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    • The Decentralised Central Bank: Regional Bank Rate Autonomy in Norway, 1850-1892 

      Klovland, Jan Tore; Øksendal, Lars Fredrik (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 

      Hammersland, Roger (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 

      Claussen, Carl Andreas; Røisland, Øistein (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 

      Andersen, Henrik; Berg, Sigbjørn Atle; Jansen, Eilev S. (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 

      Lindquist, Kjersti-Gro (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 

      Cont, Rama (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 

      Rime, Dagfinn; Tranvåg, Hans Jørgen (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 

      Bårdsen, Gunnar; Hurn, Stan; Lindsay, Kenneth (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 

      Alstadheim, Ragna; Blandhol, Christine (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 

      Almenberg, Johan; Karapetyan, Artashes (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 

      Grytten, Ola Honningdal; Hunnes, Arngrim (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 

      Jacobsen, Dag Henning; Vatne, Bjørn Helge (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 

      Syrstad, Olav (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 ...

    • The Influence of the Taylor Rule on US Monetary Policy 

      Ilbas, Pelin; Røisland, Øistein; Sveen, Tommy (Working Papers;4/2013, 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 ...

    • The Information Content of Market Liquidity: An Empirical Analysis of Liquidity at the Oslo Stock Exchange? 

      Skjeltorp, Johannes A.; Ødegaard, Bernt Arne (Working Papers;26/2009, Working paper, 2009)
      We investigate the information content of aggregate stock market liquidity and ask whether it may be a useful realtime indicator, both for financial stress, and real economic activity in Norway. We describe the development ...

    • The International Monetary System, 1844-1870: Arbitrage, Efficiency, Liquidity 

      Ugolini, Stefano (Working Papers;23/2010, Working paper, 2010)
      This paper analyses the architecture of the international monetary system which preceded the international gold standard (1844-1870). It builds on a newly-created database made up of more than 100,000 weekly observations ...

    • The Long-Run Exchange Rate for NOK: A BEER Approach 

      Alstad, Geir E. (Working Papers;19/2010, Working paper, 2010)
      This paper investigates a long-run relation for the trade weighted NOK exchange rate. I find that the NOK Trade Weighted Index (TWI) cointegrates with the real oil price, the price differential and the real interest ...

    • The Macroeconomic Forecasting Performance of Autoregressive Models with Alternative Specifications of Time-Varying Volatility 

      Clark, Todd E.; Ravazzolo, Francesco (Working Papers;9/2012, Working paper, 2012)
      This paper compares alternative models of time-varying macroeconomic volatility on the basis of the accuracy of point and density forecasts of macroeconomic variables. In this analysis, we consider both Bayesian autoregressive ...

    • The Market Impact and Timing of Open Market Share Repurchases in Norway 

      Skjeltorp, Johannes A. (Working Papers;8/2004, Working paper, 2004)
      This paper examines a detailed dataset on open market repurchase announcements and actual repurchases conducted by Norwegian firms during the period 1998-2001. Firms that announce a repurchase plan experience a positive ...

    • The Market Microstructure Approach to Foreign Exchange: Looking Back and Looking Forward 

      King, Michael R.; Osler, Carol; Rime, Dagfinn (Working Papers;12/2013, Working paper, 2013)
      Research on foreign exchange market microstructure stresses the importance of order flow, heterogeneity among agents, and private information as crucial determinants of short-run exchange rate dynamics. Microstructure ...