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Consumption and Population Age Structure
(Working Papers;22/2004, Working paper, 2004)In this paper the effects on aggregate consumption of changes in the age distribution of the population are analysed empirically. Economic theories predict that age influences individuals’ saving and consumption behaviour. ... -
Contributions to a History of Prices in Norway: Monthly Price Indices, 1777-1920
(Working Papers;23/2013, Working paper, 2013)This study reports the outcome of an effort to collect market price data for Norway with a view to constructing monthly price indices from the year 1777 to 1920. The material covers data on commodity prices from agriculture, ... -
Coordination, Fair Treatment and Inflation Persistence
(Working Papers;15/2002, Working paper, 2002)Most wage-contracting models with rational expectations fail to replicate the persistence in inflation observed in the data. We argue that coordination problems and multiple equilibria are the keys to explaining inflation ... -
Costs and Income in the Norwegian Payment System 2001. An Application of the Activity Based Costing Framework
(Working Papers;8/2003, Working paper, 2003)This paper summarizes a survey of costs and income in the payment system of Norwegian banks in 2001. The cost analysis was carried out by using the activity based costing (ABC) framework. The results from this analysis are ... -
Countercyclical capital requirement reductions, state dependence and macroeconomic outcomes
(Working Paper;9/2020, Working paper, 2020)We use bank-, loan- and firm-level data together with a quasi-natural experiment to estimate the impact of capital requirement reductions on bank lending and real economic outcomes. We find that capital requirement reductions ... -
Covered bonds and bank portfolio rebalancing
(Working Paper;6/2021, Working paper, 2021)We use administrative and supervisory data at the bank and loan level to investigate the impact of the introduction of covered bonds on the composition of bank balance sheets and bank risk. Covered bonds, despite being ... -
Covered Interest Parity in long-dated securities
(Working Paper;11/2020, Working paper, 2020)This paper investigates the validity of Covered Interest Rate Parity (CIP) in longdated fixed income securities. I show that common measures of CIP rely on trading strategies subject to rollover risk and credit risk, or ... -
Criteria for “good” justifications
(Working papers;6/2018, Working paper, 2018)Many institutions in a democratic society wield important power by virtue of the decisions they make. These decisions may concern individuals or have a more general impact on society. It goes without saying today that this ... -
Critical Realism and Econometrics
(Working Papers;4/2003, Working paper, 2003)In "Economics and Reality" (1997) Tony Lawson advocates a perspective on social reality labelled critical realism. Critical realism maintains that strict regularities between observable events are the exception rather than ... -
Cross-Boarder Diversification in Bank Asset Portfolios
(Working Papers;11/2004, Working paper, 2004)Taking the mean-variance portfolio model as a benchmark, we compute the optimally diversified portfolio for banks located in France, Germany, the U.K., and the U.S. under different assumptions about currency hedging. We ... -
Dealer Behavior and Trading Systems in Foreign Exchange Markets
(Working Papers;10/2003, Working paper, 2003)We study dealer behavior in the foreign exchange spot market using a detailed data set on the complete transactions of four dealers. There is strong support for an information effect in incoming trades. Although there is ... -
The decline of the labor share: new empirical evidence
(Working Paper;18/2019, Working paper, 2019)We estimate a structural vector autoregressive model in order to quantify four main explanations for the decline of the US labor income share: (i) rising market power of firms, (ii) falling market power of workers, (iii) ... -
Density Forecasts with Midas Models
(Working Papers;10/2014, Working paper, 2014)In this paper we derive a general parametric bootstrapping approach to compute density forecasts for various types of mixed-data sampling (MIDAS) regressions. We consider both classical and unrestricted MIDAS regressions ... -
Detecting Imbalances in House Prices: What Goes up Must Come Down?
(Working Papers;11/2016, Working paper, 2016)With the aid of econometric modeling, I investigate whether rapidly increasing house prices necessarily imply the existence of a bubble that will eventually burst. I consider four alternative econometric methods to construct ... -
Did monetary policy kill the Phillips Curve? Some simple arithmetics
(Working paper;2/2023, Working paper, 2023)An apparent disconnect has taken place between inflation and economic activity in the US over the last 25 years, with price inflation remaining remarkably stable in spite of large fluctuations in the output gap and other ... -
Did Us Consumers ”Save for a Rainy Day” Before the Great Recession?
(Working Papers;8/2015, Working paper, 2015)The 'saving for a rainy day' hypothesis implies that households' saving decisions reflect that they can (rationally) predict future income declines. The empirical relevance of this hypothesis plays a key role in discussions ... -
Disability Benefits, Consumption Insurance, and Household Labor Supply
(Working Papers;16/2017, Working paper, 2017)While a mature literature finds that Disability Insurance (DI) receipt discourages work, the welfare implications of these findings depend on two rarely studied economic quantities: the full cost of DI allowances to ... -
Disclosing the Undisclosed: Commercial Paper As Hidden Liquidity Suffers
(Working paper;16/2021, Working paper, 2021)Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on ... -
Dissecting the 2007-2009 Real Estate Market Bust: Systematic Pricing Correction or Just a Housing Fad?
(Working Papers;22/2013, Working paper, 2013)We use Bayesian methods to estimate a multi-factor linear asset pricing model characterized by structural instability in factor loadings, idiosyncratic variances, and factor risk premia. We use such a framework to investigate ... -
Dividend Signaling and Bank Payouts in the Great Financial Crisis
(Working paper;9/2022, Working paper, 2022)We study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference-in-differences methodology, we shows that banks with higher share of short-term liabilities to total liabilities, which were ...