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Bad News, Good News: Coverage and Response Asymmetries
Get PDFWe study the dynamic link between economic news coverage and the macroeconomy. We construct two measures of media coverage of bad and good unemployment figures based on three major US newspapers. Using nonlinear time series techniques, we document three facts: (i) there is no significant negativity bias in economic news coverage. Newspapers’ asymmetric responsiveness to positive and negative unemployment shocks is entirely explained by their asymmetric effects on unemployment; (ii) consumption reacts to bad news, but not to good news; (iii) bad news is more informative to the agents and modifies their expectations more than good news.publishedVersio
Norges Bank is raising the policy rate to bring down inflation
Get PDFIntroductory statement by Governor Ida Wolden Bache at press conference following announcement of the policy rate.publishedVersio
Inflation is too high
Get PDFIntroductory statement by Governor Ida Wolden Bache at press conference following announcement of the policy rate.publishedVersio
Increased growth in broad money after the outbreak of Covid-19
Get PDFGrowth in deposits and broad money aggregates surged in Norway after the outbreak of the Covid-19 pandemic. Usually, we think of deposit (or money) growth as going hand in hand with bank lending growth, since only banks can create money. But lending did not grow much more than usual in this period. Instead, high money growth was possible because domestic deposits replaced some of banks’ net foreign funding. Higher financial savings and portfolio adjustments allowed deposit funding to replace some of the net foreign borrowing by banks, but also other factors contributed to money growth.publishedVersio
Monetary Policy Report with financial stability assessment 1/22
Get PDFAt its meetings on 8 March and 15 March, the Committee discussed the economic outlook, the monetary policy stance and the countercyclical capital buffer rate. On 23 March, the Committee decided on the policy rate and the buffer rate, on the basis of the deliberations and a recommendation from Norges Bank staff.publishedVersio
Norges Banks håndbok i pengepolitikk : Versjon 1.0
Get PDFFormålet med håndboken er å dokumentere fagkunnskapen som er relevant for utøvelsen av pengepolitikken i Norges Bank. Hovedfokuset er å utdype temaene og politikkutfordringene som er beskrevet i Norges Banks pengepolitiske strategi. Vi vil omtale internasjonal praksis og relevant faglitteratur på de ulike temaene og redegjøre for Norges Banks tolkning og presisering. I tillegg vil vi beskrive analyseapparatet og datagrunnlaget som de pengepolitiske beslutningene er basert på. Håndboken er ment å være et levende produkt, der det vil komme større eller mindre oppdateringer basert på videreutvikling av strategien og modellapparatet.publishedVersio
Nonlinear transmission of financial shocks: Some new evidence
Get PDFFinancial shocks generate a protracted and quantitatively important effect on real economic activity and financial markets only if the shocks are both negative and large. Otherwise, their role is quite modest. Financial shocks have become more important for economic fluctuations after the 2000 and have contributed substantially to deepening the recessions of 2001 and 2008. The evidence is obtained using a new econometric procedure based on a Vector Moving Average representation that includes a nonlinear function of the financial shock.publishedVersio
Monetary Policy Report with financial stability assessment 2/22
Get PDFAt its meetings on 7 June and 14 June, the Committee discussed the economic outlook, the monetary policy stance and the countercyclical capital buffer rate. On 22 June, the Committee decided on the policy rate and the buffer rate, on the basis of the deliberations and a recommendation from Norges Bank staff.publishedVersio
Pensjonsreformen og individuell risiko
Get PDFPensjonsreformen ble gjennomført for å bidra til at fremtidens pensjoner skulle bli mer økonomisk bærekraftige. For den enkelte betyr det økt sannsynlighet for at utbetalingene blir som lovet. Reformen gir sterke insentiver til å stå lenger i jobb. De som går av tidlig, vil få en vesentlig lavere utbetalt pensjon enn dagens pensjonister. De som planlegger for tidlig pensjon, kan møte inntektsfallet med økt sparing i yrkesaktiv alder. Alle andre løper en viss risiko for uventet og ufrivillig tidligpensjon. De som har privat tjenestepensjon, må dessuten selv bære markedsrisikoen på sin pensjonsavkastning. Et uventet fall i inntekt ved overgang til pensjon kan få konsekvenser for husholdningenes gjeldsbetjeningsevne og redusere konsumet i makro. Fremover blir det viktig å følge med på arbeidstakernes evne til å tilpasse seg reformen gjennom å stå lenger i arbeid.publishedVersio