Vis enkel innførsel

dc.contributor.authorter Ellen, Saskia
dc.contributor.authorMartinsen, Kjetil
dc.description.abstractWe employ a structural VAR model to investigate direct and indirect effects of oil price changes on the Norwegian effective exchange rate (I44). The model is estimated on different subsamples and with different model specifications. Our main finding is that the direct effect of oil price shocks on the I44 has increased over time, independent of the model specification we choose. Furthermore, an increasing impact of oil shocks on interest rates and an increased impact of interest rates on the I44 account for the rise in the indirect impact of oil on the I44 over time. We further find that long (short) term interest differentials become relatively more (less) important for explaining movements in the I44 during recent samples. A possible interpretation could be the (zero) lower bound and unconventional monetary policy conducted by Norway’s trading partners.nb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesStaff Memo;16/2016
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.titleOil Price Shocks and the Norwegian Effective Exchange Rate – an SVAR Approachnb_NO
dc.typeWorking papernb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210nb_NO

Tilhørende fil(er)


Denne innførselen finnes i følgende samling(er)

Vis enkel innførsel

Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
Med mindre annet er angitt, så er denne innførselen lisensiert som Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal