Staff Memo
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
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Likviditetsrisiko i banksystemet : en ny modell og en stresstest med et cyberscenario
(Staff Memo;2/2025, Working paper, 2025) -
The interest sensitivity of consumption and investment : evidence from Norway
(Staff Memo;1/2025, Working paper, 2025)We use narrative monetary policy shocks and local projections to estimate the impact of monetary policy on consumption and investment. We use granular data to investigate how the response varies across consumption categories, ... -
Firms' transition to lower greenhouse gas emissions and the risk in Norwegian banks
(Staff Memo;3/2024, Working paper, 2024)For a period of time, climate change could increase firms’ costs and reduce the value of their assets. If we assume that the composition of banks’ lending remains constant, the increase in costs could increase the banks’ ... -
Climate risk and the Norwegian exchange rate
(Staff Memo;4/2024, Working paper, 2024)This study discusses whether climate risk, in the form of physical risk and transition risk, may cause an appreciation or depreciation of the Norwegian krone. Exchange rates reflect relative prices between money, goods, ... -
New microdata for loan defaults provide better estimates of banks’ credit losses
(Staff Memo;10/2024, Working paper, 2024)Loans to non-financial firms are the main source of banks’ losses. In order to assess credit risk, Norges Bank has long used models to assess firms’ bankruptcy probability. However, the banks’ credit losses are more closely ... -
The basic balance – an adjusted current account balance
(Staff Memo;6/2024, Working paper, 2024) -
The driving forces behind households’ accumulation of consumer debt
(Staff Memo;8/2024, Working paper, 2024)In this Staff Memo we explore the determinants of unsecured consumer debt among Norwegian households using detailed administrative data from 2020 to 2024. We identify a set of key drivers, including life-cycle patterns, ... -
Charting the upstream: An indicator for imported input goods prices
(Staff Memo;5/2024, Working paper, 2024)This Staff Memo presents an indicator used for monitoring and forecasting inflation at Norges Bank. The indicator is designed to capture international price impulses that impact the input costs of domestic firms. Our ... -
Record increase in payment remarks: A red flag for Norwegian firms?
(Staff Memo;9/2024, Working paper, 2024)This staff memo documents a detailed analysis of the payment remark database to better understand whether the recent increase in payment remarks signals an impending wave of bankruptcies. We find that the number of ... -
Home energy conversion can be a net cost for the average household
(Staff Memo;7/2024, Working paper, 2024)Energy consumption in homes accounts for over 30 percent of annual Norwegian electricity consumption. The government has set targets to reduce energy consumption in the housing sector. Measures that can increase energy ... -
Structural liquidity: What has driven the historical development and what might occur in the years ahead?
(Staff Memo;2/2024, Working paper, 2024) -
Foretakenes omstilling til lavere klimagassutslipp og risikoen i norske banker
(Staff Memo;3/2024, Working paper, 2024)Klimaomstilling vil i en periode kunne øke foretakenes kostnader og redusere verdien av deres eiendeler. Hvis vi legger til grunn at bankenes sammensetning av utlån holdes konstant, kan kostnadsøkningen øke tapene i bankene. ... -
Nye mikrodata for misligholdte lån gir bedre anslag for bankenes utlånstap
(Staff Memo;10/2024, Working paper, 2024)Lån til ikke-finansielle foretak er den største kilden til tap i bankene. For å vurdere kredittrisikoen, har Norges Bank i lang tid benyttet modeller for foretakenes konkurssannsynligheter. Bankenes utlånstap er imidlertid ... -
Employment trends in Norway
(Staff Memo;1/2024, Working paper, 2024)This paper outlines the recently developed method for assessing the trend Level in employment rates adopted by Norges Bank. The approach employs a Bayesian VAR to decompose disaggregated employment data into trend and ... -
Strukturell likviditet: Hva har drevet utviklingen historisk og hva kan skje fremover?
(Staff Memo;2/2024, Working paper, 2024) -
Grunnbalansen - en justert driftsbalanse
(Staff Memo;6/2024, Working paper, 2024) -
Klimarisiko og kronekursen
(Staff Memo;4/2024, Working paper, 2024)Denne studien drøfter om den norske kronen kan styrke eller svekke seg som følge av klimarisiko i form av fysisk risiko og overgangsrisiko. Valutakurser reflekterer relative priser mellom ulike lands penger, varer og ... -
Energiomstilling av bolig kan bli en netto kostnad for gjennomsnittshusholdningen
(Staff Memo;7/2024, Working paper, 2024)Energiforbruk i bolig utgjør over 30 prosent av årlig norsk bruk av elektrisitet. Regjeringen har lagt fram mål om at energiforbruket i boligsektoren skal ned. Tiltak som kan øke energieffektiviteten i boligsektoren er ... -
Central bank digital currency – implications for liquidity management and monetary policy
(Staff Memo;19/2023, Working paper, 2023)The paper discusses potential effects of a central bank digital currency (CBDC) on liquidity and monetary policy. -
Norwegian banks’ net interest income and macroeconomic developments over the past 30 years
(Staff Memo;17/2023, Working paper, 2023)Banks’ profitability is their first line of defence against losses, and net interest income is banks’ main source of revenue. Since the policy rate hikes began in 2021, net interest income has increased substantially ...
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