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Grytten, Ola Honningdal - Norges Bank - 2012

On the basis of data from the Historical Monetary Statistics-project by Norges Bank, the present paper serves a threefold purpose. In the first place it gives an overview of financial crisis in Norway from her independence from Denmark in 1814 till present times. Secondly, historical business...

Persistent link: https://www.econbiz.de/10009391593

Monetary and macroprudential policy with multi-period loans

Brzoza-Brzezina, Michal; Gelain, Paolo; Kolasa, Marcin - Norges Bank - 2014

We study the implications of multi-period loans for monetary and macroprudential policy, considering several realistic modifications - variable vs. fixed loan rates, non-negativity constraint on newly granted loans, and possibility for the collateral constraint to become slack - to an otherwise...

Persistent link: https://www.econbiz.de/10011082741

The impact of the Term Auction Facility on the liquidity risk premium and unsecured interbank spreads

Syrstad, Olav - Norges Bank - 2014

liquidity shortage in USD and reducing the spread between the 3-month Libor rate and the expected policy rate. I construct a … proxy for the 3-month liquidity risk premium based on data from the FX forward market which enables me to (i) decompose the … Libor spread into a liquidity premium and a credit premium, and (ii) test the effectiveness of the TAF in reducing the …

Persistent link: https://www.econbiz.de/10010835419

Why do banking crises occur? The American subprime crisis compared with the Norwegian banking crisis 1987-92

Knutsen, Sverre - Norges Bank - 2012

This paper analyses the causes of banking crises by the way of a historical comparative case study. Moreover, the analysis draws on theories elaborated by the economist Hyman Minsky. The evidence presented suggests that the fundamental causes of the compared crises are found in the macroeconomic...

Persistent link: https://www.econbiz.de/10010835421

Contributions to a history of prices in Norway: Monthly price indices, 1777-1920

Klovland, Jan Tore - Norges Bank - 2013

This study reports the outcome of an effort to collect market price data for Norway with a view to constructing monthly price indices from the year 1777 to 1920. The material covers data on commodity prices from agriculture, shery, dairying, manufacturing and mining. Indices of the wholesale and...

Persistent link: https://www.econbiz.de/10010787771

Oil price shocks and monetary policy in a data-rich environment

Aastveit, Knut Are - Norges Bank - 2013

This paper examines the impact of different types of oil price shocks on the U.S. economy, using a factor-augmented VAR (FAVAR) approach. The results indicate that when examining the effects of oil price shocks, it is important to account for the interaction between the oil market and the...

Persistent link: https://www.econbiz.de/10010787780

Modelling inflation in the Euro Area

Jansen, Eilev S. - Norges Bank - 2004

The paper presents an incomplete competition model (ICM), where inflation is determined jointly with unit labour cost growth. The ICM is estimated on data for the Euro area and evaluated against existing models, i.e. the implicit inflation equation of the Area Wide model (AWM) - cf. Fagan, Henry...

Persistent link: https://www.econbiz.de/10005292515

What horizon for targeting inflation?

Q. Farooq Akram. - Norges Bank - 2008

We investigate optimal horizons for targeting inflation in response to different shocks and their properties under alternative preferences of an inflation-targeting central bank. Our analysis is based on a well specified macroeconometric model of Norway, but we examine how alternative...

Persistent link: https://www.econbiz.de/10005292516

Price adjustments and inflation - evidence from Norwegian consumer price data 1975-2004

Wulfsberg, Fredrik - Norges Bank - 2009

I document price adjustments in both high and low inflation years from 14 milllion monthly price observations of 1,133 goods and services. The variation in the frequency of price changes explains all the variation in the inflation rate. On average, prices increase more often when inflation is...

Persistent link: https://www.econbiz.de/10004979254

The historical connection between short term output and prices in a small open economy

Grytten, Ola; Hunnes, Arngrim - Norges Bank - 2009

According to a Keynesian view, short term output fluctuations are normally demand side led. Since prices reflect demand, they should mirror output fluctuations. Thus, prices and output are expected to move in the same direction in the short run. The present paper investigates the historical...

Persistent link: https://www.econbiz.de/10008514717