Blar i Norges Banks vitenarkiv på emneord "inflation"
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Did monetary policy kill the Phillips Curve? Some simple arithmetics
(Working paper;2/2023, Working paper, 2023)An apparent disconnect has taken place between inflation and economic activity in the US over the last 25 years, with price inflation remaining remarkably stable in spite of large fluctuations in the output gap and other ... -
Explaining the Low US Inflation – Coincidence or “New Economy”? Evidence Based on a Wage-Price Spiral
(Working Papers;2/2001, Working paper, 2001)We study possible factors behind the subdued inflation in the United States since the mid-1990s. A standard expectations-augmented Phillips curve does not exhibit structural breaks. However, a wage-price spiral comprising ... -
Modelling Inflation in the Euro Area
(Working Papers;10/2004, Working paper, 2004)The paper presents an incomplete competition model (ICM), where inflation is determined jointly with unit labour cost growth. The ICM is estimated on data for the Euro area and evaluated against existing models, i.e. the ... -
Price spillovers in Norway: Less prevalent after the 1980s
(Staff Memo;12/2023, Working paper, 2023)This Staff Memo considers some of the available evidence on relative price shocks as a driver of Norwegian inflation dynamics in high- versus low-inflation regimes. The results suggest that relative price shocks have largely ... -
Quantifying macroeconomic uncertainty in Norway
(Staff Memo;13/2023, Working paper, 2023)This paper presents a framework for quantifying uncertainty around point forecasts for GDP, inflation and house prices in Norway. The framework combines quantile regressions using a broad set of uncertainty indicators with ... -
Testing for a Time-Varying Price-Cost Markup in the Euro Area Inflation Process
(Working Papers;9/2004, Working paper, 2004)Empirical models of inflation often incorporate equilibrium correction effects based upon levels of prices and input costs. Such models assume that the steady-state price-cost markup is constant, but recent research suggests ... -
The Costs of Price Stability – Downward Nominal Wage Rigidity in Europe
(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
(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 ... -
What Horizon for Targeting Inflation?
(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 ...