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  1. Effects of the IRB approach on bank lending to Norwegian enterprises
    Autor*in: Andersen, Henrik; Juelsrud, Ragnar Enger; Kostøl, Andreas R.
    Erschienen: [2020]
    Verlag:  Norges Bank, Oslo

    This paper analyses how the introduction of the IRB approach may have affected banks' lending to enterprises, lending margins and portfolio quality in Norway. Our results show that the IRB banks' lending margins decreased compared with the... mehr

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    This paper analyses how the introduction of the IRB approach may have affected banks' lending to enterprises, lending margins and portfolio quality in Norway. Our results show that the IRB banks' lending margins decreased compared with the standardised approach banks following the introduction of the IRB approach. Growth in lending to the corporate market was also higher for the IRB banks than for the standardised approach banks during the first years after the introduction. However, this may be the result of factors other than the IRB approach. Our analyses do not indicate that the IRB approach has led to finer granularity in the pricing of corporate loans. We find some support for the hypothesis that the IRB approach may have improved the quality of banks' portfolios.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9788283791334
    Weitere Identifier:
    hdl: 11250/2655716
    hdl: 10419/246143
    Schriftenreihe: Staff memo / Norges Bank ; no. 2020, 1
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  2. Effekter av IRB-metoden på bankenes utlån til norske foretak
    Autor*in: Andersen, Henrik; Juelsrud, Ragnar Enger; Kostøl, Andreas R.
    Erschienen: [2020]
    Verlag:  Norges Bank, Oslo

    This paper analyses how the introduction of the IRB approach may have affected banks' lending to enterprises, lending margins and portfolio quality in Norway. Our results show that the IRB banks' lending margins decreased compared with the... mehr

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    This paper analyses how the introduction of the IRB approach may have affected banks' lending to enterprises, lending margins and portfolio quality in Norway. Our results show that the IRB banks' lending margins decreased compared with the standardised approach banks following the introduction of the IRB approach. Growth in lending to the corporate market was also higher for the IRB banks than for the standardised approach banks during the first years after the introduction. However, this may be the result of factors other than the IRB approach. Our analyses do not indicate that the IRB approach has led to finer granularity in the pricing of corporate loans. We find some support for the hypothesis that the IRB approach may have improved the quality of banks' portfolios.

     
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    Quelle: Verbundkataloge
    Sprache: Norwegisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9788283791327
    Weitere Identifier:
    hdl: 11250/2655712
    hdl: 10419/246144
    Schriftenreihe: Staff memo / Norges Bank ; no. 2020, 1
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  3. The housing channel of intergenerational wealth persistence
    Autor*in: Wold, Ella Getz; Aastveit, Knut Are; Brandsaas, Eirik; Juelsrud, Ragnar Enger; Natvik, Gisle James
    Erschienen: 07 March 2024
    Verlag:  Centre for Economic Policy Research, London

    We 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... mehr

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    We 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.

     
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    Sprache: Englisch
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    Schriftenreihe: Array ; DP18888
    Schlagworte: Housing market; intergenerational wealth; wealth inequality
    Umfang: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  4. The interaction between macroprudential and monetary policies
    the cases of Norway and Sweden
    Autor*in: Cao, Jin; Dinger, Valeriya; Grodecka-Messi, Anna; Juelsrud, Ragnar Enger; Zhang, Xin
    Erschienen: [2020]
    Verlag:  Norges Bank, Oslo

    To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and Sweden. Using detailed... mehr

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    To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and Sweden. Using detailed bank-level data we show how Norwegian and Swedish banks' lending reacts to monetary policy surprises arising abroad, controlling for the domestic macroprudential stance and the interaction between monetary and macroprudential policies. In both countries, the domestic macroprudential policy helps mitigate the effects arising after foreign monetary surprises.

