• 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 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 ...
    • Monetary policy when export revenues drop 

      Bergholt, Drago; Røisland, Øistein; Sveen, Tommy; Torvik, Ragnar (CAMP Working Paper Series;04/2022, Working paper, 2022-11)
      We study how monetary policy should respond to shocks which permanently alter the steady state structure of the economy. In such a case monetary policy affects not only the short run misallocations due to nominal rigidities, ...
    • Uncertainty and the Term Structure of Interest Rates 

      Cross, Jamie L.; Poon, Aubrey; Zhu, Dan (CAMP Working Paper Series;12/2023, Working paper, 2023-10-13)
      We present a new stylized fact about the link between uncertainty and the term structure of interest rates: Unexpectedly heightened uncertainty elicits a lower, steeper, and flatter yield curve. This result is established ...