Browsing Arbeidsnotater / Working Papers by Title
Now showing items 207-226 of 472
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Innvandreres tilknytning til arbeidsmarkedet
(Arbeidsnotater;5/1998, Working paper, 1998)Kompetanseforskjeller mellom innvandrere og innfødte arbeidere kan være én mulig årsak til at de har ulik ledighets- og sysselsettingsmønster. Innvandrere står overfor en mer usikker avkastning på investeringer i humankapital ... -
The interaction between macroprudential and monetary policies: The cases of Norway and Sweden
(Working Paper;8/2020, Working paper, 2020)To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and ... -
Interactions Between Eurozone and US Booms and Busts: A Bayesian Panel Markov-Switching VAR Model
(Working Papers;20/2013, Working paper, 2013)Interactions between the eurozone and US booms and busts and among major eurozone economies are analyzed by introducing a panel Markov-switching VAR model well suitable for a multi-country cyclical analysis. The model ... -
Interbank Overnight Interest Rates - Gains from Systemic Importance
(Working Papers;11/2010, Working paper, 2010)We study overnight interbank interest rates paid by banks in Norway over the period 2006-2009. We observe large variations in interest rates across banks and over time. During the financial crisis, the interest rates are ... -
“Interest Rate Trap”, or: Why Does the Central Bank Keep the Policy Rate Too Low for Too Long Time?
(Working Papers;12/2011, Working paper, 2011)This paper provides a framework for modeling the risk-taking channel of monetary policy, the mechanism how financial intermediaries’ incentives for liquidity transformation are affected by the central bank’s reaction to ... -
The Investment Channel of Monetary Policy : Evidence from Norway
(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 ... -
Investment Shocks and Macroeconomic Co-Movement
(Working Papers;14/2011, Working paper, 2011)Recent studies find that shocks to the marginal efficiency of investment are a main driver of business cycles. Yet, they struggle to explain why consumption co-moves with real variables such as investment and output, which ... -
Investment-Specific Technology Shocks and Consumption
(Working Papers;30/2010, Working paper, 2010)Current business cycle models systematically underestimate the correlation between consumption and investment. One reason for this failure is that a positive investment-specific technology shock generally induces a negative ... -
Is Lumpy Investment Really Irrelevant for the Business Cycle?
(Working Papers;6/2005, Working paper, 2005)Smoothness in aggregate capital accumulation is a necessary condition for New-Keynesian (NK) models to imply a quantitatively relevant monetary transmission mechanism (see, e.g., Woodford 2005). Can that aggregate smoothness ... -
Is monetary policy always effective? Incomplete interest rate pass-through in a DSGE model
(Working Paper;22/2019, Working paper, 2019)We estimate a regime-switching DSGE model with a banking sector to explain incomplete and asymmetric interest rate pass-through, especially in the presence of a binding zero lower bound (ZLB) constraint. The model is ... -
Is the Price Level in Norway Determined by Fiscal Policy?
(Working Papers;5/2005, Working paper, 2005)The Norwegian public sector has net financial assets. The fiscal theory of price determination applies equally to Norway and economies with net public debt: If primary surpluses evolve independently of nominal debt (or ... -
Joint Prediction Bands for Macroeconomic Risk Management
(Working Papers;7/2016, Working paper, 2016)In this paper we address the issue of assessing and communicating the joint probabilities implied by density forecasts from multivariate time series models. We focus our attention in three areas. First, we investigate a ... -
Kan pengepolitikken påvirke koordineringsgraden i lønnsdannelsen? En empirisk analyse
(Arbeidsnotater;7/2002, Working paper, 2002)I økonomisk litteratur blir det hevdet at koordinering blant partene i lønnsdannelsen er ønskelig, fordi en slik løsning reduserer lønnspresset og følgelig arbeidsledigheten i økonomien. Modellen i Holden (2001) viser at ... -
Kriterier for «gode» begrunnelser
(Working papers;6/2018, Working paper, 2018)I demokratiske samfunn utøver ulike institusjoner gjennom beslutninger viktig samfunnsmakt. Beslutningene kan rette seg mot enkeltindivider eller ha en mer generell samfunnsmessig virkning. Det er en selvfølge i dag at ... -
Labour Supply Factors and Economic Fluctuations
(Working Papers;7/2015, Working paper, 2015)We propose a new VAR identification scheme that enables us to disentangle labour supply shocks from wage bargaining shocks. identification is achieved by imposing robust signrestrictions that are derived from a New Keynesian ... -
Large T and Small N: A Three-Step Approach to the Identification of Cointegrating Relationships in Time Series Models with a Small Cross-Sectional Dimension
(Working Papers;15/2004, Working paper, 2004)This paper addresses cointegration in small cross-sectional panel data models. In addition to dealing with cointegrating relationships within the cross-sectional dimension, the paper explicitly addresses the issue of ... -
Large’ vs. ‘Small’ Players: A Closer Look at the Dynamics of Speculative Attacks
(Working Papers;13/2005, Working paper, 2005)What is the role of “large players” like hedge funds and other highly leveraged institutions in speculative attacks? In recent theoretical work, large players may induce an attack by an early move, providing information ... -
Leaning against persistent financial cycles with occasional crises
(Working Paper;11/2021, Working paper, 2021)Should central banks use leaning against the wind (LAW)-type monetary or macroprudential policy to address risks to financial stability? We first assess LAW as a one-off (nonsystematic) policy using an estimated large-scale ... -
Leaning Against the Credit Cycle
(Working Papers;4/2015, Working paper, 2015)We study the interaction between monetary policy and household debt dynamics. To this end, we develop a dynamic stochastic general equilibrium model where household debt is amortized gradually, and only new loans are ... -
Leaning Against the Wind When Credit Bites Back
(Working Papers;9/2016, Working paper, 2016)This paper analyzes the cost-benefit trade-off of leaning against the wind (LAW) in monetary policy. Our starting point is a New Keynesian Markov-switching model where the economy can be in a normal state or in a crisis ...