Now showing items 1-20 of 246

    • Strategisk allokering i valutareservene 

      Unknown author (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 ...
    • A Small, Calibrated Macromodel to Support Inflation Targeting at Norges Bank 

      Husebø, Tore Anders; McCaw, Sharon; Olsen, Kjetil; Røisland, Øistein (Staff Memo;3/2004, Working paper, 2004)
      This note outlines a small, calibrated macromodel that can be used to support inflation targeting at Norges Bank. The model provides a stylised representation of the key flows in the macro economy, with a particular emphasis ...
    • Sammenhengen mellom styringsrenten og makroøkonomiske variable : noen enkle ligninger for Norge 

      Bernhardsen, Tom; Bårdsen, Gunnar (Staff Memo;2/2004, Working paper, 2004)
      Sentralbanker med fleksibel inflasjonsstyring setter renten ut fra utsiktene for inflasjon og produksjon og sysselsetting. Utsiktene påvirkes av løpende informasjon om den økonomiske utviklingen. Fra utsiden vil analytikere ...
    • 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 ...
    • How to Treat the Exchange Rate Assumption for an Inflation Targeting Regime 

      Qvigstad, Jan F. (Staff Memo;4/2005, Working paper, 2005)
      "The topic I am going to discuss here is how to treat the exchange rate assumption when making projections under an inflation targeting regime. The central bank of Norway made the official change to inflation targeting in ...
    • Norwegian Business Cycles 1982-2003 

      Husebø, Tore Anders; Wilhelmsen, Bjørn-Roger (Staff Memo;2/2005, Working paper, 2005)
      This paper analyses stylised facts regarding business cycles in Norway. We examine the empirical relationships between the aggregate business cycle and the cyclical components of individual macroeconomic time series. The ...
    • Norges Banks regionale nettverk 

      Kallum, Jan-Reinert; Sjåtil, Maja Bjørnstad; Haugland, Kjersti (Staff Memo;9/2005, Working paper, 2005)
      Hovedformålet med det regionale nettverket er å få oppdatert informasjon om den økonomiske situasjonen og utsiktene fremover gjennom direkte kontakt med bedrifter. Regelmessige samtaler med lokale kontakter fra norsk ...
    • Policy-Making and Models at Norges Bank 

      Qvigstad, Jan F. (Staff Memo;5/2005, Working paper, 2005)
      [...] Norges Bank’s macro models have played a key role in forecasting work over many years. Inflation targeting probably places greater demands on our understanding of the way the economy functions than earlier regimes, ...
    • When Does an Interest Rate Path “Look Good”? Criteria for an Appropriate Future Interest Rate Path – a Practician’s Approach 

      Qvigstad, Jan F. (Staff Memo;6/2005, Working paper, 2005)
      When professor Lars E. O. Svensson (Princeton University) visited Norges Bank’s conference on monetary policy in 2004, he suggested we should “find an instrument-rate path such that projections of inflation and output gap ...
    • Long-Term Outlook for Fixed Income and Equity Return 

      Unknown author (Staff Memo;10/2005, Working paper, 2005)
      The investment horizon applied to the Petroleum Fund and the foreign exchange reserves is long. Parts of the Petroleum Fund are phased into the Norwegian economy via the fiscal spending rule each year, but the fund’s life ...
    • 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, ...
    • Documentation of the Method Used by Norges Bank for Estimating Implied Forward Interest Rates 

      Myklebust, Gaute (Staff Memo;11/2005, Working paper, 2005)
      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 ...
    • Fonderte pensjoner og verdipapirmarkeder. Hvilken rolle spiller institusjonelle investorer i verdipapirmarkedene? 

      Grønvik, Gunnvald (Staff Memo;8/2005, Working paper, 2005)
      Fondering av pensjoner innebærer premieinnbetalinger fra de yrkesaktive som akkumuleres som kapital i et fond. Dette fondet tæres det på når pensjoner utbetales. For å redusere kostnadene eller øke pensjonene søkes kapitalen ...
    • 500 Years of Price History : Price Stability Is the Norm. What Distinguishes the Abnormal? 

      Qvigstad, Jan F. (Staff Memo;7/2005, Working paper, 2005)
      The transition to inflation targeting, which took place in Norway in 2001, may perhaps at the time have appeared to be a transition to a new and unfamiliar monetary policy system. Inflation targeting has, after just a few ...
    • 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 ...
    • Long-Term Market Outlook 

      Unknown author (Staff Memo;7/2006, Working paper, 2006)
      This Market Report will establish a set of investment beliefs for the 15 year horizon we shall be using in the ensuing Portfolio Reports, for the “Government Pension Fund – Global” and the “Foreign Reserves”, respectively. ...
    • Finding NEMO : Documentation of the Norwegian Economy Model 

      Brubakk, Leif; Husebø, Tore Anders; Maih, Junior; Olsen, Kjetil; Østnor, Magne (Staff Memo;6/2006, Working paper, 2006)
      Over the last decade monetary policy in Norway has gradually evolved from exchange rate targeting to flexible inflation targeting. In addition, globalization has affected the Norwegian economy substantially over the last ...
    • Strategirapport for petroleumsfondet (Fra 1.1.2006 Statens pensjonsfond - Utland) 

      Unknown author (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 ...
    • Om fondering av pensjoner 

      Grønvik, Gunnvald (Staff Memo;2/2006, Working paper, 2006)
      Det er i dette notat gjort noen teoretiske betraktninger om pensjonssystemer og egenskaper ved dem. Det er lagt hovedvekt på å vurdere hvorvidt pensjonssystemer bør være fonderte eller ikke. Argumenter taler for at fonderte ...
    • Market Discipline Issues in Cross-Border Banking. A Nordic Perspective 

      Moe, Thorvald Grung (Staff Memo;1/2006, Working paper, 2006)
      Cross-border banking is on the rise. Large, cross-border banks have been established in the Nordic, Baltic and Benelux countries. Banco Santander’s takeover of Abbey National made headline news last year, and this year the ...