     
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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9788283791563
    Weitere Identifier:
    hdl: 11250/2677149
    hdl: 10419/246111
    Schriftenreihe: Working paper / Norges Bank ; 2020, 8
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  5. Mortgage regulation and financial vulnerability at the household level
    Autor*in: Aastveit, Knut Are; Juelsrud, Ragnar Enger; Wold, Ella Getz
    Erschienen: [2020]
    Verlag:  Norges Bank, Oslo

    We evaluate the impact of mortgage regulation on credit volumes, household balance sheets and the reaction to adverse economic shocks. Using a comprehensive dataset of all housing transactions in Norway matched with buyers' balance sheet information... mehr

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    We evaluate the impact of mortgage regulation on credit volumes, household balance sheets and the reaction to adverse economic shocks. Using a comprehensive dataset of all housing transactions in Norway matched with buyers' balance sheet information from official tax records, we identify causal effects of mortgage loan-to-value (LTV) limits. Our results show that LTVrequirements have substantial effects on credit volumes, especially on the extensive margin. As a result, such requirements contribute to dampening aggregate credit growth. We find that affected households lower their debt uptake and face lower interest expenses, thereby reducing their vulnerability to adverse shocks. However, affected households also deplete liquid assets when purchasing a home, in order to meet the new requirement. This negative effect on liquid savings persists in the years following the house purchase, suggesting that the impact on financial vulnerability at the household level is in fact ambiguous. We illustrate this further by documenting that households affected by the regulation are more likely to sell their home when becoming unemployed compared to non-affected households.

     
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    ISBN: 9788283791549
    Weitere Identifier:
    hdl: 11250/2672678
    hdl: 10419/246109
    Schriftenreihe: Working paper / Norges Bank ; 2020, 6
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  6. Countercyclical capital requirement reductions, state dependence and macroeconomic outcomes
    Autor*in: Arbatli-Saxegaard, Elif C.; Juelsrud, Ragnar Enger
    Erschienen: [2020]
    Verlag:  Norges Bank, Oslo

    We use bank-, loan- and firm-level data together with a quasi-natural experiment to estimate the impact of capital requirement reductions on bank lending and real economic outcomes. We find that capital requirement reductions increase lending both to... mehr

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    We use bank-, loan- and firm-level data together with a quasi-natural experiment to estimate the impact of capital requirement reductions on bank lending and real economic outcomes. We find that capital requirement reductions increase lending both to households and firms at the bank- and loan-level, and that the increased lending to firms translates into higher capital investment at the firm-level. Furthermore, the transmission of lower capital requirements to the real economy has a "double state-dependence". The first state-dependence relates to the characteristics of banks. Specifically, the transmission of lower capital requirements to lending is stronger for banks with lower capital ratios. We interpret this result as capital requirement reductions having a larger effect when they are more binding. The second state-dependence relates to the characteristics of the corporate sector. Specifically, the transmission of lower capital requirements to real economic outcomes - via bank lending - is weaker for firms with higher default risk or more leverage, suggesting that capital requirement reductions is most effective in terms of boosting real economic outcomes when firms are financially sound.

     
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    ISBN: 9788283791624
    Weitere Identifier:
    hdl: 11250/2684425
    hdl: 10419/246112
    Schriftenreihe: Working paper / Norges Bank ; 2020, 9
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  7. Monetary policy spillover to small open economies: is the transmission different under low interest rates?
    Autor*in: Cao, Jin; Dinger, Valeriya; Gómez, Tomás; Gric, Zuzana; Hodula, Martin; Jara R., Alejandro; Juelsrud, Ragnar Enger; Liaudinskas, Karolis; Malovaná, Simona; Terajima, Yaz
    Erschienen: [2021]
    Verlag:  Bank of Canada, [Ottawa]

    We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies-Canada, Chile, the Czech Republic and Norway- using confidential bank-level data. Our results show that the impact on... mehr

