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  • 1
    Electronic Resource
    Electronic Resource
    Springer
    Empirical economics 20 (1995), S. 361-383 
    ISSN: 1435-8921
    Keywords: Factor demand ; Translog cost function ; Dynamic specification ; Aluminium industry ; C33 ; D21 ; L61
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper presents an econometric analysis of factor demands in the Norwegian primary aluminium industry using annual plant-level panel data. The translog cost function approach is applied, and a multivariate error-correction model of the cost shares of labour, raw materials and electricity is estimated. Capital is assumed tobe quasi-fixed. The hypothesis of fixed input coefficients is rejected for this industry, but the estimated own-price and cross-price elasticities suggest that relative price variations have limited effect on conditional factor demands.
    Type of Medium: Electronic Resource
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  • 2
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    Oslo: Norges Bank
    Publication Date: 2020-01-09
    Description: This paper presents a suite of models developed to stress-test financial stability. A macro model is linked to micro data-based models for households, firms and banks. The macro model includes credit- and consumer confidence-driven house prices and feed-back effects from credit and house prices to the real economy, i.e. a financial accelerator. The consumer confidence effect helps us mimic non-linearity in the housing market. We use the macro model to design stress scenarios, which are fed into the three micro models. The household and firm models enable us to analyse pockets of credit risk. The bank model sums it all up by providing estimates of bank profitability and capital adequacy.
    Keywords: ddc:330
    Language: English
    Type: doc-type:report
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  • 3
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    Oslo: Norges Bank
    Publication Date: 2020-01-09
    Description: Artikkelen presenterer utviklingen i etterspørsel etter kreditt og kredittpraksis fra norske banker siden 2008, slik de er representert i Norges Banks utlånsundersøkelse. Norske banker har rapportert om en betydelig innstramming i kredittpraksis i denne perioden. Norges Banks utlånsundersøkelse gir innsikt i årsakene til denne innstrammingen og på hvilken måte bankene har endret sine lånebetingelser. Det var en betydelig innstramming i kredittpraksis mot foretakene under finanskrisen i 2008-2009, mens innstrammingen i kredittpraksis mot husholdningene har kommet mer gradvis, og i stor grad som respons på nye krav og reguleringer fra myndighetene. Vi finner at strammere lånebetingelser rettet mot husholdningene har påvirket kredittveksten i denne sektoren.
    Keywords: ddc:330
    Language: Norwegian
    Type: doc-type:report
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  • 4
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    Unknown
    Oslo: Norges Bank
    Publication Date: 2020-01-09
    Description: On average, Norwegian households are highly indebted and their wealth is concentrated in housing. Changes in income, interest rates or house prices may cause significant adjustments in saving and consumption. This paper uses administrative register data on income and wealth to derive measures of saving and consumption expenditure. Stylised facts on the distribution across households are presented. The data are used to shed light on the risk of a drop in consumption in the event of negative shocks. We find that, on average, households have financial buffers that can significantly dampen the effect of a transitory shock. Buffers have increased in line with higher debt levels. If households' ability to access credit markets should be impaired, or if their willingness to finance consumption by new borrowing is weakened, that could have a pronounced impact on consumption expenditure.
    Keywords: ddc:330
    Language: English
    Type: doc-type:report
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  • 5
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    Oslo: Norges Bank
    Publication Date: 2020-01-09
    Description: Husholdningenes kjøpekraft i boligmarkedet kan ha betydning for etterspørselen etter bolig. Vi analyserer kjøpekraft i boligmarkedet ved å sammenstille fordelingen av prisen på omsatte boliger med fordelingen av hvor kostbare boliger husholdningene kan lånefinansiere. Det siste beregnes med utgangspunkt i husholdningenes gjeldsdisponible inntekt, bankenes boliglånsrente, avdrag, samt krav til betjeningsevne. Formue og egenkapital inkluderes ikke. Ved beregning av gjeldsdisponibel inntekt kontrolleres det for utgifter til alminnelig forbruk. For store grupper er kjøpekraften opprettholdt over tid til tross for høyere boligpriser. Kjøpekraft i boligmarkedet varierer med endringer i rente og med vekst i inntekt og boligpriser. I Oslo har kjøpekraften utviklet seg relativt svakt de senere år sammenlignet med andre større byer og landet totalt sett.
