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Marriner S. Eccles and the 1951 Treasury–Federal Reserve Accord: Lessons for central bank
Moe, Thorvald Grung - Norges Bank - 2014
banks, with equal weight given to fighting inflation and preventing depressions. …
Persistent link: https://www.econbiz.de/10010787781
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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
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Managing uncertainty through robust-satisficing monetary policy
Akram, Q. Farooq; Ben-Haim, Yakov; Eitrheim, Øyvind - Norges Bank - 2006
We employ information-gap decision theory to derive a robust monetary policy response to Knightian parameter uncertainty. This approach provides a quantitative answer to the question: For a specified policy, how much can our models and data err or vary, without rendering the outcome of that...
Persistent link: https://www.econbiz.de/10005481435
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Does monetary policy react to asset prices? Some international evidence
Furlanetto, Francesco - Norges Bank - 2008
This paper attempts to measure the reaction of monetary policy to the stock market. We apply the procedure of Rigobon and Sack (2003) to identify and estimate a VAR in the presence of heteroskedasticity. This procedure fully takes into account the endogeneity of interest rates and stock returns...
Persistent link: https://www.econbiz.de/10005063076
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House prices, credit and the effect of monetary policy in Norway: Evidence from Structural VAR Models
Robstad, Ørjan - Norges Bank - 2014
to mitigate household credit may prove costly in terms of GDP and inflation variation. …
Persistent link: https://www.econbiz.de/10010835411
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Leaning Against the Credit Cycle
Gelain, Paolo; Lansing, Kevin J.; Natvik, Gisle J. - Norges Bank - 2015
We study the interaction between monetary policy and household debt dynamics. To this end, we develop a dynamic stochastic general equilibrium model where household debt is amortized gradually, and only new loans are constrained by the current value of collateral. Long-term debt implies that...
Persistent link: https://www.econbiz.de/10011188892
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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 … inflation and output. Successful inflation targeting in such cases may require a complex interest rate response. The optimal …
Persistent link: https://www.econbiz.de/10005292516
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The zero lower bound on the interest rate and a Neo-Classical Phillips curve
Alstadheim, Ragna - Norges Bank - 2010
With sticky prices, optimizing agents and money in the utility function, I derive the exact analytical solution for optimal monetary policy given a zero lower bound (ZLB) on the interest rate. The Phillips curve is Neo-Classical, and the ZLB is then not a constraint on optimal policy. Optimal...
Persistent link: https://www.econbiz.de/10008457309
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Firm-specific capital and welfare
Sveen, Tommy; Weinke, Lutz - Norges Bank - 2006
What are the consequences for monetary policy design implied by the fact that price setting and investment takes typically place simultaneously at the firm level? To address this question we analyze simple (constrained) optimal interest rate rules in the context of a dynamic New Keynesian model...
Persistent link: https://www.econbiz.de/10005649736
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House prices, credit growth, and excess volatility: Implications for monetary and macroprudential policy
Gelain, Paolo; Lansing, Kevin J.; Mendicino, Caterina - Norges Bank - 2012
variables, it can significantly magnify the volatility of others, particularly inflation. …
Persistent link: https://www.econbiz.de/10010787764