• A Constrained Dynamic Nelson-Siegel Model for Monetary Policy Analysis 

  Cross, Jamie L.; Poon, Aubrey; Wenying, Yao; Zhu, Dan (CAMP Working Paper Series;06/2024, Working paper, 2024-07-15)

  The Dynamic Nelson-Siegel (DNS) model implies that the instantaneous bond yield is a linear combination of yield curve’s level and slope factors. However, this constraint is not used in practice because it induces a ...

• The housing channel of intergenerational wealth persistence 

  Getz Wold, Ella; Aastveit, Knut Are; Eylands Brandsaas, Eirik; Enger Juelsrud, Ragnar; James Natvik, Gisle (HOFIMAR Working Paper Series;6/2024, Working paper, 2024-09)

  We use Norwegian micro data and a life-cycle model with housing to study how wealth transmits across generations through the housing market. A mediation analysis reveals large housing gaps based on parental wealth. A ...

• Winners and Losers from Property Taxation 

  Balke, Kasper Kragh; Karlman, Markus; Kinnerud, Karin (HOFIMAR Working Paper Series;4/2024, Working paper, 2024-06-21)

  This paper studies how down-payment requirements for house purchases affect households’ saving and housing decisions, and the implications for macroeconomic policy. Using a quantitative model, we find that households not ...

• Joint Search over the Life Cycle 

  Bacher, Annika; Grübener, Philipp; Nord, Lukas (HOFIMAR Working Paper Series;5, Working paper, 2024-05-09)

  This paper provides novel evidence that the added worker effect – labor force entry upon spousal job loss – is substantially stronger for young than old households. Using a life cycle model of two-member households in a ...

• Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks 

  Holm, Martin B.; Jamilov, Rustam; Jasinski, Marek; Nenov, Plamen (HOFIMAR Working Paper Series;2/2024, Working paper, 2024-07)

  This paper studies the spending response to news about a dividend tax reform to estimate the elasticity of intertemporal substitution (EIS). The Norwegian dividend tax reform was proposed in 2003, announced in 2004, and ...

• Down-payment requirements: Implications for portfolio choice and consumption 

  Balke, Kasper Kragh; Karlman, Markus; Kinnerud, Karin (HOFIMAR Working Paper Series;3/2024, Working paper, 2024-05)

  This paper considers optimal taxation of housing capital. To this end, we employ a life-cycle model calibrated to the U.S. economy, where asset holdings and labor productivity vary across households, and tax reforms lead ...

• Saving after Retirement and Preferences for Residual Wealth 

  Fella, Giulio; Holm, Martin B.; Pugh, Thomas M. (HOFIMAR Working Paper Series;1/2024, Working paper, 2024-05)

  We use administrative data for Norway to estimate an incomplete-market life-cycle model of retired singles and couples with a bequest motive, health-dependent utility, and uncertain longevity and health. We allow the ...

• Unveiling inflation: Oil Shocks, Supply Chain Pressures, and Expectations 

  Aastveit, Knut Are; Bjørnland, Hilde C.; Cross, Jamie L.; Kalstad, Helene Olsen (CAMP Working Paper Series;05/2024, Working paper, 2024-07-05)

  This paper demonstrates that inflation expectations have acted as significant amplifiers of recent global demand and supply shocks, thereby playing a crucial role in maintaining inflation at relatively high levels. This ...

• The impact of knowledge and financial resource flows for MNE strategy: A typology of subsidiary roles 

  Lunnan, Randi; Meyer, Klaus; Mudambi, Ram; Yang, Qin (Peer reviewed; Journal article, 2023)

  What are the implications of finance and knowledge flows for MNE strategy? In this perspective paper, we discuss the antecedents and implications of HQ-subsidiary financial and knowledge flows. These flows differ, as the ...

• Taylor Rules with Endogenous Regimes 

  Aastveit, Knut Are; Cross, Jamie; Furlanetto, Francesco; Van Dijk, Herman K. (CAMP Working Paper Series;04/2024, Working paper, 2024-05-07)

  The Fed’s policy rule switches during the different phases of the business cycle. This finding is established using a dynamic mixture model to estimate regime-dependent Taylor-type rules on US quarterly data from 1960 to ...

