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The IMF, the credit crunch and Iceland: A new fiscal saga?
(CME Working Paper Series;3/2009, Working paper, 2009)Iceland was badly hit by a fundamental mismatch between the assets and international liabilities of her banking system, with severe consequences for the welfare of the population. The country now has an IMF program. The ... -
The impact of FX Central Bank Intervention in a Noise Trading Framework
(CME Working paper series;2/2006, Working paper, 2006)In this paper, we investigate the effects of central bank interventions (CBI) in a noise trading model with chartists and fundamentalists. We first estimate a model in which chartists extrapolate past returns and ... -
The Impact of Monetary Policy on Leading Variables for Financial Stability in Norway
(CAMP Working Paper Series;02/2020, Working paper, 2020-03)We search for leading determinants of financial instability in Norway using a signaling approach, and examine how these respond to a monetary policy shock with the use of structural VAR models. We find that the wholesale ... -
Implementing the Zero Lower Bound in an Estimated Regime-Switching DSGE Model
(CAMP Working Paper Series;3/2016, Working paper, 2016)The Zero Lower Bound (ZLB) on policy rates is one of the key monetary policy issues du jour. In this paper we investigate the problem of modelling and estimating the ZLB in a simple New Keynesian model with regime switches. ... -
The importance of unemployment risk for individual savings
(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 ... -
Incentives in Competitive Search
(CREAM Publications;1/2010, Working paper, 2010)This paper proposes a labor market model with job search frictions where workers have private information on match quality and e¤ort. Firms use wage contracts to motivate workers. In addition, wages are also used to ... -
The Inefficient Combination: Competitive Markets, Free Entry, and Democracy
(CAMP Working Paper Series;02/2021, Working paper, 2021-01-27)We show that under fairly general conditions, the combination of (i) competitive markets, (ii) free entry, and (iii) democracy is inconsistent with allocative efficiency. This fundamental impossibility result, which has ... -
Inflasjonsstyring - noen internasjonale erfaringer
(CME Working paper series;2/2003, Working paper, 2003)I denne artikkelen gjennomgås sentrale makroøkonomiske utviklingstrekk i fem industrialiserte land som innførte inflasjonsstyring på begynnelsen av 1990-tallet. Disse landene hadde gjennomgående høyere og mer variabel ... -
Inflation expectations and the pass-through of oil prices
(CAMP Working Paper Series;03/2020, Working paper, 2020-06-25)Do inflation expectations and the associated pass-though of oil price shocks depend on demand and supply conditions underlying the global market for crude oil? We answer this question with a novel structural vector ... -
The Influence of Fiscal and Monetary Policies on the Shape of the Yield Curve
(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 ... -
Initial Public Offering or Initial Private Placement?
(CCGR Working Paper;4/2011, Working paper, 2011)This paper studies the choice between an auction and a negotiation when selling a large fraction of a company. Using detailed data on ownership structure in 123 public offerings and 88 negotiated private placements, we ... -
Inntektspolitikkens muligheter i strategien for økonomisk stabilitet
(CME Working paper series;4/2000, Working paper, 2000) -
Interactions between eurozone and US booms and busts: A Bayesian panel Markov-switching VAR model
(CAMP Working Papers Series; 8/2014, Working paper, 2014)Interactions between eurozone and United States booms and busts and among major eurozone economies are analyzed by introducing a panel Markov-switching VAR model. The model is well suitable for a multi-country cyclical ... -
Interactions between eurozone and US booms and busts: A bayesian panel Markov-switching VAR model
(CAMP Working Paper Series;8/2014, Working paper, 2014)Interactions between eurozone and United States booms and busts and among major eurozone economies are analyzed by introducing a panel Markov-switching VAR model. The model is well suitable for a multi-country cyclical ... -
Internasjonal økonomi på randen?
(CME Working paper series;3/2005, Working paper, 2005)Arbeidsnotatet er satt sammen av Månedsbrevet til Arne Jon Isachsen for januar-juli 2005. Månedsbrevet består av 6 ulike artikler. -
International Transmission of Macroeconomic Uncertainty in Small Open Economies: An Empirical Approach
(CAMP Working Paper Series Paper No. 12/2018;, Working paper, 2018-11)We estimate the effects of domestic and international sources of macroeconomic uncertainty in three small open economy (SOE) inflation targeting countries: Australia, Canada and New Zealand. To this end, we propose a structural ... -
The interplay between monetary and fiscal policy in a small open economy
(CAMP Working Paper Series;07/2023, Working paper, 2023-08)We develop a theory for the optimal interaction between monetary and fiscal policy. While one might initially think that monetary and fiscal policy should pull in the same direction, we show within a simple model that this ... -
Investeringsstrategien for Statens pensjonsfond utland
(CME Working Papers;3/2012, Working paper, 2012)Utgangspunktet for arbeidet med investeringsstrategien for SPU er å søke en høyest mulig kjøpekraft av kapitalen i fondet innenfor et moderat nivå på risiko. Strategien er basert på vurderinger av forventet avkastning og ... -
Is China falling apart?
(CME Working paper series;1/2012, Working paper, 2012)On 1 October 1949 Mao proclaimed the People’s Republic of China. On Tiananmen Square that day was Li Shenzhi, together with tens of thousand of other young, idealistic and excited Communists. “China”, wrote Li when later ... -
Is Monetary Policy Always Effective? Incomplete Interest Rate Pass-through in a DSGE Model
(CAMP Working Paper Series;09/2019, Working paper, 2019-11)We estimate a regime-switching DSGE model with a banking sector to explain incomplete and asymmetric interest rate pass-through, especially in the presence of a binding zero lower bound (ZLB) constraint. The model is ...