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    We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies-Canada, Chile, the Czech Republic and Norway- using confidential bank-level data. Our results show that the impact on lending in these small open economies depends on the interest rate level in the core. When interest rates are high, monetary policy cuts in core economies can reduce credit supply in small open economies. In contrast, when interest rates in core economies are low, further expansionary monetary policy increases lending in small open economies, consistent with an international bank lending channel. These results have important policy implications, suggesting that central banks in small open economies should watch for the impact of potential regime switches in core economies' monetary policy when rates shift to and from the very low end of the distribution.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/248323
    Auflage/Ausgabe: Last updated: November 30, 2021
    Schriftenreihe: Staff working paper / Bank of Canada ; 2021, 62
    Schlagworte: Financial institutions; Monetary policy transmission; International topics
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  8. Monetary policy spillover to small open economies: is the transmission different under low interest rates?
    Autor*in: Cao, Jin; Dinger, Valeriya; Gómez, Tomás; Gric, Zuzana; Hodula, Martin; Jara, Alejandro; Juelsrud, Ragnar Enger; Liaudinskas, Karolis; Malovaná, Simona; Terajima, Yaz
    Erschienen: 2021
    Verlag:  Czech National Bank, Economic Research Department, Praha

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    Schriftenreihe: Working paper series / Czech National Bank ; 2021, 6
    Schlagworte: Cross-border monetary policy spillover; international bank lending channel; low and negative interest rate environment (LNIRE); portfolio channel
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  9. Trade conflicts and credit supply spillovers
    evidence from the nobel peace prize trade shock
    Autor*in: Cao, Jin; Dinger, Valeriya; Juelsrud, Ragnar Enger; Liaudinskas, Karolis
    Erschienen: October 2022
    Verlag:  CESifo, Munich, Germany

    In this paper, we examine how a trade conflict's impact on the real economy can be amplified by financial intermediaries. After the Norwegian Nobel Peace Prize Committee awarded the 2010 Nobel Peace Prize to Chinese dissident Liu Xiaobo, China in... mehr

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    In this paper, we examine how a trade conflict's impact on the real economy can be amplified by financial intermediaries. After the Norwegian Nobel Peace Prize Committee awarded the 2010 Nobel Peace Prize to Chinese dissident Liu Xiaobo, China in practice banned imports of Norwegian salmon. The ban was an unexpected trade shock to the Norwegian salmon industry. Using bank balance sheet and credit register data, we trace how this trade shock affected the lending behavior of banks highly exposed to the salmon industry when the shock occurred. We find that, in the years following the trade shock, highly exposed banks cut back lending to non-salmon firms and households by 3-6 percent more than other banks. Furthermore, we find that the reduction in lending was not driven by the erosion of bank capital, but rather by the shift in expectations about the performance of loans to salmon producers, which drove highly exposed banks to increase their loan loss provisions and reduce risk-taking.

     
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    hdl: 10419/267269
    Schriftenreihe: CESifo working papers ; 10036 (2022)
    Schlagworte: trade shock; bank lending channel; expectation shock
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  10. Trade conflicts and credit supply spillovers
    evidence from the nobel peace prize trade shock
    Autor*in: Cao, Jin; Dinger, Valeriya; Juelsrud, Ragnar Enger; Liaudinskas, Karolis
    Erschienen: 21 October 2022
    Verlag:  BOFIT, the Bank of Finland Institute for Emerging Economies, Helsinki

    In this paper, we examine how a trade conflict's impact on the real economy can be amplified by financial intermediaries. After the Norwegian Nobel Peace Prize Committee awarded the 2010 Nobel Peace Prize to Chinese dissident Liu Xiaobo, China in... mehr

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    In this paper, we examine how a trade conflict's impact on the real economy can be amplified by financial intermediaries. After the Norwegian Nobel Peace Prize Committee awarded the 2010 Nobel Peace Prize to Chinese dissident Liu Xiaobo, China in practice banned imports of Norwegian salmon. The ban was an unexpected trade shock to the Norwegian salmon industry. Using bank balance sheet and credit register data, we trace how this trade shock affected the lending behavior of banks highly exposed to the salmon industry when the shock occurred. We find that, in the years following the trade shock, highly exposed banks cut back lending to non-salmon firms and households by 3-6 percent more than other banks. Furthermore, we find that the reduction in lending was not driven by the erosion of bank capital, but rather by the shift in expectations about the performance of loans to salmon producers, which drove highly exposed banks to increase their loan loss provisions and reduce risk-taking.

