Sentralbanksjefens stab for kapitalforvaltning (SSK) foretar med jevne mellomrom en gjennomgang av grunnlaget for den investeringsstrategien som er valgt for valutareservene. Analysene i dette notatet er basert på data ...

Stress testing is a central tool in assessing the outlook for and risks to financial stability, and a tool that has received increased attention in connection with the global financial crisis. Since 2004, Norges Bank has ...

This paper describes Norges Bank’s micro stress testing framework for assessing the Norwegian banking sector’s losses on loans to the non-financial enterprise sector. Using projected macro variables and a stock-flow approach, ...

Consumer credit has grown rapidly in recent years. While consumer credit accounts for a small share of total household debt, it represents a substantial portion of household sector credit losses. Tax assessment data indicate ...

Structural liquidity refers to the level of reserves in the banking system prior to market operations by Norges Bank to supply or drain reserves from the banking system. Only the central bank can create reserves. However, ...

Norges Bank uttaler seg om strukturendringer i hovedsak når disse vurderes som viktige for finansiell stabilitet, som ved en mulig etablering av finanskonsernet DnB NOR ASA. Norges Banks rolle og arbeid med strukturendringer ...

We question whether supply flexibility in oil production depends on the type of extraction technology. In particular, we ask if shale oil producers respond to price incentives when producing oil or completing new wells. ...

From a broad financial stability perspective, sustainable household debt should be evaluated within a steady-state consumption-path approach. We calculate measures for households’ steady-state consumption based on average ...

Dynamic equilibrium models are specified to track time series with unit root-like behavior. Thus, unit roots are typically introduced and the optimality conditions adjusted. This step requires tedious algebra and often ...

There is an emerging consensus that systemically important banks should face stricter regulations and systemic surcharges. To make this latter principle operational we need to quantify the systemic importance of individual ...