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Gisle James Natvik

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Fagereng, Andreas & Gomez, Matthieu & Gouin-Bonenfant, Emilien & Holm, Martin & Moll, Benjamin & Natvik, Gisle, 2025. "Asset-price redistribution," LSE Research Online Documents on Economics 129496, London School of Economics and Political Science, LSE Library.

    Cited by:

    1. Peter Levell & David Sturrock, 2026. "How do house prices affect social mobility?," IFS Working Papers W26/02, Institute for Fiscal Studies.
    2. Hui, Xitong, 2025. "Asset prices, wealth inequality, and welfare: safe assets as a solution," Working Paper Series 3162, European Central Bank.
    3. Meyer, Timothy, 2025. "Asset price changes, external wealth and global welfare," Journal of International Economics, Elsevier, vol. 157(C).

  2. Andreas Fagereng & Magnus A. H. Gulbrandsen & Martin Holm & Gisle Natvik, 2023. "How Does Monetary Policy Affect Household Indebtedness?," Working Papers 05/2023, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.

    Cited by:

    1. Cobus Vermeulen, 2023. "The inherent uncertainties in output gap estimation a South African perspective," Working Papers 11051, South African Reserve Bank.
    2. D'Acunto, Francesco & Hoang, Daniel & Paloviita, Maritta & Weber, Michael, 2023. "Cognitive constraints and economic incentives," Bank of Finland Research Discussion Papers 9/2023, Bank of Finland.
    3. Castañeda, Juan Carlos & Chang, Rodrigo, 2023. "Evaluating core inflation measures: A statistical inference approach," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(4).

  3. Torvik, Ragnar & Mehlum, Halvor & Natvik, Gisle, 2021. "The Inefficient Combination: Competitive Markets, Free Entry, and Democracy," CEPR Discussion Papers 15727, C.E.P.R. Discussion Papers.

    Cited by:

    1. Delfgaauw, Josse & Swank, Otto, 2024. "The political climate trap," Journal of Environmental Economics and Management, Elsevier, vol. 124(C).
    2. Delfgaauw, Josse & Swank, Otto, 2025. "The Political Economy of (Lacking) Commitment to Green Policies," Journal of Environmental Economics and Management, Elsevier, vol. 130(C).
    3. Josse Delfgaauw & Otto Swank, 2023. "The Gasoline Climate Trap," Tinbergen Institute Discussion Papers 23-025/VII, Tinbergen Institute.

  4. Moll, Benjamin & Fagereng, Andreas & Blomhoff Holm, Martin & Natvik, Gisle James, 2020. "Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains," CEPR Discussion Papers 14355, C.E.P.R. Discussion Papers.

    Cited by:

