Browsing Norges Banks publikasjonsserier / Norges Bank publication series by Title

Now showing items 751-770 of 1427

    • Monetary Policy Analysis in Practice 

      Alstadheim, Ragna; Bache, Ida Wolden; Holmsen, Amund; Maih, Junior; Røisland, Øistein (Staff Memo;11/2010, Working paper, 2010)
      Norges Bank is one of few central banks publishing an interest rate fore- cast. This paper discusses how we derive and communicate the interest rate forecast. To produce the forecasts, the Bank uses a medium-sized small ...

    • Monetary Policy Analysis in Practice - a Conditional Forecasting Approach 

      Bache, Ida Wolden; Brubakk, Leif; Jore, Anne Sofie; Maih, Junior; Nicolaisen, Jon (Staff Memo;8/2010, Working paper, 2010)
      In this paper we provide a broad outline of the forecasting and policy analysis system adopted at Norges Bank.

    • Monetary Policy and Asset Prices: To Respond or Not? 

      Akram, Q. Farooq; Bårdsen, Gunnar; Eitrheim, Øyvind (Working Papers;9/2005, Working paper, 2005)
      We investigate whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy, modeling the interdependence of the real economy, credit and three classes of ...

    • Monetary Policy and Exchange Rate Interactions in a Small Open Economy 

      Bjørnland, Hilde C. (Working Papers;16/2005, Working paper, 2005)
      This paper analyses the transmission mechanisms of monetary policy in a small open economy like Norway through structural VARs, paying particular attention to the interdependence between the monetary policy stance and ...

    • Monetary Policy and Exchange Rate Overshooting: Dornbusch Was Right After All 

      Bjørnland, Hilde C. (Working Papers;9/2009, Working paper, 2009)
      Dornbusch’s exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with ...

    • Monetary Policy and Financial Stability in the Long Run 

      Cao, Jin; Chollete, Lorán (Working Papers;21/2013, Working paper, 2013)
      Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality, central banks play complex, long-horizon games and face more than one tradeoff. We account for these issues in a ...

    • Monetary Policy and the Illusionary Exchange Rate Puzzle 

      Bjørnland, Hilde C. (Working Papers;11/2005, Working paper, 2005)
      Dornbusch’s exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with ...

    • Monetary Policy and the Trade-Off Between Inflation and Output Variability 

      McCaw, Sharon; Morka, Kjersti Haare (Journal article, 2005)
      This article explores the consequences of various approaches to the conduct of monetary policy. A small, calibrated model of the Norwegian economy is used, which highlights the short-run trade-off between stabilising ...

    • Monetary Policy Committees and Communication 

      Qvigstad, Jan F.; Fridriksson, Ingimundur; Langbraaten, Nina (Staff Memo;2/2013, Working paper, 2013)
      A country has only one central bank. It is therefore logical to compare it with central banks of other countries. There is broad agreement on the objective of monetary policy – price stability – and on central bank ...

    • Monetary Policy Decisions – Comparing Theory and "Inside" Information from MPC Members 

      Apel, Mikael; Claussen, Carl Andreas; Gerlach-Kristen, Petra; Lennartsdotter, Petra; Røisland, Øistein (Working Papers;3/2013, 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 ...

    • Monetary Policy Frameworks – Norges Bank in the Light of the Literature and International Practice 

      Claussen, Carl Andreas; Jonassen, Morten; Langbraaten, Nina (Journal article, 2007)
      The past 20 years have brought major changes in monetary policy, in Norway and abroad. Most central banks now have instrument independence, and price stability is the common objective of monetary policy. The organisation ...

    • Monetary Policy in Real Time 

      Qvigstad, Jan F. (Working Papers;1/2001, Working paper, 2001)
      The interest rate is set by the central bank with a view to securing a nominal anchor for the economy in the long term. The setting of interest rates is based on evaluations of economic trends and the balance of risks. In ...

    • Monetary Policy Predictability in the Euro Area: An International Comparison 

      Wilhelmsen, Bjørn-Roger; Zaghini, Andrea (Working Papers;7/2005, Working paper, 2005)
      The paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries. First, by looking at the magnitude and the volatility of the changes in the money ...

    • Monetary Policy Rules for an Open Economy 

      Batini, Nicoletta; Harrison, Richard; Millard, Stephen P. (Working Papers;4/2001, Working paper, 2001)
      The most popular simple rules for the interest rate, due to Taylor (1993a) and Henderson and McKibbin (1993), are both meant to inform monetary policy in economies that are closed. On the other hand, their main open economy ...

    • Monetary policy spillover to small open economies: Is the transmission different under low interest rates? 

      Cao, Jin; Dinger, Valeriya; Gómez, Tomás; Gric, Zuzana; Hodula, Martin; Jara, Alejandro; Juelsrud, Ragnar; Liaudinskas, Karolis; Malovaná, Simona; Terajima, Yaz (Working Paper;12/2021, Working paper, 2021)
      We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies – Canada, Chile, the Czech Republic and Norway – using confidential bank-level data. Our ...

    • 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 Under the Gold Standard - Examining the Case of Norway, 1893-1914 

      Øksendal, Lars Fredrik (Working Papers;14/2008, Working paper, 2008)
      This essay examines Norwegian monetary policy under the final decades of the classical international gold standard regime prior to World War I. While the evidence clearly demonstrates that the commitment to gold convertibility ...

    • Monetary Policy Under Uncertainty: Min-Max vs Robust-Satisficing Strategies 

      Ben-Haim, Yakov; Akram, Q. Farooq; Eitrheim, Øyvind (Working Papers;6/2007, Working paper, 2007)
      We study monetary policy under uncertainty. A policy which ameliorates a worst case may differ from a policy which maximizes robustness and satisfices the performance. The former strategy is min-maxing and the latter ...

    • 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, ...

    • Monetary Policy, Cyclical Fluctuations and Competitiveness 

      Bergo, Jarle (Journal article, 2002)