I dette notatet ser vi [...] nærmere på alternative virkemidler med særlig fokus på monetær økosirk. Vi drøfter først ulike pengemengdebegreper og hvordan penger skapes. Deretter ser vi nærmere på såkalte likviditetsstyr ...

We argue that the planned transition toward alternative benchmark rates gives reason to mourn Libor. Guided by a model in which banks and non-banks can lend to each other, subject to realistic regulatory constraints, we ...

Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on ...

We investigate if the benchmark transition from London Interbank Offered Rate (Libor) to Secured Overnight Financing Rate (SOFR) affects the costs of borrowing floating rate debt. The primary market for dollar-denominated ...

Norges Bank har i flere sammenhenger pekt på at dagens NIBOR-konstruksjon har klare svakheter. Begrunnelsen for dette synet er presentert i brev til Finanstilsynet 26. mai 2014, Norges Bank Memo 2/2014 («Svakheter ved ...

Norges Bank has published its own forecasts for the key policy rate since 2005. The Reserve Bank of New Zealand introduced this practice as early as in 1997. Later, in 2007, the Swedish Riksbank also started to publish its ...

Interbankrenter som Libor, Euribor, Stibor og Nibor spiller en viktig rolle som referanserenter i en rekke låneavtaler og for ulike typer derivater. Interbankrentene skal uttrykke prisen på et usikret utlån fra en bank til ...

This paper studies the violation of the most basic no-arbitrage condition in international finance — Covered Interest Parity (CIP). We find that the CIP puzzle largely stems from funding liquidity differences, reflected ...

This paper analyses the liquidity effect in Norway by examining the relationship between a range of liquidity variables and five different measures of the short-term interbank premium. The models are estimated on data from ...