Norway
Norges Bank willing to consider move into negative territory
Central bank cuts rates to 0.5% and signals further action likely to follow; executive board concerned by side-effects of negative rates, but willing to use them if necessary
Bank capital matters for risk-taking channel of monetary policy, Norges Bank paper finds
Less capitalised Norwegian banks are more likely to extend credit to risky firms in response to a cut in the policy rate, author finds
Norges Bank organisational changes geared towards better investment
Revamp of organisational structure is mainly focused on improving the governance of the sovereign wealth fund, which delivered a return of 2.7% despite turbulence last year, annual report reveals
Norway’s pension fund may be close to peak, Olsen says
Norges Bank governor says Norway should not count on being able to build its sovereign wealth fund much further, and must brace for a difficult period of rebalancing after the oil boom
High debt tends to reduce consumption growth – Norges Bank memo
Research tries to capture diversity of household balance sheets, finding consumption tends to grow more slowly among those with high debt levels
NBIM reports clarify demands for high ethical standards
Norwegian SWF expects firms it invests in to address a broad range of long-term risks, including the need to meet high ethical standards; publishes expectations document on human rights
Distribution of liquidity can impact monetary policy transmission, paper finds
Research published by Norges Bank encourages central banks to pay attention to the distribution of liquidity in the interbank market, as well as its overall level
‘Decarbonisation’ could allow investors to hedge climate risks, economists say
Economists claim low-carbon index can deliver similar performance to benchmark indexes while hedging the uncertain timing of climate change policy-making
Floating exchange rate has led to more volatility, Norwegian paper says
Moving to inflation targeting regime prompted rise in volatility in nominal exchange rates, research says; no depreciation or appreciation trends evident, however
Norges Bank paper seeks to improve modelling of money
Researchers aim to capture the role of money as both a medium of exchange and a liquid asset, with the resulting equilibrium underscoring the need for a liquidity coverage ratio
Restructuring Norwegian economy will take time, Norges Bank says
The Norwegian economy is suffering amid further falls in oil prices, and rebalancing will take time, but central bank policy is doing its best to support the transition, report says
Norges Bank shuffles organisation of support functions
Norges Bank looks to strengthen support structure through creation of central secretariat, which will be headed by Birger Vikøren
Norges Bank gets second deputy governor for first time
Norges Bank announces appointment of academic to newly-created deputy governor position, while NBIM names new chief compliance and control officer
Short-term funding developments put Norwegian banks at risk, report finds
Parts of the Norwegian economy remain a source of vulnerability for banks, says deputy governor Nicolaisen at launch of latest financial stability report
Norges Bank paper tries to extract high-frequency forecasts from low-frequency data
Researchers find low-frequency information can be important in forecasting high-frequency variables, designing a model that outperforms a random walk benchmark
NBIM records Q3 loss amid stock market volatility
Norges Bank Investment Management posts uncomfortable loss in third quarter, driven by sharp drop in its equity investments, but fund’s chief executive stresses long-term focus
Norges Bank to supervise $1bn-plus SWF property deals
Central bank executive board will supervise real estate investments above $1bn made by sovereign wealth managers; separate committee formed for investments over $250m
Norway dips into oil fund for first time
Stimulus programme and low oil prices combine to push government deficit above oil revenues; NBIM opens regional office in Tokyo
Norges Bank unlikely to follow others into negative territory, says Olsen
Governor flags the dangers and distortions from very low rates, but says Norway has more room to manoeuvre than most; contrasts ECB and Riksbank liquidity policies
Norway signals further easing as it cuts again
Norwegian central bank looks to cut rates further with inflation set to fall back to 2% over the forecast horizon
IMF staff call for greater delegation of macro-prudential powers in Norway
Technical note finds institutional structure has worked to good effect in many ways, but identifies issues around co-ordination across ministry, central bank and FSA
Norges Bank memo presents indicator of systemic stress
Staff memo outlines ‘composite indicator of systemic stress’ to help with decision on when to lower the countercyclical capital buffer
Research maps Norwegian challenges if oil prices stay low
Economic commentary considers how the increase in oil prices over the past decade has affected Norway in a bid to understand how the recent price drop could play out
Norway’s oil fund suffers loss in second quarter
Losses of about $9 billion were largely driven by the fixed-income portfolio, although equities delivered a weak performance; NBIM takes a more activist stance