• Salience of Debt and Homebuyers’ Credit Decisions 

      Agarwal, Sumit; Karapetyan, Artashes (Working Papers;21/2015, Working paper, 2015)
      We show how a regulatory disclosure of hidden debt can eliminate a large mispricing in housing. In a setting where homebuyers must combine several sources of debt, they are biased towards hidden loans, especially if they ...
    • Savers, Spenders and Fiscal Policy in a Small Open Economy 

      Matsen, Egil; Sveen, Tommy; Torvik, Ragnar (Working Papers;18/2004, Working paper, 2004)
      This paper analyzes the effects of fiscal policy in an open economy. We extend the savers-spenders theory of Mankiw (2000) to a small open economy with endogenous labor supply. We first show how the Dornbusch (1983) ...
    • The Saving and Employment Effects of Higher Job Loss Risk 

      Juelsrud, Ragnar E.; Wold, Ella Getz (Working Paper;17/2019, Working paper, 2019)
      In this paper we use Norwegian tax data and a novel natural experiment to isolate the impact of job loss risk on saving behavior. We find that a one percentage point increase in job loss risk increases liquid savings by ...
    • Scale Economies, Bank Mergers, and Electronic Payments: A Spline Function Approach 

      Humphrey, David B.; Vale, Bent (Working Papers;5/2003, Working paper, 2003)
      This paper demonstrates the importance of using a flexible cost function specification when analyzing economies of scale and estimating the cost effect of banking mergers. The inflexibility of the translog cost function ...
    • Sectoral Interdependence and Business Cycle Synchronization in Small Open Economies 

      Bergholt, Drago; Sveen, Tommy (Working Papers;4/2014, Working paper, 2014)
      Existing DSGE models are not able to reproduce the observed influence of international business cycles on small open economies. We construct a two-sector New Keynesian model to address this puzzle. The set-up takes into ...
    • Segmented Money Markets and Covered Interest Parity Arbitrage 

      Rime, Dagfinn; Schrimpf, Andreas; Syrstad, Olav (Working Papers;15/2017, Working paper, 2017)
      This paper studies the violation of the most basic no-arbitrage condition in international finance — Covered Interest Parity (CIP). We find that the CIP puzzle largely stems from funding liquidity differences, reflected ...
    • Sensitivity of the Eisenberg-Noe Clearing Vector to Individual Interbank Liabilities 

      Feinstein, Zachary; Pang, Weijie; Rudloff, Birgit; Schaanning, Eric; Sturm, Stephan; Wildman, Mackenzie (Working Papers;13/2017, Working paper, 2017)
      We quantify the sensitivity of the Eisenberg-Noe clearing vector to estimation errors in the bilateral liabilities of a financial system. The interbank liabilities matrix is a crucial input to the computation of the clearing ...
    • The shale oil boom and the U.S. economy: Spillovers and time-varying effects 

      Bjørnland, Hilde C.; Zhulanova, Julia (Working Paper;14/2019, Working paper, 2019)
      We analyze if the transmission of oil price shocks on the U.S. economy has changed with the shale oil boom. To do so, we put forward a framework that allows for spillovers between industries and learning by doing (LBD) ...
    • Sigma Point Filters for Dynamic Nonlinear Regime Switching Models 

      Binning, Andrew; Maih, Junior (Working Papers;10/2015, Working paper, 2015)
      In this paper we take three well known Sigma Point Filters, namely the Unscented Kalman Filter, the Divided Difference Filter, and the Cubature Kalman Filter, and extend them to allow for a very general class of dynamic ...
    • Simple Monetary Policy Rules and Exchange Rate Uncertainty 

      Leitemo, Kai; Söderström, Ulf (Working Papers;6/2001, Working paper, 2001)
      We analyze the performance and robustness of some common simple rules for monetary policy in a New-Keynesian open economy model under different assumptions about the exchange rate model. Adding the exchange rate to an ...
    • Simple Monetary Policymaking Without the Output Gap 

      Leitemo, Kai; Lønning, Ingunn (Working Papers;9/2002, Working paper, 2002)
      The performance of a simple monetary policy rule, which does not rely on explicit information about the output gap but instead uses the change in the rate of inflation as a proxy for the output gap, is explored in a simple ...
    • Simple Rules Versus Optimal Policy: What Fits? 

      Bache, Ida Wolden; Brubakk, Leif; Maih, Junior (Working Papers;3/2010, Working paper, 2010)
      We estimate a small open-economy DSGE model for Norway with two specifications of monetary policy: a simple instrument rule and optimal policy based on an intertemporal loss function. The empirical fit of the model with ...
    • Simulating Forward-Looking Models 

      Kolsrud, Dag (Working Papers;9/2001, Working paper, 2001)
      The solutions of a macroeconometricmodel with expectations of future-dated variables has to be approximated by numerical simulations. A brief review of deterministic and stochastic dynamic simulations of a backward-looking ...
    • Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Norwegian Savings Banks 

      Ostergaard, Charlotte; Schindele, Ibolya; Vale, Bent (Working Papers;14/2009, Working paper, 2009)
      Stakeholder oriented governance systems are often thought to hamper efficiency. We show that social capital improves the viability of stakeholder-oriented firms in competitive markets. Studying exits from the population ...
    • Solving Second and Third-Order Approximations to DSGE Models: A Recursive Sylvester Equation Solution 

      Binning, Andrew (Working Papers;18/2013, Working paper, 2013)
      In this paper I derive the matrix chain rules for solving a second and a third-order approximation to a DSGE model that allow the use of a recursive Sylvester equation solution method. In particular I use the solution ...
    • State dependence of monetary policy across business, credit and interest rate cycles 

      Alpanda, Sami; Granziera, Eleonora; Zubairy, Sarah (Working Paper;21/2019, Working paper, 2019)
      We investigate how the business, credit and interest rate cycles affect the monetary transmission mechanism, using state-dependent local projection methods and data from 18 advanced economies. We exploit the time-series ...
    • State Space Models with Endogenous Regime Switching (currently unavailable) 

      Chang, Yoosoon; Maih, Junior; Tan, Fei (Working Paper;12/2018, Working paper, 2018)
    • Statistical Issues in Macroeconomic Modelling 

      Jansen, Eilev S. (Working Papers;12/2000, Working paper, 2000)
      The paper describes the influx of mathematical statistics in economics. It focuses on an approach to macroeconometric modelling which is based on fundamental statistical concepts like the joint distribution function of all ...
    • Strategic Bank Monitoring and Firms’ Debt Structure 

      Kristiansen, Eirik Gaard (Working Papers;10/2005, Working paper, 2005)
      Firms choose debt structure and competing banks choose monitoring intensity. Monitoring improves credit allocation, but creates informational lock-in effects in bank-borrower relationships. In a competitive credit market, ...
    • Strategic Interaction Between the Fiscal and Monetary Authorities Under Inflation Targeting 

      Leitemo, Kai (Working Papers;9/2000, Working paper, 2000)
      This paper studies the strategic interaction between the fiscal and monetary authorities when the monetary policymaker pursues an underlying inflation target. Given that monetary policy is transparent and the fiscal ...