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Forecasting Inflation with an Uncertain Output Gap

Bjørnland, Hilde C.; Brubakk, Leif; Jore, Anne Sofie - 2006

inflation. However, its definition and estimation raise a number of theoretical and empirical questions. This paper evaluates a …

Persistent link: https://www.econbiz.de/10012143654

Monetary Policy and the Illusionary Exchange Rate Puzzle

Bjørnland, Hilde C. - 2005

Dornbusch's exchange rate overshooting hypothesis is a central building block in international macroeconomics. Yet, empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with overshooting. This puzzling result has developed into a "styled facts" to...

Persistent link: https://www.econbiz.de/10012143647

Monetary Policy and Exchange Rate Interactions in a Small Open Economy

Bjørnland, Hilde C. - 2005

This paper analyses the transmission mechanisms of monetary policy in a small open economy like Norway through structural VARs, paying particular attention to the interdependence between the monetary policy stance and exchange rate movements in the inflation-targeting period. Previous studies of...

Persistent link: https://www.econbiz.de/10012143652

How Does Monetary Policy Respond to Exchange Rate Movements? New International Evidence

Bjørnland, Hilde C.; Halvorsen, Jørn Inge - 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/10012143695

Oil Price Shocks and Stock Market Booms in an Oil Exporting Country

Bjørnland, Hilde C. - 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/10012143696

The Role of House Prices in the Monetary Policy Transmission Mechanism in the U.S.

Bjørnland, Hilde C.; Jacobsen, Dag Henning - 2008

We analyze the role of house prices in the monetary policy transmission mechanism in the U.S. using structural VARs. The VAR is identified using a combination of short-run and long-run (neutrality) restrictions, allowing for a contemporaneous interaction between monetary policy and various asset...

Persistent link: https://www.econbiz.de/10012143704

The Role of House Prices in the Monetary Policy Transmission Mechanism in Small Open Economies

Bjørnland, Hilde C.; Jacobsen, Dag Henning - 2009

We analyse the role of house prices in the monetary policy transmission mechanism in Norway, Sweden and the UK using structural VARs. A solution is proposed to the endogeneity problem of identifying hocks to interest rates and house prices by using a combination of short-run and long-run...

Persistent link: https://www.econbiz.de/10012143711

Monetary Policy and Exchange Rate Overshooting: Dornbusch Was Right After All

Bjørnland, Hilde C. - 2009

Persistent link: https://www.econbiz.de/10012143714

Weights and Pools for a Norwegian Density Combination

Bjørnland, Hilde C.; Gerdrup, Karsten R.; Smith, Christie - 2010

We apply a suite of models to produce quasi-real-time density forecasts of Norwegian GDP and inflation, and evaluate different combination and selection methods using the Kullback-Leibler information criterion (KLIC). We use linear and logarithmic opinion pools in conjunction with various...

Persistent link: https://www.econbiz.de/10012143740

The World Is Not Enough! Small Open Economies and Regional Dependence

Aastveit, Knut Are; Bjørnland, Hilde C.; Thorsrud, … - 2011

block FAVAR model with separate world, regional and domestic blocks and study the transmission of both global and regional … major share of the variance in all countries, most so shocks that are common to the world. However, regional shocks also …, the world is not enough. The regional factors impact the four countries differently, though, some through trade and some …

Persistent link: https://www.econbiz.de/10012143781