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 ...

Based on the established literature, we develop a structural model for the Norwegian economy that incorporates feed-backs from asset prices and credit to the real economy. We then use this framework for policy analysis, ...

In this paper we develop a dynamic model of bank behaviour to study cyclical capital regulation. We study the decision problem of a single bank that chooses its dividend policy and holds a portfolio of long-term loans ...

Norwegian households’ levels of housing wealth have since the banking crisis of the 90s become an ever more dominant part of households’ portfolios. Low interest rates and easy access to mortgages have contributed to both ...

Den nøytrale realrenten (r*) er en sentral størrelse for å kunne vurdere stramheten i pengepolitikken. Den nøytrale realrenten har etter alt å dømme falt betydelig de siste tre tiårene, drevet av avtakende produktivitetsvekst, ...

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 ...

Forward interest rates are an important indicator for monetary policy. They are commonly used, both by central banks and market participants, to gain information about market expectations of future interest rates. Forward ...

What factors have driven commercial real estate (CRE) prices upwards prior to a sharp fall in prices? We study this question by identifying turning points in CRE for a dataset covering the prime office segment in 58 cities ...

The risk weights banks employ when calculating capital adequacy have been mentioned as a potential macro prudential tool to contain systemic risk emerging in specific sectors. Higher risk weights can to a certain extent ...