• Match quality and house price dispersion: evidence from Norwegian housing auctions 

  Anundsen, André; Lyshol, Arne; Nenov, Plamen T.; Larsen, Erling Røed (Working paper;12/2023, Working paper, 2023)

  Assessing the quantitative relevance of match quality and search frictions for house price dispersion is key to understanding house price formation and the importance of uninsurable housing wealth shocks. In this paper, ...

• The housing channel of intergenerational wealth persistence 

  Wold, Ella Getz; Aastveit, Knut Are; Brandsaas, Eirik Eylands; Juelsrud, Ragnar Enger; Natvik, Gisle James (Working paper;16/2023, Working paper, 2023)

  We use Norwegian tax data and a life-cycle model with housing to study how wealth transmits across generations through the housing market. After controlling for a rich set of attributes, households with richer parents are ...

• Spousal spillovers in the labor market: a structural assessment 

  Galaasen, Sigurd Mølster; Kruse, Herman (Working paper;14/2023, Working paper, 2023)

  We explore the importance and nature of elderly couples’ labor market interlinkages, and how such linkages shape the response to welfare reforms. To this end, we build a life cycle model with dual-earner households, featuring ...

• Has globalization changed the international transmission of U.S. monetary policy? 

  Boeck, Maximilian; Mori, Lorenzo (Working paper;15/2023, Working paper, 2023)

  We estimate a time-varying parameter vector autoregression to examine the evolution of international spillovers of U.S. monetary policy in light of increasing globalization in real and financial markets. We find that the ...

• Housing bubble scars 

  Aastveit, Knut Are; Anundsen, André Kallåk; Kivedal, Bjørnar Karlsen; Larsen, Erling Røed (Working paper;13/2023, Working paper, 2023)

  We study scar formation and persistence after a house price bubble has burst using data on 3,089 US counties and county equivalents over the period 1980q1–2019q4. We date house price booms and busts for each county, and ...

• Unpacking the forward guidance puzzle 

  Ahn, SeHyoun (Working paper;11/2023, Working paper, 2023)

  I prove that in any linearized general equilibrium model with existence and uniqueness of equilibrium, any present response to a future shock always becomes weaker the further away the shock is. There is no forward guidance ...

• Central bank digital currency – implications for liquidity management and monetary policy 

  Bernhardsen, Tom; Kloster, Arne (Staff Memo;19/2023, Working paper, 2023)

  The paper discusses potential effects of a central bank digital currency (CBDC) on liquidity and monetary policy.

• Norwegian banks’ net interest income and macroeconomic developments over the past 30 years 

  Alstadheim, Ragna R.; Johansen, Rønnaug Melle (Staff Memo;17/2023, Working paper, 2023)

  Banks’ profitability is their first line of defence against losses, and net interest income is banks’ main source of revenue. Since the policy rate hikes began in 2021, net interest income has increased substantially ...

• Does high debt make households more vulnerable? : A survey of empirical literature using microdata 

  Gulbrandsen, Magnus A. H. (Staff Memo;3/2023, Working paper, 2023)

• Does structural liquidity have a greater impact on the Nibor premium than earlier? 

  Hagen, Marius; Stiansen, Kjetil (Staff Memo;14/2023, Working paper, 2023)

  In recent years, the liquidity premium between the Norwegian krone (NOK) and the US dollar (USD) in the FX swap market, the so-called OIS basis, has accounted for a larger share of the Nibor premium than earlier. This has ...

• The turbulence in the Norwegian money market in autumn 2022 

  Huse, Inga-Malene; Pettersen, Joakim Johnsen; Sævareid, Ingebjørg Hansen (Staff Memo;15/2023, Working paper, 2023)

  Record-high payments of petroleum tax in October 2022, and the accompanying fall in structural liquidity, resulted in a marked rise in the shortest-term Norwegian money market rates. In this staff memo we describe how ...

• CRE firms' refinancing and cash flows at a time of high inflation 

  Bjørland, Christian (Staff Memo;11/2023, Working paper, 2023)

  Norwegian banks have substantial exposures to commercial real estate (CRE), and developments in the industry are important for financial stability. Higher financing costs, falling CRE prices and a large amount of bond debt ...

• Houshold financial saving since the global financial crises 

  Lindquist, Kjersti-Gro; Riiser, Magdalena D. (Staff Memo;18/2023, Working paper, 2023)

  Net lending varies considerably over time and contributed to lower household saving prior to both the banking crisis and Global Financial Crisis (GFC), but to higher household saving during the pandemic. Net lending is ...

• Digitale sentralbankpenger - konsekvenser for likviditetsstyringen og pengepolitikken 

  Bernhardsen, Tom; Kloster, Arne (Staff Memo;19/2023, Working paper, 2023)

  Notatet drøfter mulige effekter av digitale sentralbankpenger (DSP) på likviditets- og pengepolitikken.

• Hva påvirker bankenes førstelinjeforsvar mot tap? Netto renteinntekter og makroøkonomisk utvikling de siste 30 årene 

  Alstadheim, Ragna R.; Johansen, Rønnaug Melle (Staff Memo;17/2023, Working paper, 2023)

  Bankenes lønnsomhet er førstelinjeforsvaret mot tap og netto renteinntekter er bankenes viktigste inntektskilde. Siden renteoppgangen i 2021 har netto renteinntekter økt betydelig i forhold til eiendelene og det styrker ...

• The interplay between monetary and fiscal policy in a small open economy 

  Røisland, Øistein; Sveen, Tommy; Torvik, Ragnar (Staff Memo;16/2023, Working paper, 2023)

  We develop a theory for the optimal interaction between monetary and fiscal policy. While one might initially think that monetary and fiscal policy should pull in the same direction, we show within a simple model that this ...

• Uroen i det norske pengemarkedet høsten 2022 

  Huse, Inga-Malene; Pettersen, Joakim Johnsen; Sævareid, Ingebjørg Hansen (Staff Memo;15/2023, Working paper, 2023)

  En rekordstor innbetaling av petroleumsskatt i oktober 2022, og medfølgende fall i strukturell likviditet, ga en markert oppgang i de helt korte norske pengemarkedsrentene. I dette notatet beskriver vi hvordan innbetaling ...

• Husholdningenes finansielle sparing siden finanskrisen 

  Lindquist, Kjersti-Gro; Riiser, Magdalena D. (Staff Memo;18/2023, Working paper, 2023)

  Nettofinansinvesteringene varierer mye over tid og trakk husholdningenes sparing ned før bankkrisen og finanskrisen, men opp under pandemien. Nettofinansinvesteringer er transaksjonene i finansobjekter, som bankinnskudd ...

• 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)

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