Blar i Norges Banks vitenarkiv på emneord "small open economy"

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    • 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 ...

    • 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 ...

    • Foreign Shocks 

      Bergholt, Drago (Working Papers;15/2015, Working paper, 2015)
      How and to what extent are small open economies affected by international shocks? I develop and estimate a medium scale DSGE model that addresses both questions. The model incorporates i) international markets for firm-to-firm ...

    • Notes on the Underground: Monetary Policy in Resource-Rich Economies 

      Ferrero, Andrea; Seneca, Martin (Working Papers;2/2015, Working paper, 2015)
      How should monetary policy respond to a commodity price shock in a resource-rich economy? We study optimal monetary policy in a simple model of an oil exporting economy to provide a first answer to this question. The central ...

    • Nowcasting Norwegian GDP: The Role of Asset Prices in a Small Open Economy 

      Aastveit, Knut Are; Trovik, Tørres G. (Working Papers;9/2007, Working paper, 2007)
      This paper finds that asset prices on Oslo Stock Exchange is the single most important block of data to improve estimates of current quarter GDP in Norway. Other important blocks of data are labor market data and industrial ...

    • Open-Economy Inflation Forecast Targeting 

      Leitemo, Kai (Working Papers;2/2000, Working paper, 2000)
      The paper shows that the procedure of inflation forecast targeting arguably implemented by Sveriges Riksbank and the Bank of England may lead to high nominal and real variability; the latter being manifested most notably ...

    • Sectoral Interdependence and Business Cycle Synchronization in Small Open Economies 

      Bergholt, Drago; Sveen, Tommy (Working Papers;4/2014, Working paper, 2014)
      Existing DSGE models are not able to reproduce the observed influence of international business cycles on small open economies. We construct a two-sector New Keynesian model to address this puzzle. The set-up takes into ...

    • Strategic Interaction Between the Fiscal and Monetary Authorities Under Inflation Targeting 

      Leitemo, Kai (Working Papers;9/2000, Working paper, 2000)
      This paper studies the strategic interaction between the fiscal and monetary authorities when the monetary policymaker pursues an underlying inflation target. Given that monetary policy is transparent and the fiscal ...

    • The Choice of Monetary Policy Regime for Small Open Economies 

      Leitemo, Kai; Røisland, Øistein (Working Papers;5/2000, Working paper, 2000)
      The paper analyses alternative monetary policy regimes within a simple, estimated macroeconomic model with a traded and a non-traded sector. Two general classes of regimes are considered, inflation targeting and exchange ...

    • The Historical Connection Between Short Term Output and Prices in a Small Open Economy 

      Grytten, Ola Honningdal; Hunnes, Arngrim (Working Papers;21/2009, Working paper, 2009)
      According to a Keynesian view, short term output fluctuations are normally demand side led. Since prices reflect demand, they should mirror output fluctuations. Thus, prices and output are expected to move in the same ...

    • The Performance of Inflation Forecast Feedback Rules in Small Open Economies 

      Leitemo, Kai (Working Papers;11/2000, Working paper, 2000)
      This paper examines the performance of inflation forecast feedback rules in a two-sector, calibrated model of the U.K. economy. Under such rules, the interest rate responds to the deviation of the unchanged-interest-rate ...

    • The World Is Not Enough! Small Open Economies and Regional Dependence 

      Aastveit, Knut Are; Bjørnland, Hilde C.; Thorsrud, Leif Anders (Working Papers;16/2011, Working paper, 2011)
      This paper bridges the new open economy factor augmented VAR (FAVAR) studies with the recent findings in the business cycle synchronization literature emphasizing the importance of regional factors. That is, we estimate ...