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Disclosing the Undisclosed: Commercial Paper As Hidden Liquidity Suffers
Get PDFUsing new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on CP lending supply cannot explain this pattern. Instead, companies optimize their disclosed liquidity buffers and strategically repay CP debt if doing so strengthens common accounting ratios, such as the current ratio. Unlike other CP issuers, firms that repay their CP debt neither hold lower cash buffers nor use CP as bridge financing, suggesting an alternative role of CP debt as "hidden liquidity buffer".publishedVersio
Pengepolitisk strategi – fra mandat til beslutninger
Get PDFForedrag av sentralbanksjef Øystein Olsen på seminar i regi av Senter for monetær økonomi (CME)/Handelshøyskolen BI, 20. oktober 2021.publishedVersio
Monetary Policy Report with financial stability assessment 4/21
Get PDFAt its meetings on 26 November and 7 December, the Committee discussed the economic outlook, the monetary policy stance and the countercyclical capital buffer rate. On 15 December, 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 Bank’s liquidity policy: principles and design
Get PDFThe aim of central bank liquidity policy is to contribute to achieving monetary policy objectives and to promote an efficient payment system and the stability of the financial system. This paper describes the principles underlying the design of Norges Bank’s liquidity policy instruments. The instruments include the choice of counterparties, the terms and conditions for counterparties’ deposits and loans with Norges Bank, the conduct of market operations, and the requirements relating to collateral and to the provision of support for individual banks.publishedVersio
Langvarige konsekvenser i arbeidsmarkedet
Get PDFVi studerer langvarig sysselsettingskonsekvenser av dype økonomiske nedgangstider ved å utnytte den geografiske variasjonen i lokale økonomiske forhold i etterkant av oljepriskollapsen i 2014. Vi dokumenterer en negativ sammenheng mellom det å være bosatt i områdermedstor økning i arbeidsledigheten i 2014-2015 og sannsynligheten for å være sysselsatt ved utgangen av 2019. Beregningene våre viser at en økning i lokal ledighet på 1 prosentpoeng er forbundet med en reduksjon i sysselsettingen på omtrent 0.4 prosentpoeng i 2019. Sammenhengen er spesielt sterk blant personer med lav inntekt og svak tilknytning til arbeidsmarkedet i forkant av oljeprisfallet. En stor del av sysselsettingsfallet forklares trolig av personer som forlater arbeidsstyrken etter å ha mistet jobben i et svakt lokalt arbeidsmarked.publishedVersio
Optimal variable bank capital requirements
No full textThe purpose of the “counter-cyclical capital buffer” (buffer) is to dampen procyclicality in the financial system, absorb capital losses and prevent a credit crunch during recessions. In this paper, a stylized analytical expression for optimal buffer policy is presented. Results are derived within a minimalist model framework, useful for a transparent presentation of how authorities’ preferences and structural parameters have implications for optimal buffer policy. In the model, there is a risk of a financial crisis, and an ex ante higher buffer may counteract the effects of it on the economy. The buffer also affects output in the short term, and here the difference between banks’ actual capital coverage ratio and capital requirements plays a role. Under quite general conditions, authorities will want to lower the buffer and allow banks to be less well capitalized today if the output gap is negative. The model illustrates that unless authorities care also about a stable bank capital coverage ratio (in addition to output stabilization and the costs of crisis), optimal policy may prescribe a very volatile buffer. In particular, that is the case if the effect of the buffer on output is weak. This result highlights the importance of learning more about the effects of buffer policy in order to achieve good policy design.publishedVersio
Monetary policy report with financial stability assessment 1/21
Get PDFThe policy rate is set by Norges Bank’s Monetary Policy and Financial Stability Committee. Policy rate decisions are normally taken at the Committee’s monetary policy meetings. The Committee holds eight monetary policy meetings per year. The Monetary Policy Report is published four times a year in connection with four of the monetary policy meetings. Prior to publication, several seminars and meetings are held at which analyses are presented to the Committee and economic developments, the balance of risks and the monetary policy stance are deliberated. On the basis of the analyses and deliberations, the Committee assesses future interest rate developments. The final policy rate decision is made on the day prior to the publication of the Report. The Committee’s assessment of the economic outlook and monetary policy is presented in “Monetary policy assessment” in the Monetary Policy Report.publishedVersio
Forvaltningen av Statens pensjonsfond utland
Get PDFSentralbanksjef Øystein Olsen. Innledning til høring om Statens pensjonsfond i Stortingets finanskomité.publishedVersio