BI Research Centre's Series: Recent submissions
Now showing items 1-20 of 331
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The Gender Investment Gap over the Life-Cycle
(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
(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?
(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
(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
(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
(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
(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
(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
(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
(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 ... -
Business Cycle and Health Dynamics during the COVID-19 Pandemic. A Scandinavian Perspective
(CAMP Working Paper Series;15/2023, Working paper, 2023-12-21)We use a unique daily economic activity measure and manually audited nonpharmaceutical intervention indexes for Norway and Sweden to model the dynamic interaction between COVID-19, policy, health, and business cycles within ... -
Risky news and credit market sentiment
(CAMP Working Paper Series;14/2023, Working paper, 2023-12-14)The nonlinear nexus between financial conditions indicators and the conditional distribution of GDP growth has recently been challenged. We show how one can use textual economic news combined with a shallow Neural Network ... -
Fiscal Policy Regimes in Resource-Rich Economies
(CAMP Working Paper Series;13/2023, Working paper, 2023-10-21)We analyse fiscal policy in resource-rich economies using a novel Bayesian regime-switching panel model. The identified regimes capture pro- or countercyclical fiscal behaviour, while the switches between the regimes have ... -
Uncertainty and the Term Structure of Interest Rates
(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 ... -
Monetary policy shocks and exchange rate dynamics in small open economies
(CAMP Working Paper Series;10/2023, Working paper, 2023-06-29)This paper investigates the relationship between monetary policy shocks and real exchange rates in several small open economies. To that end, we develop a novel identification strategy for time-varying structural vector ... -
Bayesian Mode Inference for Discrete Distributions in Economics and Finance
(CAMP Working Paper Series;11/2023, Working paper, 2023-06-27)Detecting heterogeneity within a population is crucial in many economic and financial applications. Econometrically, this requires a credible determination of multimodality in a given data distribution. We propose a ... -
A Bayesian DSGE Approach to Modelling Cryptocurrency
(CAMP Working Paper Series;09/2023, Working paper, 2023-09-21)We develop and estimate a DSGE model to evaluate the economic repercussions of cryptocurrency. In our model, cryptocurrency offers an alternative currency option to government currency, with endogenous supply and demand. ... -
Augmented self - The effects of virtual face augmentation on consumers' self-concept
(Peer reviewed; Journal article, 2021)Augmented reality mirrors are popular marketing tools that allow virtual try-on of products, such as makeup. We study how such sensory experiences affect consumer perception of the self, specifically the gap between actual ... -
The Drivers of Emission Reductions in the European Carbon Market
(CAMP Working Paper Series;08/2023, Working paper, 2023-09-17)This paper studies the drivers of emission reductions in the carbon market of the European Union Emission Trading System (EU ETS) since its inception in 2005. We introduce a novel empirical framework that facilitates the ... -
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 ...