    1. Paul Beaudry & Katsiaryna Kartashova & Césaire A Meh, 2022. "Gazing at r*: A Hysteresis Perspective," RBA Annual Conference Papers acp2022-08, Reserve Bank of Australia, revised Dec 2022.
    2. Cristiano Cantore & Lukas Freund, 2020. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Bank of England working papers 858, Bank of England.
    3. Paul Beaudry & Katya Kartashova & Césaire Meh, 2023. "Gazing at r-star: A Hysteresis Perspective," Staff Working Papers 23-5, Bank of Canada.
    4. Ken-ichi Hashimoto & Yoshiyasu Ono & Matthias Schlegl, 2020. "Structural Unemployment, Underemployment, and Secular Stagnation," ISER Discussion Paper 1088, Institute of Social and Economic Research, The University of Osaka.
    5. Odran Bonnet & Etienne Fize & Tristan Loisel & Lionel Wilner, 2024. "Compensation against fuel inflation: Temporary tax rebates or transfers?," Working Papers 2024-05, Center for Research in Economics and Statistics.
    6. Paolo Acciari & Facundo Alvaredo & Salvatore Morelli, 2021. "The concentration of personal wealth in Italy 1995-2016," World Inequality Lab Working Papers halshs-03226113, HAL.
    7. Atif Mian & Ludwig Straub & Amir Sufi, 2021. "Indebted Demand," Working Papers 2021-82, Princeton University. Economics Department..
    8. Alice Henriques Volz & Elizabeth Llanes & Jeffrey P. Thompson, 2025. "Do the Rich Really Save More? Answering an Old Question Using the Survey of Consumer Finances with Direct Measures of Lifetime Earnings and an Expanded Wealth Concept," Working Papers 25-12, Federal Reserve Bank of Boston.
    9. Kovač Rijad & Verbič Miroslav, 2023. "Wealth Inequality and Institutional Development: Macroeconometric Evidence from a Global Sample," South East European Journal of Economics and Business, Sciendo, vol. 18(1), pages 100-114, June.
    10. Lidia Smitkova, 2023. "Profits, ‘Superstar’ Firms and Capital Flows," Economics Series Working Papers 1030, University of Oxford, Department of Economics.
    11. Roberto Iacono & Elisa Palagi, 2021. "A Micro Perspective on r > g," Working Papers halshs-03131196, HAL.
    12. Dirk Krueger & Egor Malkov & Fabrizio Perri, 2024. "How Do Households Respond to Income Shocks?," PIER Working Paper Archive 24-022, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    13. Bee Boileau & David Sturrock, 2023. "Who gives and receives substantial financial transfers in Britain?," IFS Working Papers W23/08, Institute for Fiscal Studies.
    14. Mark Aguiar & Mark Bils & Corina Boar, 2020. "Who Are the Hand-to-Mouth?," Working Papers 2020-9, Princeton University. Economics Department..
    15. Stéphane Auray & Aurélien Eyquem & Bertrand Garbinti & Jonathan Goupille-Lebret, 2022. "Markups, Taxes, and Rising Inequality," Working Papers 2022-18, Center for Research in Economics and Statistics.
    16. Matthew Smith & Owen Zidar & Eric Zwick, 2021. "Top Wealth in America: New Estimates and Implications for Taxing the Rich," Working Papers 2021-7, Princeton University. Economics Department..
    17. Andersen, Asger Lau & Johannesen, Niels & Jørgensen, Mia & Peydró, José-Luis, 2021. "Monetary Policy and Inequality," EconStor Preprints 227763, ZBW - Leibniz Information Centre for Economics.
    18. Albers, Thilo N. H. & Bartels, Charlotte & Schularick, Moritz, 2022. "Wealth and Its Distribution in Germany, 1895–2018," SocArXiv y6zpq, Center for Open Science.
    19. Job Boerma & Loukas Karabarbounis, 2021. "Reparations and Persistent Racial Wealth Gaps," Working Papers 776, Federal Reserve Bank of Minneapolis.
    20. Elin Halvorsen & Serdar Ozkan & Sergio Salgado, 2022. "Earnings dynamics and its intergenerational transmission: Evidence from Norway," Quantitative Economics, Econometric Society, vol. 13(4), pages 1707-1746, November.
    21. Joshua Brault & Hashmat Khan, 2021. "Indebted Demand in a Two Period Consumption-Saving Model," Carleton Economic Papers 21-13, Carleton University, Department of Economics, revised 05 Jan 2022.
    22. Ma, Qingyin & Toda, Alexis Akira, 2022. "Asymptotic linearity of consumption functions and computational efficiency," Journal of Mathematical Economics, Elsevier, vol. 98(C).
    23. Advani, Arun & Summers, Andy, 2022. "Measuring and taxing top incomes and wealth," The Warwick Economics Research Paper Series (TWERPS) 1403, University of Warwick, Department of Economics.
    24. Gatt, William, 2024. "Wealth inequality and the distributional effects of maximum loan-to-value ratio policy," Journal of Economic Dynamics and Control, Elsevier, vol. 164(C).
    25. Matthias Krapf, 2023. "Does Income Risk Affect the Wealth Distribution?," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(4), pages 475-515, October.
    26. Mauricio Calani & Lucas Rosso, 2024. "The Portfolio Choice Channel of Wealth Inequality," Working Papers Central Bank of Chile 1016, Central Bank of Chile.
