Browsing Arbeidsnotater / Working Papers by Title
Now showing items 446-465 of 472
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U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income
(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
(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
(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
(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
(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?
(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
(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
(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
(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
(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
(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
(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
(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
(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
(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 ... -
What Factors Affect the Oslo Stock Exchange?
(Working Papers;24/2009, Working paper, 2009)This paper analyzes return patterns and determinants at the Oslo Stock Exchange (OSE) in the period 1980-2006. We find that a three-factor model containing the market, a size factor and a liquidity factor provides a ... -
What Horizon for Targeting Inflation?
(Working Papers;13/2007, Working paper, 2007)We investigate optimal horizons for targeting inflation in response to different shocks and their properties under alternative preferences of an inflation-targeting central bank. Our analysis is based on a well specified ... -
When Does an Interest Rate Path “Look Good”? Criteria for an Appropriate Future Interest Rate Path
(Working Papers;5/2006, Working paper, 2006)Svensson (2004) suggested that a monetary policy committee of a central bank (MPC) should “find an instrument-rate path such that projections of inflation and output gap ‘look good’.” Academic literature on monetary policy ... -
When Does the Oil Price Affect the Norwegian Exchange Rate?
(Working Papers;8/2000, Working paper, 2000)Major changes in the Norwegian exchange rate have often coincided with large fluctuations in the price of crude oil. Previous empirical studies have however suggested a weak and ambiguous relation between the oil price and ... -
When Preferences for a Stable Interest Rate Become Self-Defeating
(Working Papers;8/2016, Working paper, 2016)Monetary policy makers often seem to have preferences for a stable interest rate, in addition to stable inflation and output. In this paper we investigate the implications of having an interest rate level term in the loss ...