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    • Policy Analysis in Real Time Using IMF's Monetary Model 

      Akram, Q. Farooq (Working Papers;10/2010, Working paper, 2010)
      We investigate to what extent estimated relationships of the IMF’s monetary model and their policy implications are sample dependent. This model constitutes the core of the IMF’s financial programming models for developing ...

    • Policy Rules and External Shocks 

      Ball, Laurence (Working Papers;3/2001, Working paper, 2001)
      The decade since 1990 has been a period of innovation in monetary policy. Around the world, many countries have adopted inflation targeting as their basic policy framework. Different countries have tried different techniques ...

    • Portfolio Choice When Managers Control Returns 

      Matsen, Egil (Working Papers;15/2005, Working paper, 2005)
      This paper investigates the allocation decision of an investor with two projects. Separate managers control the mean return from each project, and the investor may or may not observe the managers’ actions. We show that the ...

    • PPP Despite Real Shocks: An Empirical Analysis of the Norwegian Real Exchange Rate 

      Akram, Q. Farooq (Working Papers;7/2000, Working paper, 2000)
      Despite the emerging consensus on the validity of purchasing power parity (PPP) between trading countries in the long run, empirical evidence in favour of the PPP theory is scarce in data predominantly exposed to real ...

    • PPP in the Medium Run Despite Oil Shocks: The Case of Norway 

      Akram, Q. Farooq (Working Papers;4/2002, Working paper, 2002)
      Existing studies generally reject purchasing power parity (PPP) on datasets from countries that have been affected by large real shocks, including Norway. However, we offer strong evidence of PPP between Norway and its ...

    • Price Adjustments and Inflation - Evidence from Norwegian Consumer Price Data 1975-2004 

      Wulfsberg, Fredrik (Working Papers;11/2009, Working paper, 2009)
      I document price adjustments in both high and low inflation years from 14 milllion monthly price observations of 1,133 goods and services. The variation in the frequency of price changes explains all the variation in the ...

    • The Price Responsiveness of Shale Producers: Evidence from Micro Data 

      Aastveit, Knut Are; Bjørnland, Hilde C.; Gundersen, Thomas S. (Working paper;10/2022, Working paper, 2022)
      We show that shale oil producers respond positively to favourable oil price signals, and that this response is mainly associated with the timing of production decisions through well completion and refracturing, consistent ...

    • Price Stability and Inflation Persistence During the International Gold Standard: The Scandinavian Case 

      Grytten, Ola Honningdal; Hunnes, Arngrim (Working Papers;20/2009, Working paper, 2009)
      In the 1870s the three Scandinavian countries Denmark, Norway and Sweden formed the Scandinavian Currency Union. Both the adoption of gold and the monetary union were supposed to lead to price stability in and between these ...

    • Price-Level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps 

      Alstadheim, Ragna; Henderson, Dale (Working Papers;3/2006, Working paper, 2006)
      We consider standard monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments using a flexible-price, perfect foresight model. There is always a locally-unique target equilibrium. ...

    • Price-setting in the foreign exchange swap market: Evidence from order flow 

      Syrstad, Olav; Viswanath-Natraj, Ganesh (Working Paper;16/2020, Working paper, 2020)
      This paper investigates price discovery in foreign exchange (FX) swaps. Using data on inter-dealer transactions, we find that a 1 standard deviation increase in order flow (i.e. net pressure to obtain USD through FX swaps) ...

    • Pricing in the Norwegian Interbank Market – the Effects of Liquidity and Implicit Government Support 

      Akram, Q. Farooq; Christophersen, Casper (Working Papers;2/2016, Working paper, 2016)
      We investigate the effects of central bank liquidity and possible implicit government guarantees against default on Norwegian overnight interbank interest rates. We conduct an econometric study of these interest rates over ...

    • Progress from Forecast Failure — the Norwegian Consumption Function 

      Eitrheim, Øyvind; Jansen, Eilev S.; Nymoen, Ragnar (Working Papers;10/2000, Working paper, 2000)
      After a forecast failure, a respecification is usually necessary to account for the data ex post, in which case there is a gain in knowledge as a result of the forecast failure. Using Norwegian consumption as an example, ...

    • Pursuing Financial Stability Under an Inflation-Targeting Regime 

      Akram, Q. Farooq; Bårdsen, Gunnar; Lindquist, Kjersti-Gro (Working Papers;8/2006, Working paper, 2006)
      We evaluate two main views on pursuing financial stability within a flexible inflation-targeting regime. It appears that potential gains from an activist or precautionary approach to promoting financial stability are highly ...

    • Quantifying time-varying forecast uncertainty and risk for the real price of oil 

      Aastveit, Knut Are; Cross, Jamie L.; van Dijk, Herman K. (Working Paper;3/2021, Working paper, 2021)
      We propose a novel and numerically efficient quantification approach to forecast uncertainty of the real price of oil using a combination of probabilistic individual model forecasts. Our combination method extends earlier ...

    • R&D Heterogeneity and Its Implications for Growth 

      Galaasen, Sigurd Mølster; Irarrazabal, Alfonso (Working Papers;15/2016, Working paper, 2016)
      This paper quantifies the determinants of heterogeneity in R&D investment and its implications for growth. Using a panel of Norwegian manufacturing firms we document a negative correlation between R&D intensity and firm ...

    • RBCs and DSGEs: The Computational Approach to Business Cycle Theory and Evidence 

      Karagedikli, Özer; Matheson, Troy; Smith, Christie; Vahey, Shaun P. (Working Papers;17/2008, Working paper, 2008)
      Real Business Cycle (RBC) and Dynamic Stochastic General Equilibrium (DSGE) methods have become essential components of the macroeconomist’s toolkit. This literature review stresses recently developed techniques for ...

    • Real and Financial Tradeoffs in Non-Listed Firms: Cash Flow Sensitivities and How They Change with Shocks to Firms' Main-Bank 

      Ostergaard, Charlotte; Sasson, Amir; Sørensen, Bent E. (Working Papers;27/2010, Working paper, 2010)
      We study how non-listed firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash ...

    • Real-Time Inflation Forecasting in a Changing World 

      Groen, Jan J. J.; Paap, Richard; Ravazzolo, Francesco (Working Papers;16/2009, Working paper, 2009)
      This paper revisits inflation forecasting using reduced form Phillips curve forecasts, i.e., inflation forecasts using activity and expectations variables. We propose a Phillips curve-type model that results from averaging ...

    • Regional US House Price Formation: One Model Fits All? 

      Anundsen, André K.; Heebøll, Christian (Working Papers;8/2014, Working paper, 2014)
      Does a "one model fits all" approach apply to the econometric modeling of regional house price determination? To answer this question, we utilize a panel of 100 US Metropolitan Statistical Areas over the period 1980q1-2010q2. ...

    • Rente og inflasjon 

      Bårdsen, Gunnar; Nymoen, Ragnar (Arbeidsnotater;2/2002, Working paper, 2002)
      Vi kartlegger årsakssammenhengen mellom pengemarkedsrenten og inflasjon gjennom en makroøkonometrisk modell. Modellen belyser også hvilke typer sjokk en har størst mulighet til å nøytralisere ved hjelp av moderate ...