• Credit, Asset Prices and Monetary Policy 

      Brubakk, Leif; Natvik, Gisle James (Staff Memo;13/2010, Working paper, 2010)
      Based on the established literature, we develop a structural model for the Norwegian economy that incorporates feed-backs from asset prices and credit to the real economy. We then use this framework for policy analysis, ...
    • The downs and ups of mark-ups 

      Brubakk, Leif; Hagelund, Kåre (Staff Memo;2/2023, Working paper, 2023)
      Based on sectoral National accounts data and estimates of the implicit rental rate of capital, we calculate price mark-ups for 42 Norwegian industries for the period 1980-2019. The results indicate a broad-based increase ...
    • Estimates of the Neutral Rate of Interest in Norway 

      Brubakk, Leif; Ellingsen, Jon; Robstad, Ørjan (Staff Memo;7/2018, Working paper, 2018)
      In this paper, we estimate the neutral real rate for the Norwegian economy using two different empirical models, a vector autoregressive model with time-varying parameters (TVP-VAR) and a State-Space (SS) model similar to ...
    • Financial Factors and the Macroeconomy - a Policy Model 

      Brubakk, Leif; Gelain, Paolo (Staff Memo;10/2014, Working paper, 2014)
      This paper documents the theoretical structure of an extension of the Norges Bank policy model NEMO. New features include an explicit treatment of the credit market, including a separate banking sector, a role for housing ...
    • Finding NEMO : Documentation of the Norwegian Economy Model 

      Brubakk, Leif; Husebø, Tore Anders; Maih, Junior; Olsen, Kjetil; Østnor, Magne (Staff Memo;6/2006, Working paper, 2006)
      Over the last decade monetary policy in Norway has gradually evolved from exchange rate targeting to flexible inflation targeting. In addition, globalization has affected the Norwegian economy substantially over the last ...
    • Forecasting Inflation with an Uncertain Output Gap 

      Bjørnland, Hilde C.; Brubakk, Leif; Jore, Anne Sofie (Working Papers;2/2006, Working paper, 2006)
      The output gap is a crucial concept in the monetary policy framework, indicating demand pressure that generates inflation. However, its definition and estimation raise a number of theoretical and empirical questions. This ...
    • Forward Guidance Through Interest Rate Projections: Does It Work? 

      Brubakk, Leif; Xu, Hong; ter Ellen, Saskia (Working Papers;6/2017, Working paper, 2017)
      Based on high-frequency data for Norway and Sweden, we investigate to what extent explicit forward guidance from monetary policy makers, by means of publishing the path of expected future policy rates, affects the market ...
    • Frontfagets betydning for lønnsdannelsen i private tjenestnæringer 

      Brubakk, Leif; Hagelund, Kåre (Staff Memo;5/2022, Working paper, 2022)
      I denne analysen ser vi nærmere på i hvilken utstrekning lønnsutviklingen i industrien driver lønnsutviklingen i de ulike tjenesteytende næringene i privat sektor, i tråd med prediksjonen fra frontfagsmodellen. Spesielt ...
    • The macroeconomic effects of forward communication 

      Brubakk, Leif; ter Ellen, Saskia; Robstad, Ørjan; Xu, Hong (Working Paper;20/2019, Working paper, 2019)
      This paper provides an empirical assessment of the power of forward guidance at different horizons, shedding new light on the strength of the “forward guidance puzzle”. Our identification strategy allows us to disentangle ...
    • Monetary Policy Analysis in Practice - a Conditional Forecasting Approach 

      Bache, Ida Wolden; Brubakk, Leif; Jore, Anne Sofie; Maih, Junior; Nicolaisen, Jon (Staff Memo;8/2010, Working paper, 2010)
      In this paper we provide a broad outline of the forecasting and policy analysis system adopted at Norges Bank.
    • NEMO – a New Macro Model for Forecasting and Monetary Policy Analysis 

      Brubakk, Leif; Sveen, Tommy (Journal article, 2009)
      Macroeconomic models are among the tools used to analyse the Norwegian economy and monetary policy. NEMO is a new macroeconomic model that has been developed by Norges Bank. It plays a key role in designing the interest ...
    • NEMO – en ny makromodell for prognoser og pengepolitisk analyse 

      Brubakk, Leif; Sveen, Tommy (Journal article, 2008)
      Makroøkonomiske modeller er ett av flere verktøy som brukes i analyser av norsk økonomi og i pengepolitikken. I denne artikkelen beskriver vi en ny makroøkonomisk modell kalt NEMO som er utviklet i Norges Bank. NEMO har ...
    • Review of Flexible Inflation Targeting (ReFIT) - sluttrapport 

      Alstadheim, Ragna; Bergholt, Drago; Brubakk, Leif; Gerdrup, Karsten R.; Hagelund, Kåre; Hansen, Frank; Husabø, Eilert; Krogh, Tord; Langbraaten, Nina; Midthjell, Nina Larsson; Olsen, Øystein; Røisland, Øistein (Norges Banks Skriftserie;51, Book, 2017)
    • Simple Rules Versus Optimal Policy: What Fits? 

      Bache, Ida Wolden; Brubakk, Leif; Maih, Junior (Working Papers;3/2010, Working paper, 2010)
      We estimate a small open-economy DSGE model for Norway with two specifications of monetary policy: a simple instrument rule and optimal policy based on an intertemporal loss function. The empirical fit of the model with ...
    • The Output Gap in Norway - a Comparison of Different Methods 

      Bjørnland, Hilde C.; Brubakk, Leif; Jore, Anne Sofie (Journal article, 2005)
      Are pressures in the economy strong or subdued? The answer to this question is important to a central bank operating an inflation-targeting monetary policy regime, because the degree of pressure in the economy can provide ...
    • The Phillips Curve and Beyond - Why Has Wage Growth Been so Low? 

      Brubakk, Leif; Hagelund, Kåre; Husabø, Eilert (Staff Memo;10/2018, Working paper, 2018)
      In this paper, we estimate various dynamic wage equations for mainland Norway. Our starting point is a standard Phillips curve. We then expand on our baseline specification by adding explanatory variables suggested by ...