    Keywords: ddc:330
    Language: Norwegian
    Type: doc-type:report
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  • 6
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    Oslo: Statistics Norway, Research Department
    Publication Date: 2019-02-15
    Description: A framework for analyzing substitution and scale properties, and technical change from plant-level panel data is presented. Focus is on comparing the constant and random coefficient specification of the substitution and scale parameters and investigating the potential variation of the parameters across firms. Characteristics of the model framework are (i) an equation system consisting of a three-factor translog cost function and the corresponding cost-share equations, (ii) random firm specific heterogeneity in coefficients, and (iii) a Maximum Likelihood procedure allowing for unbalanced panel data. The empirical results, based on data from Norwegian chemical plants, indicate substantial firm specific heterogeneity in substitution and scale properties.
    Keywords: C33 ; D21 ; D24 ; L65 ; ddc:330 ; Panel Data. Random Coefficients. Unbalanced Data. Heterogeneity. Production technology
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Oslo: Norges Bank
    Publication Date: 2020-01-09
    Description: As financial stability has gained focus in economic policymaking, the demand for analyses of financial stability and the consequences of economic policy has increased. Alternative macroeconomic models are available for policy analyses, and this paper evaluates the usefulness of some models from the perspective of financial stability. Financial stability analyses are complicated by the lack of a clear and consensus definition of 'financial stability', and the paper concludes that operational definitions of this term must be expected to vary across alternative models. Furthermore, since assessment of financial stability in general is based on a wide range of risk factors, one can not expect one single model to satisfactorily capture all the risk factors. Rather, a suite of models is needed. This is in particular true for the evaluation of risk factors originating and developing inside and outside the financial system respectively.
    Keywords: E1 ; E4 ; E5 ; G1 ; G2 ; ddc:330 ; financial stability ; banks ; default ; macroeconomic models ; policy
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    Unknown
    Oslo: Norges Bank
    Publication Date: 2020-01-09
    Description: We evaluate two main views on pursuing financial stability within a flexible inflation-targeting regime. It appears that potential gains from an activist or precautionary approach to promoting financial stability are highly shock dependent. We find support for the conventional view that concern for financial stability generally warrants a longer target horizon for inflation. The preferred target horizon depends on the financial stability indicator and the shock. An extension of the target horizon favoring financial stability may contribute to relatively higher variation in inflation and output.
    Keywords: C21 ; C52 ; C53 ; E47 ; E52 ; ddc:330 ; monetary policy ; financial stability
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Oslo: Norges Bank
    Publication Date: 2020-01-09
    Description: In this paper we question whether parental resources are important for first-time buyers? We find a nuanced set of results. First, when parents help out financially, it clearly increases the probability of entering the housing market. Furthermore, some of this help is taken out as lower loan-to-value (LTV) and higher house value, and thus gives a head start on the rungs of the housing ladder. On the other hand, own income is economically much more important for first-time buyers than the potential or implicit help through having wealthy parents. Second, along with a growing gap between income and house prices, parental resources have become more important. Homeownership rates for young households with wealthy parents, or parents helping out financially, are increasing relative to young households without wealthy parents. We find no effect on the age of first entry into the housing market, which has declined for all young buyers, or on housing wealth inequality. Finally, we do not find that recent prudent mortgage-lending practices has caused a decline in the probability of entering the housing market, even for those who do not receive financial help from parents. We conclude that in a country like Norway, where there are well functioning credit markets and high intergenerational mobility, homeownership is still achievable without parental help, even under unfavorable conditions.
    Keywords: D64 ; D91 ; G28 ; R21 ; ddc:330 ; inter vivos gifts ; altruism ; housing investment ; debt
    Language: English
    Type: doc-type:workingPaper
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  • 10
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    Oslo: Norges Bank
    Publication Date: 2020-01-09
    Description: From a broad financial stability perspective, sustainable household debt should be evaluated within a steady-state consumption-path approach. We calculate measures for households' steady-state consumption based on average consumption to income ratios for a number of household groups and use a 'counterfactual history approach' to evaluate their debt sustainability. The results show that households within the first-home buyers and second steppers groups, which hold more than half of total household debt in Norway, are vulnerable to an increase in the loan rate.
    Keywords: ddc:330 ; household debt ; sustainability ; consumption
    Language: English
    Type: doc-type:report
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