     
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    Sprache: Englisch
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    ISBN: 9789523234192
    Weitere Identifier:
    hdl: 10419/266092
    Schriftenreihe: BOFIT discussion papers ; 2022, 8
    Schlagworte: trade shock; bank lending channel; expectation shock
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  11. Dividend signaling and bank payouts in the Great Financial Crisis
    Autor*in: Juelsrud, Ragnar Enger; Nenov, Plamen T.
    Erschienen: [2022]
    Verlag:  Norges Bank, Oslo

    We study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference-in-differences methodology, we shows that banks with higher share of short-term liabilities to total liabilities, which were thus more exposed to the... mehr

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    We study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference-in-differences methodology, we shows that banks with higher share of short-term liabilities to total liabilities, which were thus more exposed to the rollover crisis that took place in 2008, increased their dividend payouts relative to less exposed banks. This relative increase in dividend payouts is concentrated in relatively cash-rich banks. The dividend payout increase was associated with a short-run increase in stock valuations. We argue that this front-loading of dividends of more exposed banks is consistent with a theory of dividend payouts, in which the payout policy has a (short-run) stabilizing role on the bank's liquidity position by signaling information to short-term lenders about the bank's available liquidity.

     
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    ISBN: 9788283792508
    Weitere Identifier:
    hdl: 11250/3031785
    hdl: 10419/298430
    Schriftenreihe: Working paper / Norges Bank ; 2022, 9
    Schlagworte: payout policies; dividend signaling; rollover crises; bank runs; liquidity crises
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  12. The household effects of mortgage regulation
    Autor*in: Aastveit, Knut Are; Juelsrud, Ragnar Enger; Wold, Ella Getz
    Erschienen: [2021]
    Verlag:  BI Norwegian Business School, Centre for Applied Macro - Petroleum economics (CAMP), Oslo

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    Weitere Identifier:
    hdl: 11250/2835776
    Schriftenreihe: CAMP working paper series ; no. 2021, 7
    Schlagworte: Household leverage; Financial regulation; Macroprudential policy; Mortgage markets
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  13. Monetary policy spillover to small open economies: is the transmission different under low interest rates?
    Autor*in: Caoa, Jin; Dinger, Valeriya; Gómez, Tomás; Gric, Zuzana; Hodula, Martin; Jara R., Alejandro; Juelsrud, Ragnar Enger; Liaudinskas, Karolis; Malovaná, Simona; Terajima, Yaz
    Erschienen: [2022]
    Verlag:  Banco Central de Chile, Santiago, Chile

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    Schriftenreihe: Documentos de trabajo / Banco Central de Chile ; no 937 (enero 2022)
    Schlagworte: Niedrigzinspolitik; Industrieländer; Geldpolitische Transmission; Zins; Spillover-Effekt; Kleine offene Volkswirtschaft; Geldpolitik; Kanada; Chile; Tschechien; Norwegen
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  14. Granular credit risk
    Autor*in: Galaasen, Sigurd; Jamilov, Rustam; Juelsrud, Ragnar Enger; Rey, Hélène
    Erschienen: October 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

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    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 27994
    Schlagworte: IV-Schätzung; Schock; Multiplikator; Staatspapier; Ölmarkt; Kausalanalyse; Theorie
    Umfang: 62 Seiten, Illustrationen
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  15. Covered bonds and bank portfolio rebalancing
    Autor*in: Cao, Jin; Juelsrud, Ragnar Enger; Sondershaus, Talina
    Erschienen: [2021]
    Verlag:  Norges Bank, Oslo

    We use administrative and supervisory data at the bank and loan level to investigate the impact of the introduction of covered bonds on the composition of bank balance sheets and bank risk. Covered bonds, despite being collateralized by mortgages,... mehr

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    We use administrative and supervisory data at the bank and loan level to investigate the impact of the introduction of covered bonds on the composition of bank balance sheets and bank risk. Covered bonds, despite being collateralized by mortgages, lead to a shift in bank lending from mortgages to corporate loans. Young and low-rated firms in particular receive more credit, suggesting that overall credit risk increases. At the same time, we find that total balance sheet liquidity increases. We identify the channel in a theoretical model and provide empirical evidence: Banks with low initial liquidity and banks with sufficiently high risk-adjusted return on firm lending drive the results.

