Browsing Centre for Applied Macro- and Petroleum economics (CAMP) by Title
Now showing items 44-63 of 132
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Foreign Shocks in an Estimated Multi-Sector Model
(CAMP Working Paper Series;4/2014, Working paper, 2014)How are macroeconomic fluctuations in open economies affected by international business cycles? To shed some light on this question, I develop and estimate a medium scale DSGE model for a small open economy. The model ... -
Global and regional business cycles: Shocks and propagations
(CAMP Working Paper Series;3/2013, Working paper, 2014-06-24)We study the synchronization of real and nominal variables across four dfferent regions of the world, Asia, Europe, North and South America, covering 32 different countries. Employing a FAVAR framework, we distinguish ... -
Growth with Age-Dependent Preferences
(CAMP Working Paper Series Paper No. 14/2018;, Working paper, 2018-12-10)We study the consequences of age-dependent preferences for economic growth and structural change in a two-sector model with overlapping generations and nondimishing returns to capital. Savings and accumulation rates depend ... -
House prices and stock prices: Different roles in the U.S. monetary transmission mechanism
(CAMP Working Paper Series;1/2012, Working paper, 2012)We analyze the role of house and stock prices in the monetary policy transmission mechanism in the U.S. using a structural VAR model. The VAR is identifed using a combination of short-run and long-run (neutrality) ... -
The household effects of mortgage regulation
(CAMP Working Paper Series;07/2021, Working paper, 2021-12)We evaluate the impact of mortgage regulation on child and parent household balance sheets, highlighting important trade-offs in terms of financial vulnerability. Using Norwegian tax data, we show that loan-to-value caps ... -
How does monetary policy respond to exchange rate
(CAMAR Working Paper Series;1/2010, Working paper, 2010)This paper analyzes how monetary policy has responded to exchange rate movements in six open economies, paying particular attention to the two-way interaction between monetary policy and the exchange rate. We address this ... -
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 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 ... -
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 ... -
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 ... -
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 ... -
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 ... -
Joint Prediction Bands for Macroeconomic Risk Management
(CAMP Working Paper Series;5/2016, Working paper, 2016)In this paper we address the issue of assessing and communicating the joint probabilities implied by density forecasts from multivariate time series models. We focus our attention in three areas. First, we investigate a ... -
Large Time-Varying Volatility Models for Electricity Prices
(CAMP Working Paper Series;05/2020, Working paper, 2020-07-02)We study the importance of time-varying volatility in modelling hourly electricity prices when fundamental drivers are included in the estimation. This allows us to contribute to the literature of large Bayesian VARs by ... -
Local economic development and oil discoveries
(CAMP Working Paper Series;03/2022, Working paper, 2022-09-15)In this paper I use data on the location of all historic petroleum discoveries onshore to establish a new stylized fact: Economically developed areas are significantly more likely (about five percentage points) to contain ... -
Local Natural Resource Curse?
(CAMP Working Paper Series;5/2013, Working paper, 2013)The large variation in revenues among Norwegian local governments can partly be explained by revenues collected from hydropower production. This revenue variation, combined with good data availability, can be used to ...