    27. Lee, Jangyoun, 2021. "Behind rising inequality and falling growth," Journal of Macroeconomics, Elsevier, vol. 70(C).
    28. Camarero, Mariam & Dufrénot, Gilles & Tamarit, Cecilio & Vaccaro-Grange, Etienne, 2025. "Inequality’s ripple effect: Analyzing its influence on the natural interest rate and monetary policy in Germany, Japan, and the US," Journal of Economic Behavior & Organization, Elsevier, vol. 239(C).
    29. Sandra E. Black & Paul J. Devereux & Fanny Landaud & Kjell G. Salvanes, 2022. "The (Un)Importance of Inheritance," CESifo Working Paper Series 9566, CESifo.
    30. Smitkova, L., 2022. "Competitiveness, 'Superstar' Firms and Capital Flows," Cambridge Working Papers in Economics 2241, Faculty of Economics, University of Cambridge.
    31. Stéphane Auray & Aurélien Eyquem & Bertrand Garbinti & Jonathan Goupille-Lebret, 2022. "Explaining Income and Wealth Inequality over the Long Run: The Case of France," Working Papers 2210, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
    32. Arrigoni, Simone, 2024. "Who gets the flow? Financial globalisation and wealth inequality," Journal of Macroeconomics, Elsevier, vol. 81(C).
    33. Thomas J. Sargent & John Stachurski, 2024. "Dynamic Programming: Finite States," Papers 2401.10473, arXiv.org.
    34. Joanna Tyrowicz & Marcin Lewandowski & Jan Svejnar & Krzysztof Makarski, 2024. "Factors behind rising U.S. wealth inequality: a decomposition and policy implications," GRAPE Working Papers 100, GRAPE Group for Research in Applied Economics.
    35. Gu, Shijun & Jia, Chengcheng, 2023. "A comment on “wealth inequality and endogenous growth” by Byoungchan Lee," Journal of Monetary Economics, Elsevier, vol. 133(C), pages 149-155.
    36. Benjamin Moll, 2020. "Comment on "Sources of US Wealth Inequality: Past, Present, and Future"," NBER Chapters, in: NBER Macroeconomics Annual 2020, volume 35, pages 468-479, National Bureau of Economic Research, Inc.
    37. Davide Melcangi & Vincent Sterk, 2020. "Stock Market Participation, Inequality, and Monetary Policy," Staff Reports 932, Federal Reserve Bank of New York.
    38. Adam Tejs Jørring, 2024. "Financial Sophistication and Consumer Spending," Journal of Finance, American Finance Association, vol. 79(6), pages 3773-3820, December.
    39. Andrew Atkeson & Magnus Irie, 2020. "Understanding 100 Years of the Evolution of Top Wealth Shares in the U.S.: What is the Role of Family Firms?," NBER Working Papers 27465, National Bureau of Economic Research, Inc.
    40. Moll, Ben, 2020. "Comment on Hubmer, Krusell & Smith “Sources of U.S. wealth inequality: past, present, and future”," LSE Research Online Documents on Economics 107424, London School of Economics and Political Science, LSE Library.
    41. José-Elías Gallegos, 2024. "HANK beyond FIRE: Amplification, forward guidance, and belief shocks," Working Papers 2418, Banco de España.
    42. Marta Cota, 2023. "Extrapolative Income Expectations and Retirement Savings," CERGE-EI Working Papers wp751, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    43. Krueger, Dirk & Malkov, Egor & Perri, Fabrizio, 2024. "How do households respond to income shocks?," Journal of Economic Dynamics and Control, Elsevier, vol. 168(C).
    44. Elena D. Dzhaokhadze & Elena V. Sinelnikova-Muryleva, 2025. "Factors and Consequences of the Distribution of retail Central Banks Digital Currencies: Global Experience and Conclusions for the Digital Ruble," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 24(2), pages 685-713.
    45. Krueger, Dirk & Malkov, Egor & Perri, Fabrizio, 2024. "Reprint of: How do households respond to income shocks?," Journal of Economic Dynamics and Control, Elsevier, vol. 169(C).
    46. Guillermo Ordoñez & Facundo Piguillem, 2020. "Savings and Saving Rates: Up or Down?," NBER Working Papers 27179, National Bureau of Economic Research, Inc.
    47. Heinsalu, Sander, 2020. "Reversals of signal-posterior monotonicity imply a bias of screening," Journal of Economic Theory, Elsevier, vol. 188(C).
    48. Yongsung Chang & Jay Hong & Marios Karabarbounis & Yicheng Wang & Tao Zhang, 2022. "Income Volatility and Portfolio Choices," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 65-90, April.
    49. Odran Bonnet & Étienne Fize & Tristan Loisel & Lionel Wilner, 2024. "Compensating against fuel price inflation: Price subsidies or transfers?," PSE-Ecole d'économie de Paris (Postprint) hal-04799412, HAL.
    50. Brand, Claus & Obstbaum, Meri & Coenen, Günter & Sondermann, David & Lydon, Reamonn & Ajevskis, Viktors & Hammermann, Felix & Angino, Siria & Hernborg, Nils & Basso, Henrique & Hertweck, Matthias & Bi, 2021. "Employment and the conduct of monetary policy in the euro area," Occasional Paper Series 275, European Central Bank.
