• Monitoring multicountry macroeconomic risk 

  Korobilis, Dimitris; Schröder, Maximilian (Working paper;9/2023, Working paper, 2023)

  We propose a multicountry quantile factor augmeneted vector autoregression (QFAVAR) to model heterogeneities both across countries and across characteristics of the distributions of macroeconomic time series. The presence ...

• Does SOFR-linked debt cost borrowers more than LIBOR-linked debt? 

  Klingler, Sven; Syrstad, Olav (Working paper;7/2023, Working paper, 2023)

  We investigate if the benchmark transition from London Interbank Offered Rate (Libor) to Secured Overnight Financing Rate (SOFR) affects the costs of borrowing floating rate debt. The primary market for dollar-denominated ...

• The Investment Channel of Monetary Policy : Evidence from Norway 

  Cao, Jin; Hegna, Torje; Holm, Martin B.; Juelsrud, Ragnar; König, Tobias; Riiser, Mikkel (Working paper;5/2023, Working paper, 2023)

  We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main findings. First, financially constrained firms are more responsive to monetary policy, but the effect ...

• An anatomy of monopsony : Search frictions, amenities and bargaining in concentrated markets 

  Berger, David; Herkenhoff, Kyle; Kostol, Andreas R.; Mongey, Simon (Working paper;10/2023, Working paper, 2023)

  We contribute a theory in which three channels interact to determine the degree of monopsony power and therefore the markdown of a worker’s spot wage relative to her marginal product: (1) heterogeneity in worker-firm-specific ...

• The Norwegian overnight interbank market during the Covid pandemic 

  Akram, Q. Farooq; Findreng, Jon H.; Smith, Lyndsie (Working paper;8/2023, Working paper, 2023)

  We analyse the behaviour of the Norwegian unsecured overnight interbank market in response to heightened uncertainty and the central bank's liquidity support measures following the Covid-19 pandemic. The liquidity measures ...

• 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, ...

• Trade conflicts and credit supply spillovers : Evidence from the Nobel Peace Prize trade shock 

  Cao, Jin; Dinger, Valeriya; Juelsrud, Ragnar E.; Liaudinskas, Karolis (Working paper;6/2023, Working paper, 2023)

  In this paper, we examine how a trade conflict’s impact on the real economy can be amplified by financial intermediaries. After China’s implicit ban on the imports of Norwegian salmon in response to the decision on 2010 ...

• Har strukturell likviditet større påvirkning på Nibor-påslaget enn tidligere? 

  Hagen, Marius; Stiansen, Kjetil (Staff Memo;14/2023, Working paper, 2023)

  De senere årene har likviditetspremien på å bytte til seg kroner mot dollar, den såkalte OIS-basisen, utgjort en større andel av Nibor-påslaget enn tidligere. Flere har pekt på lav strukturell likviditet og bankers tilpasning ...

• Effects of the new standardised approach and the new output floor for IRB banks 

  Andersen, Henrik; Johnsen, Jama (Staff Memo;8/2023, Working paper, 2023)

  The EU plans to revise the capital adequacy rules for banks in 2025. Regulatory amendments will be introduced in Norway through the EEA Agreement. Our results show that the regulatory amendments can significantly reduce ...

• Quantifying macroeconomic uncertainty in Norway 

  Bowe, Frida; Kirkeby, Sara J.; Lindalen, Ingvild H.; Matsen, Kristine A.; Meyer, Sara S.; Robstad, Ørjan (Staff Memo;13/2023, Working paper, 2023)

  This paper presents a framework for quantifying uncertainty around point forecasts for GDP, inflation and house prices in Norway. The framework combines quantile regressions using a broad set of uncertainty indicators with ...

• The housing Phillips curve and momentum in the Norwegian housing market 

  Kirkeby, Sara Jahr; Nenov, Plamen T. (Staff Memo;10/2023, Working paper, 2023)

  This paper provides descriptive evidence for a housing Phillips curve in Norway, suggesting a negative relationship between the ratio of inventory-to-sales and subsequent house price growth in the market for existing homes. ...

