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

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    • The G20 and International Economic Cooperation 

      Fridriksson, Ingimundur (Economic Commentaries;4/2012, Others, 2012)
      The G20 played a pivotal role in responding to the global economic and financial crisis in early 2009. Its collective response in the later phases of the crisis may be said to have been less resolute. In the face of the ...

    • The Generic Properties of Equilibrium Correction Mechanisms 

      Bårdsen, Gunnar; Hurn, Stan; Lindsay, Kenneth (Working Papers;8/1999, Working paper, 1999)
      Linear dynamic equilibrium correction mechanisms are shown to follow from the discretisation of continuous economic processes with steady-state solutions. In addition, the proposed procedure provides testable restrictions ...

    • The global financial cycle, bank capital flows and monetary policy. Evidence from Norway 

      Alstadheim, Ragna; Blandhol, Christine (Working papers;2/2018, Working paper, 2018)
      We investigate the importance of a global financial cycle for gross capital inflows based on monthly balance sheet data for Norwegian banks. The VIX index has been interpreted as an “investor fear gauge” and associated ...

    • The Golden Interest Rule : Robust Simple Interest Rate Rules for the Norwegian Economy 

      Hoen, Maria Brunborg (Staff Memo;16/2012, Working paper, 2012)

    • The Hidden Costs of Hidden Debt 

      Almenberg, Johan; Karapetyan, Artashes (Working Papers;22/2011, Working paper, 2011)
      We report evidence that salience may have economically significant effects on homeowners’ borrowing behavior, through a bias in favour of less salient but more costly loans. Survey evidence corroborates the existence of ...

    • The Historical Connection Between Short Term Output and Prices in a Small Open Economy 

      Grytten, Ola Honningdal; Hunnes, Arngrim (Working Papers;21/2009, Working paper, 2009)
      According to a Keynesian view, short term output fluctuations are normally demand side led. Since prices reflect demand, they should mirror output fluctuations. Thus, prices and output are expected to move in the same ...

    • The IMF in Change – Loan from Norges Bank 

      Jonassen, Morten; Støholen, Bente; Winje, Pål (Economic Commentaries;5/2009, Others, 2009)
      The International Monetary Fund (IMF) is important in managing international economic and financial crises. In the past year, the IMF has provided crisis-related loans to several countries experiencing balance of payments ...

    • 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 ...