• The Gender Investment Gap over the Life-Cycle 

  Bacher, Annika (HOFIMAR Working Paper Series;3/2023, Working paper, 2023)

  Single women hold less risky financial portfolios than single men. This paper analyzes the determinants of the “gender investment gap” based on a structural life-cycle framework. The model is able to rationalize the ...

• The leverage-liquidity trade-of mortgage regulation 

  Aastveit, Knut Are; Enger Juelsrud, Ragnar; Getz Wold, Ella (HOFIMAR Working Paper Series;4/2023, Working paper, 2023)

  We evaluate the impact of loan-to-value restrictions on household financial vulnerability. Using Norwegian tax data, we first document a beneficial leverage effect, in which households respond to the regulation by reducing ...

• How Does Monetary Policy Affect Household Indebtedness? 

  Fagereng, Andreas; Gulbrandsen, Magnus A. H.; Holm, Martin B.; Natvik, Gisle J. (HOFIMAR Working Paper Series;5/2023, Working paper, 2023)

  Growth in household debt-to-income ratios can be attributed to nominal debt changes or mechanical “Fisher effects” from interest income and expenses, real income growth, and inflation. With microdata covering the universe ...

• The importance of unemployment risk for individual savings 

  Juelsrud, Ragnar E.; Getz Wold, Ella (HOFIMAR Working Paper Series;6/2023, Working paper, 2023)

  In this paper we use a novel natural experiment and Norwegian tax data to quantify the causal impact of unemployment risk on individual savings. We show theoretically that higher unemployment risk increases liquid savings ...

• The Finance Uncertainty Multiplier 

  Alfaro, Iván; Bloom, Nicholas; Lin, Xiaoji (HOFIMAR Working Paper Series; 1/2023, Working paper, 2023)

  We show how real and financial frictions amplify, prolong and propagate the negative impact of uncertainty shocks. We first use a novel instrumentation strategy to address endogeneity in estimating the impact of uncertainty ...

• Why Are the Wealthiest So Wealthy? A Longitudinal Empirical Investigation 

  Ozkan, Serdar; Hubmer, Joachim; Salgado, Sergio; Halvorsen, Elin (HOFIMAR Working Paper Series;7/2023, Working paper, 2023)

  We use Norwegian administrative panel data on wealth and income between 1993 and 2015 to study lifecycle wealth dynamics, focusing on the wealthiest households. On average, the wealthiest start their lives substantially ...

• Asset-Price Redistribution 

  Fagereng, Andreas; Gomez, Matthieu; Gouin-Bonenfant, Emilien; Holm, Martin; Moll, Benjamin; Natvik, Gisle (HOFIMAR Working Paper Series;2/2023, Working paper, 2023)

  Over the last several decades, there has been a large increase in asset valuations across many asset classes. These rising valuations had important effects on the distribution of wealth. However, little is known regarding ...

• Accounting for Individual-Specific Heterogeneity in Intergenerational Income Mobility 

  Chang, Yoosoon; Durlauf, Steven N.; Hu, Bo; Park, Joon Y. (CAMP Working Paper Series;03/2024, Working paper, 2024-02-21)

  This paper proposes a fully nonparametric model to investigate the dynamics of intergenerational income mobility. In our model, an individual’s income class probabilities depend on parental income in a manner that accommodates ...

• The Influence of Fiscal and Monetary Policies on the Shape of the Yield Curve 

  Chang, Yoosoon; Gómez-Rodríguez, Fabio; Matthes, Christian (CAMP Working Paper Series;02/2024, Working paper, 2024-01-23)

  We investigate the influence of the U.S. government’s spending and taxation decisions, along with the monetary policy choices made by the Federal Reserve, on the dynamics of the nominal yield curve. Aggregate government ...

• Common Trends and Country Specific Heterogeneities in Long-Run World Energy Consumption 

  Chang, Yoosoon; Choi, Yongok; Kim, Chang Sik; Miller, J. Isaac; Park, Joon Y. (CAMP Working Paper Series;01/2024, Working paper, 2024-01-11)

  We employ a semiparametric functional coefficient panel approach to allow an economic relationship of interest to have both country-specific heterogeneity and a common component that may be nonlinear in the covariate and ...

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