Blar i Norges Banks publikasjonsserier / Norges Bank publication series på tittel
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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 ... -
The Degree of Independence in European Goods Markets: An I(2) Analysis of German and Norwegian Trade Data
(Working Papers;19/2004, Working paper, 2004)It is almost common knowledge that foreign trade in Europe is characterized by an acceptance of prices set by the world market. Coupled with a constant profit share in domestic sectors this makes European exports vulnerable ... -
The Development of the Norwegian Payment System in the Period 1945–2010, with Particular Focus on the Role of Norges Bank
(Journal article, 2012)The article is a slightly revised version of Chapter II (the summary) in Norges Bank’s Occasional Paper No. 44. The Occasional Paper surveys the development of the Norwegian payment system in the period 1945-2010. It ... -
The Discursive Dilemma in Monetary Policy
(Working Papers;5/2010, Working paper, 2010)The discursive dilemma implies that the policy decision of a board of policymakers depends on whether the board reaches the decision by voting directly on policy (conclusion-based procedure), or by voting on the premises ... -
The Dynamics of Operating Income in the Norwegian Banking Sector
(Working Papers;13/2008, Working paper, 2008)The banking literature contains only a handful of studies of how bank revenues vary over the business cycle, and nearly all of these studies look exclusively on the net interest margin. The general conclusion has been that ... -
The Effect of a Fall in Oil Prices on the Turnover of Norwegian Enterprises
(Economic Commentaries;4/2013, Others, 2013)Norwegian enterprises have increased their sales to the oil and gas industry markedly in recent years. In this article, we take a closer look at the petroleum-related turnover of Norwegian enterprises and the effect of a ... -
The Effect of Higher Interest Rates on Household Disposable Income and Consumption - a Static Analysis of the Cash-Flow Channel
(Staff Memo;3/2018, Working paper, 2018)Household debt in Norway has risen substantially over the past 15-20 years relative to both disposable income and bank deposits. An increase in interest rates will therefore reduce disposable income for Norwegian households ... -
The Effect of New Technology in Payment Services on Banks' Intermediation
(Working Papers;6/2002, Working paper, 2002)In many countries, payment services in banking have shifted from paper-based giro and cheque payments to electronic giro and debit card payments. This paper analyses the effect of this change in payment technology within ... -
The Effects of Economic News on Norwegian Market Interest Rates
(Journal article, 2008)Interest rates and other financial asset prices are based on expectations about economic developments. Asset prices react to new information. In this article, we explore the effects of news about key macroeconomic variables, ... -
The Effects of Trade Liberalisation on Clothing Prices and on Overall Consumer Price Inflation
(Journal article, 2002)Clothing prices, as measured in the consumer price index, are about 15 per cent lower today than they were in 1995. This fall in prices has contributed to curbing overall consumer price inflation. Developments in clothing ... -
The End of the Waterfall: Default Resources of Central Counterparties
(Working Papers;16/2015, Working paper, 2015)Central counterparties (CCPs) have become pillars of the new global financial architecture following the financial crisis of 2008. The key role of CCPs in mitigating counterparty risk and contagion has in turn cast them ... -
The Fall in Oil Prices and the Labour Market
(Economic Commentaries;7/2016, Others, 2016)The fall in oil prices since summer 2014 has dampened economic growth and led to higher unemployment in Norway. There are strong indications that the current decline experienced by oil-related firms in Norway will not be ... -
The Financial Accelerator and the Real Economy : A Small Macroeconometric Model for Norway with Financial Frictions
(Staff Memo;2/2012, Working paper, 2012)This paper studies the salient features of a core macroeconometric model that allows for self-reinforcing co-movements between credit, asset prices and real economic activity. In contrast to the economic literature that ... -
The Flows of the Pacific: Asian Foreign Exchange Markets Through Tranquility and Turbulence
(Working Papers;1/2012, Working paper, 2012)Using the longest data set on FX order flow to date, along with the broadest coverage of currencies to date, we examine the effect of FX order flow on exchange rates across small and large currencies, currencies with ...