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    • 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 ...

    • U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income 

      Demyanyk, Yuliya; Ostergaard, Charlotte; Sørensen, Bent E. (Working Papers;9/2006, Working paper, 2006)
      We estimate the effects of deregulation of U.S. banking restrictions on the amount of interstate personal income insurance during the period 1970–2001. Interstate income insurance occurs when personal income reacts less ...

    • Underidentified SVAR Models: A Framework for Combining Short and Long-Run Restrictions with Sign-Restrictions 

      Binning, Andrew (Working Papers;14/2013, Working paper, 2013)
      I describe a new method for imposing zero restrictions (both short and long-run) in combination with conventional sign-restrictions. In particular I extend the Rubio-Ramirez et al. (2010) algorithm for applying short and ...

    • Unemployment. Labour Market Programmes and Wages in Norway 

      Wulfsberg, Fredrik; Raaum, Oddbjørn (Working Papers;11/1997, Working paper, 1997)
      The Norwegian authorities pursue active labour market policies to fight unemployment by qualifying the unemployed in a wide range of programmes. We discuss theoretically and investigate empirically the effects such policies ...

    • Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium 

      Ugolini, Stefano (Working Papers;21/2010, Working paper, 2010)
      This paper proposes a reassessment of the old-age debate on universal banking and growth by putting it on a different plan. Modern financial economics are used to provide new theoretical foundations to Gerschenkron’s (1962) ...

    • Using Low Frequency Information for Predicting High Frequency Variables 

      Foroni, Claudia; Guérin, Pierre; Marcellino, Massimiliano (Working Papers;13/2015, Working paper, 2015)
      We analyze how to incorporate low frequency information in models for predicting high frequency variables. In doing so, we introduce a new model, the reverse unrestricted MIDAS (RU-MIDAS), which has a periodic structure ...

    • Volume and Volatility in the FX Market: Does It Matter Who You Are? 

      Bjønnes, Geir Høidal; Rime, Dagfinn; Solheim, Haakon (Working Papers;7/2003, Working paper, 2003)
      The relationship between volume and volatility has received much attention in the literature on financial markets. However, due to the lack of data, few results have been presented for the foreign exchange (FX) market. ...

    • Voting When the Stakes Are High 

      Andersen, Jørgen Juel; Fiva, Jon H.; Natvik, Gisle James (Working Papers;15/2010, Working paper, 2010)
      Rational choice theories of electoral participation stress that an individual's decision to vote depends on her expected net benefit from doing so. If this instrumental motive is relevant, then turnout should be higher in ...

    • Wage Formation Under Low Inflation 

      Holden, Steinar (Working Papers;14/2004, Working paper, 2004)
      This paper reviews the literature on the effects of low steady-state inflation on wage formation, focusing on four different effects. First, under low inflation, downward nominal wage rigidity (DNWR) may prevent real wage ...

    • Wage Rigidity, Institutions, and Inflation 

      Holden, Steinar; Wulfsberg, Fredrik (Working Papers;2/2009, Working paper, 2009)
      A number of recent studies have documented extensive downward nominal wage rigidity (DNWR) for job stayers in many OECD countries. However, DNWR for individual workers may induce downward rigidity or “a floor” for the ...

    • Wages and Profitability: Norwegian Manufacturing 1967Q1 - 1998Q2 

      Bjørnstad, Roger; Nymoen, Ragnar (Working Papers;7/1999, Working paper, 1999)
      Economic theories of imperfectely competitive labour markets predict that wages are linked to profits. In spite of this, profit variables are not explicitely specified in empirical models of wage formation that otherwise ...

    • Weights and Pools for a Norwegian Density Combination 

      Bjørnland, Hilde C.; Gerdrup, Karsten R.; Smith, Christie; Jore, Anne Sofie; Thorsrud, Leif Anders (Working Papers;6/2010, Working paper, 2010)
      We apply a suite of models to produce quasi-real-time density forecasts of Norwegian GDP and inflation, and evaluate different combination and selection methods using the Kullback-Leibler information criterion (KLIC). We ...

    • What Captures Liquidity Risk? a Comparison of Trade and Order Based Liquidity Factors 

      Chollete, Lorán; Næs, Randi; Skjeltorp, Johannes A. (Working Papers;3/2007, Working paper, 2007)
      Is the effect of liquidity risk on asset prices sensitive to our choice of liquidity proxy? In addressing this fundamental question, we achieve two main results. First, when we estimate factor models on a broad range of ...

    • What Determines Banks’ Market Power? Akerlof versus Herfindahl 

      Kim, Moshe; Kristiansen, Eirik Gaard; Vale, Bent (Working Papers;8/2005, Working paper, 2005)
      We introduce a model analyzing how asymmetric information problems in a bank-loan market may evolve over the age of a borrowing firm. The model predicts a life-cycle pattern for banks’ interest rate markup. Young firms pay ...

    • What Do We Really Know About the Long-Term Evolution of Central Banking? Evidence from the Past, Insights for the Present 

      Ugolini, Stefano (Working Papers;15/2011, Working paper, 2011)
      The ongoing financial crisis is shaking central bankers’ certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the ...

    • What Drives Oil Prices? Emerging Versus Developed Economies 

      Aastveit, Knut Are; Bjørnland, Hilde C.; Thorsrud, Leif Anders (Working Papers;11/2012, Working paper, 2012)
      We analyze the importance of demand from emerging and developed economies as drivers of the real price of oil over the last two decades. Using a factor-augmented vector autoregressive (FAVAR) model that allows us to ...