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Does SOFR-linked debt cost borrowers more than LIBOR-linked debt?
Get PDFWe investigate if the benchmark transition from London Interbank Offered Rate (Libor) to Secured Overnight Financing Rate (SOFR) affects the costs of borrowing floating rate debt. The primary market for dollar-denominated floating rate notes (FRNs) provides an ideal laboratory to study these e ects. Comparing the spreads of FRNs linked to LIBOR and SOFR, issued by the same entity during the same month, we find a significantly lower yield spread for SOFR-linked debt after adjusting for the maturity-matched spreads from the swap market. In addition, despite identification challenges, we observe a quantitatively similar pattern in the syndicated loan market.publishedVersio
Vi hever renten for å få prisveksten ned
Get PDFSentralbanksjef Ida Wolden Baches innledning på pressekonferanse om rentebeslutningen 4. mai 2023.publishedVersio
Higher policy rate to bring inflation down to target
Get PDFIntroductory statement by Governor Ida Wolden Bache at press conference following announcement of the policy rate.publishedVersio
Digitale sentralbankpenger - sluttrapport fra prosjektfase 4
Get PDFEn arbeidsgruppe i Norges Bank har gjennomført en fjerde fase av et utredningsprosjekt om digitale sentralbankpenger (DSP). Arbeidet bygger på rapportene fra de tre første fasene, se Norges Bank (2018), Norges Bank (2019) og Norges Bank (2021). Dette er sluttrapporten fra fjerde fase.publishedVersio
The housing channel of intergenerational wealth persistence
Get PDFWe use Norwegian tax data and a life-cycle model with housing to study how wealth transmits across generations through the housing market. After controlling for a rich set of attributes, households with richer parents are nearly 15% more likely to be homeowners at age 30. Moreover, when entering, they have higher leverage and buy homes worth 15% more. Estimates using international stock market returns as a shiftshare instrument support a causal interpretation. We further document that housing outcomes when young are important determinants of midlife wealth. This holds also when using plausibly exogenous variation in homeownership caused by the timing of intra-family deaths. As a result, housing gaps caused purely by parental wealth explain 12% of intergenerational wealth persistence, making housing equally important as the combined impact of a wide range of household characteristics including income and education. We explore new mechanisms for parental support, such as intra-family housing transactions below market value. Through the lens of our model, house price expectations stand out as a key driver of the magnitude of the housing channel of intergenerational wealth persistence.publishedVersio
Investeringsstrategi Statens pensjonsfond utland - unoterte aksjer
Get PDFLeder for Hovedstyret Ida Wolden Baches innledning under presseseminar om unoterte investeringer i Statens pensjonsfond utland 28. november 2023.publishedVersio
Høy rente en god stund
Get PDFSentralbanksjef Ida Wolden Baches innledning på pressekonferanse om rentebeslutningen 2. november 2023.publishedVersio
Policy rate raised to bring down inflation
Get PDFIntroductory statement by Governor Ida Wolden Bache at the press conference following announcement of the policy rate on 14 December 2023.publishedVersio
