Browsing Staff Memo by Title
Now showing items 243-262 of 282
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A statistical analysis of Norges Bank’s forecasts
(Staff Memo;3/2022, Working paper, 2022)In this paper, we perform a statistical analysis of the forecasting properties of Norges Bank’s macroeconomic forecasts in the period 1998 – 2019. As a part of the analysis we assess Norges Bank’s forecasts against similar ... -
Sticky Prices and Inflation Expectations in Norway
(Staff Memo;15/2014, Working paper, 2014)Some consumer prices are changed often, while others are changed infrequently. In this memo, I investigate whether Norwegian consumer prices that are changed often – called flexible prices in this memo – and prices that ... -
Strategirapport for petroleumsfondet (Fra 1.1.2006 Statens pensjonsfond - Utland)
(Staff Memo;3/2006, Working paper, 2006)Vi skal belyse egenskapene ved dagens strategiske referanseportefølje og ved aktuelle alternativer. For å komme fram til hvilke egenskaper vi bør se på, diskuterer vi først fondets målfunksjon. De politiske myndigheter har ... -
Strategisk allokering i valutareservene
(Staff Memo;1/2004, Working paper, 2004)Sentralbanksjefens stab for kapitalforvaltning (SSK) foretar med jevne mellomrom en gjennomgang av grunnlaget for den investeringsstrategien som er valgt for valutareservene. Analysene i dette notatet er basert på data ... -
Strategy Report - The Norwegian Government Pension Fund - Global
(Staff Memo;1/2007, Working paper, 2007)Our report on “Long term market outlook” discussed the future market conditions both in the bond and equity markets, where the Pension Fund is currently invested, and in alternative asset classes, where the Fund may invest ... -
Stress Testing the Enterprise Sector's Bank Debt - a Micro Approach
(Staff Memo;5/2008, Working paper, 2008)This paper describes Norges Bank’s micro stress testing framework for assessing the Norwegian banking sector’s losses on loans to the non-financial enterprise sector. Using projected macro variables and a stock-flow approach, ... -
Sustainable Household Debt : Towards an Operational View and Framework
(Staff Memo;33/2012, Working paper, 2012)From a broad financial stability perspective, sustainable household debt should be evaluated within a steady-state consumption-path approach. We calculate measures for households’ steady-state consumption based on average ... -
Systemer for likviditetsstyring : Oppbygging og egenskaper
(Staff Memo;5/2011, Working paper, 2011)Målet i likviditetspolitikken er å sørge for at de helt kortsiktige pengemarkedsrentene holdes nær styringsrenten. Sentralbankene oppnår dette ved å fastsette vilkårene for bankenes lån og plasseringer i sentralbanken, ... -
Systemic Surcharges and Measures of Systemic Importance
(Staff Memo;12/2010, Working paper, 2010)There is an emerging consensus that systemically important banks should face stricter regulations and systemic surcharges. To make this latter principle operational we need to quantify the systemic importance of individual ... -
Targeted Countercyclical Capital Buffers
(Staff Memo;13/2018, Working paper, 2018)This paper investigates the effect of broad-based versus sectoral capital requirements using a dynamic model of bank behaviour. We study the problem facing banks when determining their dividend policy and portfolio of ... -
Teknisk beregning av KPIXE
(Staff Memo;3/2009, Working paper, 2009)Norges Bank ser på flere ulike indikatorer i vurderingen av underliggende inflasjon. KPIXE2 er en indikator for underliggende inflasjon som ble publisert første gang i Pengepolitisk rapport 2/08. KPIXE fanger opp den ... -
Teknologiutvikling og klimatiltak kan påvirke bankenes kredittrisiko
(Staff Memo;6/2018, Working paper, 2018)Klimarisiko kan ha betydning for finansiell stabilitet. For Norge kan en stor oljesektor innebære en særegen risiko knyttet til svakere framtidig oljeetterspørsel. Usikkerhet om framtidig klimaregulering og teknologiutvikling ... -
Ten Years of Household Micro Data. What Have We Learned?
(Staff Memo;8/2014, Working paper, 2014)Administrative register data for Norwegian households are used to analyse the distribution of debt and assets by income, wealth and age group. We find that the cross-sectional distribution is skewed. The distribution of ... -
That Uncertain Feeling - How Consumption Responds to Economic Uncertainty in Norway
(Staff Memo;23/2012, Working paper, 2012)Economic theory predicts that higher uncertainty motivates households to consume less. In this paper we empirically assess how household consumption in Norway responds to variation in economic uncertainty. We consider ... -
The Choice of Exchange Rate Assumption in the Process of Forecasting Inflation
(Staff Memo;3/2005, Working paper, 2005)In the process of forecasting inflation the central bank needs to make assumptions regarding the future path of the interest rate and the exchange rate. This paper focuses on the exchange rate assumption. In particular, ... -
The Declining Deposit to Loan Ratio - What Can the Banks Do?
(Staff Memo;28/2012, Working paper, 2012)We have been exploring possible explanations for the strong decline in the ratio between bank deposits held by the non-financial sector in Norway, and the bank loans taken by the same sector. We have followed two different ... -
The Effect of Higher Interest Rates on Household Disposable Income and Consumption - a Static Analysis of the Cash-Flow Channel
(Staff Memo;3/2018, Working paper, 2018)Household debt in Norway has risen substantially over the past 15-20 years relative to both disposable income and bank deposits. An increase in interest rates will therefore reduce disposable income for Norwegian households ... -
The Financial Accelerator and the Real Economy : A Small Macroeconometric Model for Norway with Financial Frictions
(Staff Memo;2/2012, Working paper, 2012)This paper studies the salient features of a core macroeconometric model that allows for self-reinforcing co-movements between credit, asset prices and real economic activity. In contrast to the economic literature that ... -
The Golden Interest Rule : Robust Simple Interest Rate Rules for the Norwegian Economy
(Staff Memo;16/2012, Working paper, 2012) -
The Neutral Real Interest Rate
(Staff Memo;1/2005, Working paper, 2005)The topic for this paper is the so called neutral real interest rate. This is frequently defined as the level of the real interest rate consistent with stable inflation and production equal to potential production. Hence ...