Browsing Arbeidsnotater / Working Papers by Title
Now showing items 453-472 of 472
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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 ... -
Where do they care? : The ECB in the media and inflation expectations
(Working paper;4/2023, Working paper, 2023)This paper examines how news coverage of the European Central Bank (ECB) affects consumer inflation expectations in the four largest euro area countries. Utilizing a unique dataset of multilingual European news articles, ... -
Where It All Began: Lending of Last Resort and the Bank of England During the Overend-Gurney Panic of 1866
(Working Papers;3/2011, Working paper, 2011)The National Monetary Commission was deeply concerned with importing best practice. One important focus was the connection between the money market and international trade. It was said that Britain’s lead in the market for ... -
Who Was in the Driving Seat in Europe During the Nineties, International Financial Markets or the BUBA?
(Working Papers;20/2004, Working paper, 2004)The purpose of this paper is to reexamine empirically the relationship between long-term interest rates in well integrated financial markets. The analysis focuses on long-term interest rates in the US and Germany and has ... -
Why Do Banking Crises Occur? the American Subprime Crisis Compared with the Norwegian Banking Crisis 1987-92
(Working Papers;3/2012, Working paper, 2012)This paper analyses the causes of banking crises by the way of a historical comparative case study. Moreover, the analysis draws on theories elaborated by the economist Hyman Minsky. The evidence presented suggests that ... -
Why Do Firms Pay for Liquidity Provision in Limit Order Markets?
(Working Papers;12/2010, Working paper, 2010)In recent years, a number of electronic limit order markets have reintroduced market makers for some securities (Designated Market Makers). This trend has mainly been initiated by financial intermediaries and listed firms ... -
Why Do People Give Less Weight to Advice the Further It Is from Their Initial Opinion?
(Working Papers;4/2010, Working paper, 2010)Experimental studies on decision making based on advice received from others find that the weight put on the advice is negatively related to the distance between the advice and the decisionmaker's initial opinion. In this ... -
Words Are the New Numbers: A Newsy Coincident Index of Business Cycles
(Working Papers;21/2016, Working paper, 2016)I construct a daily business cycle index based on quarterly GDP and textual information contained in a daily business newspaper. The newspaper data are decomposed into time series representing newspaper topics using a ...