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Monetary Policy and Exchange Rate Interactions in a Small Open Economy
(Working Papers;16/2005, Working paper, 2005)This paper analyses the transmission mechanisms of monetary policy in a small open economy like Norway through structural VARs, paying particular attention to the interdependence between the monetary policy stance and ... -
Monetary Policy and Exchange Rate Overshooting: Dornbusch Was Right After All
(Working Papers;9/2009, Working paper, 2009)Dornbusch’s exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with ... -
Monetary Policy and Financial Stability in the Long Run
(Working Papers;21/2013, Working paper, 2013)Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality, central banks play complex, long-horizon games and face more than one tradeoff. We account for these issues in a ... -
Monetary Policy and the Illusionary Exchange Rate Puzzle
(Working Papers;11/2005, Working paper, 2005)Dornbusch’s exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with ... -
Monetary Policy Decisions – Comparing Theory and "Inside" Information from MPC Members
(Working Papers;3/2013, Working paper, 2013)We analyze the influence of the Taylor rule on US monetary policy by estimating the policy preferences of the Fed within a DSGE framework. The policy preferences are represented by a standard loss function, extended with ... -
Monetary Policy in Real Time
(Working Papers;1/2001, Working paper, 2001)The interest rate is set by the central bank with a view to securing a nominal anchor for the economy in the long term. The setting of interest rates is based on evaluations of economic trends and the balance of risks. In ... -
Monetary Policy Predictability in the Euro Area: An International Comparison
(Working Papers;7/2005, Working paper, 2005)The paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries. First, by looking at the magnitude and the volatility of the changes in the money ... -
Monetary Policy Rules for an Open Economy
(Working Papers;4/2001, Working paper, 2001)The most popular simple rules for the interest rate, due to Taylor (1993a) and Henderson and McKibbin (1993), are both meant to inform monetary policy in economies that are closed. On the other hand, their main open economy ... -
Monetary policy spillover to small open economies: Is the transmission different under low interest rates?
(Working Paper;12/2021, Working paper, 2021)We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies – Canada, Chile, the Czech Republic and Norway – using confidential bank-level data. Our ... -
Monetary Policy Under the Gold Standard - Examining the Case of Norway, 1893-1914
(Working Papers;14/2008, Working paper, 2008)This essay examines Norwegian monetary policy under the final decades of the classical international gold standard regime prior to World War I. While the evidence clearly demonstrates that the commitment to gold convertibility ... -
Monetary Policy Under Uncertainty: Min-Max vs Robust-Satisficing Strategies
(Working Papers;6/2007, Working paper, 2007)We study monetary policy under uncertainty. A policy which ameliorates a worst case may differ from a policy which maximizes robustness and satisfices the performance. The former strategy is min-maxing and the latter ... -
Monetary policy when export revenues drop
(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, ... -
Monetary Regime and the Co-Ordination of Wage Setting
(Working Papers;1/2000, Working paper, 2000)International comparisons show that countries with co-ordinated wage setting generally have lower unemployment than countries with less co-ordinated wage setting. This paper argues that the monetary regime may affect whether ... -
Money in the Equilibrium of Banking
(Working Papers;22/2015, Working paper, 2015)In most banking models, money is merely modeled as a medium of transactions, but in reality, money is also the most liquid asset for banks. Central banks do not only passively supply money to meet demand for transactions, ... -
Monitoring multicountry macroeconomic risk
(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 ... -
Mortgage regulation and financial vulnerability at the household level
(Working Paper;6/2020, Working paper, 2020)We evaluate the impact of mortgage regulation on credit volumes, household balance sheets and the reaction to adverse economic shocks. Using a comprehensive dataset of all housing transactions in Norway matched with buyers' ... -
Multiple credit constraints and timevarying macroeconomic dynamics
(Working Paper;10/2020, Working paper, 2020)I explore the macroeconomic implications of borrowers facing both loan-to-value (LTV) and debt-service-to-income (DTI) limits, using an estimated DSGE model. I identify when each constraint dominated over the period ... -
Multiple Unemployment Equilibria: Do Transitory Shocks Have Permanent Effects?
(Working Papers;6/1999, Working paper, 1999)This paper tests for multiple equilibria in the Norwegian unemployment rate and investigates whether it displays asymmetric response to positive and negative shocks. Linear and nonlinear univariate models are employed to ... -
Multivariate Bayesian Predictive Synthesis in Macroeconomic Forecasting
(Working Paper;2/2019, Working paper, 2019)We present new methodology and a case study in use of a class of Bayesian predictive synthesis (BPS) models for multivariate time series forecasting. This extends the foundational BPS framework to the multivariate setting, ... -
Myths and Facts About the Alleged Over-Pricing of U.S. Real Estate. Evidence from Multi-Factor Asset Pricing Models of REIT Returns
(Working Papers;19/2011, Working paper, 2011)This paper uses a multi-factor pricing model with time-varying risk exposures and premia to examine whether the 2003-2006 period has been characterized, as often claimed by a number of commentators and policymakers, by a ...