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    • What Drives Oil Prices? Emerging Versus Developed Economies 

      Aastveit, Knut Are; Bjørnland, Hilde C.; Thorsrud, Leif Anders (Working Papers;11/2012, Working paper, 2012)
      We analyze the importance of demand from emerging and developed economies as drivers of the real price of oil over the last two decades. Using a factor-augmented vector autoregressive (FAVAR) model that allows us to ...

    • What Drives the Risk Premium in Nibor? 

      Lund, Kathrine; Tafjord, Kristian; Øwre-Johnsen, Marit (Economic Commentaries;10/2016, Others, 2016)
      In this Commentary, we illustrate how the risk premium in Nibor can be decomposed to better understand the driving forces affecting the Norwegian money market rate. Furthermore, we use historical data to discuss how ...

    • What Factors Affect the Oslo Stock Exchange? 

      Næs, Randi; Skjeltorp, Johannes A.; Ødegaard, Bernt Arne (Working Papers;24/2009, Working paper, 2009)
      This paper analyzes return patterns and determinants at the Oslo Stock Exchange (OSE) in the period 1980-2006. We find that a three-factor model containing the market, a size factor and a liquidity factor provides a ...

    • What Factors Influence Firms’ Investment Decisions? 

      Hjelseth, Ida Nervik; Meyer, Sara Skjeggestad; Walle, Mari Aasgaard (Economic Commentaries;10/2017, Others, 2017)
      Business investment in mainland Norway has been relatively weak since the financial crisis, even though the key policy rate has been reduced to a historically low level. Through its Regional Network, Norges Bank has ...

    • What Horizon for Targeting Inflation? 

      Akram, Q. Farooq (Working Papers;13/2007, Working paper, 2007)
      We investigate optimal horizons for targeting inflation in response to different shocks and their properties under alternative preferences of an inflation-targeting central bank. Our analysis is based on a well specified ...

    • What Influences the Growth of Household Debt? 

      Jacobsen, Dag Henning; Naug, Bjørn E. (Journal article, 2004)
      Household debt has increased by 10–11 per cent annually since 2000. In the following, the factors underlying the strong growth in debt are analysed using an empirical model. The debt growth of recent years is found to be ...

    • What Influences the Number of Bankruptcies? 

      Jacobsen, Dag Henning; Kloster, Thea Birkeland (Journal article, 2005)
      After having remained relatively stable from the mid-1990s, the number of bankruptcies rose sharply in 2002 and 2003, but then fell again last year and in the first six months of 2005. Using an empirical model, we analyse ...

    • What Is a Useful Central Bank? 

      Aziz, Zeti Akhtar; Bordo, Michael D.; Fischer, Stanley; Gjedrem, Svein; Hildebrand, Philipp M.; Ingves, Stefan; Qvigstad, Jan F.; Svensson, Lars E. O.; Toniolo, Gianni; Turner, Philip (Occasional Papers;42, Book, 2011)

    • What Is the Normal Interest Rate Level? 

      Bernhardsen, Tom; Kloster, Arne (Economic Commentaries;1/2010, Others, 2010)
      The normal real interest rate level in Norway is estimated to be in the interval of 2-3 per cent. With an inflation target of 2.5 per cent, the interval for the normal nominal interest rate is 4½-5½ per cent (three-month ...

    • What Kind of Payments Settle in a Real Time Gross Settlement System? 

      Fevolden, Mats Bay; Smith, Lyndsie (Staff Memo;2/2018, Working paper, 2018)
      Central bank settlement systems are vital for payment intermediation and have an important role in monetary policy and financial stability. Few analyses exist that explain the purpose behind the payments that are settled ...

    • What Should the Future Form of Our Money Be? 

      Nicolaisen, Jon (Others, 2017)

    • When Does an Interest Rate Path “Look Good”? Criteria for an Appropriate Future Interest Rate Path 

      Qvigstad, Jan F. (Working Papers;5/2006, Working paper, 2006)
      Svensson (2004) suggested that a monetary policy committee of a central bank (MPC) should “find an instrument-rate path such that projections of inflation and output gap ‘look good’.” Academic literature on monetary policy ...

    • When Does an Interest Rate Path “Look Good”? Criteria for an Appropriate Future Interest Rate Path – a Practician’s Approach 

      Qvigstad, Jan F. (Staff Memo;6/2005, Working paper, 2005)
      When professor Lars E. O. Svensson (Princeton University) visited Norges Bank’s conference on monetary policy in 2004, he suggested we should “find an instrument-rate path such that projections of inflation and output gap ...

    • When Does the Oil Price Affect the Norwegian Exchange Rate? 

      Akram, Q. Farooq (Working Papers;8/2000, Working paper, 2000)
      Major changes in the Norwegian exchange rate have often coincided with large fluctuations in the price of crude oil. Previous empirical studies have however suggested a weak and ambiguous relation between the oil price and ...

    • When Preferences for a Stable Interest Rate Become Self-Defeating 

      Alstadheim, Ragna; Røisland, Øistein (Working Papers;8/2016, Working paper, 2016)
      Monetary policy makers often seem to have preferences for a stable interest rate, in addition to stable inflation and output. In this paper we investigate the implications of having an interest rate level term in the loss ...

    • Where do they care? : The ECB in the media and inflation expectations 

      Larsen, Vegard Høghaug; Maffei-Faccioli, Nicolò; Pagenhardt, Laura (Working paper;4/2023, Working paper, 2023)
      This paper examines how news coverage of the European Central Bank (ECB) affects consumer inflation expectations in the four largest euro area countries. Utilizing a unique dataset of multilingual European news articles, ...

    • Where It All Began: Lending of Last Resort and the Bank of England During the Overend-Gurney Panic of 1866 

      Flandreau, Marc; Ugolini, Stefano (Working Papers;3/2011, Working paper, 2011)
      The National Monetary Commission was deeply concerned with importing best practice. One important focus was the connection between the money market and international trade. It was said that Britain’s lead in the market for ...

    • Who is borrowing – for what – and can they afford it? 

      Vatne, Bjørn Helge (Journal article, 2008)
      New micro data enable us to analyse household debt behaviour through 2006. We can identify households that borrow net and households that repay debt. Half the households in the sample increased their debt in 2006. Most new ...

    • Who Was in the Driving Seat in Europe During the Nineties, International Financial Markets or the BUBA? 

      Hammersland, Roger (Working Papers;20/2004, Working paper, 2004)
      The purpose of this paper is to reexamine empirically the relationship between long-term interest rates in well integrated financial markets. The analysis focuses on long-term interest rates in the US and Germany and has ...

    • Why Do Banking Crises Occur? the American Subprime Crisis Compared with the Norwegian Banking Crisis 1987-92 

      Knutsen, Sverre (Working Papers;3/2012, Working paper, 2012)
      This paper analyses the causes of banking crises by the way of a historical comparative case study. Moreover, the analysis draws on theories elaborated by the economist Hyman Minsky. The evidence presented suggests that ...