Blar i Norges Banks vitenarkiv på forfatter "Holden, Steinar"

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    • A Note on Inflation Persistence 

      Holden, Steinar; Driscoll, John C. (Working Papers;14/2002, Working paper, 2002)
      Macroeconomists have for some time been aware that the New Keynesian Phillips curve, though highly popular in the literature, cannot explain the persistence observed in actual inflation. We argue that one of the more ...

    • An Equilibrium Model of Credit Rating Agencies 

      Holden, Steinar; Natvik, Gisle James; Vigier, Adrien (Working Papers;23/2012, Working paper, 2012)
      We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect investors' choice and, thereby, also issuers' access to funding and default risk. We show that - in equilibrium - the ...

    • Are Real Wages Rigid Downwards? 

      Holden, Steinar; Wulfsberg, Fredrik (Working Papers;1/2007, Working paper, 2007)
      This paper explores the existence of downward real wage rigidity (DRWR) in 19 OECD countries, over the period 1973–1999, using data for hourly nominal earnings at industry level. Based on a nonparametric statistical method, ...

    • Coordination, Fair Treatment and Inflation Persistence 

      Driscoll, John C.; Holden, Steinar (Working Papers;15/2002, Working paper, 2002)
      Most wage-contracting models with rational expectations fail to replicate the persistence in inflation observed in the data. We argue that coordination problems and multiple equilibria are the keys to explaining inflation ...

    • Downward Nominal Wage Rigidity in the OECD 

      Holden, Steinar; Wulfsberg, Fredrik (Working Papers;5/2004, Working paper, 2004)
      This paper explores the existence of downward nominal wage rigidity (DNWR) in 19 OECD countries, over the period 1973–1999, using data for hourly nominal wages at industry level. Based on a novel nonparametric statistical ...

    • Implications of Insights from Behavioral Economics for Macroeconomic Models 

      Holden, Steinar (Working Papers;12/2012, Working paper, 2012)
      The last 20 years, the importance of a number of behavioral features has been widely accepted within economics, and they are now regularly included in standard macro models. Where has this development led us? I argue that ...

    • Large’ vs. ‘Small’ Players: A Closer Look at the Dynamics of Speculative Attacks 

      Bjønnes, Geir Høidal; Holden, Steinar; Rime, Dagfinn; Solheim, Haakon (Working Papers;13/2005, Working paper, 2005)
      What is the role of “large players” like hedge funds and other highly leveraged institutions in speculative attacks? In recent theoretical work, large players may induce an attack by an early move, providing information ...

    • Measuring Structural Unemployment: Is There a Rough and Ready Answer? 

      Holden, Steinar; Nymoen, Ragnar (Working Papers;9/1998, Working paper, 1998)
      In recent years, the OECD has measured the structural rate of unemployment by an indicator called the Non-Accelerating Wage Rate of Unemployment. The NAWRU indicator is an important element in the policy analysis of the ...

    • Monetary Regime and the Co-Ordination of Wage Setting 

      Holden, Steinar (Working Papers;1/2000, Working paper, 2000)
      International comparisons show that countries with co-ordinated wage setting generally have lower unemployment than countries with less co-ordinated wage setting. This paper argues that the monetary regime may affect whether ...

    • The Costs of Price Stability – Downward Nominal Wage Rigidity in Europe 

      Holden, Steinar (Working Papers;8/2002, Working paper, 2002)
      In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. If inflation is so low that nominal wages have to be cut, the workers have strategic advantage ...

    • Wage Formation Under Low Inflation 

      Holden, Steinar (Working Papers;14/2004, Working paper, 2004)
      This paper reviews the literature on the effects of low steady-state inflation on wage formation, focusing on four different effects. First, under low inflation, downward nominal wage rigidity (DNWR) may prevent real wage ...

    • Wage Rigidity, Institutions, and Inflation 

      Holden, Steinar; Wulfsberg, Fredrik (Working Papers;2/2009, Working paper, 2009)
      A number of recent studies have documented extensive downward nominal wage rigidity (DNWR) for job stayers in many OECD countries. However, DNWR for individual workers may induce downward rigidity or “a floor” for the ...