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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
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What do we really know about the long-term evolution of central banking? Evidence from the past, insights for the present
Ugolini, Stefano - Norges Bank - 2011
The ongoing financial crisis is shaking central bankers’ certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the centuries. This paper does so by taking a functional, instead of an...
Persistent link: https://www.econbiz.de/10009365598
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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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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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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 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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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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Oil Price Shocks and Stock Market Booms in an Oil Exporting Country
Bjørnland, Hilde C. - Norges Bank - 2008
This paper analyses the effects of oil price shocks on stock returns in Norway, an oil exporting country, highlighting the transmission channels of oil prices for macroeconomic behaviour. To capture the interaction between the different variables, stock returns are incorporated into a structural...
Persistent link: https://www.econbiz.de/10005063101
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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