We estimate fiscal reaction functions for non-hydrocarbon tax and public spending shares of national income and for debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income hypothesis and bird-in-hand rule. We conclude that the...

We estimate fiscal reaction functions for non-hydrocarbon tax and public spending shares of national income and for debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income hypothesis and bird-in-hand rule. We conclude that the...

We estimate fiscal reaction functions for non-hydrocarbon tax and public spending shares of national income and for debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income hypothesis and bird-in-hand rule. We conclude that the...

Based on a permanent income analysis, Gagnon (2018) has prominently suggested that Norwayhas saved too much, thereby free-riding on the rest of the world for demand. Our public sectorbalance sheet analysis comes to the opposite conclusion, chiefly because it also accounts forfuture aging costs....

To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and Sweden. Using detailed bank-level data we show how Norwegian and Swedish...

To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and Sweden. Using detailed bank-level data we show how Norwegian and Swedish...

During the current episode of globalization, capital has flown primarily to high income countries. Attempts to explain this “Lucas Paradox” have focused on the quality of institutions. We analyze data from a major institutional investor, the Norwegian Sovereign Wealth Fund, to estimate the...