Blar i Norges Banks vitenarkiv på tittel
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The Price Puzzle: Mixing the Temporary and Permanent Monetary Policy Shocks
(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
(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
(Others, 2017) -
The Quality Factor
(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
(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
(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
(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
(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
(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
(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
(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
(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
(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 ... -
The Role of Assessments and Judgement in the Macroeconomic Model RIMINI
(Journal article, 2001)The Inflation Report’s projections for economic developments are important for Norges Bank’s conduct of monetary policy. The macroeconomic model RIMINI is used as a tool in developing these projections. This article provides ... -
The role of central banks : a Norwegian perspective
(Others, 2016) -
The Role of House Prices in the Monetary Policy Transmission Mechanism in Small Open Economies
(Working Papers;6/2009, Working paper, 2009)We analyse the role of house prices in the monetary policy transmission mechanism in Norway, Sweden and the UK using structural VARs. A solution is proposed to the endogeneity problem of identifying hocks to interest rates ... -
The Role of House Prices in the Monetary Policy Transmission Mechanism in the U.S.
(Working Papers;24/2008, Working paper, 2008)We analyze the role of house prices in the monetary policy transmission mechanism in the U.S. using structural VARs. The VAR is identified using a combination of short-run and long-run (neutrality) restrictions, allowing ... -
The Role of Interest Rates and the Outlook for the Norwegian Economy
(Others, 2006) -
The Role of Last Look in Foreign Exchange Markets
(Asset Manager Perspective;3/2015, Others, 2015)Last Look is a unique feature of foreign exchange (FX) markets that gives liquidity providers the option to reject orders received from liquidity takers in response to the provider’s quote. This feature is effective in ... -
The Role of Oil Prices and Monetary Policy in the Norwegian Economy Since the 1980s
(Working Papers;1/2016, Working paper, 2016)We use a TVP-VAR model to investigate possible changes in the time series properties of key Norwegian macroeconomic variables since the 1980s. The sample period is characterised by deregulation, globalization, sizable ...