Staff Memo: Nye registreringer
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Long-Term Outlook for Fixed Income and Equity Return
(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 ... -
Sammenhengen mellom styringsrenten og makroøkonomiske variable : noen enkle ligninger for Norge
(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 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, ... -
Documentation of the Method Used by Norges Bank for Estimating Implied Forward Interest Rates
(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?
(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?
(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 ... -
Comparing Monetary Policy Transparency. The Eijffinger and Geraats Index - a Comment
(Staff Memo;10/2008, Working paper, 2008)There is by now a large volume of literature on central bank transparency and communication. One branch of this literature compares transparency across central banks and over time. Recent contributions in this vein are ... -
Implementing and Communicating Optimal Monetary Policy
(Staff Memo;3/2007, Working paper, 2007)The interest rate forecast plays a key role in the communication of monetary policy in Norges Bank. We give a comprehensive overview of the Bank’s communication with focus on the interest rate forecast. The main arguments ... -
CPIXE and Projections for Energy Prices
(Staff Memo;7/2008, Working paper, 2008)This paper describes the new indicator of underlying inflation used at Norges Bank, the consumer price index adjusted for tax changes and excluding temporary changes in energy prices (CPIXE). In particular, we discuss the ... -
Costs in the Norwegian Payment System 2007 – a Brief Overview of the Surveys and Results
(Staff Memo;9/2008, Working paper, 2008)The analysis covers social costs associated with payment cards, giros and cash. The bulk of retail payments in Norway are settled by means of these instruments. The social costs of using and producing these payment services ... -
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 ... -
The Pension Reform in Norway - a Useful Step, but More Funding Could be Beneficial
(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 Relationship Between the Key Policy Rate and Macroeconomic Variables : A Simple Cross-Check for Norway
(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 ... -
Long-Term Market Outlook
(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
(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 ... -
Market Discipline Issues in Cross-Border Banking. A Nordic Perspective
(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 ... -
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, ... -
Om fondering av pensjoner
(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 ... -
A Suite-Of-Models Approach to Stress-Testing Financial Stability
(Staff Memo;2/2008, Working paper, 2008)This paper presents a suite of models developed to stress-test financial stability. A macro model is linked to micro data-based models for households, firms and banks. The macro model includes credit- and consumer ... -
Payment Habits at Point of Sale. Different Methods of Calculating Use of Cards and Cash in Norway
(Staff Memo;6/2008, Working paper, 2008)We use different empirical methods for estimating the use of cash in Norway. One method gives an estimate of the “maximum” value of cash use at point of sale. A second estimates the minimum use of cash in the society ...