconomy With Contemporaneous Financial Market Information: Europe and United States The Review of Financial Economics 16 (2007), 149 175. 6) How Does the Financial Environment Affect the Stock Market Valuation of R&D Spending?, with Geoffrey Booth, Juha-Pekka Kallunki, Markku Rahiala and Petri Sahlström, Journal of Financial Intermediation 15/2 (2006), 197 214 7) Stock Marker Response to Analysts Perceptions and Earnings in Technology-Intensive Environment, with Juha-Pekka Kallunki, Aki Kärjä and Minna Martikainen, International Review of Financial Analysis 14/1 (2005), 77 92 8) The Performance of Economic Tracking Portfolios in an ITintensive Stock Market with Heli Kinnunen, The Quarterly Review of Economics and Finance 4/2004, 601 623 9) Detecting Speculative Bubbles in an IT-Intensive Stock Market The Journal of Economics and Finance, Summer 2003, 166 189 10) Structural Breaks, ARIMA Model and Finnish Inflation 7

Forecasts, International Journal of Forecasting 17 (2001), 203 230. 11) Testing an Augmented Fisher Hypothesis for a Small Open Economy: the case of Finland, Journal of Macroeconomics 4/2001, 577 599 12) Time-Varying Accounting Betas and Risk Estimation for Thinly Traded Stocks: Finnish evidence, with Juha-Pekka Kallunki and Teppo Martikainen, Advances in Financial Planning and Forecasting 10 (2001), 1 24 13) The Stock Market and Macroeconomy in Finland in the APT- Framework, with Pekka Larkomaa and Jukka Perttunen, The Finnish Journal of Business Economics 4/1997, 454-473 Recently submitted, previous working papers, and current work Working papers 14) Discounting the Deficit into Debt: the 3D Dilemma for Finland and Sweden, with Mikko Puhakka (OBS), Working Paper, November 2015 15) Haven on Earth? Dynamic Connections Between Gold and Stock Markets in Turbulent Times, with Juhani Raatikainen (JSBE), Working Paper, JSBE Department of Economics, November 2015 16) The Euro s Effect on Trade Balance Dynamics, with Mika Nieminen, Working Paper, JSBE Department of Economics, May 2015, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2603787 17) The Collapse of Soviet Trade and Finland's Great Depression of the 1990's: A Re-Examination, with Pekka Ahtiala (University of Tampere) http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2560219 Date posted: 05 Feb 2015, submitted to American Economci Rreview, February 2016 18) The Role of Stock and Currency Market Information in the Taylor Rule: Evidence from OECD Countries, Working Paper, JSBE Department of Economics, January 2013, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2199259, asked to be revised and resubmitted to the International Review of Economics and Finance, January 2016 8

19) Declining Macroeconomic Uncertainty and the Cost of Equity Capital: The Pre-EMU Period, with Juha-Pekka Kallunki (OBS), latest version May 2007 20) Testing an augmented Fisher hypothesis for the money market interest rates in Finland, University of Oulu, Department of Economics Working Papers 7/1997 21) Information content in the term structure of money market interest rates on future inflation: The case of Finland, presented in the European Economic Association meeting in Berlin, September 1998 22) Revealing the changes in monetary conditions from money market interest rates, Yearbook of Finnish Statistical Society 1998, 117 130 23) Adaptive inflation expectations under structural changes: The case of Finland, University of Oulu, Department of Economics Working Papers 4/1997 24) Revealing the stance of monetary policy conditions from money market interest rates: Evidence from Finland, Sweden and Canada, mimeo, University of Oulu, Department of Economics. Current work (Working titles) 25) Long-Run Determinants of External Adjustment for EMU-12 Countries - joint work with Mika Nieminen (JSBE, JyIMaF group) 26) Sustainability of Fiscal Policies and Determinants of Sovereign Debt Premia in the Euro Area and Other OECD Countries; - joint work with Kari Heimonen (JSBE, DebtWell project) 27) Measuring the Debt of Nations; - joint work with Kari Heimonen (JSBE) and Risto Rönkkö (UNI-Wider and University of Tampere, DebtWell project) 28) Augmenting the Taylor Rule With Financial Market Information; a Non-Linear Approach - joint work with Marko Korhonen (OBS) 29) The Role of Stock and Currency Market Information in the Monetary Policy Rules for Emerging Market Economies - joint work with Riikka Nuutilainen (Bank of Finland) 9

30) Cross-Border Mergers and Acquisitions and Macroeconomy; Panel Data Evidence for Developed and Emerging Countries 31) Optimal Currency Hegde Ratios and the Exchange Rate Exposure: Evidence for the Finnish and Swedish Industrial Sectors - joint work with Marko Korhonen (OBS) 32) Regulatory Restrictions for Housing Supply, Housing Supply Elasticity, and Regional Growth: Evidence from Finland - joint work with Elias Oikarinen (Univ. of Turku) Papers in conferences and seminars (latest 5 years) 2015: - paper item (16) accepted to the Money, Macro & Finance Research Group,annual 2015 conference in Cardiff, Wales, UK - paper item (15) accepted to the Southern Finance Association 2015 annual conference, Captiva Islands, Florida, US 2013: - paper item (18) presented in INFINITI2013 conference, Aix en Provence, France, June 2013 2010: - paper item (4) presented in the ACE-seminar (Turku), March 2010, and MMF2010 Conference in Limassol, Cyprus, September 2010 Computer skills MS Office, Scientific Workplace, RATS, EViews, SAS 10