     
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    Format: Online
    ISBN: 9788283792010
    Weitere Identifier:
    hdl: 11250/2783866
    hdl: 10419/246127
    Schriftenreihe: Working paper / Norges Bank ; 2021, 6
    Schlagworte: Asset encumbrance; Covered bond; Portfolio rebalancing; Liquidity management
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  16. Risk-based pricing in competitive lending markets
    Autor*in: Müller, Carola; Juelsrud, Ragnar Enger; Andersen, Henrik
    Erschienen: [2021]
    Verlag:  Norges Bank, Oslo

    We use unique data on banks' private risk assessments of corporate borrowers to quantify how competition among banks affect the risk sensitivity of interest rates in the Norwegian credit market. We show that an increase in competition makes corporate... mehr

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    We use unique data on banks' private risk assessments of corporate borrowers to quantify how competition among banks affect the risk sensitivity of interest rates in the Norwegian credit market. We show that an increase in competition makes corporate lending rates less sensitive to banks' own assessment of borrower risk and this is more pronounced in market segments with higher degree of asymmetric information. Our results are driven by banks with low franchise values, outlining a novel channel of how the competition-fragility nexus can operate.

     
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    ISBN: 9788283792188
    Weitere Identifier:
    hdl: 11250/2835496
    hdl: 10419/264940
    Schriftenreihe: Working paper / Norges Bank ; 2021, 19
    Schlagworte: Banking competition; market power; risk pricing; financial stability
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  17. Monetary policy spillover to small open economies
    is the transmission different under low interest rates?
    Autor*in: Cao, Jin; Dinger, Valeriya; Gómez, Tomás; Grice, Zuzana; Hodula, Martin; Jara R., Alejandro; Juelsrud, Ragnar Enger; Liaudinskas, Karolis; Malovaná, Simona; Terajima, Yaz
    Erschienen: [2021]
    Verlag:  Norges Bank, Oslo

    We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies - Canada, Chile, the Czech Republic and Norway - using confidential bank-level data. Our results show that the impact... mehr

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    We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies - Canada, Chile, the Czech Republic and Norway - using confidential bank-level data. Our results show that the impact on lending in these small open economies depends on the interest rate level in the core. When interest rates are high, monetary policy cuts in core economies can reduce credit supply in small open economies. In contrast, when interest rates in core economies are low, further expansionary monetary policy increases lending in small open economies, consistent with an international bank lending channel. These results have important policy implications, suggesting that central banks in small open economies should watch for the impact of potential regime switches in core economies' monetary policy when rates shift to and from the very low end of the distribution.

     
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    Sprache: Englisch
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    ISBN: 9788283792096
    Weitere Identifier:
    hdl: 11250/2829106
    hdl: 10419/264935
    Schriftenreihe: Working paper / Norges Bank ; 2021, 12
    Schlagworte: Low and negative interest rate environment (LNIRE); Cross-border monetary policy spillover; International bank lending channel; Portfolio channel
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  18. Macroeconomic uncertainty and bank lending
    Autor*in: Juelsrud, Ragnar Enger; Larsen, Vegard Høghaug
    Erschienen: [2022]
    Verlag:  BI Norwegian Business School, Centre for Applied Macro - Petroleum economics (CAMP), Oslo

