Arbeidsnotater / Working Papers: Nye registreringer
Viser treff 361-380 av 472
-
Global and Regional Business Cycles. Shocks and Propagations
(Working Papers;8/2013, Working paper, 2013)We study the synchronization of real and nominal variables across four different regions of the world, Asia, Europe, North and South America, covering 32 different countries. Employing a FAVAR framework, we distinguish ... -
Norges Bank 1999-2010: Governance and Structural Reforms
(Working Papers;16/2012, Working paper, 2012)In 1999 Norges Bank employed 1150 persons and had 12 regional branches located in various cities across the country. In 2010, the regional branches had all been closed and the traditional central bank staff had been reduced ... -
The Bank of England as the World Gold Market-Maker During the Classical Gold Standard Era, 1889-1910
(Working Papers;15/2012, Working paper, 2012)This paper studies the microfoundations of the so-called "gold device" policy by analysing a new dataset on the Bank of England's operations in the gold market at the heyday of the classical gold standard. It explains that ... -
Oil Price Shocks and Monetary Policy in a Data-Rich Environment
(Working Papers;10/2013, Working paper, 2013)This paper examines the impact of different types of oil price shocks on the U.S. economy, using a factor-augmented VAR (FAVAR) approach. The results indicate that when examining the effects of oil price shocks, it is ... -
Explaining Interest Rate Decisions When the MPC Members Believe in Different Stories
(Working Papers;7/2013, Working paper, 2013)Modern central banks do not only announce the interest rate decision, they also communicate a "story" that explains why they reached the particular decision. When decisions are made by a committee, it could be difficult ... -
Economic Uncertainty and the Effectiveness of Monetary Policy
(Working Papers;17/2013, Working paper, 2013)This paper explores if economic uncertainty alters the macroeconomic influence of monetary policy. We consider several measures of U.S. economic uncertainty, and estimate their interaction effects with monetary policy ... -
How New Keynesian Is the US Phillips Curve?
(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 ... -
Collateral and Repeated Lending
(Working Papers;18/2012, Working paper, 2012)Lending is often associated with significant asymmetric information issues between suppliers of funds and their potential borrowers. Banks can screen their borrowers, or can require them to post collateral in order to ... -
Why Do Banking Crises Occur? the American Subprime Crisis Compared with the Norwegian Banking Crisis 1987-92
(Working Papers;3/2012, Working paper, 2012)This paper analyses the causes of banking crises by the way of a historical comparative case study. Moreover, the analysis draws on theories elaborated by the economist Hyman Minsky. The evidence presented suggests that ... -
An Equilibrium Model of Credit Rating Agencies
(Working Papers;23/2012, Working paper, 2012)We develop a model of credit rating agencies (CRAs) based on reputation concerns. Ratings affect investors' choice and, thereby, also issuers' access to funding and default risk. We show that - in equilibrium - the ... -
Oil Price Density Forecasts: Exploring the Linkages with Stock Markets
(Working Papers;24/2012, Working paper, 2012)In the recent years several commentators hinted at an increase of the correlation between equity and commodity prices, and blamed investment in commodity-related products for this. First, this paper investigates such claims ... -
Misallocation and the Recovery of Manufacturing TFP After a Financial Crisis
(Working Papers;1/2013, Working paper, 2013)The Chilean economy experienced a decade of sustained growth in aggregate out-put and productivity after the 1982 financial crisis. This paper analyzes the effects of resource misallocation on total factor productivity ... -
The Flows of the Pacific: Asian Foreign Exchange Markets Through Tranquility and Turbulence
(Working Papers;1/2012, Working paper, 2012)Using the longest data set on FX order flow to date, along with the broadest coverage of currencies to date, we examine the effect of FX order flow on exchange rates across small and large currencies, currencies with ... -
Combination Schemes for Turning Point Predictions
(Working Papers;4/2012, Working paper, 2012)We propose new forecast combination schemes for predicting turning points of business cycles. The combination schemes deal with the forecasting performance of a given set of models and possibly providing better turning ... -
Implicit Intraday Interest Rate in the UK Unsecured Overnight Money Market
(Working Papers;9/2013, Working paper, 2013)This paper estimates the intraday value of money implicit in the UK unsecured overnight money market. Using transactions data on overnight loans advanced through the UK large value payments system CHAPS in 2003-2009, we ... -
Financing Japan’s World War II Occupation of Southeast Asia
(Working Papers;2/2013, Working paper, 2013)This paper analyzes how Japan financed its World War II occupation of Southeast Asia, the transfer of resources to Japan, and the monetary and inflation consequences of Japanese policies. In Malaya, Burma, Indonesia and ... -
Mixed Frequency Structural Models: Estimation, and Policy Analysis
(Working Papers;15/2013, Working paper, 2013)In this paper we show analytically, with simulation experiments and with actual data that a mismatch between the time scale of a DSGE model and that of the time series data used for its estimation generally creates ... -
Inferring Interbank Loans and Interest Rates from Interbank Payments - an Evaluation
(Working Papers;26/2013, Working paper, 2013)We investigate whether overnight interbank loans and interest rates can be reliably inferred at the market and bank level from central banks' interbank payments data. We identify overnight loans and interest rates among ... -
Solving Second and Third-Order Approximations to DSGE Models: A Recursive Sylvester Equation Solution
(Working Papers;18/2013, Working paper, 2013)In this paper I derive the matrix chain rules for solving a second and a third-order approximation to a DSGE model that allow the use of a recursive Sylvester equation solution method. In particular I use the solution ... -
Monetary Policy Decisions – Comparing Theory and "Inside" Information from MPC Members
(Working Papers;3/2013, Working paper, 2013)We analyze the influence of the Taylor rule on US monetary policy by estimating the policy preferences of the Fed within a DSGE framework. The policy preferences are represented by a standard loss function, extended with ...