    51. Owen Zidar, 2020. "Comment on "Sources of US Wealth Inequality: Past, Present, and Future"," NBER Chapters, in: NBER Macroeconomics Annual 2020, volume 35, pages 456-467, National Bureau of Economic Research, Inc.
    52. Marcello D’Amato & Christian Di Pietro & Marco M. Sorge, 2024. "Left and right: a tale of two tails of the wealth distribution," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 78(4), pages 1389-1433, December.
    53. Markus Knell, 2023. "Housing and the secular decline in real interest rates (Markus Knell)," Working Papers 251, Oesterreichische Nationalbank (Austrian Central Bank).
    54. Schnorpfeil, Philip & Weber, Michael & Hackethal, Andreas, 2024. "Households' response to the wealth effects of inflation," CFS Working Paper Series 728, Center for Financial Studies (CFS).
    55. Katya Kartashova & Xiaoqing Zhou, 2021. "Wealth Inequality and Return Heterogeneity During the COVID-19 Pandemic," Working Papers 2114, Federal Reserve Bank of Dallas.
    56. Guillermo Ordonez & Facundo Piguillem, 2022. "Saving Rates and Savings Ratios," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 365-381, October.
    57. Bettina Bruggemann & Zachary L. Mahone, 2023. "Entrepreneurial Rates of Return and Wealth Inequality," Department of Economics Working Papers 2023-03, McMaster University.
    58. Hayk Sargsyan & Aleksandr Grigoryan & Olivier Bruno, 2025. "Deposits Market Exclusion and the Emergence of Premium Banks," GREDEG Working Papers 2025-10, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    59. Blanchet, Thomas & Martínez-Toledano, Clara, 2023. "Wealth inequality dynamics in europe and the united states: Understanding the determinants," Journal of Monetary Economics, Elsevier, vol. 133(C), pages 25-43.
    60. Paz-Pardo, Gonzalo, 2021. "Homeownership and portfolio choice over the generations," Working Paper Series 2522, European Central Bank.
    61. Paul Beaudry & Césaire Meh, 2021. "Monetary Policy, Trends in Real Interest Rates and Depressed Demand," Staff Working Papers 21-27, Bank of Canada.
    62. Jangyoun Lee, 2021. "Rentier premium and wealth inequality," Economics Bulletin, AccessEcon, vol. 41(3), pages 1994-2002.
    63. Alice Henriques Volz & Elizabeth Llanes & Jeffrey P. Thompson, 2025. "Do the Rich Really Save More? Answering an Old Question Using the SCF with Direct Measures of Lifetime Earnings and an Expanded Wealth Concept," Finance and Economics Discussion Series 2025-097, Board of Governors of the Federal Reserve System (U.S.).
    64. John Stachurski & Junnan Zhang, 2019. "Dynamic Programming with State-Dependent Discounting," Papers 1908.08800, arXiv.org, revised Oct 2020.
    65. Glenn Abela & William Gatt, "undated". "Who are the (dis)savers? A look at household saving patters and wealth composition in Malta," CBM Policy Papers PP/01/2022, Central Bank of Malta.
    66. Selvanathan, E.A. & Jayasinghe, Maneka & Selvanathan, Saroja & Viswanathan, Brinda, 2025. "Modelling the demand for financial assets: The case of Sri Lanka," Emerging Markets Review, Elsevier, vol. 68(C).
    67. Qingyin Ma & Alexis Akira Toda, 2020. "A Theory of the Saving Rate of the Rich," Papers 2005.02379, arXiv.org, revised Jan 2021.
    68. Mateo Hoyos, 2025. "North–South trade, technology diffusion, and uneven development," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 34(4), pages 613-633, May.
    69. Glenn Abela & William Gatt, 2021. "Saving behaviour in Malta: Insights from the Household Budgetary Survey," CBM Working Papers WP/02/2021, Central Bank of Malta.
    70. Buhlmann, Florian & Doerrenberg, Philipp & Voget, Johannes & Loos, Benjamin, 2020. "How do taxes affect the trading behavior of private investors? Evidence from individual portfolio data," ZEW Discussion Papers 20-047, ZEW - Leibniz Centre for European Economic Research.
    71. Guillermo Ordoñez & Facundo Piguillem, 2019. "Retirement in the Shadow (Banking)," NBER Working Papers 26337, National Bureau of Economic Research, Inc.
    72. Ben Moll, 2020. "The Research Agenda: Ben Moll on the Rich Interactions between Inequality and the Macroeconomy," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 21(2), November.
    73. Philipp Lieberknecht & Philip Vermeulen, 2022. "Wealth and income inequality in the long run," Working Papers 2022-02, Auckland University of Technology, Department of Economics.
    74. Rohan Kekre & Moritz Lenel, 2022. "Monetary Policy, Redistribution, and Risk Premia," Econometrica, Econometric Society, vol. 90(5), pages 2249-2282, September.
    75. Karl Harmenberg & Raysa Lizarraga, 2025. "Earnings dynamics and top-earnings inequality," Working Papers 01/2025, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.