• Betalingsevne og boligkjøpekraft blant husholdninger som ikke eier bolig 

  Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge (Staff Memo;9/2023, Working paper, 2023)

  Husholdninger som ikke eier egen bolig, utgjør om lag en fjerdedel av alle husholdningene. De holder bare 7 prosent av husholdningenes gjeld, men mye av dette er gjeld uten sikkerhet. Vi finner at denne gruppen har lite ...

• Næringseiendomsforetakenes refinansiering og kontantstrømmer i moderne dyrtid 

  Bjørland, Christian (Staff Memo;11/2023, Working paper, 2023)

  Norske banker har betydelig eksponering mot næringseiendom, og utviklingen i næringen er viktig for finansiell stabilitet. Økte finansieringskostnader, fallende næringseiendomspriser og mye obligasjonsgjeld som forfaller ...

• Price spillovers in Norway: Less prevalent after the 1980s 

  Matsen, Kristine Aunvåg (Staff Memo;12/2023, Working paper, 2023)

  This Staff Memo considers some of the available evidence on relative price shocks as a driver of Norwegian inflation dynamics in high- versus low-inflation regimes. The results suggest that relative price shocks have largely ...

• Effekter av ny standardmetode og nytt gulv for IRB-bankene 

  Andersen, Henrik; Johnsen, Jama (Staff Memo;8/2023, Working paper, 2023)

  EU planlegger å endre kapitaldekningsreglene for bankene i 2025. Regelverksendringene blir innført i Norge gjennom EØS-avtalen. Våre resultater viser at regelverksendringene kan gi små og mellomstore banker (standardmetodebanker) ...

• A SMARTer way to forecast 

  Bowe, Frida; Friis, Inga Nielsen; Loneland, Atle; Njølstad, Erlend Salvesen; Meyer, Sara Skjeggestad; Paulsen, Kenneth Sæterhagen; Robstad, Ørjan (Staff Memo;7/2023, Working paper, 2023)

  In this paper we describe the newly developed System for Model Analysis in Real Time (SMART) used for forecasting and model analysis in Norges Bank. While the long-term goal is to include all empirical models used in ...

• Hvor mye koster ukoordinert klimapolitikk? : To modeller – to svar 

  Johansen, Rønnaug M.; Landsem, Jørgen; Solheim, Haakon (Staff Memo;6/2023, Working paper, 2023)

  Scenarioer er det mest brukte verktøyet for å forstå hvordan verden kan gjennomføre en overgang til et lavutslippssamfunn. Network for Greening the Financial System (NGFS) har gjort et utvalg av slike "klimascenarioer" ...

• Hvordan påvirker klimarelaterte forhold norske bedrifter? : Resultater fra tre spørreundersøkelser i Norges Banks regionale nettverk 

  Brekke, Henriette; Erlandsen, Solveig K.; Meyer, Sara Skjeggestad (Staff Memo;5/2023, Working paper, 2023)

  Klimaendringer og omstilling til lavutslippssamfunn påvirker norsk og global økonomi på mange ulike måter. For å øke kunnskapen om hvordan disse endringene påvirker norsk økonomi har Norges Bank ved tre anledninger de siste ...

• How do climate-related conditions affect Norwegian enterprises? : Results of three surveys in Norges Bank's Regional Network 

  Brekke, Henriette; Erlandsen, Solveig K.; Meyer, Sara Skjeggestad (Staff Memo;5/2023, Working paper, 2023)

  Climate change and the transition to a low-carbon economy affect the Norwegian and global economy in many ways. To gain greater insight into how these changes affect the Norwegian economy, Norges Bank has asked a selection ...

• Introduction of central bank digital currency – necessary legislative amendments 

  Syrstad, Helge (Staff Memo;4/2023, Working paper, 2023)

  orges Bank has been running a central bank digital currency project since 2016. The project is now in its fourth phase, and as part of this phase an overview will be provided of required legislative amendments linked to ...

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