• The Petroleum Fund Mechanism and Norges Bank’s Foreign Exchange Purchases for the GPFG 

      Aamodt, Ellen (Economic Commentaries;14/2012, Others, 2012)
      The Norwegian government receives substantial revenues from the petroleum sector. These revenues are in both foreign currency and Norwegian kroner. Some of the oil revenues are absorbed in the Norwegian economy by being ...
    • The Petroleum Fund Mechanism and Norges Bank’s Foreign Exchange Transactions 

      Lerbak, Marie Norum; Tafjord, Kristian; Øwre-Johnsen, Marit (Economic Commentaries;1/2016, Others, 2016)
      The petroleum fund mechanism channels government revenues from petroleum activities on the Norwegian continental shelf to spending via the central government budget and to saving in the Government Pension Fund Global (GPFG). ...
    • The Petroleum Sector and the Norwegian Economy 

      Nordbø, Einar W.; Stensland, Njål (Economic Commentaries;4/2015, Others, 2015)
      Economic developments in Norway between 2000 and 2014 were marked by the steep rise in oil prices in the same period. Demand from oil companies operating on both the Norwegian continental shelf and in the rest of the world ...
    • The Phillips Curve and Beyond - Why Has Wage Growth Been so Low? 

      Brubakk, Leif; Hagelund, Kåre; Husabø, Eilert (Staff Memo;10/2018, Working paper, 2018)
      In this paper, we estimate various dynamic wage equations for mainland Norway. Our starting point is a standard Phillips curve. We then expand on our baseline specification by adding explanatory variables suggested by ...
    • The Political Economy of Fiscal Deficits and Government Production 

      Natvik, Gisle James (Working Papers;7/2009, Working paper, 2009)
      This paper analyzes a framework where policymakers decide how to spend public resources on physical capital and labor in order to produce two public goods. Candidate policymakers disagree about which goods to produce, and ...
    • The Power of Forward Guidance in NEMO 

      Bergholt, Drago; Meyer, Sara S.; Mimir, Yasin; Røisland, Øistein (Staff Memo;7/2019, Working paper, 2019)
      This staff memo revisits the power of forward guidance with particular emphasis on the effectiveness of anticipated policy in Norges Bank’s main policy model NEMO. First we explain, within the context of a simple toy model, ...
    • The Power of Weather. Some Empirical Evidence on Predicting Day-Ahead Power Prices Through Weather Forecasts 

      Huurman, Christian; Ravazzolo, Francesco; Zhou, Chen (Working Papers;8/2008, Working paper, 2008)
      This paper examines the predictive power of weather for electricity prices in day-ahead markets in real time. We find that next-day weather forecasts improve the forecast accuracy of day-ahead electricity prices substantially, ...
    • The Price Puzzle: Mixing the Temporary and Permanent Monetary Policy Shocks 

      Bache, Ida Wolden; Leitemo, Kai (Working Papers;18/2008, Working paper, 2008)
      We argue that the correct identification of monetary policy shocks in a vector autoregression requires that the identification scheme distinguishes between permanent and transitory monetary policy shocks. The permanent ...
    • The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933 

      Bordo, Michael D.; Wheelock, David C. (Working Papers;1/2011, Working paper, 2011)
      This paper examines the origins and early performance of the Federal Reserve as lender of last resort. The Fed was established to overcome the problems of the National Banking era, in particular an “inelastic” currency and ...
    • The Purpose and Scope of Monetary Policy 

      Olsen, Øystein (Others, 2017)
    • The Quality Factor 

      Ukjent forfatter (Discussion Note;3/2015, Others, 2015)
      Quality-based investment strategies aim to capture the documented excess returns of high-quality stocks over low-quality stocks. In this note, we review the empirical evidence on the quality premium and discuss some of the ...
    • The R Package Mitisem: Efficient and Robust Simulation Procedures for Bayesian Inference 

      Basturk, Nalan; Grassi, Stefano; Hoogerheide, Lennart; Opschoor, Anne; van Dijk, Herman K. (Working Papers;10/2017, Working paper, 2017)
      This paper presents the R package MitISEM (mixture of t by importance sampling weighted expectation maximization) which provides an automatic and flexible two-stage method to approximate a non-elliptical target density ...
    • The Relation Between Banks' Funding Costs, Retail Rates and Loan Volumes: An Analysis of Norwegian Bank Micro Data 

      Raknerud, Arvid; Vatne, Bjørn Helge (Working Papers;17/2012, Working paper, 2012)
      We use a dynamic factor model and a detailed panel data set for six Norwegian bank groups to analyze i) how funding costs affect retail loan rates and ii) how retail rate differences between banks affect market shares. The ...
    • The Relationship Between Bankruptcy Risk and Growth for Non-Listed Firms 

      Nordal, Kjell Bjørn; Næs, Randi (Working Papers;31/2010, Working paper, 2010)
      We investigate the relationship between bankruptcy risk and expected future sales growth for Norwegian non-listed firms for the period 1988-2007. We find that firms with high bankruptcy risk also have high expected future ...
    • The Relationship Between the Key Policy Rate and Macroeconomic Variables : A Simple Cross-Check for Norway 

      Bernhardsen, Tom (Staff Memo;3/2008, Working paper, 2008)
      In this paper we discuss simple relationships between the key policy rate and macroeconomic variables in Norway. Such models may be useful tools in monetary policy analysis as they provide a cross-check for the interest ...
    • The Reliability of Today's Financial Macroindicators 

      Bø, Olav; Røstadsand, Jon Ivar; Tørum, Espen (Journal article, 2003)
      Norges Bank’s key rate (sight deposit rate) is set on the basis of information concerning developments in a number of economic and financial variables. In order to provide the optimal basis for monetary policy decisions, ...
    • The Rise in Oil Prices - Fundamental and Financial Factors 

      Akram, Q. Farooq; Winje, Pål (Economic Commentaries;1/2008, Others, 2008)
      Oil prices have risen sharply in recent years and are now record-high also in real terms [...]. Fundamental factors, such as oil supply and demand, are important explanatory variables for the price increase. Financial ...
    • The Risk Associated with Banks` Foreign Borrowing 

      Gerdrup, Karsten R.; Lund, Arild J.; Weme, Sindre (Journal article, 2000)
      Since 1995 banks’ foreign borrowing has increased sharply, matching the growth recorded in the mid-1980s. Measured in relation to banks’ total loans, foreign funding is smaller now than at that time. As was the case in the ...
    • The Risk Components of Liquidity 

      Chollete, Lorán; Næs, Randi; Skjeltorp, Johannes A. (Working Papers;3/2008, Working paper, 2008)
      Does liquidity risk differ depending on our choice of liquidity proxy? Unlike literature that considers common liquidity variation, we focus on identifying different components of liquidity, statistically and economically, ...
    • The Risk-Taking Channel of Monetary Policy in Norway 

      Karapetyan, Artashes (Working Papers;5/2016, Working paper, 2016)
      We identify the effects of monetary policy on credit risk-taking using a unique dataset covering the population of corporate borrowers in Norway. We find that a lower benchmark interest rate (interbank rates or overnight ...