Arbeidsnotater / Working Papers: Recent submissions
Now showing items 121-140 of 472
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Testing Steady-State Implications for the NAIRU
(Working Papers;3/2000, Working paper, 2000)Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price ... -
The Choice of Monetary Policy Regime for Small Open Economies
(Working Papers;5/2000, Working paper, 2000)The paper analyses alternative monetary policy regimes within a simple, estimated macroeconomic model with a traded and a non-traded sector. Two general classes of regimes are considered, inflation targeting and exchange ... -
PPP Despite Real Shocks: An Empirical Analysis of the Norwegian Real Exchange Rate
(Working Papers;7/2000, Working paper, 2000)Despite the emerging consensus on the validity of purchasing power parity (PPP) between trading countries in the long run, empirical evidence in favour of the PPP theory is scarce in data predominantly exposed to real ... -
Progress from Forecast Failure — the Norwegian Consumption Function
(Working Papers;10/2000, Working paper, 2000)After a forecast failure, a respecification is usually necessary to account for the data ex post, in which case there is a gain in knowledge as a result of the forecast failure. Using Norwegian consumption as an example, ... -
Optimal Bailout During Currency and Financial Crises: A Sequential Game Analysis
(Working Papers;13/2000, Working paper, 2000)We present a model that illustrates the close relationship between the possibility of a currency crisis and the amount of private-sector debt within a four-stage sequential game framework. The agents are the government and ... -
Strategic Interaction Between the Fiscal and Monetary Authorities Under Inflation Targeting
(Working Papers;9/2000, Working paper, 2000)This paper studies the strategic interaction between the fiscal and monetary authorities when the monetary policymaker pursues an underlying inflation target. Given that monetary policy is transparent and the fiscal ... -
Policy Rules and External Shocks
(Working Papers;3/2001, Working paper, 2001)The decade since 1990 has been a period of innovation in monetary policy. Around the world, many countries have adopted inflation targeting as their basic policy framework. Different countries have tried different techniques ... -
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 ... -
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 ... -
Explaining the Low US Inflation – Coincidence or “New Economy”? Evidence Based on a Wage-Price Spiral
(Working Papers;2/2001, Working paper, 2001)We study possible factors behind the subdued inflation in the United States since the mid-1990s. A standard expectations-augmented Phillips curve does not exhibit structural breaks. However, a wage-price spiral comprising ... -
Employment Behaviour in Slack and Tight Labour Markets
(Working Papers;7/2001, Working paper, 2001)Empirical and theoretical studies suggest that employment behaviour varies with the state of the labour market since hiring and firings costs depend on the availability of labour. Extending earlier empirical work on this ... -
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 ... -
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 ... -
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 ... -
Endogenous Product Differentiation in Credit Markets: What Do Borrowers Pay For?
(Working Papers;8/2001, Working paper, 2001)This paper studies strategies pursued by banks in order to differentiate their services and soften competition. More specifically we analyse whether bank's ability to avoid losses, its capital ratio, or bank size can be ... -
Optimal Exchange Rate Policy: The Case of Iceland
(Working Papers;5/2001, Working paper, 2001)This paper analysis the appropriate exchange rate arrangement for Iceland, given its structural characteristics, on the one hand, and the need for a credible nominal anchor for monetary policy, on the other. It also discusses ... -
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 ... -
Monetary Policy Rules for an Open Economy
(Working Papers;4/2001, Working paper, 2001)The most popular simple rules for the interest rate, due to Taylor (1993a) and Henderson and McKibbin (1993), are both meant to inform monetary policy in economies that are closed. On the other hand, their main open economy ... -
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 ...