Blar i Norges Banks vitenarkiv på forfatter "Sveen, Tommy"

Viser treff 1-20 av 20

    • 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)

    • Firm-Specific Capital and Welfare 

      Sveen, Tommy; Weinke, Lutz (Working Papers;4/2006, Working paper, 2006)
      What are the consequences for monetary policy design implied by the fact that price setting and investment takes typically place simultaneously at the firm level? To address this question we analyze simple (constrained) ...

    • Firm-Specific Capital, Nominal Rigidities, and the Taylor Principle 

      Sveen, Tommy; Weinke, Lutz (Working Papers;6/2006, Working paper, 2006)
      In the presence of firm-specific capital the Taylor principle can generate multiple equilibria. Sveen and Weinke (2005b) obtain that result in the context of a Calvo-style sticky price model. One potential criticism is ...

    • Firm-Specific Investment, Sticky Prices, and the Taylor Principle 

      Sveen, Tommy; Weinke, Lutz (Working Papers;12/2004, Working paper, 2004)
      According to the Taylor principle a central bank should adjust the nominal interest rate by more than one for one in response to changes in current inflation. Most of the existing literature supports the view that by ...

    • 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)

    • Is Lumpy Investment Really Irrelevant for the Business Cycle? 

      Sveen, Tommy; Weinke, Lutz (Working Papers;6/2005, Working paper, 2005)
      Smoothness in aggregate capital accumulation is a necessary condition for New-Keynesian (NK) models to imply a quantitatively relevant monetary transmission mechanism (see, e.g., Woodford 2005). Can that aggregate smoothness ...

    • Lumpy Investment and State-Dependent Pricing in General Equilibrium 

      Reiter, Michael; Sveen, Tommy; Weinke, Lutz (Working Papers;5/2009, Working paper, 2009)
      The lumpy nature of plant-level investment is generally not taken into account in the context of monetary theory (see, e.g., Christiano et al. 2005 and Woodford 2005). We formulate a generalized (S,s) pricing and investment ...

    • Monetary Policy Under Inflation Targeting 

      Røisland, Øistein; Sveen, Tommy (Occasional Papers;53/2018, Book, 2018)
      Monetary policy plays a central role in modern macroeconomics and many countries around the world has adopted inflation targeting as a guideline for policy. We emphasize and explain policy goals and then we assume that the ...

    • Monetary policy when export revenues drop 

      Bergholt, Drago; Røisland, Øistein; Sveen, Tommy; Torvik, Ragnar (Working paper;11/2022, Working paper, 2022)
      We study how monetary policy should respond to shocks which permanently alter the steady state structure of the economy. In such a case monetary policy affects not only the short run misallocations due to nominal rigidities, ...

    • 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 ...

    • New Perspectives on Capital and Sticky Prices 

      Sveen, Tommy; Weinke, Lutz (Working Papers;3/2004, Working paper, 2004)
      We model capital accumulation in a dynamic New-Keynesian model with staggered price setting à la Calvo. It is assumed that firms do not have access to a rental market for capital. We compare our model with an alternative ...

    • Pitfalls in the Modelling of Forward-Looking Price Setting and Inverstment Behavior 

      Sveen, Tommy; Weinke, Lutz (Working Papers;1/2004, Working paper, 2004)
      We discuss some difficulties in a dynamic New-Keynesian model with staggered price setting à la Calvo and a convex capital adjustment cost at the firm level, as considered by Woodford (2003, Ch. 5). It is shown that the ...

    • Revisiting the Importance of Non-Tradable Goods’ Prices in Cyclical Real Exchange Rate Fluctuations 

      Bache, Ida Wolden; Næss, Kjersti; Sveen, Tommy (Working Papers;3/2009, Working paper, 2009)
      In an influential paper Engel (1999. Accounting for U.S. Real Exchange Rate Changes, Journal of Political Economy 107, 507-538) argues that essentially all the fluctuations in the real exchange rate can be attributed to ...

    • Robustifying Optimal Monetary Policy Using Simple Rules as Cross-Checks 

      Ilbas, Pelin; Røisland, Øistein; Sveen, Tommy (Working Papers;22/2012, Working paper, 2012)
      There are two main approaches to modelling monetary policy; simple instrument rules and optimal policy. We propose an alternative that combines the two by extending the loss function with a term penalizing deviations from ...

    • 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) ...

    • 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 ...

    • Technology and the Two Margins of Labor Adjustment: A New Keynesian Perspective 

      Furlanetto, Francesco; Sveen, Tommy; Weinke, Lutz (Working papers;7/2018, Working paper, 2018)
      Canova et al. (2010 and 2012) estimate the dynamic response of labor market variables to technological shocks. They show that investment-speci c shocks imply almost exclusively an adjustment along the intensive margin ...

    • The Influence of the Taylor Rule on US Monetary Policy 

      Ilbas, Pelin; Røisland, Øistein; Sveen, Tommy (Working Papers;4/2013, Working paper, 2013)
      We analyze the influence of the Taylor rule on US monetary policy by estimating the policy preferences of the Fed within a DSGE framework. The policy preferences are represented by a standard loss function, extended with ...

    • The Taylor Principle in a Medium-Scale Macroeconomic Model 

      Sveen, Tommy; Weinke, Lutz (Working Papers;9/2010, Working paper, 2010)
      The Taylor Principle is often used to explain macroeconomic stability (see, e.g., Clarida et al. 2000). The reason is that this simple principle guarantees determinacy, i.e., local uniqueness of rational expectations ...