Norges Banks publikasjonsserier / Norges Bank publication series
Collections in this community
-
Aktuell kommentar / Economic Commentaries [160]
2008-2018 -
Arbeidsnotater / Working Papers [499]
1997- -
Doctoral Dissertations in Economics [5]
2002-2007 -
Norges Banks Skriftserie / Occasional Papers [29]
1999- -
Penger og Kreditt / Economic Bulletin [473]
1973 (1999)-2012 -
Staff Memo [310]
2004-
Recent Submissions
-
Firms' transition to lower greenhouse gas emissions and the risk in Norwegian banks
(Staff Memo;3/2024, Working paper, 2024)For a period of time, climate change could increase firms’ costs and reduce the value of their assets. If we assume that the composition of banks’ lending remains constant, the increase in costs could increase the banks’ ... -
Estimating the elasticity of intertemporal substitution using dividend tax news shocks
(Working paper;17/2024, Working paper, 2024)This paper studies the spending response to news about a dividend tax reform to estimate the elasticity of intertemporal substitution (EIS). The Norwegian dividend tax reform was proposed in 2003, announced in 2004, and ... -
Rewiring supply chains through uncoordinated climate policy
(Working paper;18/2024, Working paper, 2024)We show that climate transition risks can significantly disrupt supply chain networks. Specifically, suppliers affected by the California cap-and-trade program are more likely to lose customer relationships and less likely ... -
The cash-flow channel of monetary policy - evidence from billions of transactions
(Working paper;20/2024, Working paper, 2024)We present novel findings on the impact of monetary policy on consumer spending behavior using a newly assembled high-frequency household expenditure panel. Leveraging comprehensive weekly electronic transaction-level data ... -
Macroeconomic effects of the gender revolution
(Working paper;19/2024, Working paper, 2024)U.S. labor market data exhibit a major, secular decline in the employment and wage gaps between males and females. In this paper, we identify the underlying, structural forces and quantify the spillover from this gender ... -
Piecing the puzzle : real exchange rates and long-run fundamentals
(Working paper;21/2024, Working paper, 2024)This paper examines the structural determinants of real exchange rates, emphasizing the persistent low-frequency movements that traditional models, such as Purchasing Power Parity (PPP) and Uncovered Interest Parity (UIP), ... -
Stock market wealth and entrepreneurship
(Working paper;16/2024, Working paper, 2024)We use data on stock portfolios of Norwegian households to show that stock market wealth increases entrepreneurship by relaxing financial constraints. Our research design isolates idiosyncratic variation in household-level ... -
Mitigating the impact of fuel subsidy removal in an oil-producing emerging economy
(Working paper;15/2024, Working paper, 2024)This paper examines the implications of fuel subsidy removal in an oil-producing economy, focusing on the central bank’s response to volatile oil prices. Using a Markov-switching dynamic stochastic general equilibrium ... -
Quantile combination : an application to US GDP growth forecasts
(Working paper;14/2024, Working paper, 2024)We propose an easy-to-implement framework for combining quantile forecasts, applied to forecasting GDP growth. Using quantile regressions, our combination scheme assigns weights to individual forecasts from different ... -
Monetary policy shock, financial frictions and heterogeneous firms
(Working paper;13/2024, Working paper, 2024)This paper examines the influence of financial constraints on the transmission of monetary policy shocks across heterogeneous firms. To this end, we develop a Dynamic Stochastic General Equilibrium (DSGE) model incorporating ... -
Unveiling inflation: oil shocks, supply chain pressures, and expectations
(Working paper;12/2024, Working paper, 2024)This paper demonstrates that inflation expectations have acted as significant amplifiers of recent global demand and supply shocks, thereby playing a crucial role in maintaining inflation at relatively high levels. This ... -
Cross-border bank flows, regional household credit booms and bank risk-taking
(Working paper;10/2024, Working paper, 2024)This paper provides novel micro-level evidence that cross-border bank flows are important for households’ access to credit not only in emerging markets but also in advanced economies. These foreign bank flows can drive ... -
The consumption expenditure response to unemployment: evidence from Norwegian households
(Working paper;6/2024, Working paper, 2024)We use detailed Norwegian administrative data to identify the income loss associated with the onset of unemployment and analyze the corresponding consumption expenditure response and the extent to which this response is ... -
On Bayesian filtering for Markov regime switching models
(Working paper;8/2024, Working paper, 2024)This paper presents a framework for empirical analysis of dynamic macroeconomic models using Bayesian filtering, with a specific focus on the state-space formulation of Dynamic Stochastic General Equilibrium (DSGE) models ... -
Taylor rules with endogenous regimes
(Working paper;9/2024, Working paper, 2024)The Fed’s policy rule switches during the different phases of the business cycle. This finding is established using a dynamic mixture model to estimate regime-dependent Taylor-type rules on US quarterly data from 1960 to ... -
What drives the recent surge in inflation? The historical decomposition roller coaster
(Working paper;7/2024, Working paper, 2024)What drives the recent inflation surge? To answer this question, one must decompose inflation fluctuations into the contribution of structural shocks. We document how whimsical such a historical shock decomposition can be ... -
The bias of the ECB inflation projections: a state-dependent analysis
(Working paper;11/2024, Working paper, 2024)We test for state-dependent bias in the European Central Bank’s inflation projections. We show that the ECB tends to underpredict when the observed inflation rate at the time of forecasting is higher than an estimated ... -
The dynamics of stock market participation
(Working paper;5/2024, Working paper, 2024)We document novel facts on the exit and reentry margins of stock market participation by retail investors using detailed administrative data on every Norwegian resident from 1993 to 2016. Contrary to the conventional view ... -
Banking on deposit relationships: implications for hold-up problems in the loan market
(Working paper;4/2024, Working paper, 2024)Theory suggests that by lending to a firm, inside banks gain an informational advantage over non-lender outside banks. This informational gap hinders borrowers from switching lenders due to a winner’s curse faced by competing ... -
Macroeconomic effects of fiscal policy under an energy supply shock
(Working paper;3/2024, Working paper, 2024)We study the potential effects on the real economy and welfare of four fiscal policy responses to an energy supply shock: energy vouchers to all households, only to lowincome households, or to non-energy goods producers, ...