Working Papers inneholder forskningsarbeider og utredninger som vanligvis ikke har fått sin endelige form. Også andre faglige analyser fra økonomer i Norges Bank utgis i serien. Synspunkter og konklusjoner i arbeidene står for forfatternes regning.

Norges Bank Working Papers distribueres også gjennom RepEc, SSRN og BIS Central Bank Research Hub.

Norges Bank’s working papers present research projects and reports that are generally not in their final form. Other analyses by Norges Bank’s economists are also included in the series. The views and conclusions in these documents are those of the authors.

Norges Bank’s Working Papers are also distributed by RepEc, SSRN and BIS Central Bank Research Hub.

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Recent Submissions

  • A Study of Implied Risk-Neutral Density Functions in the Norwegian Option Market 

    Syrdal, Stig Arild (Working Papers;13/2002, Working paper, 2002)
    Option prices are assumed to contain unique information about how market participants assess the likelihood of different outcomes for future market prices. The main object of this study is to analyse the potential value ...
  • Monetary Policy Rules for an Open Economy 

    Batini, Nicoletta; Harrison, Richard; Millard, Stephen P. (Working Papers;4/2001, Working paper, 2001)
    The most popular simple rules for the interest rate, due to Taylor (1993a) and Henderson and McKibbin (1993), are both meant to inform monetary policy in economies that are closed. On the other hand, their main open economy ...
  • Equity Trading by Institutional Investors: Evidence on Order Submission Strategies 

    Næs, Randi; Skjeltorp, Johannes A. (Working Papers;12/2002, Working paper, 2002)
    The trading volume channeled through off-market crossing networks is growing. Passive matching of orders outside the primary market lowers several components of execution costs compared to regular trading. On the other ...
  • The Effect of New Technology in Payment Services on Banks' Intermediation 

    Lindquist, Kjersti-Gro (Working Papers;6/2002, Working paper, 2002)
    In many countries, payment services in banking have shifted from paper-based giro and cheque payments to electronic giro and debit card payments. This paper analyses the effect of this change in payment technology within ...
  • PPP in the Medium Run Despite Oil Shocks: The Case of Norway 

    Akram, Q. Farooq (Working Papers;4/2002, Working paper, 2002)
    Existing studies generally reject purchasing power parity (PPP) on datasets from countries that have been affected by large real shocks, including Norway. However, we offer strong evidence of PPP between Norway and its ...
  • A Note on Inflation Persistence 

    Holden, Steinar; Driscoll, John C. (Working Papers;14/2002, Working paper, 2002)
    Macroeconomists have for some time been aware that the New Keynesian Phillips curve, though highly popular in the literature, cannot explain the persistence observed in actual inflation. We argue that one of the more ...
  • Explaining the Low US Inflation – Coincidence or “New Economy”? Evidence Based on a Wage-Price Spiral 

    Claussen, Carl Andreas; Staehr, Karsten (Working Papers;2/2001, Working paper, 2001)
    We study possible factors behind the subdued inflation in the United States since the mid-1990s. A standard expectations-augmented Phillips curve does not exhibit structural breaks. However, a wage-price spiral comprising ...
  • Monetary Policy in Real Time 

    Qvigstad, Jan Fredrik (Working Papers;1/2001, Working paper, 2001)
    The interest rate is set by the central bank with a view to securing a nominal anchor for the economy in the long term. The setting of interest rates is based on evaluations of economic trends and the balance of risks. In ...
  • Policy Rules and External Shocks 

    Ball, Laurence (Working Papers;3/2001, Working paper, 2001)
    The decade since 1990 has been a period of innovation in monetary policy. Around the world, many countries have adopted inflation targeting as their basic policy framework. Different countries have tried different techniques ...
  • Empirical Modelling of Norwegian Import Prices 

    Bache, Ida Wolden (Working Papers;1/2002, Working paper, 2002)
    In this paper we investigate the formation of Norwegian import prices of manufactures over the period 1970(1)–1998(3), thereby extending the sample period used in the study by Naug and Nymoen (1996). If international goods ...
  • Kan pengepolitikken påvirke koordineringsgraden i lønnsdannelsen? En empirisk analyse 

    Sparrman, Victoria (Working Papers;7/2002, Working paper, 2002)
    I økonomisk litteratur blir det hevdet at koordinering blant partene i lønnsdannelsen er ønskelig, fordi en slik løsning reduserer lønnspresset og følgelig arbeidsledigheten i økonomien. Modellen i Holden (2001) viser at ...
  • The Costs of Price Stability – Downward Nominal Wage Rigidity in Europe 

    Holden, Steinar (Working Papers;8/2002, Working paper, 2002)
    In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. If inflation is so low that nominal wages have to be cut, the workers have strategic advantage ...
  • Rente og inflasjon 

    Bårdsen, Gunnar; Nymoen, Ragnar (Working Papers;2/2002, Working paper, 2002)
    Vi kartlegger årsakssammenhengen mellom pengemarkedsrenten og inflasjon gjennom en makroøkonometrisk modell. Modellen belyser også hvilke typer sjokk en har størst mulighet til å nøytralisere ved hjelp av moderate ...
  • Coordination, Fair Treatment and Inflation Persistence 

    Driscoll, John C.; Holden, Steinar (Working Papers;15/2002, Working paper, 2002)
    Most wage-contracting models with rational expectations fail to replicate the persistence in inflation observed in the data. We argue that coordination problems and multiple equilibria are the keys to explaining inflation ...
  • Simulating Forward-Looking Models 

    Kolsrud, Dag (Working Papers;9/2001, Working paper, 2001)
    The solutions of a macroeconometricmodel with expectations of future-dated variables has to be approximated by numerical simulations. A brief review of deterministic and stochastic dynamic simulations of a backward-looking ...
  • Persistent Inefficient Redistribution 

    Claussen, Carl Andreas (Working Papers;11/2002, Working paper, 2002)
    Why do governments redistribute through indirect and inefficient means? An intuitive hypothesis is that it masks the real aim and cost of policy. In this paper we construct a dynamic model with an infinite horizon, political ...
  • Inflation Targeting Rules: History-Dependent or Forwarding-Looking? 

    Leitemo, Kai (Working Papers;10/2002, Working paper, 2002)
    This paper discusses the optimal use of inflation forecasts in an inflation targeting setting with reaction and implementation lags. It distinguishes between the optimality of history-dependence versus forward-lookingness ...
  • Optimal Exchange Rate Policy: The Case of Iceland 

    Gu∂mundsson, Már; Pétursson, Thórarinn G.; Sighvatsson, Arnór (Working Papers;5/2001, Working paper, 2001)
    This paper analysis the appropriate exchange rate arrangement for Iceland, given its structural characteristics, on the one hand, and the need for a credible nominal anchor for monetary policy, on the other. It also discusses ...
  • Testing the New Keynesian Phillips Curve 

    Bårdsen, Gunnar; Jansen, Eilev S.; Nymoen, Ragnar (Working Papers;5/2002, Working paper, 2002)
    The dynamic properties of the The New Keynesian Phillips curve (NPC) is analysed within the framework of a small system of linear difference equations. We evaluate the empirical results of existing studies which uses ...
  • A Model of Bankruptcy Prediction 

    Bernhardsen, Eivind (Working Papers;10/2001, Doctoral thesis; Working paper, 2001)
    In this thesis, a model of bankruptcy prediction conditional on financial statements is presented. Apart from giving a discussion on the suggested variables the issue of functional form is raised. The specification most ...

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