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Norges Bank's liquidity policy : principles and design
Norges Bank - 2021
Persistent link: https://www.econbiz.de/10013254656
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Managing uncertainty through robust-satisficing monetary policy
Akram, Q. Farooq; Ben-Haim, Yakov; Eitrheim, Øyvind - Norges Bank - 2006
empirically the robust monetary policy response to a supply shock with an uncertain degree of persistence. …
Persistent link: https://www.econbiz.de/10005481435
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Identifying the interdependence between US monetary policy and the stock market
Bjørnland, Hilde C.; Leitemo, Kai - Norges Bank - 2008
-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established … stock prices immediately fall by 7-9 percent due to a monetary policy shock that raises the federal funds rate by 100 basis … points. A stock price shock increasing real stock prices by one percent leads to an increase in the interest rate of close to …
Persistent link: https://www.econbiz.de/10005481436
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How does monetary policy respond to exchange rate movements? New international evidence
Bjørnland, Hilde C.; Halvorsen, Jørn I. - Norges Bank - 2008
This paper analyzes how monetary policy responds to exchange rate movements in open economies, paying particular attention to the two-way interaction between monetary policy and exchange rate movements. We address this issue using a structural VAR model that is identified using a combination of...
Persistent link: https://www.econbiz.de/10005481446
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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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Notes on the Underground: Monetary Policy in Resource-Rich Economies
Ferrero, Andrea; Seneca, Martin - Norges Bank - 2015
How should monetary policy respond to a commodity price shock in a resource-rich economy? We study optimal monetary …
Persistent link: https://www.econbiz.de/10011183646
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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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Do central banks respond to exchange rate movements? A Markov-switching structural investigation
Alstadheim, Ragna; Bjørnland, Hilde C.; Maih, Junior - Norges Bank - 2013
Do central banks respond to exchange rate movements? According to Lubik and Schorfheide (2007) who estimate structural general equilibrium models with monetary policy rules, the answer is "Yes, some do". However, their analysis is based on a sample with multiple regime changes, which may bias...
Persistent link: https://www.econbiz.de/10010787754
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Marriner S. Eccles and the 1951 Treasury–Federal Reserve Accord: Lessons for central bank
Moe, Thorvald Grung - Norges Bank - 2014
The 1951 Treasury–Federal Reserve Accord is an important milestone in central bank history. It led to a lasting separation between monetary policy and the Treasury's debtmanagement powers and established an independent central bank focused on price and macroeconomic stability. This paper...
Persistent link: https://www.econbiz.de/10010787781
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Nowcasting GDP in real-time: A density combination approach
Aastveit, Knut Are; Gerdrup, Karsten R.; Jore, Anne Sofie; … - Norges Bank - 2011
In this paper we use U.S. real-time vintage data and produce combined density nowcasts for quarterly GDP growth from a system of three commonly used model classes. The density nowcasts are combined in two steps. First, a wide selection of individual models within each model class are combined...
Persistent link: https://www.econbiz.de/10009366339