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    hdl: 11250/3035431
    Schriftenreihe: CAMP working paper series ; no. 2022, 5
    Schlagworte: Macroeconomic uncertainty; Textual analysis; Bank lending
    Umfang: 1 Online-Ressource (circa 10 Seiten), Illustrationen
  19. The Investment Channel of Monetary Policy
    evidence from Norway
    Autor*in: Cao, Jin; Hegna, Torje; Holm, Martin Blomhoff; Juelsrud, Ragnar Enger; König, Tobias; Riiser, Mikkel
    Erschienen: [2023]
    Verlag:  Norges Bank, Oslo

    We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main findings. First, financially constrained firms are more responsive to monetary policy, but the effect is modest; suggesting that... mehr

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    We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main findings. First, financially constrained firms are more responsive to monetary policy, but the effect is modest; suggesting that firm heterogeneity plays a minor role in monetary transmission. Second, we disentangle the investment channel of monetary policy into direct effects from interest rate changes and indirect general equilibrium effects. We find that the investment channel of monetary policy is due almost exclusively to direct effects. The two results imply that a representative firm framework with investment adjustment frictions in most cases provides a sufficiently detailed description of the investment channel of monetary policy.

     
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    ISBN: 9788283792812
    Weitere Identifier:
    hdl: 11250/3073361
    hdl: 10419/298513
    Schriftenreihe: Working paper / Norges Bank ; 2023, 5
    Schlagworte: Monetary policy; Investment
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  20. Trade conflicts and credit supply spillovers
    evidence from the Nobel Peace Prize trade shock
    Autor*in: Cao, Jin; Dinger, Valeriya; Juelsrud, Ragnar Enger; Liaudinskas, Karolis
    Erschienen: [2023]
    Verlag:  Norges Bank, Oslo

    In this paper, we examine how a trade conflict's impact on the real economy can be amplified by financial intermediaries. After China's implicit ban on the imports of Norwegian salmon in response to the decision on 2010 Nobel Peace Prize, we find... mehr

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    In this paper, we examine how a trade conflict's impact on the real economy can be amplified by financial intermediaries. After China's implicit ban on the imports of Norwegian salmon in response to the decision on 2010 Nobel Peace Prize, we find that banks that are highly exposed to the salmon industry cut back lending to non-salmon firms and households by 3-6 percent more than other banks. Furthermore, we find that the reduction in lending was not driven by the erosion of bank capital, but rather by the shift in expectations about the performance of loans to salmon producers, which drove highly exposed banks to increase their loan loss provisions and reduce risk-taking.

     
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    Sprache: Englisch
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    ISBN: 9788283792836
    Weitere Identifier:
    hdl: 11250/3073366
    hdl: 10419/298519
    Schriftenreihe: Working paper / Norges Bank ; 2023, 6
    Schlagworte: Trade shock; Bank lending channel; Expectation shock
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  21. Optimal kapitaldekning for norske banker
    Autor*in: Andersen, Henrik; Juelsrud, Ragnar Enger
    Erschienen: [2022]
    Verlag:  Norges Bank, Oslo

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    Sprache: Norwegisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9788283792478
    Weitere Identifier:
    hdl: 11250/3030893
    hdl: 10419/298428
    Schriftenreihe: Staff memo / Norges Bank ; nr. 2022, 9
    Schlagworte: Bankenliquidität; Eigenkapital; Bankenregulierung; Norwegen
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  22. Downward nominal house price rigidity
    evidence from three centuries of data on housing transactions
    Autor*in: Erlandsen, Solveig K.; Juelsrud, Ragnar Enger
    Erschienen: [2023]
    Verlag:  Norges Bank, Oslo

    By analyzing housing data from the period 1850 to 2019 in Norway, we find evidence of downward nominal house price rigidity. More specifically, we document that there is a marked fraction of repeat-sales housing transactions with a zero nominal price... mehr

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    By analyzing housing data from the period 1850 to 2019 in Norway, we find evidence of downward nominal house price rigidity. More specifically, we document that there is a marked fraction of repeat-sales housing transactions with a zero nominal price change and show that this fraction increases in housing market downturns. While the former result reveals a rigidity in nominal house prices, the latter suggests that the direction of it is predominantly downward.