  5. Natvik, Gisle J. & Rime, Dagfinn & Syrstad, Olav, 2019. "Does Publication of Interest Rate Paths Provide Guidance?," Working Paper 2019/16, Norges Bank.

    Cited by:

    1. Carola Conces Binder & Rodrigo Sekkel, 2023. "Central Bank Forecasting: A Survey," Staff Working Papers 23-18, Bank of Canada.
    2. Sui-Jade Ho & Özer Karagedikli, 2021. "Effects of Monetary Policy Communication in Emerging Market Economies: Evidence from Malaysia," Working Papers wp44, South East Asian Central Banks (SEACEN) Research and Training Centre.
    3. Brubakk, Leif & ter Ellen, Saskia & Robstad, Ørjan & Xu, Hong, 2019. "The macroeconomic effects of forward communication," Working Paper 2019/20, Norges Bank.
    4. Boris Hofmann & Dora Xia, 2022. "Quantitative forward guidance through interest rate projections," BIS Working Papers 1009, Bank for International Settlements.
    5. Julián Caballero & Blaise Gadanecz, 2023. "Did interest rate guidance in emerging markets work?," BIS Working Papers 1080, Bank for International Settlements.
    6. Gabriele Galati & Richhild Moessner, 2020. "Effects of Fed policy rate forecasts on real yields and inflation expectations at the zero lower bound," Working Papers 690, DNB.
    7. Almerud, Jakob & Krygier, Dominika & Lundvall , Henrik & Njie, Mambuna, 2024. "Measuring Riksbank Monetary Policy: Shocks and Macroeconomic Transmission," Working Paper Series 445, Sveriges Riksbank (Central Bank of Sweden).
    8. Martin Nordström, 2020. "A forecast evaluation of the Riksbank's policy‐rate projections," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 49(3), September.
    9. Gunda‐Alexandra Detmers & Ozer Karagedikli & Richhild Moessner, 2021. "Quantitative or Qualitative Forward Guidance: Does it Matter?," The Economic Record, The Economic Society of Australia, vol. 97(319), pages 491-503, December.
    10. Michael T. Kiley & Frederic S. Mishkin, 2025. "The Evolution of Inflation Targeting from the 1990s to 2020s: Developments and New Challenges," Finance and Economics Discussion Series 2025-025, Board of Governors of the Federal Reserve System (U.S.).
    11. Alexopoulos, Michelle & Han, Xinfen & Kryvtsov, Oleksiy & Zhang, Xu, 2024. "More than words: Fed Chairs’ communication during congressional testimonies," Journal of Monetary Economics, Elsevier, vol. 142(C).
    12. Luchelle Soobyah & Daan Steenkamp, 2021. "Has publication of a repo path provided guidance," Occasional Bulletin of Economic Notes 11033, South African Reserve Bank.

  6. Andreas Fagereng & Martin B. Holm & Gisle J. Natvik, 2018. "MPC Heterogeneity and Household Balance Sheets," CESifo Working Paper Series 7134, CESifo.

    Cited by:

    1. Corrado, Luisa & Silgado-Gómez, Edgar & Yoo, Donghoon & Waldmann, Robert, 2022. "Ambiguous economic news and heterogeneity: What explains asymmetric consumption responses?," Journal of Macroeconomics, Elsevier, vol. 72(C).
    2. Central Bank of Chile, 2025. "Firm and household heterogeneity at the Central Bank of Chile," BIS Papers chapters, in: Bank for International Settlements (ed.), How can central banks take account of differences across households and firms for monetary policy?, volume 127, pages 45-62, Bank for International Settlements.
    3. Bardóczy, Bence & Savoia, Ettore & Vel´asquez-Giraldo, Mateo, 2026. "HANK Comes of Age: Monetary Policy with Heterogeneous Overlapping Generations," Working Paper Series 461, Sveriges Riksbank (Central Bank of Sweden).
    4. Kasper Kragh Balke & Markus Karlman & Karin Kinnerud, 2024. "Winners and Losers from Property Taxation," Working Papers 04/2024, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
    5. Ueda, Kozo, 2024. "Household spending responses to two-time COVID-19 payments," Japan and the World Economy, Elsevier, vol. 72(C).
    6. Cristiano Cantore & Lukas Freund, 2020. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Bank of England working papers 858, Bank of England.
    7. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2020. "Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model," CESifo Working Paper Series 8051, CESifo.
    8. Magnus A. H. Gulbrandsen, 2021. "Peer effects and debt accumulation: Evidence from lottery winnings," Working Paper 2021/10, Norges Bank.
    9. Schlafmann, Kathrin & rozsypal, filip, 2017. "Overpersistence Bias in Individual Income Expectations and its Aggregate Implications," CEPR Discussion Papers 12028, C.E.P.R. Discussion Papers.
    10. Anna Sokolova, 2023. "Marginal Propensity to Consume and Unemployment: a Meta-analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 813-846, December.
    11. Andreas Fuster & Virginia Gianinazzi & Andreas Hackethal & Philip Schnorpfeil & Michael Weber & Michael Weber, 2026. "The Response of Debtors to Rate Changes," CESifo Working Paper Series 12417, CESifo.
    12. Massenot, Baptiste, 2020. "Pain of Paying in a Business Cycle Model," SAFE Working Paper Series 194, Leibniz Institute for Financial Research SAFE, revised 2020.
    13. Adrien Auclert & Bence Bardóczy & Matthew Rognlie, 2020. "MPCs, MPEs and Multipliers: A Trilemma for New Keynesian Models," NBER Working Papers 27486, National Bureau of Economic Research, Inc.
    14. Adrien Auclert, 2019. "Monetary Policy and the Redistribution Channel," American Economic Review, American Economic Association, vol. 109(6), pages 2333-2367, June.
    15. Adrien Auclert & Matthew Rognlie, 2018. "Inequality and Aggregate Demand," NBER Working Papers 24280, National Bureau of Economic Research, Inc.
    16. Thomas Crossley & Paul Fisher & Peter Levell & Hamish Low, 2021. "MPCs in an economic crisis: spending, saving and private transfers," IFS Working Papers W21/26, Institute for Fiscal Studies.
    17. Davide Debortoli & Jordi Galí, 2024. "Heterogeneity and aggregate fluctuations: insights from TANK models," Economics Working Papers 1882, Department of Economics and Business, Universitat Pompeu Fabra.
    18. Soyoung Lee, 2023. "The Macroeconomic Effects of Debt Relief Policies During Recessions," Staff Working Papers 23-48, Bank of Canada.
    19. Crawley, Edmund & Theloudis, Alexandros, 2024. "Income Shocks and their Transmission into Consumption," Other publications TiSEM 8e0a90b1-597f-4cac-bc3d-b, Tilburg University, School of Economics and Management.
    20. Ferreira, Miguel A. & Adelino, Manuel & Oliveira, Miguel, 2025. "The heterogeneous effects of household debt relief," Working Paper Series 3034, European Central Bank.
    21. Nemeczek, Fabian & Radermacher, Jan, 2022. "Personality-augmented MPC: Linking survey and transaction data to explain MPC heterogeneity by Big Five personality traits," SAFE Working Paper Series 348, Leibniz Institute for Financial Research SAFE.
    22. Brzoza-Brzezina, Michał & Galiński, Paweł R. & Makarski, Krzysztof, 2025. "Monetary and fiscal policy in a two-country model with behavioral expectations," Journal of International Money and Finance, Elsevier, vol. 155(C).
    23. Crossley, Thomas F. & Fisher, Paul & Levell, Peter & Low, Hamish, 2023. "Stimulus payments and private transfers," Economics Letters, Elsevier, vol. 222(C).
    24. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2018. "The Intertemporal Keynesian Cross," NBER Working Papers 25020, National Bureau of Economic Research, Inc.
    25. Eric Qian, 2023. "Heterogeneity-robust granular instruments," Papers 2304.01273, arXiv.org, revised Jun 2024.
    26. Albuquerque, Bruno & Green, Georgina, 2023. "Financial concerns and the marginal propensity to consume in COVID times: Evidence from UK survey data," Journal of Macroeconomics, Elsevier, vol. 78(C).
    27. Liu, Haoyu & Li, Lun, 2023. "On the concavity of consumption function under habit formation," Journal of Mathematical Economics, Elsevier, vol. 106(C).
    28. Cui, Wei & Sterk, Vincent, 2021. "Quantitative easing with heterogeneous agents," Journal of Monetary Economics, Elsevier, vol. 123(C), pages 68-90.
