Blar i Norges Banks publikasjonsserier / Norges Bank publication series på tittel

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    • The IMF's Stress Testing of the Norwegian Financial Sector 

      Hagen, Jan; Nordal, Kjell Bjørn; Steffensen, Emil (Journal article, 2005)
      Following a thorough examination of the Norwegian financial system, the IMF concluded in summer 2005 that the system is sound and well managed. Shorter-term vulnerabilities are low. This conclusion is based partly on the ...

    • The Impact of House Prices on Household Debt When Controlling for Home Ownership 

      Jacobsen, Dag Henning; Vatne, Bjørn Helge (Working Papers;8/2011, Working paper, 2011)
      We analyze the effect of house price changes on debt secured on dwellings in Norway. To this end, we use both macro time series and micro panel data. With the intention of being both a cross-check and motivation for the ...

    • The Impact of the Term Auction Facility on the Liquidity Risk Premium and Unsecured Interbank Spreads 

      Syrstad, Olav (Working Papers;7/2014, Working paper, 2014)
      This paper investigates the effectiveness of the Federal Reserve's Term Auction Facility (TAF) in alleviating the liquidity shortage in USD and reducing the spread between the 3-month Libor rate and the expected policy ...

    • The Increasing Role of Emerging Market Economies in Multilateral Financing Arrangements 

      Fridriksson, Ingimundur (Economic Commentaries;5/2015, Others, 2015)
      The International Monetary Fund (IMF) and the World Bank were established at the end of the Second World War after a conference in Bretton Woods in New Hampshire in the United States. They are often referred to as the ...

    • The Influence of the Taylor Rule on US Monetary Policy 

      Ilbas, Pelin; Røisland, Øistein; Sveen, Tommy (Working Papers;4/2013, 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 ...

    • The Information Content of Market Liquidity: An Empirical Analysis of Liquidity at the Oslo Stock Exchange? 

      Skjeltorp, Johannes A.; Ødegaard, Bernt Arne (Working Papers;26/2009, Working paper, 2009)
      We investigate the information content of aggregate stock market liquidity and ask whether it may be a useful realtime indicator, both for financial stress, and real economic activity in Norway. We describe the development ...

    • The International Monetary System, 1844-1870: Arbitrage, Efficiency, Liquidity 

      Ugolini, Stefano (Working Papers;23/2010, Working paper, 2010)
      This paper analyses the architecture of the international monetary system which preceded the international gold standard (1844-1870). It builds on a newly-created database made up of more than 100,000 weekly observations ...

    • The Long-Run Exchange Rate for NOK: A BEER Approach 

      Alstad, Geir E. (Working Papers;19/2010, Working paper, 2010)
      This paper investigates a long-run relation for the trade weighted NOK exchange rate. I find that the NOK Trade Weighted Index (TWI) cointegrates with the real oil price, the price differential and the real interest ...

    • The Macroeconomic Forecasting Performance of Autoregressive Models with Alternative Specifications of Time-Varying Volatility 

      Clark, Todd E.; Ravazzolo, Francesco (Working Papers;9/2012, Working paper, 2012)
      This paper compares alternative models of time-varying macroeconomic volatility on the basis of the accuracy of point and density forecasts of macroeconomic variables. In this analysis, we consider both Bayesian autoregressive ...

    • The Macroprudential Approach to Financial Stability 

      Gjedrem, Svein (Journal article, 2005)
      Introduction: Financial stability has become an increasingly important objective in economic policymaking during recent decades. In the 1980s, direct regulation of credit markets and capital flows was dismantled in many ...

    • The Market Impact and Timing of Open Market Share Repurchases in Norway 

      Skjeltorp, Johannes A. (Working Papers;8/2004, Working paper, 2004)
      This paper examines a detailed dataset on open market repurchase announcements and actual repurchases conducted by Norwegian firms during the period 1998-2001. Firms that announce a repurchase plan experience a positive ...

    • The Market Microstructure Approach to Foreign Exchange: Looking Back and Looking Forward 

      King, Michael R.; Osler, Carol; Rime, Dagfinn (Working Papers;12/2013, Working paper, 2013)
      Research on foreign exchange market microstructure stresses the importance of order flow, heterogeneity among agents, and private information as crucial determinants of short-run exchange rate dynamics. Microstructure ...

    • The Natural Real Interest Rate and the Output Gap in the Euro Area: A Joint Estimation 

      Garnier, Julien; Wilhelmsen, Bjørn-Roger (Working Papers;14/2005, Working paper, 2005)
      The notion of a natural real rate of interest, due to Wicksell (1936), is widely used in current central bank research. The idea is that there exists a level at which the real interest rate would be compatible with output ...

    • The Neutral Real Interest Rate 

      Bernhardsen, Tom (Staff Memo;1/2005, Working paper, 2005)
      The topic for this paper is the so called neutral real interest rate. This is frequently defined as the level of the real interest rate consistent with stable inflation and production equal to potential production. Hence ...

    • The Neutral Real Interest Rate 

      Bernhardsen, Tom; Gerdrup, Karsten R. (Journal article, 2007)
      The concept “neutral real interest rate” is generally associated with the real interest rate level, which implies that monetary policy is neither expansionary nor contractionary. We define the neutral real interest rate ...

    • The Norwegian Banking Crisis 

      Gerdrup, Karsten R.; Moe, Thorvald Grung; Moen, Harald; Sandal, Knut; Schwierz, Christoph; Solheim, Jon A.; Steigum, Erling; Vale, Bent; Wilse, Hans Petter (Occasional Papers;33, Book, 2004)

    • The Norwegian Market for Government Securities and Covered Bonds in View of New Liquidity Buffer Requirements for Banks 

      Syed, Haseeb (Economic Commentaries;7/2010, Others, 2010)
      In this commentary we look more closely at Norwegian banks’ investment alternatives for meeting proposed new international liquidity buffer requirements. The Basel Committee’s final recommendations for liquidity standards ...

    • The Origins of a Paper Money Economy - the Case of Norway 

      Øksendal, Lars Fredrik (Working Papers;25/2009, Working paper, 2009)
      This article sketches the origins of paper money in Norway back to the last half of the 18th century and asks why there was no circulation of full-bodied coins even after notes had become convertible into silver at par in ...

    • The Origins of Foreign Exchange Policy: The National Bank of Belgium and the Quest for Monetary Independence in the 1850s 

      Ugolini, Stefano (Working Papers;22/2010, Working paper, 2010)
      Can the central bank of a small open economy be mandated with the maintenance of both fixed exchange rates and monetary independence, and still succeed in the long term? Looking at a pioneering experiment put in place by ...

    • The Output Gap in Norway - a Comparison of Different Methods 

      Bjørnland, Hilde C.; Brubakk, Leif; Jore, Anne Sofie (Journal article, 2005)
      Are pressures in the economy strong or subdued? The answer to this question is important to a central bank operating an inflation-targeting monetary policy regime, because the degree of pressure in the economy can provide ...