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    • Investment Shocks and Macroeconomic Co-Movement 

      Furlanetto, Francesco; Natvik, Gisle James; Seneca, Martin (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 

      Furlanetto, Francesco; Seneca, Martin (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? 

      Sveen, Tommy; Weinke, Lutz (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 

      Binning, Andrew; Bjørnland, Hilde C.; Maih, Junior (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? 

      Alstadheim, Ragna (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 

      Akram, Q. Farooq; Binning, Andrew; Maih, Junior (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 

      Sparrman, Victoria (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 

      Qvigstad, Jan F.; Schei, Tore (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 

      Foroni, Claudia; Furlanetto, Francesco; Lepetit, Antoine (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 

      Hammersland, Roger (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 

      Bjønnes, Geir Høidal; Holden, Steinar; Rime, Dagfinn; Solheim, Haakon (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 

      Kockerols, Thore; Kravik, Erling Motzfeldt; Mimir, Yasin (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 

      Gelain, Paolo; Lansing, Kevin J.; Natvik, Gisle James (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 

      Gerdrup, Karsten R.; Hansen, Frank; Krogh, Tord; Maih, Junior (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 ...

    • “Leaning Against the Wind”, Macroprudential Policy and the Financial Cycle 

      Kockerols, Thore; Kok, Christoffer (Working Paper;1/2019, Working paper, 2019)
      Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about “leaning against the wind” (LAW) along three lines. First, ...

    • Letting the Anchor Go: Monetary Policy in Neutral Norway During World War I 

      Værholm, Monica; Øksendal, Lars Fredrik (Working Papers;28/2010, Working paper, 2010)
      Introduction: For later generations, August 1914 has become a watershed in monetary history. In a matter of days, the belligerent and neutral countries of Europe alike suspended the gold standard. The international monetary ...

    • Life-Cycle Patterns of Interest Rate Markups in Small Firm Finance 

      Kim, Moshe; Kristiansen, Eirik Gaard; Vale, Bent (Working Papers;4/2007, Working paper, 2007)
      We derive empirical implications from a stylized theoretical model of bankborrower relationships. Banks’ interest rate markups are predicted to follow a life-cycle pattern over the borrowing firms’ age. Due to endogenous ...

    • Liquidity and Asset Pricing: Evidence on the Role of Investor Holding Period 

      Næs, Randi; Ødegaard, Bernt Arne (Working Papers;11/2007, Working paper, 2007)
      We use data on actual holding periods for all investors in a stock market over a 10 year period to investigate the links between holding periods, liquidity, and asset returns. Microstructure measures of liquidity are shown ...

    • Liquidity and the Business Cycle 

      Næs, Randi; Skjeltorp, Johannes A.; Ødegaard, Bernt Arne (Working Papers;11/2008, Working paper, 2008)
      We show evidence of a contemporaneous relation between stock market liquidity and the business cycle. Stock market liquidity worsen when the economy is slowing down, and this effect is most pronounced for small firms. Using ...

    • Liquidity at risk: Joint stress testing of solvency and liquidity 

      Cont, Rama; Kotlicki, Artur; Valderrama, Laura (Working Paper;11/2019, Working paper, 2019)
      The traditional approach to the stress testing of financial institutions focuses on capital adequacy and solvency. Liquidity stress tests are often applied in parallel to solvency stress tests, based on scenarios which may ...