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    • The Ownership Structure of Repurchasing Firms 

      Skjeltorp, Johannes A.; Ødegaard, Bernt Arne (Working Papers;7/2004, Working paper, 2004)
      This paper provides an examination of the ownership structure in Norwegian firms that announced repurchase plans during the period 1999 through 2001, as well as for groups of these firms conditional on whether they actually ...

    • The Performance of Inflation Forecast Feedback Rules in Small Open Economies 

      Leitemo, Kai (Working Papers;11/2000, Working paper, 2000)
      This paper examines the performance of inflation forecast feedback rules in a two-sector, calibrated model of the U.K. economy. Under such rules, the interest rate responds to the deviation of the unchanged-interest-rate ...

    • The Political Economy of Fiscal Deficits and Government Production 

      Natvik, Gisle James (Working Papers;7/2009, Working paper, 2009)
      This paper analyzes a framework where policymakers decide how to spend public resources on physical capital and labor in order to produce two public goods. Candidate policymakers disagree about which goods to produce, and ...

    • The Power of Weather. Some Empirical Evidence on Predicting Day-Ahead Power Prices Through Weather Forecasts 

      Huurman, Christian; Ravazzolo, Francesco; Zhou, Chen (Working Papers;8/2008, Working paper, 2008)
      This paper examines the predictive power of weather for electricity prices in day-ahead markets in real time. We find that next-day weather forecasts improve the forecast accuracy of day-ahead electricity prices substantially, ...

    • The Price Puzzle: Mixing the Temporary and Permanent Monetary Policy Shocks 

      Bache, Ida Wolden; Leitemo, Kai (Working Papers;18/2008, Working paper, 2008)
      We argue that the correct identification of monetary policy shocks in a vector autoregression requires that the identification scheme distinguishes between permanent and transitory monetary policy shocks. The permanent ...

    • The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933 

      Bordo, Michael D.; Wheelock, David C. (Working Papers;1/2011, Working paper, 2011)
      This paper examines the origins and early performance of the Federal Reserve as lender of last resort. The Fed was established to overcome the problems of the National Banking era, in particular an “inelastic” currency and ...

    • The R Package Mitisem: Efficient and Robust Simulation Procedures for Bayesian Inference 

      Basturk, Nalan; Grassi, Stefano; Hoogerheide, Lennart; Opschoor, Anne; van Dijk, Herman K. (Working Papers;10/2017, Working paper, 2017)
      This paper presents the R package MitISEM (mixture of t by importance sampling weighted expectation maximization) which provides an automatic and flexible two-stage method to approximate a non-elliptical target density ...

    • The Relation Between Banks' Funding Costs, Retail Rates and Loan Volumes: An Analysis of Norwegian Bank Micro Data 

      Raknerud, Arvid; Vatne, Bjørn Helge (Working Papers;17/2012, Working paper, 2012)
      We use a dynamic factor model and a detailed panel data set for six Norwegian bank groups to analyze i) how funding costs affect retail loan rates and ii) how retail rate differences between banks affect market shares. The ...

    • The Relationship Between Bankruptcy Risk and Growth for Non-Listed Firms 

      Nordal, Kjell Bjørn; Næs, Randi (Working Papers;31/2010, Working paper, 2010)
      We investigate the relationship between bankruptcy risk and expected future sales growth for Norwegian non-listed firms for the period 1988-2007. We find that firms with high bankruptcy risk also have high expected future ...

    • The Risk Components of Liquidity 

      Chollete, Lorán; Næs, Randi; Skjeltorp, Johannes A. (Working Papers;3/2008, Working paper, 2008)
      Does liquidity risk differ depending on our choice of liquidity proxy? Unlike literature that considers common liquidity variation, we focus on identifying different components of liquidity, statistically and economically, ...

    • The Risk-Taking Channel of Monetary Policy in Norway 

      Karapetyan, Artashes (Working Papers;5/2016, Working paper, 2016)
      We identify the effects of monetary policy on credit risk-taking using a unique dataset covering the population of corporate borrowers in Norway. We find that a lower benchmark interest rate (interbank rates or overnight ...

    • The Role of House Prices in the Monetary Policy Transmission Mechanism in Small Open Economies 

      Bjørnland, Hilde C.; Jacobsen, Dag Henning (Working Papers;6/2009, Working paper, 2009)
      We analyse the role of house prices in the monetary policy transmission mechanism in Norway, Sweden and the UK using structural VARs. A solution is proposed to the endogeneity problem of identifying hocks to interest rates ...

    • The Role of House Prices in the Monetary Policy Transmission Mechanism in the U.S. 

      Bjørnland, Hilde C.; Jacobsen, Dag Henning (Working Papers;24/2008, Working paper, 2008)
      We analyze the role of house prices in the monetary policy transmission mechanism in the U.S. using structural VARs. The VAR is identified using a combination of short-run and long-run (neutrality) restrictions, allowing ...

    • The Role of Oil Prices and Monetary Policy in the Norwegian Economy Since the 1980s 

      Akram, Q. Farooq; Mumtaz, Haroon (Working Papers;1/2016, Working paper, 2016)
      We use a TVP-VAR model to investigate possible changes in the time series properties of key Norwegian macroeconomic variables since the 1980s. The sample period is characterised by deregulation, globalization, sizable ...

    • The Taylor Principle in a Medium-Scale Macroeconomic Model 

      Sveen, Tommy; Weinke, Lutz (Working Papers;9/2010, Working paper, 2010)
      The Taylor Principle is often used to explain macroeconomic stability (see, e.g., Clarida et al. 2000). The reason is that this simple principle guarantees determinacy, i.e., local uniqueness of rational expectations ...

    • The World Is Not Enough! Small Open Economies and Regional Dependence 

      Aastveit, Knut Are; Bjørnland, Hilde C.; Thorsrud, Leif Anders (Working Papers;16/2011, Working paper, 2011)
      This paper bridges the new open economy factor augmented VAR (FAVAR) studies with the recent findings in the business cycle synchronization literature emphasizing the importance of regional factors. That is, we estimate ...

    • The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve 

      Alstadheim, Ragna (Working Papers;13/2010, Working paper, 2010)
      With sticky prices, optimizing agents and money in the utility function, I derive the exact analytical solution for optimal monetary policy given a zero lower bound (ZLB) on the interest rate. The Phillips curve is ...

    • Third-Order Approximation of Dynamic Models Without the Use of Tensors 

      Binning, Andrew (Working Papers;13/2013, Working paper, 2013)
      I outline a new method for finding third-order accurate solutions to dynamic general equilibrium models. I extend the Gomme & Klein (2011) solution for second-order approximations without using tensors, to a third-order. ...

    • Top Incomes, Rising Inequality, and Welfare 

      Lansing, Kevin J.; Markiewicz, Agnieszka (Working Papers;10/2012, Working paper, 2012)
      This paper develops a general-equilibrium model of skill-biased technological change that approximates the observed shifts in the shares of wage and non-wage income going to the top decile of U.S. households since 1980. ...

    • Trade conflicts and credit supply spillovers : Evidence from the Nobel Peace Prize trade shock 

      Cao, Jin; Dinger, Valeriya; Juelsrud, Ragnar E.; Liaudinskas, Karolis (Working paper;6/2023, Working paper, 2023)
      In this paper, we examine how a trade conflict’s impact on the real economy can be amplified by financial intermediaries. After China’s implicit ban on the imports of Norwegian salmon in response to the decision on 2010 ...