Staff Memo inneholder utredninger og dokumentasjon skrevet av Norges Banks ansatte og andre forfattere tilknyttet Norges Bank. Synspunkter og konklusjoner i arbeidene er ikke nødvendigvis representative for Norges Bank.

Staff Memos present reports and documentation written by staff members and affiliates of Norges Bank, the central bank of Norway. Views and conclusions expressed in Staff Memos should not be taken to represent the views of Norges Bank.

OPPHAVSRETT: Det er tillatt å sitere fra Norges Banks publikasjoner, samt videreformidle til andre, i henhold til åndsverkslovens regler. Navn på opphavsmann og utgiver må angis. Kommersiell bruk er ikke tillatt.

Recent Submissions

  • Boligmarkedet i pandemiåret 2020 

    Lindquist, Kjersti-Gro; Mæhlum, Sverre; Vatne, Bjørn Helge; Wold, Ella Getz (Staff Memo;6/2021, Working paper, 2021)
    Til tross for pandemien var boligprisveksten høy gjennom store deler av 2020. Lavere utlånsrenter, endringer i boligpreferanser og begrenset tilbud av nye boliger har bidratt til økt prispress, især i Oslo. Våre analyser ...
  • House price prediction using daily news data 

    Kirkeby, Sara Jahr; Larsen, Vegard Høghaug (Staff Memo;5/2021, Working paper, 2021)
    We investigate whether information from news articles could improve predictions of house price inflation at a short forecast horizon. The Covid-19 pandemic led to a shutdown of the Norwegian economy on 12 March 2020. Large ...
  • Government support schemes during the Covid-19 pandemic have had a dampening effect on corporate credit risk 

    Hjelseth, Ida Nervik; Solheim, Haakon; Vatne, Bjørn H. (Staff Memo;3/2021, Working paper, 2021)
    After the Covid-19 pandemic broke out, the authorities have introduced a number of measures aimed at the business sector. Support has largely been given to the sectors hardest hit by the pandemic and measures to contain ...
  • Distributional effects of monetary policy in Norway 

    Mimir, Yasin; Mæhlum, Mathis; Torstensen, Kjersti Næss (Staff Memo;4/2021, Working paper, 2021)
    We quantify the short-term effects of both non-systematic and systematic monetary policy on the income and wealth distribution in Norway, and measure the relative importance of the various channels. An expansionary monetary ...
  • Myndighetenes støtteordninger under koronapandemien har dempet kredittrisikoen i foretakene 

    Hjelseth, Ida Nervik; Solheim, Haakon; Vatne, Bjørn H. (Staff Memo;3/2021, Working paper, 2021)
    Etter at koronapandemien brøt ut, har myndighetene innført en rekke tiltak rettet mot næringslivet. Støtten har i stor grad blitt gitt til de næringene som er hardest rammet av pandemien og smitteverntiltakene. En betydelig ...
  • Langvarige konsekvenser i arbeidsmarkedet 

    Ellingsen, Nicolai; Galaasen, Sigurd Mølster (Staff Memo;1/2021, Working paper, 2021)
    Vi studerer langvarig sysselsettingskonsekvenser av dype økonomiske nedgangstider ved å utnytte den geografiske variasjonen i lokale økonomiske forhold i etterkant av oljepriskollapsen i 2014. Vi dokumenterer en negativ ...
  • Bond market fire sales and turbulence in the Norwegian FX market in March 2020 

    Alstadheim, Ragna; Nordal, Kjell Bjørn; Syrstad, Olav; ter Ellen, Saskia; Wassas, May-Iren Walstad (Staff Memo;2/2021, Working paper, 2021)
    The world witnessed a meltdown in financial markets in March 2020 as the Covid-19 pandemic hit the global economy. In this memo we document how the turbulence affected Norwegian financial markets. We describe possible ...
  • Estimates of banks' losses on loans to the corporate sector 

    Hjelseth, Ida Nervik; Saxegaard, Elif Arbatli; Solheim, Haakon; Vatne, Bjørn H. (Staff Memo;10/2020, Working paper, 2020)
    Loans to non-financial enterprises are the main source of banks’ losses. Analyses of banks’ losses on corporate loans are therefore important in the assessment of financial stability. This paper presents Norges Bank’s framework ...
  • The cost efficiency improvement of Norwegian banks can be explained by automation and digitalisation 

    Andersen, Henrik (Staff Memo;9/2020, Working paper, 2020)
    Operating costs in the Norwegian banking sector have been reduced considerably in recent decades, both as a share of income and assets. This has increased banks’ resilience to increased losses and reduced the risk of crises. ...
  • The demand for safe liquid assets and the implications of issuing a Central Bank Digital Currency for bank funding instruments 

