Now showing items 21-40 of 1421

    • The impact of financial shocks on the forecast distribution of output and inflation 

      Forni, Mario; Gambetti, Luca; Maffei-Faccioli, Nicolò; Sala, Luca (Working paper;3/2023, Working paper, 2023)
      Financial shocks represent a major driver of fluctuations in tail risk, defined as the 5th percentile of the forecast distributions of output and inflation. Since the variance and the asymmetry of the forecast distributions ...
    • Did monetary policy kill the Phillips Curve? Some simple arithmetics 

      Bergholt, Drago; Furlanetto, Francesco; Vaccaro-Grange, Etienne (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 ...
    • Innføring av digitale sentralbankpenger - Nødvendige lovendringer 

      Syrstad, Helge (Staff Memo;4/2023, Working paper, 2023)
      Norges Bank har siden 2016 hatt et prosjekt gående om digitale sentralbankpenger (DSP). Prosjektet er nå inne i fjerde fase, og som del av denne fasen skal det gis en oversikt over hvilke nødvendige lovendringer som må ...
    • The downs and ups of mark-ups 

      Brubakk, Leif; Hagelund, Kåre (Staff Memo;2/2023, Working paper, 2023)
      Based on sectoral National accounts data and estimates of the implicit rental rate of capital, we calculate price mark-ups for 42 Norwegian industries for the period 1980-2019. The results indicate a broad-based increase ...
    • Historical Monetary and Financial Statistics for Norway 

      Eitrheim, Øyvind; Klovland, Jan Tore; Qvigstad, Jan Fredrik; Fevolden, Mats Bay; Hvidsten, Vetle; Grytten, Ola Honningdal; Søbye, Espen; Brunborg, Helge (Occasional Papers;57, Book, 2022)
      Work on historical monetary and financial statistics in Norges Bank started in the 1990s. We were inspired by Bank of England’s work on the collection of data for UK inflation over 300 years, which appeared in connection ...
    • A high-frequency financial conditions index for Norway 

      Bowe, Frida; Gerdrup, Karsten R.; Nicolò, Maffei-Faccioli; Olsen, Helene (Staff Memo;1/2023, Working paper, 2023)
      We have constructed a financial conditions index for Norway (FCIN). The FCIN offers a daily update on Norwegian financial conditions based on data from January 2003 on bank lending rates, bond spreads, the foreign exchange ...
    • Increased growth in broad money after the outbreak of Covid-19 

      Alstadheim, Ragna (Staff Memo;10/2022, Working paper, 2022)
      Growth in deposits and broad money aggregates surged in Norway after the outbreak of the Covid-19 pandemic. Usually, we think of deposit (or money) growth as going hand in hand with bank lending growth, since only banks ...
    • Downward nominal house price rigidity: Evidence from three centuries of data on housing transactions 

      Erlandsen, Solveig K.; Juelsrud, Ragnar Enger (Working paper;1/2023, Working paper, 2023)
      By analyzing housing data from the period 1850 to 2019 in Norway, we find evidence of downward nominal house price rigidity. More specifically, we document that there is a marked fraction of repeat-sales housing transactions ...
    • Optimal capital adequacy ratio for Norwegian banks 

      Andersen, Henrik; Juelsrud, Ragnar Enger (Staff Memo;9/2021, Working paper, 2022)
      In this paper, we analyse the appropriate capital adequacy ratio for banks from a socio-economic perspective. More equity capital in banks can contribute to financial stability by reducing the risk of costly banking crises, ...
    • Monetary policy when export revenues drop 

      Bergholt, Drago; Røisland, Øistein; Sveen, Tommy; Torvik, Ragnar (Working paper;11/2022, Working paper, 2022)
      We study how monetary policy should respond to shocks which permanently alter the steady state structure of the economy. In such a case monetary policy affects not only the short run misallocations due to nominal rigidities, ...
    • Norwegian homeowners’ debt-servicing capacity is adequate 

      Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge (Staff Memo;8/2022, Working paper, 2022)
      Debt-servicing capacity is a function of both available cash flow and the size of obligatory expenses. We use household level information to calculate normal expenses that cover food, other general consumption, electricity ...
    • The commercial real estate market - no longer a “black box” 

      Bjørland, Christian; Hjelseth, Ida Nervik; Mulelid, John Henrik; Solheim, Haakon; Vatne, Bjørn Helge (Staff Memo;6/2022, Working paper, 2022)
      Norwegian banks’ exposure to commercial real estate (CRE) is substantial. Historically, banks in Norway and in other countries have incurred considerable losses on loans to this sector during financial crises. Publicly ...
    • Dividend Signaling and Bank Payouts in the Great Financial Crisis 

      Juelsrud, Ragnar E.; Nenov, Plamen T. (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 ...
    • The Price Responsiveness of Shale Producers: Evidence from Micro Data 

      Aastveit, Knut Are; Bjørnland, Hilde C.; Gundersen, Thomas S. (Working paper;10/2022, Working paper, 2022)
      We show that shale oil producers respond positively to favourable oil price signals, and that this response is mainly associated with the timing of production decisions through well completion and refracturing, consistent ...
    • Bad News, Good News: Coverage and Response Asymmetries 

      Gambetti, Luca; Maffei-Faccioli, Nicolò; Zoi, Sarah (Working paper;8/2022, Working paper, 2022)
      We study the dynamic link between economic news coverage and the macroeconomy. We construct two measures of media coverage of bad and good unemployment figures based on three major US newspapers. Using nonlinear time series ...
    • Norske boligeiere har god gjeldsbetjeningsevne 

      Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge (Staff Memo;8/2022, Working paper, 2022)
      Gjeldsbetjeningsevne handler om å ha midler til å dekke utgifter til livsopphold og kostnader knyttet til å betjene lån. Vi bruker opplysninger på husholdningsnivå til å beregne et anslag på normale utgifter til livsopphold ...
    • Optimal kapitaldekning for norske banker 

      Andersen, Henrik; Juelsrud, Ragnar Enger (Staff Memo;9/2022, Working paper, 2022)
      I dette memoet analyserer vi hvor høy kapitaldekning bankene bør ha i et samfunnsøkonomisk perspektiv. Mer egenkapital i bankene kan bidra til finansiell stabilitet ved å redusere risikoen for kostbare bankkriser, men utlån ...
    • A bankruptcy probability model for assessing credit risk on corporate loans with automated variable selection 

      Hjelseth, Ida Nervik; Raknerud, Arvid; Vatne, Bjørn H. (Working paper;7/2022, Working paper, 2022)
      We propose an econometric model for predicting the share of bank debt held by bankrupt firms by combining a novel set of firm-level financial variables and macroeconomic indicators. Our firm-level data include payment ...
    • The neutral real interest rate: An updated view of r* 

      Meyer, Sara S.; Ulvedal, Pål B.; Wasberg, Erik S. (Staff Memo;7/2022, Working paper, 2022)
      The neutral real rate of interest (r*) is a key variable for assessing the tightness of monetary policy. The neutral real interest rate has by all accounts fallen substantially over the past three decades, amid slowing ...