    29. Fisher, Paul & Levell, Peter & Low, Hamish & Crossley, Thomas, 2020. "MPCs through COVID: spending, saving and private transfers," ISER Working Paper Series 2020-14, Institute for Social and Economic Research.
    30. Oliver Pfäuti & Fabian Seyrich, 2022. "A Behavioral Heterogeneous Agent New Keynesian Model," Discussion Papers of DIW Berlin 1995, DIW Berlin, German Institute for Economic Research.
    31. Bernard, René, 2023. "Mental accounting and the marginal propensity to consume," Discussion Papers 13/2023, Deutsche Bundesbank.
    32. Bertrand Garbinti & Pierre Lamarche & Frédérique Savignac, 2024. "Wealth Heterogeneity and the Marginal Propensity to Consume out of Wealth," Working papers 962, Banque de France.
    33. Christopher D. Carroll & Edmund Crawley & Jiri Slacalek & Kiichi Tokuoka & Matthew N. White, 2018. "Sticky Expectations and Consumption Dynamics," Working Papers id:12563, eSocialSciences.
    34. Laurens Cherchye & Thomas Demuynck & Bram Rock & Mariia Kovaleva & Geoffrey Minne & Maite De Sola Perea & Frederic Vermeulen, 2024. "Poor and wealthy hand-to-mouth households in Belgium," Review of Economics of the Household, Springer, vol. 22(3), pages 909-934, September.
    35. Dupraz, Stéphane & Rogantini Picco, Anna, 2025. "Fiscal requirements for price stability when households are not Ricardian," Working Paper Series 3038, European Central Bank.
    36. Gert Peersman & Joris Wauters, 2022. "Heterogeneous Household Responses to Energy Price Shocks," CESifo Working Paper Series 10157, CESifo.
    37. Bertrand Garbinti & Pierre Lamarche & Charl lie Lecanu & Frédérique Savignac, 2020. "Wealth effect on consumption during the sovereign debt crisis: Households heterogeneity in the Euro area," Working papers 751, Banque de France.
    38. Christina Patterson, 2019. "The Matching Multiplier and the Amplification of Recessions," 2019 Meeting Papers 95, Society for Economic Dynamics.
    39. Bence Bardóczy & Jae W. Sim & Andreas Tischbirek, 2024. "The Macroeconomic Effects of Excess Savings," Finance and Economics Discussion Series 2024-062, Board of Governors of the Federal Reserve System (U.S.).
    40. Albacete, Nicolas & Fessler, Pirmin & Pekanov, Atanas, 2025. "The role of MPC heterogeneity for fiscal policy in the euro area," Journal of Macroeconomics, Elsevier, vol. 86(C).
    41. David Boto-García & Alvaro Muñiz-Fernández & Levi Pérez, 2024. "Windfall money and outbound tourism: A natural experiment from lottery winnings," Tourism Economics, , vol. 30(5), pages 1257-1280, August.
    42. Chen Lian, 2023. "Mistakes in Future Consumption, High MPCs Now," American Economic Review: Insights, American Economic Association, vol. 5(4), pages 563-581, December.
    43. Yanqin Zhang & Xueli Zhang & Manzhi Liu, 2023. "A Study on the Factors Influencing Household Consumption from a Money Demand Perspective: Evidence from Chinese Urban Residents," Sustainability, MDPI, vol. 16(1), pages 1-18, December.
    44. SeHyoun Ahn & Greg Kaplan & Benjamin Moll & Thomas Winberry & Christian Wolf, 2017. "When Inequality Matters for Macro and Macro Matters for Inequality," NBER Working Papers 23494, National Bureau of Economic Research, Inc.
    45. Bence Bardóczy, 2024. "HANK Comes of Age: Monetary Policy with Heterogeneous Overlapping Generations," Finance and Economics Discussion Series 2024-052r1, Board of Governors of the Federal Reserve System (U.S.), revised 19 Dec 2025.
    46. Anders Rygh Swensen & Pål Boug & Ådne Cappelen & Eilev S. Jansen, 2019. "The consumption Euler equation or the Keynesian consumption function?," Discussion Papers 904, Statistics Norway, Research Department.
    47. Daniel J. Lewis & Davide Melcangi & Laura Pilossoph, 2019. "Latent Heterogeneity in the Marginal Propensity to Consume," Staff Reports 902, Federal Reserve Bank of New York.
    48. Violante, Giovanni & , & Tristani, Oreste, 2019. "Household Balance Sheet Channels of Monetary Policy: A Back of the Envelope Calculation for the Euro Area," CEPR Discussion Papers 14245, C.E.P.R. Discussion Papers.
    49. James Cloyne & Clodomiro Ferreira & Paolo Surico, 2018. "Monetary policy when households have debt: new evidence on the transmission mechanism," Working Papers 1813, Banco de España.
    50. Guillermo Cabanillas-Jiménez, 2021. "Testing the Permanent Income Hypothesis using the Spanish Christmas Lottery," Studies in Economics 2104, School of Economics, University of Kent.
    51. Fessler, Pirmin & Rapp, Severin, 2024. "The Subjective Wealth Distribution: How it Arises and Why it Matters to Inform Policy?," SocArXiv 3x4jh, Center for Open Science.
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    54. Woo, Jinhee, 2023. "The power of forward guidance: The role of social transfer," Economic Modelling, Elsevier, vol. 126(C).
    55. Yunho Cho & James Morley & Aarti Singh, 2024. "Did marginal propensities to consume change with the housing boom and bust?," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 39(1), pages 174-199, January.
    56. Vincent Sterk & Wei Cui, 2019. "Quantitative Easing," 2019 Meeting Papers 29, Society for Economic Dynamics.
    57. Antonio Acconcia & Simone Chinetti & Tullio Jappelli, 2025. "Consumption and Liquidity Shocks," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 11(1), pages 17-29, March.
