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

  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • The rationale for central bank liquidity insurance and liquidity regulation 

    Søvik, Ylva (Staff Memo;3/2020, Working paper, 2020)
    One of the core functions of a central bank is to provide liquidity insurance, often termed the lender of last resort (LLR) function. During and after the Great Financial Crisis (GFC) in 2007-09 central banks’ role as ...
  • 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 ...
  • 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 ...
  • Hvordan vurdere systemrisikobufferen for bankene? 

    Mæhlum, Sverre; Riiser, Magdalena D. (Staff Memo;11/2019, Working paper, 2019)
    Siden 2013 har det vært krav om at norske banker skal holde en systemrisikobuffer på tre prosent. Kravet begrunnes med strukturelle sårbarheter i økonomien og finanssystemet. Finansdepartementet har foreslått å øke ...
  • How to assess the systemic risk buffer for banks 

    Mæhlum, Sverre; Riiser, Magdalena D. (Staff Memo;11/2019, Working paper, 2019)
    Since 2013, Norwegian banks have been required to hold a systemic risk buffer (SyRB) of 3 percent. The reason for the buffer is to address structural vulnerabilities in the economy and the financial system. The Ministry ...
  • Hvordan påvirker IFRS 9 bankenes tapsføring i dårlige tider? 

    Andersen, Henrik; Hjelseth, Ida Nervik (Staff Memo;9/2019, Working paper, 2019)
    IFRS 9 har endret tapsføringen i bankene. Under IFRS 9 skal nedskrivingene på utlån bygge på mer fremoverskuende vurderinger, slik at nedskrivinger reflekterer forventede tap. Formålet med dette memoet er å analysere hvordan ...
  • How does IFRS 9 affect banks’ impairment recognition in bad times? 

    Andersen, Henrik; Hjelseth, Ida Nervik (Staff Memo;9/2019, Working paper, 2019)
    IFRS 9 has changed the way banks recognise credit losses. Under IFRS 9, credit impairment shall be based on more forward-looking assessments by including recognition of expected credit losses. The purpose of this memo is ...
  • Likviditetsindikatorer for det norske statsobligasjonsmarkedet 

    Opheim, Vetle Øye (Staff Memo;8/2019, Working paper, 2019)
    Statsgjeldsforvaltningen i Norges Bank har som mål å dekke statens lånebehov til lavest mulig kostnader. Samtidig skal forvaltningen søke å opprettholde en rentekurve opp til 10 år. Likviditeten i markedet har betydning ...
  • Hvor mye ren kjernekapital må bankene sette av ved utlån til næringseiendom? 

    Andersen, Henrik (Staff Memo;10/2019, Working paper, 2019)
    Finansdepartementet har foreslått et midlertidig minstekrav for hvor mye ren kjernekapital de største bankene må sette av bak norske næringseiendomslån. Næringseiendom er den næringen som har påført bankene størst tap i ...
  • How much CET1 capital must banks set aside for commercial real estate exposures? 

    Andersen, Henrik (Staff Memo;10/2019, Working paper, 2019)
    The Ministry of Finance has proposed a temporary capital requirement (risk weight floor) for commercial real estate (CRE) exposures in Norway, applicable to the largest banks. CRE is the sector where banks have historically ...
  • Liquidity indicators for the Norwegian government bond market 

    Opheim, Vetle Øye (Staff Memo;8/2019, Working paper, 2019)
    An objective of Norges Bank Government Debt Management is to meet the government’s borrowing requirement at the lowest possible cost. At the same time, Government Debt Management shall seek to maintain a yield curve out ...
  • What drives office rents? 

    Bjørland, Christian; Hagen, Marius (Staff Memo;12/2019, Working paper, 2019)
    Banks have substantial exposures to commercial real estate (CRE). Rental prices are important for CRE companies’ debt-service capacity, which in turn affects the risk of future bank losses. In this paper, we estimate error ...
  • The Power of Forward Guidance in NEMO 

    Bergholt, Drago; Meyer, Sara S.; Mimir, Yasin; Røisland, Øistein (Staff Memo;7/2019, Working paper, 2019)
    This staff memo revisits the power of forward guidance with particular emphasis on the effectiveness of anticipated policy in Norges Bank’s main policy model NEMO. First we explain, within the context of a simple toy model, ...
  • How Much of a Tailwind Have We Had from the Weaker Krone? 

    Naug, Bjørn; Nordbø, Einar W. (Staff Memo;6/2019, Working paper, 2019)
    It is usual to assume that a weaker currency will stimulate exports and improve the balance of trade. Despite the krone’s depreciation in recent years, however, exports have grown little and the non-oil trade deficit has ...
  • Utviklingen i husholdningenes kjøpekraft i boligmarkedet 

    Lindquist, Kjersti-Gro; Vatne, Bjørn Helge (Staff Memo;4/2019, Working paper, 2019)
    Husholdningenes kjøpekraft i boligmarkedet kan ha betydning for etterspørselen etter bolig. Vi analyserer kjøpekraft i boligmarkedet ved å sammenstille fordelingen av prisen på omsatte boliger med fordelingen av hvor ...

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