Now showing items 319-338 of 462

    • Parallel Sequential Monte Carlo for Efficient Density Combination: The DeCo MATLAB Toolbox 

      Casarin, Roberto; Grassi, Stefano; Ravazzolo, Francesco; van Dijk, Herman K. (Working Papers;11/2014, Working paper, 2014)
      This paper presents the MATLAB package DeCo (density combination) which is based on the paper by Billio, Casarin, Ravazzolo, and van Dijk (2013) where a constructive Bayesian approach is presented for combining predictive ...
    • Partially Censored Posterior for robust and efficient risk evaluation 

      Borowska, Agnieszka; Hoogerheide, Lennart; Koopman, Siem Jan; van Dijk, Herman K. (Working Paper;12/2019, Working paper, 2019)
      A novel approach to inference for a specific region of the predictive distribution is introduced. An important domain of application is accurate prediction of financial risk measures, where the area of interest is the left ...
    • Peer effects and debt accumulation: Evidence from lottery winnings 

      Gulbrandsen, Magnus A. H. (Working Paper;10/2021, Working paper, 2021)
      I estimate the effect of lottery winnings on peers' debt accumulation using administrative data from Norway. I identify neighbors of lottery winners, and estimate an average debt response of 2.1 percent of the lottery ...
    • Peer Monitoring vs. Search Costs in the Interbank Market: Evidence from Payment Flow Data in Norway 

      Findreng, Jon H. (Working Paper;2/2021, Working paper, 2021)
      Bilateral payment flows between banks may provide private information about a borrowing bank’s liquidity position. This paper analyses whether private information on the bilateral payment flow of central bank reserves ...
    • Pension Reform Disabled 

      Galaasen, Sigurd Mølster (Working Papers;20/2017, Working paper, 2017)
      Old-age pension reform is on the agenda across the OECD, and a key target is to delay retirement. Most of these countries also have a disability insurance (DI) program accounting for a large share of labor force exits. ...
    • Persistent Inefficient Redistribution 

      Claussen, Carl Andreas (Working Papers;11/2002, Working paper, 2002)
      Why do governments redistribute through indirect and inefficient means? An intuitive hypothesis is that it masks the real aim and cost of policy. In this paper we construct a dynamic model with an infinite horizon, political ...
    • Petro Populism 

      Matsen, Egil; Natvik, Gisle James; Torvik, Ragnar (Working Papers;6/2012, Working paper, 2012)
      We aim to explain petro populism - the excessive use of oil revenues to buy political support. To reap the full gains of natural resource income politicians need to remain in office over time. Hence, even a purely rent-seeking ...
    • Pitfalls in the Modelling of Forward-Looking Price Setting and Inverstment Behavior 

      Sveen, Tommy; Weinke, Lutz (Working Papers;1/2004, Working paper, 2004)
      We discuss some difficulties in a dynamic New-Keynesian model with staggered price setting à la Calvo and a convex capital adjustment cost at the firm level, as considered by Woodford (2003, Ch. 5). It is shown that the ...
    • Policy Analysis in Real Time Using IMF's Monetary Model 

      Akram, Q. Farooq (Working Papers;10/2010, Working paper, 2010)
      We investigate to what extent estimated relationships of the IMF’s monetary model and their policy implications are sample dependent. This model constitutes the core of the IMF’s financial programming models for developing ...
    • Policy Rules and External Shocks 

      Ball, Laurence (Working Papers;3/2001, Working paper, 2001)
      The decade since 1990 has been a period of innovation in monetary policy. Around the world, many countries have adopted inflation targeting as their basic policy framework. Different countries have tried different techniques ...
    • Portfolio Choice When Managers Control Returns 

      Matsen, Egil (Working Papers;15/2005, Working paper, 2005)
      This paper investigates the allocation decision of an investor with two projects. Separate managers control the mean return from each project, and the investor may or may not observe the managers’ actions. We show that the ...
    • PPP Despite Real Shocks: An Empirical Analysis of the Norwegian Real Exchange Rate 

      Akram, Q. Farooq (Working Papers;7/2000, Working paper, 2000)
      Despite the emerging consensus on the validity of purchasing power parity (PPP) between trading countries in the long run, empirical evidence in favour of the PPP theory is scarce in data predominantly exposed to real ...
    • PPP in the Medium Run Despite Oil Shocks: The Case of Norway 

      Akram, Q. Farooq (Working Papers;4/2002, Working paper, 2002)
      Existing studies generally reject purchasing power parity (PPP) on datasets from countries that have been affected by large real shocks, including Norway. However, we offer strong evidence of PPP between Norway and its ...
    • Price Adjustments and Inflation - Evidence from Norwegian Consumer Price Data 1975-2004 

      Wulfsberg, Fredrik (Working Papers;11/2009, Working paper, 2009)
      I document price adjustments in both high and low inflation years from 14 milllion monthly price observations of 1,133 goods and services. The variation in the frequency of price changes explains all the variation in the ...
    • The Price Responsiveness of Shale Producers: Evidence from Micro Data 

      Aastveit, Knut Are; Bjørnland, Hilde C.; Gundersen, Thomas S. (Working paper;10/2022, Working paper, 2022)
      We show that shale oil producers respond positively to favourable oil price signals, and that this response is mainly associated with the timing of production decisions through well completion and refracturing, consistent ...
    • Price Stability and Inflation Persistence During the International Gold Standard: The Scandinavian Case 

      Grytten, Ola Honningdal; Hunnes, Arngrim (Working Papers;20/2009, Working paper, 2009)
      In the 1870s the three Scandinavian countries Denmark, Norway and Sweden formed the Scandinavian Currency Union. Both the adoption of gold and the monetary union were supposed to lead to price stability in and between these ...
    • Price-Level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps 

      Alstadheim, Ragna; Henderson, Dale (Working Papers;3/2006, Working paper, 2006)
      We consider standard monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments using a flexible-price, perfect foresight model. There is always a locally-unique target equilibrium. ...
    • Price-setting in the foreign exchange swap market: Evidence from order flow 

      Syrstad, Olav; Viswanath-Natraj, Ganesh (Working Paper;16/2020, Working paper, 2020)
      This paper investigates price discovery in foreign exchange (FX) swaps. Using data on inter-dealer transactions, we find that a 1 standard deviation increase in order flow (i.e. net pressure to obtain USD through FX swaps) ...
    • Pricing in the Norwegian Interbank Market – the Effects of Liquidity and Implicit Government Support 

      Akram, Q. Farooq; Christophersen, Casper (Working Papers;2/2016, Working paper, 2016)
      We investigate the effects of central bank liquidity and possible implicit government guarantees against default on Norwegian overnight interbank interest rates. We conduct an econometric study of these interest rates over ...
    • Progress from Forecast Failure — the Norwegian Consumption Function 

      Eitrheim, Øyvind; Jansen, Eilev S.; Nymoen, Ragnar (Working Papers;10/2000, Working paper, 2000)
      After a forecast failure, a respecification is usually necessary to account for the data ex post, in which case there is a gain in knowledge as a result of the forecast failure. Using Norwegian consumption as an example, ...