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The krone exchange rate and altered expectations
Full text linkSpeech by Ole Christian Bech-Moen, Executive Director of Monetary Policy, at “Valutaseminaret”, the annual seminar of the Association of Norwegian Economists, 30 January 2025.publishedVersio
Policy rate kept unchanged
Full text linkIntroductory statement by Governor Ida Wolden Bache at the press conference following the announcement of the policy rate on 27 March 2025.publishedVersio
Styringsrenten holdes uendret
Full text linkSentralbanksjef Ida Wolden Baches innledning på pressekonferanse om rentebeslutningen 27. mars 2025.publishedVersio
Samarbeid og selvstendighet - sentralbanken i en urolig verden
Full text linkForedrag på Finansnæringens dag 8. april 2025.publishedVersio
Re-visiting the relationship between oil prices and monetary policy
Full text linkThis paper examines how central banks respond to supply-side shocks and investigates the trade-offs they face in stabilizing inflation and output. To do so we develop a dual external instrument proxy structural vector autoregressive (SVAR) model to disentangle the macroeconomic effects of oil supply news and monetary policy shocks. Our identification strategy, which combines multiple external instruments with sign restrictions, enables a Sharp distinction between structural shocks, allowing us to analyze their dynamic effects and construct policy counterfactuals for different central bank objectives. We find that both oil supply and monetary policy shocks significantly influence U.S. output and inflation. Moreover, while monetary policy can mitigate some of the output losses caused by oil price shocks, it cannot fully offset their inflationary effects. Finally, we estimate that the Federal Reserve’s historical response aligns closely with a policy that places twice as much weight on inflation stabilization than on output stabilization.publishedVersio
Rapport fra Norges Bank Watch 2025
Full text linkInnlegg ved visesentralbanksjef Pål Longva, 27. februar 2025.publishedVersio
Corporate reporting frequency and long-term value creation
Full text linkThis paper discusses the impact of high-frequency corporate reporting on long-term value creation from an asset manager's perspective. We argue that mandatory quarterly reporting, and the associated pressure on management to meet earnings guidance, can lead to short-term decision-making. This hinders sustainable growth and innovation, and may deter companies from accessing public markets. The paper proposes a shift towards higher quality semi-annual reporting, supplemented by continuous disclosure of material information, to better align managerial and investor behaviour with long-term investment and value creation. The paper also highlights the benefits of high-quality corporate reporting in providing transparency, enhancing investor decision-making, and supporting companies’ long-term strategic planning. It examines various jurisdictional approaches to reporting frequency, noting a trend towards deregulation of quarterly reporting to encourage long-termism and reduce reporting burden. It explores how optimised reporting frequency can benefit management decision-making, particularly in R&D-intensive industries, support institutional investors' engagement strategies, and potentially encourage more companies to list and remain public. The paper concludes with recommendations for optimising reporting frequency, alongside high-quality corporate disclosures, to achieve sustainable financial outcomes for companies, investors, and the broader economy.publishedVersio
Kronekursen og endrede forventninger
Full text linkForedrag ved direktør for avdeling for pengepolitikk, Ole Christian Bech-Moen, på Samfunnsøkonomenes valutaseminar, 30. januar 2025.publishedVersio