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

  • Betalingssystemet – en kilde til risiko. Behovet for overvåking og tilsyn 

    Haare, Harald; Sletner, Inger-Johanne (Journal article, 2007)
    Betalingssystemet er en viktig del av et lands finansielle infrastruktur. Velfungerende betalingssystemer gjør det mulig å gjennomføre pengeoverføringer på en sikker måte og til avtalt tid. Artikkelen beskriver Norges Banks ...
  • Financial Globalization and Bank Lending : The Limits of Domestic Monetary Policy? 

    Cao, Jin; Dinger, Valeriya (Working papers;4/2018, Working paper, 2018)
    We empirically analyze how bank lending reacts to monetary policy in the presence of global financial flows. Employing a unique and novel dataset of the funding modes and currency composition of the full population of ...
  • Kriterier for «gode» begrunnelser 

    Qvigstad, Jan Fredrik; Schei, Tore (Working papers;6/2018, Working paper, 2018)
    I demokratiske samfunn utøver ulike institusjoner gjennom beslutninger viktig samfunnsmakt. Beslutningene kan rette seg mot enkeltindivider eller ha en mer generell samfunnsmessig virkning. Det er en selvfølge i dag at ...
  • Criteria for “good” justifications 

    Qvigstad, Jan Fredrik; Schei, Tore (Working papers;6/2018, Working paper, 2018)
    Many institutions in a democratic society wield important power by virtue of the decisions they make. These decisions may concern individuals or have a more general impact on society. It goes without saying today that this ...
  • Business cycle narratives 

    Larsen, Vegard Høghaug; Thorsrud, Leif Anders (Working papers;3/2018, Working paper, 2018)
    This article quantifies the epidemiology of media narratives relevant to business cycles in the US, Japan, and Europe (euro area). We do so by first constructing daily business cycle indexes computed on the basis of the ...
  • The global financial cycle, bank capital flows and monetary policy. Evidence from Norway 

    Alstadheim, Ragna; Blandhol, Christine (Working papers;2/2018, Working paper, 2018)
    We investigate the importance of a global financial cycle for gross capital inflows based on monthly balance sheet data for Norwegian banks. The VIX index has been interpreted as an “investor fear gauge” and associated ...
  • An historical perspective on financial stability and monetary policy regimes : A case for caution in central banks current obsession with financial stability 

    Bordo, Michael D. (Working papers;5/2018, Working paper, 2018)
    The global financial crisis (GFC) of 2007-2008 led to a call for central banks to elevate their financial stability mandate to the same level as their price stability mandate. It also led to a call for central banks to use ...
  • Technology and the Two Margins of Labor Adjustment: A New Keynesian Perspective 

    Furlanetto, Francesco; Sveen, Tommy; Weinke, Lutz (Working papers;7/2018, Working paper, 2018)
    Canova et al. (2010 and 2012) estimate the dynamic response of labor market variables to technological shocks. They show that investment-speci c shocks imply almost exclusively an adjustment along the intensive margin ...
  • Unemployment. Labour Market Programmes and Wages in Norway 

    Wulfsberg, Fredrik; Raaum, Oddbjørn (Working Papers;11/1997, Working paper, 1997)
    The Norwegian authorities pursue active labour market policies to fight unemployment by qualifying the unemployed in a wide range of programmes. We discuss theoretically and investigate empirically the effects such policies ...
  • A Test of Uncovered Interest Rate Parity for Ten European Countries Based on Bottstrapping and Panel Data Models 

    Bernhardsen, Tom (Working Papers;9/1997, Working paper, 1997)
    Based on both single country models and panel data models uncovered interest rate parity is tested for ten European countries relative to Germany by regressing exchange rate changes on interest rate differentials. The ...
  • Assessment of Credit Risk in the Norwegian Business Sector 

    Sjøvoll, Espen (Working Papers;9/1999, Master thesis; Working paper, 1999)
    In this thesis, I present a model that measures credit risk in the Norwegian business sector, using firm bankruptcy as proxy for credit risk. Probit analysis, a discrete response model, is applied to micro level financial ...
  • Measuring Structural Unemployment: Is There a Rough and Ready Answer? 

    Holden, Steinar; Nymoen, Ragnar (Working Papers;9/1998, Working paper, 1998)
    In recent years, the OECD has measured the structural rate of unemployment by an indicator called the Non-Accelerating Wage Rate of Unemployment. The NAWRU indicator is an important element in the policy analysis of the ...
  • Error-Correction Versus Differencing in Macroeconometric Forecasting 

    Eitrheim, Øyvind; Husebø, Tore Anders; Nymoen, Ragnar (Working Papers;6/1998, Working paper, 1998)
    Recent work by Clements and Hendry have shown why forecasting systems that are in terms of differences, dVARs, can be more accurate than economet- ric models that include levels variables, ECMs. For example, dVAR forecasts ...
  • Econometric Inflation Targeting 

    Bårdsen, Gunnar; Jansen, Eilev S.; Nymoen, Ragnar (Working Papers;5/1999, Working paper, 1999)
    Inflation targeting makes the Central Bank’s conditional inflation forecast the operational target for monetary policy. Successful inflation targeting requires knowing the transmission mechanisms to inflation from shocks ...
  • Innvandreres tilknytning til arbeidsmarkedet 

    Akram, Q. Farooq (Arbeidsnotater;5/1998, Working paper, 1998)
    Kompetanseforskjeller mellom innvandrere og innfødte arbeidere kan være én mulig årsak til at de har ulik ledighets- og sysselsettingsmønster. Innvandrere står overfor en mer usikker avkastning på investeringer i humankapital ...
  • Wages and Profitability: Norwegian Manufacturing 1967Q1 - 1998Q2 

    Bjørnstad, Roger; Nymoen, Ragnar (Working Papers;7/1999, Working paper, 1999)
    Economic theories of imperfectely competitive labour markets predict that wages are linked to profits. In spite of this, profit variables are not explicitely specified in empirical models of wage formation that otherwise ...
  • Multiple Unemployment Equilibria: Do Transitory Shocks Have Permanent Effects? 

    Akram, Q. Farooq (Working Papers;6/1999, Working paper, 1999)
    This paper tests for multiple equilibria in the Norwegian unemployment rate and investigates whether it displays asymmetric response to positive and negative shocks. Linear and nonlinear univariate models are employed to ...
  • Optimum Currency Areas Under Inflation Targeting 

    Røisland, Øistein; Torvik, Ragnar (Working Papers;10/1999, Working paper, 1999)
    Several countries face the choice between targeting inflation independently or entering a monetary union that targets inflation. The present paper extends the theory of optimum currency areas to deal with this choice. In ...
  • The consumption function in Norway. Breakdown and reconstruction 

    Brodin, P. Anders; Nymoen, Ragnar (Working Papers;7/1989, Working paper, 1989)
    In the mid-eighties econometric forecasts and ex post simulations of private consumption in Norway began to show clear signs of "structural breakdown" .This evidence lends itself to two interpretations, distinct in their ...
  • Inference in small cointegrated systems: some Monte Carlo results 

    Eitrheim, Øyvind (Working Papers;9/1991, Working paper, 1991)
    The Johansen procedure for testing and estimating cointegration models is analysed from a practitioner's perspective. We adress the robustness of the cointegration tests in small samples and with respect to particular types ...

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