Blar i Arbeidsnotater / Working Papers på emneord "financial stability"
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An historical perspective on financial stability and monetary policy regimes : A case for caution in central banks current obsession with financial stability
(Working papers;5/2018, Working paper, 2018)The global financial crisis (GFC) of 2007-2008 led to a call for central banks to elevate their financial stability mandate to the same level as their price stability mandate. It also led to a call for central banks to use ... -
Evaluation of Macroeconomic Models for Financial Stability Analysis
(Working Papers;1/2006, Working paper, 2006)As financial stability has gained focus in economic policymaking, the demand for analyses of financial stability and the consequences of economic policy has increased. Alternative macroeconomic models are available for ... -
Flexible Inflation Targeting and Financial Stability: Is It Enough to Stabilise Inflation and Output?
(Working Papers;7/2006, Working paper, 2006)We investigate empirically whether a central bank can promote financial stability by stabilizing inflation and output, and whether additional stabilization of asset prices and credit growth would enhance financial stability ... -
Leaning Against the Wind When Credit Bites Back
(Working Papers;9/2016, Working paper, 2016)This paper analyzes the cost-benefit trade-off of leaning against the wind (LAW) in monetary policy. Our starting point is a New Keynesian Markov-switching model where the economy can be in a normal state or in a crisis ... -
Location, location, location! - A quality-adjusted rent index for the Oslo office market
(Working Paper;2/2020, Working paper, 2020)In this paper, we construct a quality-adjusted rent index for the office market in Oslo. Commonly used rent indices are based on average developments or expert opinions. Such indices often suffer from compositional biases ... -
Pursuing Financial Stability Under an Inflation-Targeting Regime
(Working Papers;8/2006, Working paper, 2006)We evaluate two main views on pursuing financial stability within a flexible inflation-targeting regime. It appears that potential gains from an activist or precautionary approach to promoting financial stability are highly ... -
Risk-based pricing in competitive lending markets
(Working paper;19/2021, Working paper, 2021)We use unique data on banks' private risk assessments of corporate borrowers to quantify how competition among banks affect the risk sensitivity of interest rates in the Norwegian credit market. We show that an increase ... -
The Risk-Taking Channel of Monetary Policy in Norway
(Working Papers;5/2016, Working paper, 2016)We identify the effects of monetary policy on credit risk-taking using a unique dataset covering the population of corporate borrowers in Norway. We find that a lower benchmark interest rate (interbank rates or overnight ... -
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 ...