We argue that the next generation of macro modellers at Inflation Targeting central banks should adapt a methodology from the weather forecasting literature known as `ensemble modelling'. In this approach, uncertainty about ...

This paper proposes a Bayesian estimation framework for a typical multi-factor model with time-varying risk exposures to macroeconomic risk factors and corresponding premia to price U.S. stocks and bonds. The model assumes ...

We develop a macroprudential contagion stress test framework to examine how a network of Norwegian banks can amplify a shock to bank capital at the macro level. The framework looks at how fire sales of common asset holdings ...

Det norske arbeidstilbudet var i 2008 på sitt høyeste registrerte nivå, målt som andel av befolkningen mellom 16 og 74 år. Samtidig som arbeidstilbudet har vokst over tid, har tilbudet vært fleksibelt ved endringer i ...

Financial integration in Europe is increasing. The emergence of large, cross-border banks poses new challenges to the authorities. The management of financial crises in such banks will involve a number of authorities in ...

Norske banker finansierer seg i større grad enn tidligere i markedene. Obligasjonsmarkedene i Norge og utlandet er viktige finansieringskilder for bankene. Sammensetningen av bankenes markedsfinansiering påvirkes av endringer ...

Norwegian banks rely on market funding to a further extent than they did previously. Bond markets in Norway and abroad are important sources of bank funding. The composition of banks’ wholesale funding is affected by changes ...

A large decline in the efficiency of the U.S. labor market in matching unemployed workers and vacant jobs has been documented during the Great Recession. We use a simple New Keynesian model with search and matching frictions ...

Markedsrisikoen i norske banker og livsforsikringsselskaper belyses ved bruk av to metoder – «Value at Risk» (VaR) og stresstester – og data fra bank- og forsikringsstatistikken. Analysene viser at bankenes markedsrisiko ...

The default rate on loans to households by Norwegian banks and mortgage companies fell after the banking crisis in the 1990s and has been low since the turn of the millennium. We argue that credit risk arises in households ...