Arbeidsnotater / Working Papers: Recent submissions

Now showing items 181-200 of 472

    • Ownership Structure and Stock Market Liquidity 

      Næs, Randi (Working Papers;6/2004, Working paper, 2004)
      This paper studies the relationship between company ownership and market liquidity using a panel regression approach. The data sample contains detailed transactions data from a limit order driven stock market, and a full ...

    • En effisient handlingsregel for bruk av petroleumsinntekter 

      Akram, Q. Farooq (Arbeidsnotater;17/2004, Working paper, 2004)
      Denne artikkelen undersøker hvor mye vi bør bruke av petroleumsinntektene hvis vi samtidig skal minimere kostnadene ved å bruke dem. Slike kostnader forbindes med sektoromstillinger som ikke kan opprettholdes og må reverseres ...

    • Liquidity Provision in the Overnight Foreign Exchange Market 

      Bjønnes, Geir Høidal; Rime, Dagfinn; Solheim, Haakon (Working Papers;13/2004, Working paper, 2004)
      We presents evidence that non-financial customers are the main liquidity providers in the overnight foreign exchange market using a unique daily data set covering almost all transactions in the SEK/EUR market over almost ...

    • Modelling Inflation in the Euro Area 

      Jansen, Eilev S. (Working Papers;10/2004, Working paper, 2004)
      The paper presents an incomplete competition model (ICM), where inflation is determined jointly with unit labour cost growth. The ICM is estimated on data for the Euro area and evaluated against existing models, i.e. the ...

    • Monetary Policy and the Illusionary Exchange Rate Puzzle 

      Bjørnland, Hilde C. (Working Papers;11/2005, Working paper, 2005)
      Dornbusch’s exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with ...

    • What Determines Banks’ Market Power? Akerlof versus Herfindahl 

      Kim, Moshe; Kristiansen, Eirik Gaard; Vale, Bent (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 ...

    • Inflation Inertia and the Optimal Hybrid Inflation/Price-Level Target 

      Røisland, Øistein (Working Papers;4/2005, Working paper, 2005)
      A hybrid inflation/price-level target combines elements of both inflation and price-level targets. The paper derives a hybrid target within a new Keynesian model with inflation persistence due to price indexation. The ...

    • Life-Cycle Patterns of Interest Rate Markups in Small Firm Finance 

      Kim, Moshe; Kristiansen, Eirik Gaard; Vale, Bent (Working Papers;4/2007, Working paper, 2007)
      We derive empirical implications from a stylized theoretical model of bankborrower relationships. Banks’ interest rate markups are predicted to follow a life-cycle pattern over the borrowing firms’ age. Due to endogenous ...

    • Flexible Inflation Targeting and Financial Stability: Is It Enough to Stabilise Inflation and Output? 

      Akram, Q. Farooq; Eitrheim, Øyvind (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 ...

    • Large’ vs. ‘Small’ Players: A Closer Look at the Dynamics of Speculative Attacks 

      Bjønnes, Geir Høidal; Holden, Steinar; Rime, Dagfinn; Solheim, Haakon (Working Papers;13/2005, Working paper, 2005)
      What is the role of “large players” like hedge funds and other highly leveraged institutions in speculative attacks? In recent theoretical work, large players may induce an attack by an early move, providing information ...

    • Firm-Specific Capital, Nominal Rigidities, and the Taylor Principle 

      Sveen, Tommy; Weinke, Lutz (Working Papers;6/2006, Working paper, 2006)
      In the presence of firm-specific capital the Taylor principle can generate multiple equilibria. Sveen and Weinke (2005b) obtain that result in the context of a Calvo-style sticky price model. One potential criticism is ...

    • Pursuing Financial Stability Under an Inflation-Targeting Regime 

      Akram, Q. Farooq; Bårdsen, Gunnar; Lindquist, Kjersti-Gro (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 ...

    • Government Spending and the Taylor Principle 

      Natvik, Gisle James (Working Papers;11/2006, Working paper, 2006)
      This paper explores how government size affects the scope for equilibrium indeterminacy in a New Keynesian economy where part of the population live hand-to-mouth. I find that in this framework, a larger public sector may ...

    • U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income 

      Demyanyk, Yuliya; Ostergaard, Charlotte; Sørensen, Bent E. (Working Papers;9/2006, Working paper, 2006)
      We estimate the effects of deregulation of U.S. banking restrictions on the amount of interstate personal income insurance during the period 1970–2001. Interstate income insurance occurs when personal income reacts less ...

    • Monetary Policy Under Uncertainty: Min-Max vs Robust-Satisficing Strategies 

      Ben-Haim, Yakov; Akram, Q. Farooq; Eitrheim, Øyvind (Working Papers;6/2007, Working paper, 2007)
      We study monetary policy under uncertainty. A policy which ameliorates a worst case may differ from a policy which maximizes robustness and satisfices the performance. The former strategy is min-maxing and the latter ...

    • Efficient Consumption of Revenues from Natural Resources - an Application to Norwegian Petroleum Revenues 

      Akram, Q. Farooq (Working Papers;1/2005, Working paper, 2005)
      This paper addresses the so-called natural resource curse by devising a rule that can reduce macroeconomic costs associated with the consumption of revenues from natural resources. It assumes that such macroeconomic costs ...

    • Non-Linear Dynamics in Output, Real Exchange Rates and Real Money Balances: Norway, 1830-2003 

      Akram, Q. Farooq; Eitrheim, Øyvind; Sarno, Lucio (Working Papers;2/2005, Working paper, 2005)
      We characterise the behaviour of Norwegian output, the real exchange rate and real money balances over a period of almost two centuries. The empirical analysis is based on a new annual data set that has recently been ...

    • When Does an Interest Rate Path “Look Good”? Criteria for an Appropriate Future Interest Rate Path 

      Qvigstad, Jan F. (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 ...

    • What Horizon for Targeting Inflation? 

      Akram, Q. Farooq (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 ...

    • The Natural Real Interest Rate and the Output Gap in the Euro Area: A Joint Estimation 

      Garnier, Julien; Wilhelmsen, Bjørn-Roger (Working Papers;14/2005, Working paper, 2005)
      The notion of a natural real rate of interest, due to Wicksell (1936), is widely used in current central bank research. The idea is that there exists a level at which the real interest rate would be compatible with output ...