Blar i Norges Banks vitenarkiv på emneord "macroprudential policy"
Viser treff 1-10 av 10
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Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach
(Working Papers;11/2015, Working paper, 2015)We use a simple quantitative asset pricing model to "reverse-engineer" the sequences of stochastic shocks to housing demand and lending standards that are needed to exactly replicate the boom-bust patterns in U.S. household ... -
House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy
(Working Papers;8/2012, Working paper, 2012)Progress on the question of whether policymakers should respond directly to financial variables requires a realistic economic model that captures the links between asset prices, credit expansion, and real economic activity. ... -
The interaction between macroprudential and monetary policies: The cases of Norway and Sweden
(Working Paper;8/2020, Working paper, 2020)To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and ... -
Key Indicators for a Countercyclical Capital Buffer in Norway - Trends and Uncertainty
(Staff Memo;13/2013, Working paper, 2013)The credit-to-GDP gap has a prominent role in the Basel Committee's frame- work for a countercyclical capital buffer under Basel III. The Committee uses a one-sided Hodrick-Prescott filter to calculate the trend of ... -
Leaning against persistent financial cycles with occasional crises
(Working Paper;11/2021, Working paper, 2021)Should central banks use leaning against the wind (LAW)-type monetary or macroprudential policy to address risks to financial stability? We first assess LAW as a one-off (nonsystematic) policy using an estimated large-scale ... -
“Leaning Against the Wind”, Macroprudential Policy and the Financial Cycle
(Working Paper;1/2019, Working paper, 2019)Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about “leaning against the wind” (LAW) along three lines. First, ... -
Macro Effects of Capital Requirements and Macroprudential Policy
(Working Papers;21/2012, Working paper, 2012)I investigate macro effects of higher bank capital requirements on the Norwegian economy and their use as a macroprudential policy instrument under Basel III. To this end, I develop a macroeconometric model where the capital ... -
Monetary and Macroprudential Policy with Multi-Period Loans
(Working Papers;16/2014, Working paper, 2014)We study the implications of multi-period loans for monetary and macroprudential policy, considering several realistic modifications - variable vs. fixed loan rates, non-negativity constraint on newly granted loans, and ... -
Mortgage regulation and financial vulnerability at the household level
(Working Paper;6/2020, Working paper, 2020)We evaluate the impact of mortgage regulation on credit volumes, household balance sheets and the reaction to adverse economic shocks. Using a comprehensive dataset of all housing transactions in Norway matched with buyers' ... -
On the Interplay Between Monetary Policy and Macroprudential Policy: A Simple Analytical Framework
(Working Papers;18/2018, Working paper, 2017)The paper provides a simple analytical framework for analyzing the interplay between monetary policy and macroprudential policy. Three questions are analyzed: (i) Under which assumptions is coordination necessary to implement ...