This paper discusses the natural real rate, why and how it reflects the stance of monetary policy, and what can happen if it turns negative; make monetary policy ineffective, which in a situation with a negative output gap can lead to a long period of low growth - secular stagnation. Denmark as a...

This working paper documents an econometric model for detecting turning points in the Danish economy in real time. The model is a mixedfrequency model using both monthly and quarterly data, which can be estimated on an unbalanced panel of data and be updated immediately as data comes through....

This paper discusses the natural real rate, why and how it reflects the stance of monetary policy, and what can happen if it turns negative; make monetary policy ineffective, which in a situation with a negative output gap can lead to a long period of low growth - secular stagnation. Denmark as a...

This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple theoretical model of the bid-ask spread which we use to...

We analyse the costs and benefits of increasing capital requirements for Danish banks. Costs can be close to 0 if banks suspend dividend payments for a period of time as banks accumulate capital and if investors' required return falls. The latter implies that the Modigliani-Miller effect is...

We analyse macro financial linkages in the Danish economy by estimating a structural VAR model using Bayesian techniques and construct a new financial condition index for the Danish economy. We measure financial conditions as the aggregate impact of financial variables on real activity from the...

Purpose: The purpose of this paper is to investigate the role of narcissistic supply for the association between CEO narcissism and corporate risk taking. Design/methodology/approach: The authors investigate a sample of 281 non-financial S&P 1500 firms and a corresponding 457 CEOs in the 10-yr...

What can explain the long-term decline in equilibrium real interest rates? We analyze the importance of three of the most cited drivers; decreasing fertility, decreasing mortality, and a slowdown of technological growth. We do this through the lens of a general-equilibrium, two-country,...