• Do Central Banks Respond to Exchange Rate Movements? a Markov-Switching Structural Investigation 

      Alstadheim, Ragna; Bjørnland, Hilde C.; Maih, Junior (Working Papers;24/2013, Working paper, 2013)
      Do central banks respond to exchange rate movements? According to Lubik and Schorfheide (2007) who estimate structural general equilibrium models with monetary policy rules, the answer is "Yes, some do". However, their ...
    • Financial Imbalances, Crisis Probability and Monetary Policy in Norway 

      Alstadheim, Ragna; Robstad, Ørjan; Vonen, Nikka Husom (Working Papers;21/2017, Working paper, 2017)
      We assess the strength of the impact of a monetary policy shock on financial crisis probability in Norway. Policy effects go via the interest rate impact on credit, house prices and banks’ wholesale funding. We find that ...
    • How New Keynesian Is the US Phillips Curve? 

      Alstadheim, Ragna (Working Papers;25/2013, Working paper, 2013)
      I provide a generalization of Calvo price setting, to include non-overlapping contracts as a special case and embed this in a small DSGE model. The resulting Generalized Phillips Curve (GPC) nests New-Keynesian and ...
    • Is the Price Level in Norway Determined by Fiscal Policy? 

      Alstadheim, Ragna (Working Papers;5/2005, Working paper, 2005)
      The Norwegian public sector has net financial assets. The fiscal theory of price determination applies equally to Norway and economies with net public debt: If primary surpluses evolve independently of nominal debt (or ...
    • 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. ...
    • The global financial cycle, bank capital flows and monetary policy. Evidence from Norway 

      Alstadheim, Ragna; Blandhol, Christine (Working papers;2/2018, Working paper, 2018)
      We investigate the importance of a global financial cycle for gross capital inflows based on monthly balance sheet data for Norwegian banks. The VIX index has been interpreted as an “investor fear gauge” and associated ...
    • The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve 

      Alstadheim, Ragna (Working Papers;13/2010, Working paper, 2010)
      With sticky prices, optimizing agents and money in the utility function, I derive the exact analytical solution for optimal monetary policy given a zero lower bound (ZLB) on the interest rate. The Phillips curve is ...
    • When Preferences for a Stable Interest Rate Become Self-Defeating 

      Alstadheim, Ragna; Røisland, Øistein (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 ...