Now showing items 18-37 of 132

    • Climate Risk and Commodity Currencies 

      Kapfhammer, Felix; Larsen, Vegard H.; Thorsrud, Leif Anders (CAMP Working Paper Series;10/2020, Working paper, 2020-12-03)
      The positive relationship between real exchange rates and natural resource income is well understood and studied. However, climate change and the transition to a lower-carbon economy now challenges this relationship. We ...
    • Commodity Futures and Forecasting Commodity Currencies 

      Ravazzolo, Francesco; Sveen, Tommy; Zahiri, Sepideh K. (CAMP Working Paper Series;7/2016, Working paper, 2016)
      This paper analyzes the extent to which information in commodity futures markets is useful for out-of-sample forecasting of commodity currencies. In the earlier literature, commodity price changes are documented to be weak ...
    • Commodity prices and fiscal policy design: Procyclical despite a rule 

      Bjørnland, Hilde C.; Thorsrud, Leif Anders (CAMP Working Paper Series;5/2015, Working paper, 2015)
      We analyse if the adoption of a fiscal spending rule insulates the domestic economy from commodity price fluctuations in a resource-rich economy. To do so we develop a time-varying Dynamic Factor Model, in which we allow ...
    • 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 ...
    • Comparing the Forecasting Performances of Linear Models for Electricity Prices with High RES Penetration 

      Gianfreda, Angelica; Ravazzolo, Francesco; Rossini, Luca (CAMP Working Paper Series;2, Working paper, 2018-01)
      This paper compares alternative univariate versus multivariate models, probabilistic versus Bayesian autoregressive and vector autoregressive specifications for hourly day-ahead electricity prices, with and without ...
    • Components of Uncertainty 

      Larsen, Vegard Høghaug (CAMP Working Paper Series;4/2017, Working paper, 2017)
      Uncertainty is acknowledged to be a source of economic fluctuations. But, does the type of uncertainty matter for the economy's response to an uncertainty shock? This paper offers a novel identfication strategy to ...
    • 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 ...
    • Deadly Variation: The Effect of Temperature Variability on Mortality 

      Hovdahl, Isabel (CAMP Working Paper Series;01/2020, Working paper, 2020-02-02)
      While economists have focused on the effect of mean temperatures on mortality, climate scientists have emphasized that global warming might not only lead to an increase in mean temperatures, but can potentially also affect ...
    • Density Forecasts with MIDAS Models 

      Aastveit, Knut Are; Foroni, Claudia; Ravazzolo, Francesco (CAMP Working Paper Series;3/2014, Working paper, 2014)
      In this paper we derive a general parametric bootstrapping approach to compute density forecasts for various types of mixed-data sampling (MIDAS) regressions. We consider both classical and unrestricted MIDAS regressions ...
    • Do central banks respond timely to developments in the global economy? 

      Bjørnland, Hilde C.; Thorsrud, Leif Anders; Zahiri, Sepideh Khayati (CAMP Working Paper Series;8/2016, Working paper, 2016)
      Our analysis suggests; they do not! To arrive at this conclusion we construct a real-time data set of interest rate projections from central banks in three small open economies; New Zealand, Norway, and Sweden, and analyze ...
    • Do Central Banks Respond to Exchange Rate Movements? A Markov-Switching Structural Investigation 

      Alstadheim, Ragna; Bjørnland, Hilde C.; Maih, Junior (CAMP Working Paper Series;9/2013, Working paper, 2013)
      Do central banks respond to exchange rate movements? According to Lubik and Schorfheide (2007) who estimate structural general equilibrium models with monetary policy rules, the answer is "Yes, some do". However, their ...
    • Do Central Banks Respond to Exchange Rate Movements? A Markov-Switching Structural Investigation of Commodity Exporters and Importers 

      Alstadheim, Ragna; Bjørnland, Hilde C.; Maih, Junior (CAMP Working Paper Series;12/2020, Working paper, 2021-01-25)
      We analyse whether central banks in small open commodity exporting and importing countries respond to exchange rate movements, taking into consideration that there may be structural changes in parameters and volatility ...
    • Does forecast combination improve Norges Bank inflation forecasts? 

      Bjørnland, Hilde C.; Gerdrup, Karsten; Jore, Anne Sofie; Smith, Christie; Thorsrud, Leif Anders (CAMAR Working Paper Series;2/2010, Working paper, 2010)
      We develop a system that provides model-based forecasts for inflation in Norway. We recursively evaluate quasi out-of-sample forecasts from a large suite of models from 1999 to 2009. The performance of the models are then ...
    • Does oil promote or prevent coups? 

      Nordvik, Frode Martin (CAMP Working Papers Series;7/2014, Working paper, 2014)
      A large literature investigates the relation between oil and conflict, yet no empirical study has found any link between oil and coups d’´etat. Using a new data set on oil production separated into onshore and offshore ...
    • Does oil promote or prevent coups? 

      Nordvik, Frode Martin (CAMP Working Paper Series;7/2014, Working paper, 2014)
      A large literature investigates the relation between oil and conflict, yet no empirical study has found any link between oil and coups d’´etat. Using a new data set on oil production separated into onshore and offshore ...
    • Dominant Drivers of National Inflation 

      Ditzen, Jan; Ravazzolo, Francesco (CAMP Working Paper Series;08/2022, Working paper, 2022-12-29)
      For western economies a long-forgotten phenomenon is on the horizon: rising inflation rates. We propose a novel approach christened D2ML to identify drivers of national inflation. D2ML combines machine learning for model ...
    • The Drivers of Emission Reductions in the European Carbon Market 

      Bjørnland, Hilde C.; Cross, Jamie L.; Kapfhammer, Felix (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 ...
    • Dutch Disease Dynamics Reconsidered 

      Bjørnland, Hilde C.; Thorsrud, Leif Anders; Torvik, Ragnar (CAMP Working Paper Series;4, Working paper, 2018-02)
      In this paper we develop the first model to incorporate the dynamic productivity consequences of both the spending effect and the resource movement effect of oil abundance. We show that doing so dramatically alters the ...
    • The Economic Consequences of Effective Carbon Taxes 

      Kapfhammer, Felix (CAMP Working Paper Series;01/2023, Working paper, 2023-01)
      This paper studies the economic consequences of carbon taxes at the macroeconomic and sectoral level. I propose a novel monthly measure of effective carbon tax rates, which, in contrast to the measures used by the existing ...
    • The effect of rising energy prices amid geopolitical developments and supply disruptions 

      Bjørnland, Hilde C. (CAMP Working Paper Series;07/2022, Working paper, 2022-12)
      Much research has documented how changes in supply and demand cause commodity price fluctuations, with subsequent effects on the global economy. This paper puts the recent energy price surge in perspective amid geopolitical ...