Norges Bank
Norges Bank’s Nicolaisen: covered bonds can create distortions
Covered bonds are widely seen as a safe asset, but they face risks and could have unintended consequences for markets
Norges Bank paper offers method of stress testing with fire sales
Model recognises possibility of indirect exposures, which could affect outcome of bank stress tests
Norges Bank increases staffing in 2016
Annual report shows 8% increase in staff levels, as well as changes to the governance structure; central bank makes a slight loss due to exchange rate movements
Norway’s oil fund delivers strong returns in 2016
Fund enjoys nearly 7% growth, with strong equity performance leading the way; strategy envisages work to improve efficiency and overhaul investment platform
Norges Bank defends policy framework amid government review
The government is assessing the central bank’s governance and monetary policy; Norges Bank says it needs a “long and flexible horizon” to be able to properly conduct its policy framework
News cycle can give estimate of business cycle – Norges Bank paper
Index derived from business newspaper is both more timely and more accurate than traditional business cycle indicators, author says
Norges Bank recommends higher equity share for oil fund
Declining global growth and lower volatility suggest a larger equity share is both desirable and manageable, central bank says
Norges Bank paper presents new evidence on immigration impact
Authors seek to disentangle immigration shock from broader macroeconomic effects, using unique Norwegian data series
Norway unveils final banknote designs
Banknote designs eschew traditional inclusion of portraits, opting instead for geometric patterns and coastal images
Book notes: On central banking, by Jan Qvigstad
Qvigstad’s collection of lectures captures not just the culture of Norwegian central banking, but also an intellectual history of which the country can be proud
Norges Bank deputy warns of vulnerabilities in financial system
“Sharp rise” in property prices and high household indebtedness are a concern, the latest financial stability report reveals; banking sector’s largest corporate exposure is to the real estate market
Olsen says Norges Bank must tread carefully as it nears the zero lower bound
Governor says effects of monetary policy may become less certain; review of monetary policy framework about to begin
Norges Bank paper studies forecast asymmetry at lower bound
Effective lower bound need not translate into asymmetries in other forecast variables, authors find; regime-switching DSGE model helps overcome Lucas critique
Norges Bank to publish minutes for first time
Central bank plans to release details of all aspects of executive board meetings except for monetary policy deliberations, citing growing interest and requests for disclosure
NBIM’s Q2 returns hit by Brexit turbulence
Second-quarter returns of 1.3% held back by European equities and UK in particular; real estate investments register second negative quarter
Norges Bank questions contingency plans for cash distribution
Report warns Norwegian banks’ back-up plans “may prove inadequate” in a crisis; both the central bank and financial supervisory authority in communication with the finance ministry
Balance sheet policy matters for credibility – Norges Bank paper
Researcher argues a central bank’s financial strength may affect its ability to meet its monetary policy mandate, based on evidence from the UK’s gold standard period
Norges Bank deputy: lack of common infrastructure hampers faster payments
Limited collaboration between banks in Norway is hampering availability of real-time payments and causing Norway to fall behind, Jon Nicolaisen says
Norges Bank paper offers insights on when to ‘lean against the wind’
Norges Bank working paper investigates the extent monetary policies should actively aim at mitigating the build-up of financial imbalances; using rates to curb credit growth could lower output
Pursuing stable rates may create instability, Norges Bank paper finds
Preference among central bankers to keep rates at “normal” levels may prove time-inconsistent, researchers warn
Olsen wins second term at Norges Bank
Øystein Olsen reappointed for second and final term as Norges Bank governor, seeing off competition from six other applicants, including a former governor of the Central Bank of Iceland
Norges Bank reveals methods used to monitor banknote quality
Central bank to conduct ‘fitness surveys’ twice annually, analysing a host of variables to define which banknotes are suitable for circulation
To play the counterfeiter
The Reproduction Research Centre in Copenhagen helps central banks to counterfeit colour-shifting technology and machine-readable codes on banknotes in a bid to reduce fraud
Norges Bank notes to feature innovative optical thread
Choice of security features swayed Norges Bank away from polymer; new series of notes to feature Crane security thread