Recent Submissions

  • Estimations of the term premium on Norwegian government bonds 

    Benum, Aksel; Opheim, Vetle Øye; Wasberg, Erik S. (Government Debt Management Memo;3/2023, Working paper, 2023)
    The term premium on government bonds has been estimated to be low in recent years. As a result, the additional cost of long-term borrowing has been relatively low.
  • Turnover in the Norwegian government securities market 

    Opheim, Vetle Øye (Government debt management memo;1/2022, Working paper, 2022)
  • Estimering av terminpremien på norske statsobligasjoner 

    Benum, Aksel; Vetle, Ø. Opheim; Erik, S. Wasberg (Statsgjeld Memo;3/2023, Working paper, 2023)
    Terminpremien på statsobligasjoner har vært anslått å være lav de siste årene. Det har bidratt til at merkostnaden ved å låne langsiktig har vært relativ liten. Det siste året har terminpremiene økt noe igjen.
  • Omsetningen i det norske statspapirmarkedet 

    Opheim, Vetle Øye (Statsgjeld Memo;1/2022, Working paper, 2022)
  • Statens finansieringsbehov og opplåning i statsobligasjoner 

    Svor, Anders (Statsgjeld Memo;1/2023, Working paper, 2023)
    Om sammenhengen mellom statsbudsjettets finansieringsbehov og publisert låneopptak i markedet.
  • Hvor gode er statsbudsjettets anslag for statens lånebehov? 

    Svor, Anders (Statsgjeld Memo;2/2023, Working paper, 2023)
    Sammenligning mellom statsbudsjettets anslag og statsregnskapets endelige tall for årene 2002-2022.
  • Monitoring multicountry macroeconomic risk 

    Korobilis, Dimitris; Schröder, Maximilian (Working paper;9/2023, Working paper, 2023)
    We propose a multicountry quantile factor augmeneted vector autoregression (QFAVAR) to model heterogeneities both across countries and across characteristics of the distributions of macroeconomic time series. The presence ...
  • Trade conflicts and credit supply spillovers : Evidence from the Nobel Peace Prize trade shock 

    Cao, Jin; Dinger, Valeriya; Juelsrud, Ragnar E.; Liaudinskas, Karolis (Working paper;6/2023, Working paper, 2023)
    In this paper, we examine how a trade conflict’s impact on the real economy can be amplified by financial intermediaries. After China’s implicit ban on the imports of Norwegian salmon in response to the decision on 2010 ...
  • Does SOFR-linked debt cost borrowers more than LIBOR-linked debt? 

    Klingler, Sven; Syrstad, Olav (Working paper;7/2023, Working paper, 2023)
    We investigate if the benchmark transition from London Interbank Offered Rate (Libor) to Secured Overnight Financing Rate (SOFR) affects the costs of borrowing floating rate debt. The primary market for dollar-denominated ...
  • The Investment Channel of Monetary Policy : Evidence from Norway 

    Cao, Jin; Hegna, Torje; Holm, Martin B.; Juelsrud, Ragnar; König, Tobias; Riiser, Mikkel (Working paper;5/2023, Working paper, 2023)
    We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main findings. First, financially constrained firms are more responsive to monetary policy, but the effect ...
  • An anatomy of monopsony : Search frictions, amenities and bargaining in concentrated markets 

    Berger, David; Herkenhoff, Kyle; Kostol, Andreas R.; Mongey, Simon (Working paper;10/2023, Working paper, 2023)
    We contribute a theory in which three channels interact to determine the degree of monopsony power and therefore the markdown of a worker’s spot wage relative to her marginal product: (1) heterogeneity in worker-firm-specific ...
  • The Norwegian overnight interbank market during the Covid pandemic 

    Akram, Q. Farooq; Findreng, Jon H.; Smith, Lyndsie (Working paper;8/2023, Working paper, 2023)
    We analyse the behaviour of the Norwegian unsecured overnight interbank market in response to heightened uncertainty and the central bank's liquidity support measures following the Covid-19 pandemic. The liquidity measures ...
  • Where do they care? : The ECB in the media and inflation expectations 

    Larsen, Vegard Høghaug; Maffei-Faccioli, Nicolò; Pagenhardt, Laura (Working paper;4/2023, Working paper, 2023)
    This paper examines how news coverage of the European Central Bank (ECB) affects consumer inflation expectations in the four largest euro area countries. Utilizing a unique dataset of multilingual European news articles, ...
  • Har strukturell likviditet større påvirkning på Nibor-påslaget enn tidligere? 

    Hagen, Marius; Stiansen, Kjetil (Staff Memo;14/2023, Working paper, 2023)
    De senere årene har likviditetspremien på å bytte til seg kroner mot dollar, den såkalte OIS-basisen, utgjort en større andel av Nibor-påslaget enn tidligere. Flere har pekt på lav strukturell likviditet og bankers tilpasning ...
  • Effects of the new standardised approach and the new output floor for IRB banks 

    Andersen, Henrik; Johnsen, Jama (Staff Memo;8/2023, Working paper, 2023)
    The EU plans to revise the capital adequacy rules for banks in 2025. Regulatory amendments will be introduced in Norway through the EEA Agreement. Our results show that the regulatory amendments can significantly reduce ...
  • Quantifying macroeconomic uncertainty in Norway 

    Bowe, Frida; Kirkeby, Sara J.; Lindalen, Ingvild H.; Matsen, Kristine A.; Meyer, Sara S.; Robstad, Ørjan (Staff Memo;13/2023, Working paper, 2023)
    This paper presents a framework for quantifying uncertainty around point forecasts for GDP, inflation and house prices in Norway. The framework combines quantile regressions using a broad set of uncertainty indicators with ...
  • The housing Phillips curve and momentum in the Norwegian housing market 

    Kirkeby, Sara Jahr; Nenov, Plamen T. (Staff Memo;10/2023, Working paper, 2023)
    This paper provides descriptive evidence for a housing Phillips curve in Norway, suggesting a negative relationship between the ratio of inventory-to-sales and subsequent house price growth in the market for existing homes. ...
  • Betalingsevne og boligkjøpekraft blant husholdninger som ikke eier bolig 

    Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge (Staff Memo;9/2023, Working paper, 2023)
    Husholdninger som ikke eier egen bolig, utgjør om lag en fjerdedel av alle husholdningene. De holder bare 7 prosent av husholdningenes gjeld, men mye av dette er gjeld uten sikkerhet. Vi finner at denne gruppen har lite ...
  • Næringseiendomsforetakenes refinansiering og kontantstrømmer i moderne dyrtid 

    Bjørland, Christian (Staff Memo;11/2023, Working paper, 2023)
    Norske banker har betydelig eksponering mot næringseiendom, og utviklingen i næringen er viktig for finansiell stabilitet. Økte finansieringskostnader, fallende næringseiendomspriser og mye obligasjonsgjeld som forfaller ...
  • Price spillovers in Norway: Less prevalent after the 1980s 

    Matsen, Kristine Aunvåg (Staff Memo;12/2023, Working paper, 2023)
    This Staff Memo considers some of the available evidence on relative price shocks as a driver of Norwegian inflation dynamics in high- versus low-inflation regimes. The results suggest that relative price shocks have largely ...

View more