Recently added articles from Economic Bulletin:
Jarle Bergo: a professional monetary policymaker steps down.(Deputy Governor of Norges Bank)
Apr 01, 2008; ... Jarle Bergo's second and last term as Deputy Governor of Norges Bank will be completed on 1 April 2008, close to 40 years after he assumed his first post at this august institution. As a fresh graduate of the University of Oslo--with excellent grades--he was assigned to the post of ...
Economic perspectives.
Apr 01, 2008 ... Introduction Henrik Wergeland was born 200 years ago. He worked in the vicinity of the central bank in periods. His plays were performed at the Christiania Theatre, which was located at Bankplassen, and as national archivist his office was located at Akershus fortress, a stone's ...
Collateral for loans from Norges Bank--consequences of changes in the rules.
Apr 01, 2008; ... Norges Bank requires collateral for all lending to banks. Collateral is provided in the form of securities which are pledged to Norges Bank. The list of eligible securities was changed in 2005. The aim of the changes has been to reduce Norges Bank's risk while ensuring that the borrowing ...
On commodity derivatives and the Norwegian initiatives to create a fish derivatives market.(Company overview)
Apr 01, 2008; ... Hedging against future price movements can be important both for those producing goods and for those buying them. Commodity derivatives may be employed as a hedge against price risk, and this is one of the reasons behind several initiatives to establish fish derivatives markets in Norway ....
The effects of economic news on Norwegian market interest rates.
Apr 01, 2008; ... Interest rates and other financial asset prices are based on expectations about economic developments. Asset prices react to new information. In this article, we explore the effects of news about key macroeconomic variables, external impulses, Norges Bank's interest rate decisions and the ...
Evaluation of Norges Bank's projections for 2007.(Report)
Apr 01, 2008; ... The economic upswing since the summer of 2003 has been stronger and lasted longer than projected by Norges Bank. Growth in the mainland economy in 2007 was the highest since the early 1970s and strong in the light of the advanced phase of the current cyclical upswing. Capacity utilisation ...
The central bank's liquidity policy in an oil economy.
Dec 01, 2007; ... Norges Bank's instrument for achieving the objective of low and stable inflation is the key policy rate--the rate of interest on banks' deposits in Norges Bank. But how do Norges Bank's interest rate decisions affect market interest rates? They work through liquidity policy. The aim of ...
Clearing and settlement at Norges Bank--a historical review.(Norway. Central Bank of Norway)
Dec 01, 2007; ... The Norwegian payment system processes more than three million payment transactions every day. On some days the number of transactions can be far higher. The transactions are cleared and settled in the Norwegian payment system. In the clearing process, a number of transactions are offset ...
Monetary policy frameworks--Norges Bank in the light of the literature and international practice.
Dec 01, 2007; ... The past 20 years have brought major changes in monetary policy, in Norway and abroad. Most central banks now have instrument independence, and price stability is the common objective of monetary policy. The organisation of the monetary policy decision within central banks has also ...
Turbulence in credit markets--mortgage financing at home and abroad.(Svein Gjedrem)(Norwegian Savings Banks Association)
Dec 01, 2007; ... Speech by Governor Svein Gjedrem at the annual meeting of the Norwegian Savings Banks Association (1) Financial markets in different countries have become more closely interwoven over the past few years. New participants have appeared and new and more complex products to ...
Norges Bank's Printing Works--190 years of banknote production.
Oct 01, 2007; ... At the end of June 2007, Norges Bank's Printing Works was shut down and banknote production in Norway came to an end. The decision to discontinue operations was made by the Executive Board in 2002. The first banknotes were delivered the year after the establishment of Norges Bank in 1816 ....
Modelling credit risk in the enterprise sector--further development of the SEBRA model.
Oct 01, 2007; ... Since 2001, Norges Bank has used an empirical model, the SEBRA model (2), to estimate bankruptcy probabilities for Norwegian limited companies. The model is also used to estimate banks' expected losses on loans to enterprises in different industries. This article presents two new versions ...
Payment systems--a potential source of risk. The need for oversight and supervision.(Norway. Central Bank of Norway)
Oct 01, 2007; ... Since the early 1990s, there has been increased attention on the risk banks incur through their role in the payment system. The primary focus has not been on the individual bank's risk exposure but on the possibility of problems spreading from one bank to another through the payment ...
An analysis of financial ratios for the Oslo Stock Exchange.
Oct 01, 2007; ... Share prices are driven by companies' operations, funding and the risk premium required by investors. This article examines financial ratios that may reflect these three variables for the Oslo Stock Exchange in the period 1997 to 2007. The operating profits of listed companies are high at ...
The neutral real interest rate.
Jun 01, 2007; ... The concept "neutral real interest rate" is generally associated with the real interest rate level, which implies that monetary policy is neither expansionary nor contractionary. We define the neutral real interest rate as the real interest rate level which in the medium term is consistent ...
Evaluation of Norges Bank's projections for 2006.
Jun 01, 2007; ... Growth in the mainland economy in 2006 was appreciably higher than projected by Norges Bank and it is likely that the output gap was also more positive than projected. At the same time, consumer price inflation adjusted for tax changes and excluding energy products was lower than expected ....
Economic perspectives.
Apr 01, 2007; ... 1 Introduction The poet Rolf Jacobsen would have been 100 years old this year. He was particularly interested in geography. In an interview with Telemark Arbeiderblad in 1971, he stated that the Bible was a work of substantial importance, but that the same could be said about ...
Interest rate projections in theory and practice.
Apr 01, 2007; ... 1. Introduction: The importance of the expectations channel in the conduct of monetary policy The most important task of monetary policy is to provide the economy with an anchor for inflation expectations--a nominal anchor. In Norway, monetary policy is oriented towards low and ...
Developments in the credit market--new types of loans and the volume of fixed-rate loans in Norway.
Apr 01, 2007; ... This article describes developments in various types of loans from financial institutions (1) and the volume of loans with a fixed-rate period, i.e. fixed-rate loans. In recent years, the credit market has evolved rapidly. The number of loan products is increasing and growth in borrowing ...
Housing investment and house prices.
Apr 01, 2007; ... In this article, we analyse developments in housing investment and the interaction between demand and supply in the housing market. The analysis indicates that the pronounced increase in housing investment since 2004 is related to low interest rates and high house prices. In the past 3 1/2 ...