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Nasjonalregnskap og konjunkturer: Discussion Papers
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Home, sweet home or is it - always?
Discussion Papers no. 506
The question of whether the housing market is efficient or not is posed by an increasing number of economists, policymakers, current homeowners and prospective homebuyers. This article tests the efficiency hypothesis on data from the Norw...
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Pareto-efficient climate agreements
Discussion Papers no. 505
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Pareto-efficient climate agreements
Discussion Papers no. 505
Recent contributions show that climate agreements with broad participation can be implemented as weakly renegotiation-proof equilibria in simple models of greenhouse gas abatement where each country has a binary choice between cooperating...
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Forecasting key macroeconomic variables from a large number of predictors
Discussion Papers no. 504
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Forecasting key macroeconomic variables from a large number of predictors
Discussion Papers no. 504
We use state space methods to estimate a large dynamic factor model for the Norwegian economy involving 93 variables for 1978Q2–2005Q4. The model is used to obtain forecasts for 22 key variables that can be derived from the original varia...
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Does welfare policy affect residential choices?
Discussion Papers no. 503
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Does welfare policy affect residential choices?
Discussion Papers no. 503
This paper studies how changes in welfare benefit levels affect welfare recipients' residential choices. Although several empirical studies have stressed that welfare policy may affect residential choices of welfare recipients, few studie...
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The NOK/euro exhange rate after inflation targeting:
Discussion Papers no. 501
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The welfare cost of market power
Discussion Papers no. 502
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The NOK/euro exhange rate after inflation targeting:
Discussion Papers no. 501
Norway adopted a flexible inflation target in March 2001 following a long period with exchange rate targeting in various forms. The regime shift reverses the causal ordering between changes in the nominal exchange rate and changes in the ...
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The welfare cost of market power
Discussion Papers no. 502
The market power of firms in intermediate good markets is found to generate a substantial welfare cost. Markup pricing of intermediate good firms contributes to increase the wedge between the marginal product of labor and the wage rate re...
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The new Keynesian Phillips Curve revisited
Discussion Papers no. 500
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The new Keynesian Phillips Curve revisited
Discussion Papers no. 500
Recently, several authors have questioned the evidence claimed by Galí and Gertler (1999) and Galí, Gertler and López-Salido (2001) that a hybrid version of the New Keynesian Phillips Curve approximates European and US inflation dynamics ...
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Fiscal sustainability
Discussion Papers no. 499
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Fiscal sustainability
Discussion Papers no. 499
Assessments of fiscal sustainability (FS) problems should be based on present values of government revenues and expenditures over an infinite horizon. The paper shows that realistic assumptions imply that the growth rate of government exp...
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