The financial crisis has brought the interaction between housing prices and household
borrowing into the limelight of the economic policy debate. This paper examines the nexus …

Macroeconometric models, in many ways the flagships of the economist's profession in the
1960s, came under increasing attack from both theoretical economist and practitioners in the …

We investigate empirically whether a central bank can promote financial stability by
stabilizing inflation and output, and whether additional stabilization of asset prices and credit …

Wage coordination plays an important role in macroeconomic stabilization. Pattern wage
bargaining systems have been common in Europe, but in different forms, and with different …

I investigate macro effects of higher bank capital requirements on the Norwegian economy
and their use as a macroprudential policy instrument under Basel III. To this end, I develop a …

The first part of this chapter sets out a coherent approach to dynamic macroeconometric
modelbuilding; the second part demonstrates the approach through building and evaluating …

This paper studies the salient features of a core macro econometric model that allows for self-
reinforcing co-movements between credit, asset prices and real economic activity. In …

Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage
curve. This paper investigates the correspondence between the operational NAIRU …

Empirical monetary policy research has increased in the last decade, possibly because
deregulation and explicit monetary targets have made monetary policy issues more …

Collective agreements have played a central role in the system of wage formation in Norway
for more than fifty years. Although the degree of coordination achieved has been variable …