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The origins of a paper money economy - the case of Norway

Øksendal, Lars Fredrik - Norges Bank - 2009

This article sketches the origins of paper money in Norway back to the last half of the 18th century and asks why there … put forward is that the choice of fiat paper money reflected the relative economic backwardness of the country. Although … Gresham’s law also applied for Norway, the most important reason paper money caught on and maintained that position as the …

Persistent link: https://www.econbiz.de/10008514722

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

Syrstad, Olav - Norges Bank - 2014

liquidity premium in money market spreads. I find that long-term (84-day) TAF auctions were effective in reducing the 3-month …

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

Policy analysis in real time using IMF's monetary model

Akram, Q. Farooq - Norges Bank - 2010

We investigate to what extent estimated relationships of the IMF’s monetary model and their policy implications are sample dependent. This model constitutes the core of the IMF’s financial programming models for developing and emerging economies. We observe that estimates of the model’s...

Persistent link: https://www.econbiz.de/10008462806

Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003

Akram, Q. Farooq; Eitrheim, Øyvind; Sarno, Lucio - Norges Bank - 2005

We characterise the behaviour of Norwegian output, the real exchange rate and real money balances over a period of … the dynamic behaviour of output, the real exchange rate and real money balances. …

Persistent link: https://www.econbiz.de/10005063084

Price-level determinacy, lower bounds on the nominal interest rate, and liquidity traps

Alstadheim, Ragna; Henderson, Dale - Norges Bank - 2006

We consider standard monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments …

Persistent link: https://www.econbiz.de/10005063096

Financial crises and monetary expansion

Grytten, Ola Honningdal - Norges Bank - 2012

, and concludes that the major financial crises in Norway typically took place after substantial money and credit expansion …

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

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

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 Origins of Foreign Exchange Policy: The National Bank of Belgium and the Quest for Monetary Independence in the 1850s

Ugolini, Stefano - Norges Bank - 2010

Can the central bank of a small open economy be mandated with the maintenance of both fixed exchange rates and monetary independence, and still succeed in the long term? Looking at a pioneering experiment put in place by the National Bank of Belgium, this article shows how foreign exchange...

Persistent link: https://www.econbiz.de/10008739739

Norges Bank 1999-2010: Governance and structural reforms

Bøhn, Harald - Norges Bank - 2012

In 1999 Norges Bank employed 1150 persons and had 12 regional branches located in various cities across the country. In 2010, the regional branches had all been closed and the traditional central bank staff had been reduced to a good 300 persons. In the same period, an investment management unit...

Persistent link: https://www.econbiz.de/10010835401