Blar i Norges Banks publikasjonsserier / Norges Bank publication series på tittel
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What Horizon for Targeting Inflation?
(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?
(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?
(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?
(Occasional Papers;42, Book, 2011) -
What Is the Normal Interest Rate Level?
(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?
(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
(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
(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?
(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
(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
(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, ... -
Where It All Began: Lending of Last Resort and the Bank of England During the Overend-Gurney Panic of 1866
(Working Papers;3/2011, Working paper, 2011)The National Monetary Commission was deeply concerned with importing best practice. One important focus was the connection between the money market and international trade. It was said that Britain’s lead in the market for ... -
Who is borrowing – for what – and can they afford it?
(Journal article, 2008)New micro data enable us to analyse household debt behaviour through 2006. We can identify households that borrow net and households that repay debt. Half the households in the sample increased their debt in 2006. Most new ... -
Who Was in the Driving Seat in Europe During the Nineties, International Financial Markets or the BUBA?
(Working Papers;20/2004, Working paper, 2004)The purpose of this paper is to reexamine empirically the relationship between long-term interest rates in well integrated financial markets. The analysis focuses on long-term interest rates in the US and Germany and has ... -
Why Do Banking Crises Occur? the American Subprime Crisis Compared with the Norwegian Banking Crisis 1987-92
(Working Papers;3/2012, Working paper, 2012)This paper analyses the causes of banking crises by the way of a historical comparative case study. Moreover, the analysis draws on theories elaborated by the economist Hyman Minsky. The evidence presented suggests that ... -
Why Do Firms Pay for Liquidity Provision in Limit Order Markets?
(Working Papers;12/2010, Working paper, 2010)In recent years, a number of electronic limit order markets have reintroduced market makers for some securities (Designated Market Makers). This trend has mainly been initiated by financial intermediaries and listed firms ... -
Why Do Norwegians Increase Their Savings When the Interest Rate Is Cut?
(Staff Memo;15/2013, Working paper, 2013)This note aims to shed light on the relationship between interest rates and household savings in Norway. To this end, I use a simple life-cycle model that accounts for actual debt levels of Norwegian households. The starting ... -
Why Do People Give Less Weight to Advice the Further It Is from Their Initial Opinion?
(Working Papers;4/2010, Working paper, 2010)Experimental studies on decision making based on advice received from others find that the weight put on the advice is negatively related to the distance between the advice and the decisionmaker's initial opinion. In this ... -
Why Regulate Banks?
(Staff Memo;16/2013, Working paper, 2013)In this note we seek to provide a first guide to how the economic literature explains the rationale for regulating banks. The guide is not exhaustive with respect to academic papers covered. Neither do we elaborate on how ... -
Words Are the New Numbers: A Newsy Coincident Index of Business Cycles
(Working Papers;21/2016, Working paper, 2016)I construct a daily business cycle index based on quarterly GDP and textual information contained in a daily business newspaper. The newspaper data are decomposed into time series representing newspaper topics using a ...