Browsing Norges Banks vitenarkiv by Author "Alstadheim, Ragna"

Now showing items 1-16 of 16

    • Banks’ wholesale funding share as an indicator of financial vulnerability 

      Alstadheim, Ragna (Staff Memo;7/2020, Working paper, 2020)
      A review of theoretical links between the wholesale (or market) funding share of banks (WFS) and financial vulnerability is provided. The vulnerability may both be within the financial system, and in the non-financial ...

    • Bond market fire sales and turbulence in the Norwegian FX market in March 2020 

      Alstadheim, Ragna; Nordal, Kjell Bjørn; Syrstad, Olav; ter Ellen, Saskia; Wassas, May-Iren Walstad (Staff Memo;2/2021, Working paper, 2021)
      The world witnessed a meltdown in financial markets in March 2020 as the Covid-19 pandemic hit the global economy. In this memo we document how the turbulence affected Norwegian financial markets. We describe possible ...

    • Do Central Banks Respond to Exchange Rate Movements? a Markov-Switching Structural Investigation 

      Alstadheim, Ragna; Bjørnland, Hilde C.; Maih, Junior (Working Papers;24/2013, Working paper, 2013)
      Do central banks respond to exchange rate movements? According to Lubik and Schorfheide (2007) who estimate structural general equilibrium models with monetary policy rules, the answer is "Yes, some do". However, their ...

    • Exchange Rate Regimes in Norway 1816-2016 

      Alstadheim, Ragna (Staff Memo;15/2016, Working paper, 2016)
      An overview of exchange rate regimes in Norway since 1816 is provided in a table which is divided into five sections; corresponding to the parts of the Norwegian monetary history defined and discussed in Eitrheim, Klovland ...

    • Financial Imbalances, Crisis Probability and Monetary Policy in Norway 

      Alstadheim, Ragna; Robstad, Ørjan; Vonen, Nikka Husom (Working Papers;21/2017, Working paper, 2017)
      We assess the strength of the impact of a monetary policy shock on financial crisis probability in Norway. Policy effects go via the interest rate impact on credit, house prices and banks’ wholesale funding. We find that ...

    • How New Keynesian Is the US Phillips Curve? 

      Alstadheim, Ragna (Working Papers;25/2013, Working paper, 2013)
      I provide a generalization of Calvo price setting, to include non-overlapping contracts as a special case and embed this in a small DSGE model. The resulting Generalized Phillips Curve (GPC) nests New-Keynesian and ...

    • Increased growth in broad money after the outbreak of Covid-19 

      Alstadheim, Ragna (Staff Memo;10/2022, Working paper, 2022)
      Growth in deposits and broad money aggregates surged in Norway after the outbreak of the Covid-19 pandemic. Usually, we think of deposit (or money) growth as going hand in hand with bank lending growth, since only banks ...

    • Is the Price Level in Norway Determined by Fiscal Policy? 

      Alstadheim, Ragna (Working Papers;5/2005, Working paper, 2005)
      The Norwegian public sector has net financial assets. The fiscal theory of price determination applies equally to Norway and economies with net public debt: If primary surpluses evolve independently of nominal debt (or ...

    • Monetary Policy Analysis in Practice 

      Alstadheim, Ragna; Bache, Ida Wolden; Holmsen, Amund; Maih, Junior; Røisland, Øistein (Staff Memo;11/2010, Working paper, 2010)
      Norges Bank is one of few central banks publishing an interest rate fore- cast. This paper discusses how we derive and communicate the interest rate forecast. To produce the forecasts, the Bank uses a medium-sized small ...

    • Om nye virkemidler i pengepolitikken. Avgrensning mellom pengepolitikken og finanspolitikken 

      Alstadheim, Ragna (Aktuell Kommentar;1/2011, Others, 2011)
      Under finanskrisen innførte mange sentralbanker nye typer utlån og kjøpte verdipapirer de vanligvis ikke handler i. Bruk av slike nye virkemidler og utvidet volum på tradisjonelle instrumenter ga større sentralbankbalanser. ...

    • Optimal variable bank capital requirements 

      Alstadheim, Ragna (Staff Memo;9/2021, Working paper, 2021)
      The purpose of the “counter-cyclical capital buffer” (buffer) is to dampen procyclicality in the financial system, absorb capital losses and prevent a credit crunch during recessions. In this paper, a stylized analytical ...

    • Price-Level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps 

      Alstadheim, Ragna; Henderson, Dale (Working Papers;3/2006, Working paper, 2006)
      We consider standard monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments using a flexible-price, perfect foresight model. There is always a locally-unique target equilibrium. ...

    • Review of Flexible Inflation Targeting (ReFIT) - sluttrapport 

      Alstadheim, Ragna; Bergholt, Drago; Brubakk, Leif; Gerdrup, Karsten R.; Hagelund, Kåre; Hansen, Frank; Husabø, Eilert; Krogh, Tord; Langbraaten, Nina; Midthjell, Nina Larsson; Olsen, Øystein; Røisland, Øistein (Norges Banks Skriftserie;51, Book, 2017)

    • The global financial cycle, bank capital flows and monetary policy. Evidence from Norway 

      Alstadheim, Ragna; Blandhol, Christine (Working papers;2/2018, Working paper, 2018)
      We investigate the importance of a global financial cycle for gross capital inflows based on monthly balance sheet data for Norwegian banks. The VIX index has been interpreted as an “investor fear gauge” and associated ...

    • The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve 

      Alstadheim, Ragna (Working Papers;13/2010, Working paper, 2010)
      With sticky prices, optimizing agents and money in the utility function, I derive the exact analytical solution for optimal monetary policy given a zero lower bound (ZLB) on the interest rate. The Phillips curve is ...

    • 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 ...