We report evidence that salience may have economically significant effects on homeowners' borrowing behavior, through a bias in favour of less salient but more costly loans. We outline a simple model in which some consumers ...

This article presents an overview of research on the Microstructure of Foreign Exchange Markets. We begin by summarizing the institutional features of FX trading and describe how they have evolved since the 1980s. We then ...

The Chilean economy experienced a decade of sustained growth in aggregate out-put and productivity after the 1982 financial crisis. This paper analyzes the effects of resource misallocation on total factor productivity ...

We investigate the macroeconomic consequences of fluctuations in the effectiveness of the labor-market matching process with a focus on the Great Recession. We conduct our analysis in the context of an estimated medium-scale ...

In this paper we show analytically, with simulation experiments and with actual data that a mismatch between the time scale of a DSGE model and that of the time series data used for its estimation generally creates ...

This paper documents a set of models used by Norges Bank in estimating the output gap. The models take into account developments in key cyclical indicators such as GDP, unemployment, inflation, wage growth, investment, ...

We investigate the importance of employing a valid model for monetary policy analysis. Specifically, we investigate the economic significance of differences in specification and empirical validity of models. We consider ...

Sentralt i vurderingen av bankenes samlede risiko er deres kredittrisiko overfor foretakssektoren. I analyser av bankenes kredittrisiko overfor foretakssektoren legges generelt både en makroøkonomisk og en bedriftsøkonomisk ...

Norges Bank har siden 2001 brukt en empirisk modell, SEBRA-modellen, til å anslå sannsynligheter for konkurs i norske aksjeselskap. Modellen brukes også til å anslå bankenes forventede utlånstap til foretak og ulike næringer. ...