     
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    ISBN: 9788283792577
    Weitere Identifier:
    hdl: 11250/3042518
    hdl: 10419/298452
    Schriftenreihe: Working paper / Norges Bank ; 2023, 1
    Schlagworte: House prices; Repeat sales transaction data; Price rigidity; Monetary policy; Financial crisis
    Umfang: 1 Online-Ressource (circa 9 Seiten), Illustrationen
  23. Cross-Selling in Bank Household Relationships. Implications for Deposit Pricing, Loan Pricing, and Monetary Policy
    Autor*in: Basten, Christoph; Juelsrud, Ragnar Enger
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    Using administrative data on deposits and loans of every Norwegian with every Norwegian bank, we show that an existing deposit account makes a household more likely to hold deposits at the same bank later despite better alternatives and more likely... mehr

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    Using administrative data on deposits and loans of every Norwegian with every Norwegian bank, we show that an existing deposit account makes a household more likely to hold deposits at the same bank later despite better alternatives and more likely to borrow there. Consistent with this, banks pay higher deposit rates to potential future borrowers. Then they charge existing depositors a premium on loans compared to other households, suggesting that cross-selling is driven by demand rather than supply complementarities. Finally, discounting future cross-selling profits motivates lower deposit spreads in times of lower policy rates and contributes to monetary policy transmission

     
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    Schriftenreihe: Swiss Finance Institute Research Paper ; No. 22-65, 2022
    Schlagworte: cross-selling; customer lifetime value (clv); relationship banking; switching costs; supply complementarities; demand complementarities; deposit pricing; loan pricing; deposit channel of monetary policy
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (43 p)
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    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 29, 2022 erstellt
  24. The interaction between macroprudential and monetary policies: the cases of Norway and Sweden
    Autor*in: Cao, Jin; Dinger, Valeriya; Grodecka-Messi, Anna; Juelsrud, Ragnar Enger; Zhang, Xin
    Erschienen: July 2020
    Verlag:  Sveriges Riksbank, Stockholm

    To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and Sweden. Using detailed... mehr

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    To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and Sweden. Using detailed bank-level data we show how Norwegian and Swedish banks' lending reacts to monetary policy surprises arising abroad, controlling for the domestic macroprudential stance and the interaction between monetary and macroprudential policies. In both countries, the domestic macroprudential policy helps mitigate the effects arising after foreign monetary surprises.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    hdl: 10419/232595
    Auflage/Ausgabe: This version: July, 2020
    Schriftenreihe: Sveriges Riksbank working paper series ; 392
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  25. Granular credit risk
    Autor*in: Galaasen, Sigurd; Jamilov, Rustam; Juelsrud, Ragnar Enger; Rey, Hélène
    Erschienen: [2020]
    Verlag:  Norges Bank, Oslo

    What is the impact of granular credit risk on banks and on the economy? We provide the first causal identification of single-name counterparty exposure risk in bank portfolios by applying a new empirical approach on an administrative matched... mehr

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    What is the impact of granular credit risk on banks and on the economy? We provide the first causal identification of single-name counterparty exposure risk in bank portfolios by applying a new empirical approach on an administrative matched bank-firm dataset from Norway. Exploiting the fat tail properties of the loan share distribution we use a Gabaix and Koijen (2020a,b) granular instrumental variable strategy to show that idiosyncratic borrower risk survives aggregation in banks portfolios. We also find that this granular credit risk spills over from affected banks to firms, decreases investment, and increases the probability of default of non-granular borrowers, thereby sizably affecting the macroeconomy.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9788283791693
    Weitere Identifier:
    hdl: 11250/2690132
    hdl: 10419/246115
    Schriftenreihe: Working paper / Norges Bank ; 2020, 15
    Schlagworte: Granular credit risk; credit concentration; granular borrowers; large exposures regulation; granular instrumental variable; granular hypothesis
    Umfang: 1 Online-Ressource (circa 64 Seiten), Illustrationen