• Dutch disease dynamics reconsidered 

      Bjørnland, Hilde C.; Thorsrud, Leif Anders; Torvik, Ragnar (Working papers;2018/1, Working paper, 2018)
      In this paper we develop the first model to incorporate the dynamic productivity consequences of both the spending effect and the resource movement effect of oil abundance. We show that doing so dramatically alters the ...
    • Explaining Movements in the Norwegian Exchange Rate 

      Akram, Q. Farooq; Brunvatne, Kari-Mette; Eitrheim, Øyvind; Gulbrandsen, Kristin; Kloster, Arne; Lokshall, Raymond; Naug, Bjørn E.; Rime, Dagfinn; Røisland, Øistein; Sveen, Tommy; Torvik, Ragnar (Occasional Papers;32, Book, 2003)
    • Fiscal Policy Under Inflation Targeting 

      Røisland, Øistein; Torvik, Ragnar (Working Papers;15/2000, Working paper, 2000)
      The paper discusses the role of fiscal policy as an instrument for macroeconomic stabilisation when monetary policy pursues inflation targeting. Within a theoretical model of an open economy with a traded and non-traded ...
    • Hvilke faktorer kan forklare utviklingen i valutakursen? 

      Akram, Q. Farooq; Brunvatne, Kari-Mette; Eitrheim, Øyvind; Gulbrandsen, Kristin; Kloster, Arne; Lokshall, Raymond; Naug, Bjørn E.; Rime, Dagfinn; Røisland, Øistein; Sveen, Tommy; Torvik, Ragnar (Norges Banks Skriftserie;31, Book, 2003)
    • Optimal Dutch Disease 

      Matsen, Egil; Torvik, Ragnar (Working Papers;3/2003, Working paper, 2003)
      Growth models of the Dutch disease, such as those of Krugman (1987), Matsuyama (1992), Sachs and Warner (1995) and Gylfason et al. (1999), explain why resource abundance may reduce growth. The literature, however, also ...
    • Optimum Currency Areas Under Inflation Targeting 

      Røisland, Øistein; Torvik, Ragnar (Working Papers;10/1999, Working paper, 1999)
      Several countries face the choice between targeting inflation independently or entering a monetary union that targets inflation. The present paper extends the theory of optimum currency areas to deal with this choice. In ...
    • Overconfidence, Monetary Policy Committees and Chairman Dominance 

      Claussen, Carl Andreas; Matsen, Egil; Røisland, Øistein; Torvik, Ragnar (Working Papers;17/2009, Working paper, 2009)
      We suggest that overconfidence among policymakers explains why formal decision power over monetary policy is given to committees, while much of the real power to set policy remains with central bank chairmen. Overconfidence ...
    • Petro Populism 

      Matsen, Egil; Natvik, Gisle James; Torvik, Ragnar (Working Papers;6/2012, Working paper, 2012)
      We aim to explain petro populism - the excessive use of oil revenues to buy political support. To reap the full gains of natural resource income politicians need to remain in office over time. Hence, even a purely rent-seeking ...
    • Savers, Spenders and Fiscal Policy in a Small Open Economy 

      Matsen, Egil; Sveen, Tommy; Torvik, Ragnar (Working Papers;18/2004, Working paper, 2004)
      This paper analyzes the effects of fiscal policy in an open economy. We extend the savers-spenders theory of Mankiw (2000) to a small open economy with endogenous labor supply. We first show how the Dornbusch (1983) ...