Arbeidsnotater / Working Papers: Nye registreringer

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    • Simple Monetary Policy Rules and Exchange Rate Uncertainty 

      Leitemo, Kai; Söderström, Ulf (Working Papers;6/2001, Working paper, 2001)
      We analyze the performance and robustness of some common simple rules for monetary policy in a New-Keynesian open economy model under different assumptions about the exchange rate model. Adding the exchange rate to an ...

    • Persistent Inefficient Redistribution 

      Claussen, Carl Andreas (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 

      Rakkestad, Ketil Johan (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 

      Driscoll, John C.; Holden, Steinar (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 

      Bache, Ida Wolden (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 ...

    • Critical Realism and Econometrics 

      Bache, Ida Wolden (Working Papers;4/2003, Working paper, 2003)
      In "Economics and Reality" (1997) Tony Lawson advocates a perspective on social reality labelled critical realism. Critical realism maintains that strict regularities between observable events are the exception rather than ...

    • Monetary Policy in Real Time 

      Qvigstad, Jan F. (Working Papers;1/2001, Working paper, 2001)
      The interest rate is set by the central bank with a view to securing a nominal anchor for the economy in the long term. The setting of interest rates is based on evaluations of economic trends and the balance of risks. In ...

    • Testing the New Keynesian Phillips Curve 

      Bårdsen, Gunnar; Jansen, Eilev S.; Nymoen, Ragnar (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 ...

    • Simulating Forward-Looking Models 

      Kolsrud, Dag (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 ...

    • Banks’ Buffer Capital: How Important Is Risk? 

      Lindquist, Kjersti-Gro (Working Papers;11/2003, Working paper, 2003)
      Most banks hold a capital to asset ratio well above the required minimum defined by the present capital adequacy regulation (Basel I). Using bank-level panel data from Norway, important hypotheses concerning the determination ...

    • Optimal Dutch Disease 

      Matsen, Egil; Torvik, Ragnar (Working Papers;3/2003, Working paper, 2003)
      Growth models of the Dutch disease, such as those of Krugman (1987), Matsuyama (1992), Sachs and Warner (1995) and Gylfason et al. (1999), explain why resource abundance may reduce growth. The literature, however, also ...

    • Scale Economies, Bank Mergers, and Electronic Payments: A Spline Function Approach 

      Humphrey, David B.; Vale, Bent (Working Papers;5/2003, Working paper, 2003)
      This paper demonstrates the importance of using a flexible cost function specification when analyzing economies of scale and estimating the cost effect of banking mergers. The inflexibility of the translog cost function ...

    • Strategic Investor Behaviour and the Volume-Volatility Relation in Equity Markets 

      Næs, Randi; Skjeltorp, Johannes A. (Working Papers;9/2003, Working paper, 2003)
      We examine the volume-volatility relation using detailed data from a limit order driven equity market. Estimates of the intraday slope of the demand and supply schedules of the order book are found to capture regularities ...

    • Inflation Targeting Rules: History-Dependent or Forwarding-Looking? 

      Leitemo, Kai (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 

      Sparrman, Victoria (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 ...

    • Volume and Volatility in the FX Market: Does It Matter Who You Are? 

      Bjønnes, Geir Høidal; Rime, Dagfinn; Solheim, Haakon (Working Papers;7/2003, Working paper, 2003)
      The relationship between volume and volatility has received much attention in the literature on financial markets. However, due to the lack of data, few results have been presented for the foreign exchange (FX) market. ...

    • PPP in the Medium Run Despite Oil Shocks: The Case of Norway 

      Akram, Q. Farooq (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 ...

    • Nåverdien av statens investeringer i og støtte til norske banker 

      Moen, Harald (Arbeidsnotater;6/2003, Working paper, 2003)
      Under bankkrisen på slutten av 1980-tallet og begynnelsen av 1990-tallet bidro Statens Banksikringsfond, Statens Bankinvesteringsfond og Norges Bank med støtte til og investeringer i norske forretnings- og sparebanker. Jeg ...

    • The Effect of New Technology in Payment Services on Banks' Intermediation 

      Lindquist, Kjersti-Gro (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 

      Syrdal, Stig Arild (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 ...