Blar i Norges Banks publikasjonsserier / Norges Bank publication series på tittel
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Term Structure Forecasting Using Macro Factors and Forecast Combination
(Working Papers;1/2010, Working paper, 2010)We examine the importance of incorporating macroeconomic information and, in particular, accounting for model uncertainty when forecasting the term structure of U.S.interest rates. We start off by analyzing and comparing ... -
Testing for a Time-Varying Price-Cost Markup in the Euro Area Inflation Process
(Working Papers;9/2004, Working paper, 2004)Empirical models of inflation often incorporate equilibrium correction effects based upon levels of prices and input costs. Such models assume that the steady-state price-cost markup is constant, but recent research suggests ... -
Testing for Micro Efficiency in the Housing Market
(Working Papers;6/2016, Working paper, 2016)While aggregate house price indices display time persistence, less is known about micro persistence. This article proposes that absence of micro persistence implies that an excessively high or low sell price in one transaction ... -
Testing Steady-State Implications for the NAIRU
(Working Papers;3/2000, Working paper, 2000)Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price ... -
Testing the New Keynesian Phillips Curve
(Working Papers;5/2002, Working paper, 2002)The dynamic properties of the The New Keynesian Phillips curve (NPC) is analysed within the framework of a small system of linear difference equations. We evaluate the empirical results of existing studies which uses ... -
That Uncertain Feeling - How Consumption Responds to Economic Uncertainty in Norway
(Staff Memo;23/2012, Working paper, 2012)Economic theory predicts that higher uncertainty motivates households to consume less. In this paper we empirically assess how household consumption in Norway responds to variation in economic uncertainty. We consider ... -
The 20-krone coin commemorating voyages to Vinland
(Journal article, 1999) -
The 20-krone commemorative coin
(Journal article, 1999) -
The 20-Krone Commemorative Coin
(Journal article, 1999) -
The Bank of England as the World Gold Market-Maker During the Classical Gold Standard Era, 1889-1910
(Working Papers;15/2012, Working paper, 2012)This paper studies the microfoundations of the so-called "gold device" policy by analysing a new dataset on the Bank of England's operations in the gold market at the heyday of the classical gold standard. It explains that ... -
The Basel I Floor – Transitional Arrangement and Backstop to the Capital Adequacy Framework
(Economic Commentaries;8/2012, Others, 2012)Capital requirements are intended to ensure that banks have a certain amount of capital to absorb unexpected losses. These requirements take into account the riskiness of banks’ various loan exposures. Such risk weighting ... -
The Central Bank’s Liquidity Policy in an Oil Economy
(Journal article, 2007)Norges Bank’s instrument for achieving the objective of low and stable inflation is the key policy rate – the rate of interest on banks’ deposits in Norges Bank. But how do Norges Bank’s interest rate decisions affect ... -
The Choice of Exchange Rate Assumption in the Process of Forecasting Inflation
(Staff Memo;3/2005, Working paper, 2005)In the process of forecasting inflation the central bank needs to make assumptions regarding the future path of the interest rate and the exchange rate. This paper focuses on the exchange rate assumption. In particular, ... -
The Choice of Monetary Policy Regime for Small Open Economies
(Working Papers;5/2000, Working paper, 2000)The paper analyses alternative monetary policy regimes within a simple, estimated macroeconomic model with a traded and a non-traded sector. Two general classes of regimes are considered, inflation targeting and exchange ... -
The Composition of Norwegian Banks’ Funding and the Effect of Risk Premiums on Bank Lending Rates
(Economic Commentaries;5/2011, Others, 2011) -
The consumption function in Norway. Breakdown and reconstruction
(Working Papers;7/1989, Working paper, 1989)In the mid-eighties econometric forecasts and ex post simulations of private consumption in Norway began to show clear signs of "structural breakdown" .This evidence lends itself to two interpretations, distinct in their ... -
The Costs of Price Stability – Downward Nominal Wage Rigidity in Europe
(Working Papers;8/2002, Working paper, 2002)In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. If inflation is so low that nominal wages have to be cut, the workers have strategic advantage ... -
The Daily Liquidity Effect in a Floor System – Empirical Evidence from the Norwegian Market
(Working Papers;14/2012, Working paper, 2012)This paper analyses the liquidity effect in Norway by examining the relationship between a range of liquidity variables and five different measures of the short-term interbank premium. The models are estimated on data from ... -
The Decentralised Central Bank: Regional Bank Rate Autonomy in Norway, 1850-1892
(Working Papers;20/2015, Working paper, 2015)Before 1893 the regional branches of Norges Bank set their own bank rates. We discuss how bank rate autonomy could be reconciled with the fixed exchange rate commitments of the silver and gold standard. Although the ... -
The Declining Deposit to Loan Ratio - What Can the Banks Do?
(Staff Memo;28/2012, Working paper, 2012)We have been exploring possible explanations for the strong decline in the ratio between bank deposits held by the non-financial sector in Norway, and the bank loans taken by the same sector. We have followed two different ...