Blar i Staff Memo på tittel

Viser treff 247-266 av 282

    • Strategy Report - The Norwegian Government Pension Fund - Global 

      Ukjent forfatter (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 

      Bernhardsen, Eivind; Syversten, Bjørne Dyre H. (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 

      Lindquist, Kjersti-Gro (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 

      Syrstad, Olav (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 

      Berg, Sigbjørn Atle (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 

      Galaasen, Sigurd Mølster; Solheim, Haakon (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 

      Hov, Marius Nyborg (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 

      Turtveit, Lars-Tore; Goldsack, Madeleine (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? 

      Lindquist, Kjersti-Gro; Riiser, Magdalena D.; Solheim, Haakon; Vatne, Bjørn Helge (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 

      Gudmundsson, Jørgen; Natvik, Gisle James (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 

      Bernhardsen, Tom; Holmsen, Amund (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? 

      Berg, Sigbjørn Atle (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 

      Gerdrup, Karsten R.; Torstensen, Kjersti Næss (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 

      Hammersland, Roger; Træe, Cathrine Bolstad (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 

      Hoen, Maria Brunborg (Staff Memo;16/2012, Working paper, 2012)

    • The Neutral Real Interest Rate 

      Bernhardsen, Tom (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 ...

    • The Pension Reform in Norway - a Useful Step, but More Funding Could be Beneficial 

      Grønvik, Gunnvald (Staff Memo;5/2006, Working paper, 2006)
      A reform of the fairly generous Norwegian public pension system was agreed upon by a broadly based coalition in the Norwegian Parliament in May 2005. The reform promises to reduce future costs and to improve labour incentives ...

    • The Phillips Curve and Beyond - Why Has Wage Growth Been so Low? 

      Brubakk, Leif; Hagelund, Kåre; Husabø, Eilert (Staff Memo;10/2018, Working paper, 2018)
      In this paper, we estimate various dynamic wage equations for mainland Norway. Our starting point is a standard Phillips curve. We then expand on our baseline specification by adding explanatory variables suggested by ...

    • 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, ...

    • The Relationship Between the Key Policy Rate and Macroeconomic Variables : A Simple Cross-Check for Norway 

      Bernhardsen, Tom (Staff Memo;3/2008, Working paper, 2008)
      In this paper we discuss simple relationships between the key policy rate and macroeconomic variables in Norway. Such models may be useful tools in monetary policy analysis as they provide a cross-check for the interest ...