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

Viser treff 1382-1401 av 1427

    • What Determines Developments in Us Long-Term Interest Rates over Time? 

      Hellum, Erlend (Economic Commentaries;3/2010, Others, 2010)
      This report analyses developments in long-term interest rates in the US. We estimate a model where developments in US long-term interest rates are decided by short-term interest rates, long-term inflation expectations, the ...

    • What do banks lose money on during crises? 

      Solheim, Haakon; Kragh-Sørensen, Kasper (Staff Memo;3/2014, Working paper, 2014)
      We look at a wide range of national and international crises to identify banks' exposures to losses during banking crises. We find that banks generally sustain greater losses on corporate loans than on household loans. ...

    • What Do We Really Know About the Long-Term Evolution of Central Banking? Evidence from the Past, Insights for the Present 

      Ugolini, Stefano (Working Papers;15/2011, Working paper, 2011)
      The ongoing financial crisis is shaking central bankers’ certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the ...

    • What Drives House Prices? 

      Jacobsen, Dag Henning; Naug, Bjørn E. (Journal article, 2005)
      House prices have more than tripled since 1992. After having fallen during the last part of 2002 and the beginning of 2003, house prices rose by more than 20 per cent from May 2003 to November 2004. We analyse factors ...

    • What drives office rents? 

      Bjørland, Christian; Hagen, Marius (Staff Memo;12/2019, Working paper, 2019)
      Banks have substantial exposures to commercial real estate (CRE). Rental prices are important for CRE companies’ debt-service capacity, which in turn affects the risk of future bank losses. In this paper, we estimate error ...

    • What Drives Oil Prices? Emerging Versus Developed Economies 

      Aastveit, Knut Are; Bjørnland, Hilde C.; Thorsrud, Leif Anders (Working Papers;11/2012, Working paper, 2012)
      We analyze the importance of demand from emerging and developed economies as drivers of the real price of oil over the last two decades. Using a factor-augmented vector autoregressive (FAVAR) model that allows us to ...

    • What Drives the Risk Premium in Nibor? 

      Lund, Kathrine; Tafjord, Kristian; Øwre-Johnsen, Marit (Economic Commentaries;10/2016, Others, 2016)
      In this Commentary, we illustrate how the risk premium in Nibor can be decomposed to better understand the driving forces affecting the Norwegian money market rate. Furthermore, we use historical data to discuss how ...

    • What Factors Affect the Oslo Stock Exchange? 

      Næs, Randi; Skjeltorp, Johannes A.; Ødegaard, Bernt Arne (Working Papers;24/2009, Working paper, 2009)
      This paper analyzes return patterns and determinants at the Oslo Stock Exchange (OSE) in the period 1980-2006. We find that a three-factor model containing the market, a size factor and a liquidity factor provides a ...

    • What Factors Influence Firms’ Investment Decisions? 

      Hjelseth, Ida Nervik; Meyer, Sara Skjeggestad; Walle, Mari Aasgaard (Economic Commentaries;10/2017, Others, 2017)
      Business investment in mainland Norway has been relatively weak since the financial crisis, even though the key policy rate has been reduced to a historically low level. Through its Regional Network, Norges Bank has ...

    • What Horizon for Targeting Inflation? 

      Akram, Q. Farooq (Working Papers;13/2007, Working paper, 2007)
      We investigate optimal horizons for targeting inflation in response to different shocks and their properties under alternative preferences of an inflation-targeting central bank. Our analysis is based on a well specified ...

    • What Influences the Growth of Household Debt? 

      Jacobsen, Dag Henning; Naug, Bjørn E. (Journal article, 2004)
      Household debt has increased by 10–11 per cent annually since 2000. In the following, the factors underlying the strong growth in debt are analysed using an empirical model. The debt growth of recent years is found to be ...

    • What Influences the Number of Bankruptcies? 

      Jacobsen, Dag Henning; Kloster, Thea Birkeland (Journal article, 2005)
      After having remained relatively stable from the mid-1990s, the number of bankruptcies rose sharply in 2002 and 2003, but then fell again last year and in the first six months of 2005. Using an empirical model, we analyse ...

    • What Is a Useful Central Bank? 

      Aziz, Zeti Akhtar; Bordo, Michael D.; Fischer, Stanley; Gjedrem, Svein; Hildebrand, Philipp M.; Ingves, Stefan; Qvigstad, Jan F.; Svensson, Lars E. O.; Toniolo, Gianni; Turner, Philip (Occasional Papers;42, Book, 2011)

    • What Is the Normal Interest Rate Level? 

      Bernhardsen, Tom; Kloster, Arne (Economic Commentaries;1/2010, Others, 2010)
      The normal real interest rate level in Norway is estimated to be in the interval of 2-3 per cent. With an inflation target of 2.5 per cent, the interval for the normal nominal interest rate is 4½-5½ per cent (three-month ...

    • What Kind of Payments Settle in a Real Time Gross Settlement System? 

      Fevolden, Mats Bay; Smith, Lyndsie (Staff Memo;2/2018, Working paper, 2018)
      Central bank settlement systems are vital for payment intermediation and have an important role in monetary policy and financial stability. Few analyses exist that explain the purpose behind the payments that are settled ...

    • When Does an Interest Rate Path “Look Good”? Criteria for an Appropriate Future Interest Rate Path 

      Qvigstad, Jan F. (Working Papers;5/2006, Working paper, 2006)
      Svensson (2004) suggested that a monetary policy committee of a central bank (MPC) should “find an instrument-rate path such that projections of inflation and output gap ‘look good’.” Academic literature on monetary policy ...

    • When Does an Interest Rate Path “Look Good”? Criteria for an Appropriate Future Interest Rate Path – a Practician’s Approach 

      Qvigstad, Jan F. (Staff Memo;6/2005, Working paper, 2005)
      When professor Lars E. O. Svensson (Princeton University) visited Norges Bank’s conference on monetary policy in 2004, he suggested we should “find an instrument-rate path such that projections of inflation and output gap ...

    • When Does the Oil Price Affect the Norwegian Exchange Rate? 

      Akram, Q. Farooq (Working Papers;8/2000, Working paper, 2000)
      Major changes in the Norwegian exchange rate have often coincided with large fluctuations in the price of crude oil. Previous empirical studies have however suggested a weak and ambiguous relation between the oil price and ...

    • When Preferences for a Stable Interest Rate Become Self-Defeating 

      Alstadheim, Ragna; Røisland, Øistein (Working Papers;8/2016, Working paper, 2016)
      Monetary policy makers often seem to have preferences for a stable interest rate, in addition to stable inflation and output. In this paper we investigate the implications of having an interest rate level term in the loss ...

    • Where do they care? : The ECB in the media and inflation expectations 

      Larsen, Vegard Høghaug; Maffei-Faccioli, Nicolò; Pagenhardt, Laura (Working paper;4/2023, Working paper, 2023)
      This paper examines how news coverage of the European Central Bank (ECB) affects consumer inflation expectations in the four largest euro area countries. Utilizing a unique dataset of multilingual European news articles, ...