Blar i Arbeidsnotater / Working Papers på utgivelsesdato
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Simulating Forward-Looking Models
(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 ... -
A Model of Bankruptcy Prediction
(Working Papers;10/2001, Working paper, 2001)In this thesis, a model of bankruptcy prediction conditional on financial statements is presented. Apart from giving a discussion on the suggested variables the issue of functional form is raised. The specification most ... -
The Costs of Price Stability – Downward Nominal Wage Rigidity in Europe
(Working Papers;8/2002, Working paper, 2002)In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. If inflation is so low that nominal wages have to be cut, the workers have strategic advantage ... -
Rente og inflasjon
(Arbeidsnotater;2/2002, Working paper, 2002)Vi kartlegger årsakssammenhengen mellom pengemarkedsrenten og inflasjon gjennom en makroøkonometrisk modell. Modellen belyser også hvilke typer sjokk en har størst mulighet til å nøytralisere ved hjelp av moderate ... -
Equity Trading by Institutional Investors: Evidence on Order Submission Strategies
(Working Papers;12/2002, Working paper, 2002)The trading volume channeled through off-market crossing networks is growing. Passive matching of orders outside the primary market lowers several components of execution costs compared to regular trading. On the other ... -
Simple Monetary Policymaking Without the Output Gap
(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 ... -
A Note on Inflation Persistence
(Working Papers;14/2002, Working paper, 2002)Macroeconomists have for some time been aware that the New Keynesian Phillips curve, though highly popular in the literature, cannot explain the persistence observed in actual inflation. We argue that one of the more ... -
Persistent Inefficient Redistribution
(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 ... -
Estimering av indikatorer for volatilitet
(Arbeidsnotater;3/2002, Working paper, 2002)Notatet omhandler ulike metoder for estimering av volatilitetsindikatorer for finansielle aktiva. Det gis en presentasjon av de enkleste statistiske volatilitetsindikatorene basert på avkastningsserier for finansielle ... -
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 ... -
Empirical Modelling of Norwegian Import Prices
(Working Papers;1/2002, Working paper, 2002)In this paper we investigate the formation of Norwegian import prices of manufactures over the period 1970(1)–1998(3), thereby extending the sample period used in the study by Naug and Nymoen (1996). If international goods ... -
Testing the New Keynesian Phillips Curve
(Working Papers;5/2002, Working paper, 2002)The dynamic properties of the The New Keynesian Phillips curve (NPC) is analysed within the framework of a small system of linear difference equations. We evaluate the empirical results of existing studies which uses ... -
Inflation Targeting Rules: History-Dependent or Forwarding-Looking?
(Working Papers;10/2002, Working paper, 2002)This paper discusses the optimal use of inflation forecasts in an inflation targeting setting with reaction and implementation lags. It distinguishes between the optimality of history-dependence versus forward-lookingness ... -
Kan pengepolitikken påvirke koordineringsgraden i lønnsdannelsen? En empirisk analyse
(Arbeidsnotater;7/2002, Working paper, 2002)I økonomisk litteratur blir det hevdet at koordinering blant partene i lønnsdannelsen er ønskelig, fordi en slik løsning reduserer lønnspresset og følgelig arbeidsledigheten i økonomien. Modellen i Holden (2001) viser at ... -
PPP in the Medium Run Despite Oil Shocks: The Case of Norway
(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 ... -
The Effect of New Technology in Payment Services on Banks' Intermediation
(Working Papers;6/2002, Working paper, 2002)In many countries, payment services in banking have shifted from paper-based giro and cheque payments to electronic giro and debit card payments. This paper analyses the effect of this change in payment technology within ... -
A Study of Implied Risk-Neutral Density Functions in the Norwegian Option Market
(Working Papers;13/2002, Working paper, 2002)Option prices are assumed to contain unique information about how market participants assess the likelihood of different outcomes for future market prices. The main object of this study is to analyse the potential value ... -
Age Structure Effects and Consumption in Norway, 1968(3) – 1998(4)
(Working Papers;1/2003, Working paper, 2003)In this paper the effects of a changing age distribution on aggregate consumption are analysed. This is done by estimating a Norwegian consumption function which controls for age structure effects. The model is estimated ... -
Risiko i det norske betalingssystemet
(Arbeidsnotater;2/2003, Working paper, 2003)Risikoen i betalingssystemet er i stor grad knyttet til bankenes eksponeringer mot hverandre i betalingsoppgjørene. Blir disse eksponeringene for store, kan bankene bli ute av stand til å innfri sine forpliktelser om ikke ... -
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 ...