• 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 ...
    • Banks as Multioutput Oligopolies: An Empirical Evaluation of the Retail and Corporate Banking Markets 

      Berg, Sigbjørn Atle; Kim, Moshe (Working Papers;10/1994, Working paper, 1994)
      The distinction between retail and corporate banking markets is of much importance in real life banking organizations. The two markets differ with respect to concentration, the importance of informational asymmetries, and ...
    • Early Warning Indicators for Norwegian Banks: A Logit Analysis of the Experiences from the Banking Crisis 

      Berg, Sigbjørn Atle; Hexeberg, Barbro (Working Papers;1/1994, Working paper, 1994)
      Most existing early warning studies for the banking industry are based on U.S. data. The present paper considers the experiences made during the Norwegian banking crisis 1988- 92. The performance of a set of possible early ...
    • Inn i den svarte boksen: Om kausalitet i makroøkonomiske modeller 

      Grønvik, Gunnvald (Arbeidsnotater;13/1994, Working paper, 1994)
      Temaet for dette arbeidet er modellteknisk og deterministisk og dreier seg om samspillet mellom variablene i makromodeller. Ved hjelp av begreper fra grafeteorien blir det gitt svar på spørsmål som Hvordan kan det kartlegges ...
    • 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 ...
    • 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 ...
    • 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 ...
    • 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 ...
    • 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 ...
    • 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 ...
    • 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 ...
    • 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 ...
    • The Generic Properties of Equilibrium Correction Mechanisms 

      Bårdsen, Gunnar; Hurn, Stan; Lindsay, Kenneth (Working Papers;8/1999, Working paper, 1999)
      Linear dynamic equilibrium correction mechanisms are shown to follow from the discretisation of continuous economic processes with steady-state solutions. In addition, the proposed procedure provides testable restrictions ...
    • Risk Taking in Selection Contests 

      Hvide, Hans K.; Kristiansen, Eirik Gaard (Working Papers;2/1999, Working paper, 1999)
      We study selection contests in which the strategic variable is degree of risk rather than amount of effort. The selection efficiency of such contests is examined. We show that the selection efficiency of a contest may be ...
    • Progress from Forecast Failure — the Norwegian Consumption Function 

      Eitrheim, Øyvind; Jansen, Eilev S.; Nymoen, Ragnar (Working Papers;10/2000, Working paper, 2000)
      After a forecast failure, a respecification is usually necessary to account for the data ex post, in which case there is a gain in knowledge as a result of the forecast failure. Using Norwegian consumption as an example, ...
    • Open-Economy Inflation Forecast Targeting 

      Leitemo, Kai (Working Papers;2/2000, Working paper, 2000)
      The paper shows that the procedure of inflation forecast targeting arguably implemented by Sveriges Riksbank and the Bank of England may lead to high nominal and real variability; the latter being manifested most notably ...
    • The Performance of Inflation Forecast Feedback Rules in Small Open Economies 

      Leitemo, Kai (Working Papers;11/2000, Working paper, 2000)
      This paper examines the performance of inflation forecast feedback rules in a two-sector, calibrated model of the U.K. economy. Under such rules, the interest rate responds to the deviation of the unchanged-interest-rate ...