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Testing Steady-State Implications for the NAIRU
(Working Papers;3/2000, Working paper, 2000)Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price ... -
Testing the New Keynesian Phillips Curve
(Working Papers;5/2002, Working paper, 2002)The dynamic properties of the The New Keynesian Phillips curve (NPC) is analysed within the framework of a small system of linear difference equations. We evaluate the empirical results of existing studies which uses ... -
The Bank of England as the World Gold Market-Maker During the Classical Gold Standard Era, 1889-1910
(Working Papers;15/2012, Working paper, 2012)This paper studies the microfoundations of the so-called "gold device" policy by analysing a new dataset on the Bank of England's operations in the gold market at the heyday of the classical gold standard. It explains that ... -
The Choice of Monetary Policy Regime for Small Open Economies
(Working Papers;5/2000, Working paper, 2000)The paper analyses alternative monetary policy regimes within a simple, estimated macroeconomic model with a traded and a non-traded sector. Two general classes of regimes are considered, inflation targeting and exchange ... -
The consumption function in Norway. Breakdown and reconstruction
(Working Papers;7/1989, Working paper, 1989)In the mid-eighties econometric forecasts and ex post simulations of private consumption in Norway began to show clear signs of "structural breakdown" .This evidence lends itself to two interpretations, distinct in their ... -
The Costs of Price Stability – Downward Nominal Wage Rigidity in Europe
(Working Papers;8/2002, Working paper, 2002)In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. If inflation is so low that nominal wages have to be cut, the workers have strategic advantage ... -
The Daily Liquidity Effect in a Floor System – Empirical Evidence from the Norwegian Market
(Working Papers;14/2012, Working paper, 2012)This paper analyses the liquidity effect in Norway by examining the relationship between a range of liquidity variables and five different measures of the short-term interbank premium. The models are estimated on data from ... -
The Decentralised Central Bank: Regional Bank Rate Autonomy in Norway, 1850-1892
(Working Papers;20/2015, Working paper, 2015)Before 1893 the regional branches of Norges Bank set their own bank rates. We discuss how bank rate autonomy could be reconciled with the fixed exchange rate commitments of the silver and gold standard. Although the ... -
The Degree of Independence in European Goods Markets: An I(2) Analysis of German and Norwegian Trade Data
(Working Papers;19/2004, Working paper, 2004)It is almost common knowledge that foreign trade in Europe is characterized by an acceptance of prices set by the world market. Coupled with a constant profit share in domestic sectors this makes European exports vulnerable ... -
The Discursive Dilemma in Monetary Policy
(Working Papers;5/2010, Working paper, 2010)The discursive dilemma implies that the policy decision of a board of policymakers depends on whether the board reaches the decision by voting directly on policy (conclusion-based procedure), or by voting on the premises ... -
The Dynamics of Operating Income in the Norwegian Banking Sector
(Working Papers;13/2008, Working paper, 2008)The banking literature contains only a handful of studies of how bank revenues vary over the business cycle, and nearly all of these studies look exclusively on the net interest margin. The general conclusion has been that ... -
The Effect of New Technology in Payment Services on Banks' Intermediation
(Working Papers;6/2002, Working paper, 2002)In many countries, payment services in banking have shifted from paper-based giro and cheque payments to electronic giro and debit card payments. This paper analyses the effect of this change in payment technology within ... -
The End of the Waterfall: Default Resources of Central Counterparties
(Working Papers;16/2015, Working paper, 2015)Central counterparties (CCPs) have become pillars of the new global financial architecture following the financial crisis of 2008. The key role of CCPs in mitigating counterparty risk and contagion has in turn cast them ... -
The Flows of the Pacific: Asian Foreign Exchange Markets Through Tranquility and Turbulence
(Working Papers;1/2012, Working paper, 2012)Using the longest data set on FX order flow to date, along with the broadest coverage of currencies to date, we examine the effect of FX order flow on exchange rates across small and large currencies, currencies with ... -
The Generic Properties of Equilibrium Correction Mechanisms
(Working Papers;8/1999, Working paper, 1999)Linear dynamic equilibrium correction mechanisms are shown to follow from the discretisation of continuous economic processes with steady-state solutions. In addition, the proposed procedure provides testable restrictions ... -
The global financial cycle, bank capital flows and monetary policy. Evidence from Norway
(Working papers;2/2018, Working paper, 2018)We investigate the importance of a global financial cycle for gross capital inflows based on monthly balance sheet data for Norwegian banks. The VIX index has been interpreted as an “investor fear gauge” and associated ... -
The Hidden Costs of Hidden Debt
(Working Papers;22/2011, Working paper, 2011)We report evidence that salience may have economically significant effects on homeowners’ borrowing behavior, through a bias in favour of less salient but more costly loans. Survey evidence corroborates the existence of ... -
The Historical Connection Between Short Term Output and Prices in a Small Open Economy
(Working Papers;21/2009, Working paper, 2009)According to a Keynesian view, short term output fluctuations are normally demand side led. Since prices reflect demand, they should mirror output fluctuations. Thus, prices and output are expected to move in the same ... -
The Impact of House Prices on Household Debt When Controlling for Home Ownership
(Working Papers;8/2011, Working paper, 2011)We analyze the effect of house price changes on debt secured on dwellings in Norway. To this end, we use both macro time series and micro panel data. With the intention of being both a cross-check and motivation for the ... -
The Impact of the Term Auction Facility on the Liquidity Risk Premium and Unsecured Interbank Spreads
(Working Papers;7/2014, Working paper, 2014)This paper investigates the effectiveness of the Federal Reserve's Term Auction Facility (TAF) in alleviating the liquidity shortage in USD and reducing the spread between the 3-month Libor rate and the expected policy ...