Blar i Norges Banks publikasjonsserier / Norges Bank publication series på tittel
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Det norske pengemarkedet :
(Staff Memo;4/2022, Working paper, 2022)Dette memoet beskriver de viktigste delene av det norske pengemarkedet. Siden 2019 har banker med konto i Norges Bank rapportert sine transaksjoner i pengemarkedet til Norges Banks pengemarkedsrapportering (RPD). Memoet ... -
Detecting Imbalances in House Prices: What Goes up Must Come Down?
(Working Papers;11/2016, Working paper, 2016)With the aid of econometric modeling, I investigate whether rapidly increasing house prices necessarily imply the existence of a bubble that will eventually burst. I consider four alternative econometric methods to construct ... -
Developments in Consumer Prices Since 2009
(Economic Commentaries;11/2012, Others, 2012)In 2009, consumer price inflation adjusted for tax changes and excluding energy products (CPI-ATE) was 2.6 percent. Inflation has since slowed, hovering around 1 percent for the past two years. The aim of this Economic ... -
Developments in the Credit Market – New Types of Loans and the Volume of Fixed-Rate Loans in Norway
(Journal article, 2007)This article describes developments in various types of loans from financial institutions1 and the volume of loans with a fixed-rate period, i.e. fixed-rate loans. In recent years, the credit market has evolved rapidly. ... -
Did monetary policy kill the Phillips Curve? Some simple arithmetics
(Working paper;2/2023, Working paper, 2023)An apparent disconnect has taken place between inflation and economic activity in the US over the last 25 years, with price inflation remaining remarkably stable in spite of large fluctuations in the output gap and other ... -
Did Us Consumers ”Save for a Rainy Day” Before the Great Recession?
(Working Papers;8/2015, Working paper, 2015)The 'saving for a rainy day' hypothesis implies that households' saving decisions reflect that they can (rationally) predict future income declines. The empirical relevance of this hypothesis plays a key role in discussions ... -
Disability Benefits, Consumption Insurance, and Household Labor Supply
(Working Papers;16/2017, Working paper, 2017)While a mature literature finds that Disability Insurance (DI) receipt discourages work, the welfare implications of these findings depend on two rarely studied economic quantities: the full cost of DI allowances to ... -
Disclosing the Undisclosed: Commercial Paper As Hidden Liquidity Suffers
(Working paper;16/2021, Working paper, 2021)Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on ... -
Dissecting the 2007-2009 Real Estate Market Bust: Systematic Pricing Correction or Just a Housing Fad?
(Working Papers;22/2013, Working paper, 2013)We use Bayesian methods to estimate a multi-factor linear asset pricing model characterized by structural instability in factor loadings, idiosyncratic variances, and factor risk premia. We use such a framework to investigate ... -
Distribution of Household Debt Burden Across Age Groups
(Economic Commentaries;2/2011, Others, 2011)Over the past twenty years, the distribution of debt and wealth has changed across age groups. Older households have more debt than previously, while at the same time holding a greater share of total wealth. Even though ... -
Distributional effects of monetary policy in Norway
(Staff Memo;4/2021, Working paper, 2021)We quantify the short-term effects of both non-systematic and systematic monetary policy on the income and wealth distribution in Norway, and measure the relative importance of the various channels. An expansionary monetary ... -
Dividend Signaling and Bank Payouts in the Great Financial Crisis
(Working paper;9/2022, Working paper, 2022)We study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference-in-differences methodology, we shows that banks with higher share of short-term liabilities to total liabilities, which were ... -
Do Central Banks Respond Timely to Developments in the Global Economy?
(Working Papers;19/2016, Working paper, 2016)Our analysis suggests; they do not! To arrive at this conclusion we construct a real-time data set of interest rate projections from central banks in three small open economies; New Zealand, Norway, and Sweden, and analyze ... -
Do Central Banks Respond to Exchange Rate Movements? a Markov-Switching Structural Investigation
(Working Papers;24/2013, Working paper, 2013)Do central banks respond to exchange rate movements? According to Lubik and Schorfheide (2007) who estimate structural general equilibrium models with monetary policy rules, the answer is "Yes, some do". However, their ... -
Do Norwegian Payment Systems Satisfy the New BIS Recommendations?
(Journal article, 2001)A long-standing concern of central banks has been the risks in payment systems. One concern has been that the systems are organised so that one participant's financial problems could spread to other participants, and that ... -
Do Re-Election Probabilities Influence Public Investment?
(Working Papers;13/2009, Working paper, 2009)We identify exogenous variation in incumbent policymakers’ re-election probabilities and explore empirically how this variation affects the incumbents’ investment in physical capital. Our results indicate that a higher ... -
Documentation of NEMO - Norges Bank’s Core Model for Monetary Policy Analysis and Forecasting
(Staff Memo;8/2017, Working paper, 2017)This paper explains the basic mechanisms of Norges Bank’s core model for monetary policy analysis and forecasting (NEMO). NEMO has recently been extended with an oil sector to incorporate important channels of shocks to ... -
Documentation of the Method Used by Norges Bank for Estimating Implied Forward Interest Rates
(Staff Memo;11/2005, Working paper, 2005)Forward interest rates are an important indicator for monetary policy. They are commonly used, both by central banks and market participants, to gain information about market expectations of future interest rates. Forward ... -
Does Forecast Combination Improve Norges Bank Inflation Forecasts?
(Working Papers;1/2009, Working paper, 2009)We develop a system that provides model-based forecasts for inflation in Norway. Forecasts are recursively evaluated from 1999 to 2008. The performance of the models over this period is then used to derive weights that are ... -
Does High Debt Growth in Upturns Lead to a More Pronounced Fall in Consumption in Downturns?
(Economic Commentaries;8/2016, Others, 2016)The strong accumulation of debt in the period preceding the financial crisis has resulted in a renewed focus on the relationship between debt and household demand in an economic downturn. Studies based on disaggregated ...