Blar i Arbeidsnotater / Working Papers på tittel
Viser treff 279-298 av 472
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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 ... -
Narrative monetary policy surprises and the media
(Working Paper;19/2019, Working paper, 2019)We propose a method to quantify narratives from textual data in a structured manner, and identify what we label "narrative monetary policy surprises" as the change in economic media coverage that can be explained by central ... -
Nåverdien av statens investeringer i og støtte til norske banker
(Arbeidsnotater;6/2003, Working paper, 2003)Under bankkrisen på slutten av 1980-tallet og begynnelsen av 1990-tallet bidro Statens Banksikringsfond, Statens Bankinvesteringsfond og Norges Bank med støtte til og investeringer i norske forretnings- og sparebanker. Jeg ... -
Negative Nominal Interest Rates and the Bank Lending Channel
(Working Paper;4/2019, Working paper, 2019)Following the crisis of 2008, several central banks engaged in a new experiment by setting negative policy rates. Using aggregate and bank level data, we document that deposit rates stopped responding to policy rates once ... -
New Perspectives on Capital and Sticky Prices
(Working Papers;3/2004, Working paper, 2004)We model capital accumulation in a dynamic New-Keynesian model with staggered price setting à la Calvo. It is assumed that firms do not have access to a rental market for capital. We compare our model with an alternative ... -
New Perspectives on Depreciation Shocks as a Source of Business Cycle Fluctuations
(Working Papers;2/2011, Working paper, 2011)In this paper we study the transmission for capital depreciation shocks. The existing literature in the Real Business Cycle tradition has concluded that these shocks are irrelevant for business cycle fluctuations. We show ... -
News media vs. FRED-MD for macroeconomic forecasting
(Working Paper;14/2020, Working paper, 2020)Using a unique dataset of 22.5 million news articles from the Dow Jones Newswires Archive, we perform an in depth real-time out-of-sample forecasting comparison study with one of the most widely used data sets in the newer ... -
News-Driven Inflation Expectations and Information Rigidities
(Working Paper;5/2019, Working paper, 2019)We investigate the role played by the media in the expectations formation process of households. Using a novel news-topic-based approach we show that news types the media choose to report on, e.g., fiscal policy, health, ... -
Non-Linear Dynamics in Output, Real Exchange Rates and Real Money Balances: Norway, 1830-2003
(Working Papers;2/2005, Working paper, 2005)We characterise the behaviour of Norwegian output, the real exchange rate and real money balances over a period of almost two centuries. The empirical analysis is based on a new annual data set that has recently been ... -
Non-standard errors
(Working paper;13/2021, Working paper, 2021)In statistics, samples are drawn from a population in a datagenerating process (DGP). Standard errors measure the uncertainty in sample estimates of population parameters. In science, evidence is generated to test hypotheses ... -
Nonlinear transmission of financial shocks: Some new evidence
(Working paper;3/2022, Working paper, 2022)Financial shocks generate a protracted and quantitatively important effect on real economic activity and financial markets only if the shocks are both negative and large. Otherwise, their role is quite modest. Financial ... -
Norges Bank 1999-2010: Governance and Structural Reforms
(Working Papers;16/2012, Working paper, 2012)In 1999 Norges Bank employed 1150 persons and had 12 regional branches located in various cities across the country. In 2010, the regional branches had all been closed and the traditional central bank staff had been reduced ... -
Norges Bank Output Gap Estimates: Forecasting Properties, Reliability and Cyclical Sensitivity
(Working Paper;7/2020, Working paper, 2020)This paper documents the suite of models used by Norges Bank to estimate the output gap. The models are estimated using data on GDP, unemployment, inflation, wages, investment, house prices and credit. We evaluate the ... -
Norwegian Banks in a Recession: Procyclical Implications of Basel II
(Working Papers;4/2009, Working paper, 2009)While the new capital adequacy framework, Basel II, aims to make the banks’ capital requirements more sensitive to the underlying risk of the assets, it may also introduce an additional source of procyclicality in the ... -
Norwegian Gross Domestic Product by Industry 1830 - 1930
(Working Papers;19/2015, Working paper, 2015)The present paper offers new knowledge of historical national accounting in Norway in several ways. Firstly, a new and novel set of annual gross domestic product series by industry are presented for the period 1830-1930. ... -
Norwegian Interbank Market’s Response to Changes in Liquidity Policy
(Working Papers;7/2017, Working paper, 2017)We investigate pricing and activity in the Norwegian unsecured overnight interbank market in response to a shift in the central bank's liquidity policy. In October 2011, to encourage interbank trading, banks were allotted ... -
The Norwegian overnight interbank market during the Covid pandemic
(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 ...