    Müller, Carola (Staff Memo;8/2020, Working paper, 2020)
    The pros and cons of issuing a Central Bank Digital Currency (CBDC) is currently debated by Norges Bank and other central banks. A CBDC would grant access to the central bank balance sheet to a broader set of economic ...
  • Kostnadseffektiviseringen til de norske bankene kan forklares med automatisering og digitalisering 

    Andersen, Henrik (Staff Memo;9/2020, Working paper, 2020)
    De norske bankene har redusert driftskostnadene betydelig de siste tiårene, både i forhold til inntektene og eiendelene. Det har gjort bankene mer robuste mot økte tap og redusert faren for kriser. I dette memoet analyserer ...
  • Om gjennomslaget fra styringsrenten til bankenes renter 

    Juelsrud, Ragnar; Nordal, Kjell Bjørn; Winje, Hanna (Staff Memo;11/2020, Working paper, 2020)
    For at pengepolitikken skal virke inn på økonomien er det viktig at endringer i styringsrenten får gjennomslag til bankenes utlåns- og innskuddsrenter til foretak og husholdninger. Over tid ser vi at det er en sterk ...
  • Anslag på bankenes tap på utlån til ikke-finansielle foretak 

    Hjelseth, Ida Nervik; Saxegaard, Elif Arbatli; Solheim, Haakon; Vatne, Bjørn H. (Staff Memo;10/2020, Working paper, 2020)
    Lån til ikke-finansielle foretak er den største kilden til tap i bankene. Analyser av bankenes utlånstap til foretak er derfor viktig i vurderingen av finansiell stabilitet. I dette memoet presenterer vi Norges Banks ...
  • Banks’ wholesale funding share as an indicator of financial vulnerability 

    Alstadheim, Ragna (Staff Memo;7/2020, Working paper, 2020)
    A review of theoretical links between the wholesale (or market) funding share of banks (WFS) and financial vulnerability is provided. The vulnerability may both be within the financial system, and in the non-financial ...
  • The countercyclical capital buffer: A cross-country overview of policy frameworks 

    Arbatli-Saxegaard, Elif C.; Muneer, Mohammad Adnan (Staff Memo;6/2020, Working paper, 2020)
    The countercyclical capital buffer (CCyB) is a relatively new macroprudential tool, but the number of countries that have set a positive buffer level increased significantly over recent years. Furthermore, during the ...
  • A macroprudential contagion stress test framework 

    Bjørland, Christian; Kockerols, Thore (Staff Memo;4/2020, Working paper, 2020)
    We develop a macroprudential contagion stress test framework to examine how a network of Norwegian banks can amplify a shock to bank capital at the macro level. The framework looks at how fire sales of common asset holdings ...
  • Financial imbalances and medium-term growth-at-risk in Norway 

    Arbatli-Saxegaard, Elif C.; Gerdrup, Karsten R.; Johansen, Rønnaug M. (Staff Memo;5/2020, Working paper, 2020)
    We examine how measures of financial imbalances affect macroeconomic tail risks over the medium-term in Norway and in other advanced economies. We use a broad set of financial indicators to capture cyclical systemic risk ...
  • Handling structural break points in NEMO 

    Kravik, Erling Motzfeldt; Paulsen, Kenneth Sæterhagen (Staff Memo;2/2020, Working paper, 2020)
    This paper documents a new feature in Norges Bank’s policy model NEMO, namely the ability to handle structural break points, i.e. shifts in one or more parameter values at a specific point in time. This property is introduced ...
  • Effects of the IRB approach on bank lending to Norwegian enterprises 

    Andersen, Henrik; Juelsrud, Ragnar Enger; Kostøl, Andreas (Staff Memo;1/2020, Working paper, 2020)
    This paper analyses how the introduction of the IRB approach may have affected banks' lending to enterprises, lending margins and portfolio quality in Norway. Our results show that the IRB banks' lending margins decreased ...
  • Effekter av IRB-metoden på bankenes utlån til norske foretak 

    Andersen, Henrik; Juelsrud, Ragnar Enger; Kostøl, Andreas (Staff Memo;1/2020, Working paper, 2020)
    I dette memoet analyserer vi hvordan innføringen av IRB-metoden kan ha påvirket bankenes utlån til foretak, utlånsmarginer og porteføljekvalitet i Norge. Våre resultater viser at IRB-bankene reduserte utlånsmarginene ...

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