Browsing Norges Banks publikasjonsserier / Norges Bank publication series by Title
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The Degree of Independence in European Goods Markets: An I(2) Analysis of German and Norwegian Trade Data
(Working Papers;19/2004, Working paper, 2004)It is almost common knowledge that foreign trade in Europe is characterized by an acceptance of prices set by the world market. Coupled with a constant profit share in domestic sectors this makes European exports vulnerable ... -
The Development of the Norwegian Payment System in the Period 1945–2010, with Particular Focus on the Role of Norges Bank
(Journal article, 2012)The article is a slightly revised version of Chapter II (the summary) in Norges Bank’s Occasional Paper No. 44. The Occasional Paper surveys the development of the Norwegian payment system in the period 1945-2010. It ... -
The Discursive Dilemma in Monetary Policy
(Working Papers;5/2010, Working paper, 2010)The discursive dilemma implies that the policy decision of a board of policymakers depends on whether the board reaches the decision by voting directly on policy (conclusion-based procedure), or by voting on the premises ... -
The Dynamics of Operating Income in the Norwegian Banking Sector
(Working Papers;13/2008, Working paper, 2008)The banking literature contains only a handful of studies of how bank revenues vary over the business cycle, and nearly all of these studies look exclusively on the net interest margin. The general conclusion has been that ... -
The Effect of a Fall in Oil Prices on the Turnover of Norwegian Enterprises
(Economic Commentaries;4/2013, Others, 2013)Norwegian enterprises have increased their sales to the oil and gas industry markedly in recent years. In this article, we take a closer look at the petroleum-related turnover of Norwegian enterprises and the effect of a ... -
The Effect of Higher Interest Rates on Household Disposable Income and Consumption - a Static Analysis of the Cash-Flow Channel
(Staff Memo;3/2018, Working paper, 2018)Household debt in Norway has risen substantially over the past 15-20 years relative to both disposable income and bank deposits. An increase in interest rates will therefore reduce disposable income for Norwegian households ... -
The Effect of New Technology in Payment Services on Banks' Intermediation
(Working Papers;6/2002, Working paper, 2002)In many countries, payment services in banking have shifted from paper-based giro and cheque payments to electronic giro and debit card payments. This paper analyses the effect of this change in payment technology within ... -
The Effects of Economic News on Norwegian Market Interest Rates
(Journal article, 2008)Interest rates and other financial asset prices are based on expectations about economic developments. Asset prices react to new information. In this article, we explore the effects of news about key macroeconomic variables, ... -
The Effects of Trade Liberalisation on Clothing Prices and on Overall Consumer Price Inflation
(Journal article, 2002)Clothing prices, as measured in the consumer price index, are about 15 per cent lower today than they were in 1995. This fall in prices has contributed to curbing overall consumer price inflation. Developments in clothing ... -
The End of the Waterfall: Default Resources of Central Counterparties
(Working Papers;16/2015, Working paper, 2015)Central counterparties (CCPs) have become pillars of the new global financial architecture following the financial crisis of 2008. The key role of CCPs in mitigating counterparty risk and contagion has in turn cast them ... -
The Fall in Oil Prices and the Labour Market
(Economic Commentaries;7/2016, Others, 2016)The fall in oil prices since summer 2014 has dampened economic growth and led to higher unemployment in Norway. There are strong indications that the current decline experienced by oil-related firms in Norway will not be ... -
The Financial Accelerator and the Real Economy : A Small Macroeconometric Model for Norway with Financial Frictions
(Staff Memo;2/2012, Working paper, 2012)This paper studies the salient features of a core macroeconometric model that allows for self-reinforcing co-movements between credit, asset prices and real economic activity. In contrast to the economic literature that ... -
The Flows of the Pacific: Asian Foreign Exchange Markets Through Tranquility and Turbulence
(Working Papers;1/2012, Working paper, 2012)Using the longest data set on FX order flow to date, along with the broadest coverage of currencies to date, we examine the effect of FX order flow on exchange rates across small and large currencies, currencies with ... -
The G20 and International Economic Cooperation
(Economic Commentaries;4/2012, Others, 2012)The G20 played a pivotal role in responding to the global economic and financial crisis in early 2009. Its collective response in the later phases of the crisis may be said to have been less resolute. In the face of the ... -
The Generic Properties of Equilibrium Correction Mechanisms
(Working Papers;8/1999, Working paper, 1999)Linear dynamic equilibrium correction mechanisms are shown to follow from the discretisation of continuous economic processes with steady-state solutions. In addition, the proposed procedure provides testable restrictions ... -
The global financial cycle, bank capital flows and monetary policy. Evidence from Norway
(Working papers;2/2018, Working paper, 2018)We investigate the importance of a global financial cycle for gross capital inflows based on monthly balance sheet data for Norwegian banks. The VIX index has been interpreted as an “investor fear gauge” and associated ... -
The Golden Interest Rule : Robust Simple Interest Rate Rules for the Norwegian Economy
(Staff Memo;16/2012, Working paper, 2012) -
The Hidden Costs of Hidden Debt
(Working Papers;22/2011, Working paper, 2011)We report evidence that salience may have economically significant effects on homeowners’ borrowing behavior, through a bias in favour of less salient but more costly loans. Survey evidence corroborates the existence of ... -
The Historical Connection Between Short Term Output and Prices in a Small Open Economy
(Working Papers;21/2009, Working paper, 2009)According to a Keynesian view, short term output fluctuations are normally demand side led. Since prices reflect demand, they should mirror output fluctuations. Thus, prices and output are expected to move in the same ... -
The IMF in Change – Loan from Norges Bank
(Economic Commentaries;5/2009, Others, 2009)The International Monetary Fund (IMF) is important in managing international economic and financial crises. In the past year, the IMF has provided crisis-related loans to several countries experiencing balance of payments ...