    58. James MacGee & Thomas Michael Pugh & Kurt See, 2022. "The heterogeneous effects of COVID‐19 on Canadian household consumption, debt and savings," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(S1), pages 54-87, February.
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    60. Nicolas Albacete & Pirmin Fessler & Atanas Pekanov, 2024. "The Role of MPC Heterogeneity for Fiscal and Monetary Policy in the Euro Area (Nicolas Albacete, Pirmin Fessler, Atanas Pekanov)," Working Papers 254, Oesterreichische Nationalbank (Austrian Central Bank).
    61. Chen Lian, 2021. "Mistakes in Future Consumption, High MPCs Now," NBER Working Papers 29517, National Bureau of Economic Research, Inc.
    62. Kozo UEDA & Fei Gao, 2024. "How Do Gamblers React to Wins? Evidence from Bank Transaction Data in Japan," CIGS Working Paper Series 24-019E, The Canon Institute for Global Studies.
    63. Stephany Griffith-Jones & Mario Giarda & Jorge Arenas, 2025. "Firm and household heterogeneity at the Central Bank of Chile," Economic Policy Papers Central Bank of Chile 75, Central Bank of Chile.
    64. Christian Bayer & Luis Calderon & Moritz Kuhn, 2025. "Distributional Dynamics," CRC TR 224 Discussion Paper Series crctr224_2025_625, University of Bonn and University of Mannheim, Germany.
    65. Andreas Fagereng & Magnus A. H. Gulbrandsen & Martin Holm & Gisle Natvik, 2023. "How Does Monetary Policy Affect Household Indebtedness?," Working Papers 05/2023, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
    66. Jin Cao & Chao Cui & Valeriya Dinger & Martin B. Holm & Shulong Kang, 2022. "Identifying the depreciation rate of durables from marginal spending responses," Working Paper 2022/1, Norges Bank.
    67. Spector, Mariano, 2024. "Redistributive fiscal policy and marginal propensities to consume," Journal of Economic Theory, Elsevier, vol. 218(C).
    68. Felipe Alves & Christian Bustamante & Xing Guo & Katya Kartashova & Soyoung Lee & Thomas Michael Pugh & Kurt See & Yaz Terajima & Alexander Ueberfeldt, 2022. "Heterogeneity and Monetary Policy: A Thematic Review," Discussion Papers 2022-2, Bank of Canada.
    69. Antoine Ferey & Benjamin B. Lockwood & Dmitry Taubinsky, 2022. "Sufficient Statistics for Nonlinear Tax Systems with General Across-Income Heterogeneity," CESifo Working Paper Series 9958, CESifo.
    70. Gao, Yawen & Li, Lun & Liang, Xin, 2025. "Measuring MPC heterogeneity in China: Insights from household registration reform," China Economic Review, Elsevier, vol. 94(PC).
    71. Andreas Fuster & Greg Kaplan & Basit Zafar, 2018. "What would you do with $500? Spending responses to gains, losses, news, and loans," Staff Reports 843, Federal Reserve Bank of New York.
    72. Fagereng, Andreas & Onshuus, Helene & Torstensen, Kjersti N., 2024. "The consumption expenditure response to unemployment: Evidence from Norwegian households," Journal of Monetary Economics, Elsevier, vol. 146(C).
    73. Ampudia, Miguel & Georgarakos, Dimitris & Slacalek, Jiri & Tristani, Oreste & Vermeulen, Philip & Violante, Giovanni L., 2018. "Monetary policy and household inequality," Working Paper Series 2170, European Central Bank.
    74. Jean-Paul L’Huillier & Sanjay R. Singh & Donghoon Yoo, 2023. "Incorporating Diagnostic Expectations into the New Keynesian Framework," Working Paper Series 2023-19, Federal Reserve Bank of San Francisco.
    75. Belloc, Ignacio & Molina, José Alberto & Velilla, Jorge, 2025. "Inheritance Shocks and Expenditure Patterns: A Dynamic Collective Approach," IZA Discussion Papers 18243, IZA Network @ LISER.
    76. Jonathon Hazell & Stephan Hobler, 2024. "Do Deficits Cause Inflation? A High Frequency Narrative Approach," Discussion Papers 2439, Centre for Macroeconomics (CFM).
    77. Peter Ganong & Damon Jones & Pascal Noel & Diana Farrell & Fiona Greig & Chris Wheat, 2020. "Wealth, Race, and Consumption Smoothing of Typical Income Shocks," Working Papers 2020-49, Becker Friedman Institute for Research In Economics.
    78. Surico, Paolo & Andreolli, Michele, 2021. "Less is More: Consumer Spending and the Size of Economic Stimulus Payments," CEPR Discussion Papers 15918, C.E.P.R. Discussion Papers.
    79. Philip Caju & Guillaume Périlleux & François Rycx & Ilan Tojerow, 2023. "A bigger house at the cost of an empty stomach? The effect of households’ indebtedness on their consumption: micro-evidence using Belgian HFCS data," Review of Economics of the Household, Springer, vol. 21(1), pages 291-333, March.
    80. Bernard, René, 2022. "Mental Accounting and the Marginal Propensity to Consume," VfS Annual Conference 2022 (Basel): Big Data in Economics 264186, Verein für Socialpolitik / German Economic Association.
    81. Bilbiie, F. O. & Galaasen, S. M. & Gurkaynak, R. S. & Maehlum, M. & Molnar, K, 2025. "Hanksson," Cambridge Working Papers in Economics 2516, Faculty of Economics, University of Cambridge.
    82. Pesce, Simone & Zhang, Liang, 2025. "Mortgage refinancing and the marginal propensity to consume," Working Paper Series 3051, European Central Bank.
    83. Nuno Alves & Fátima Cardoso & Manuel Coutinho Pereira, 2025. "Response of consumers to wage shocks in the framework of the Portuguese assistance program," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 24(1), pages 5-33, January.
    84. Christine Ho & Kathleen McGarry, 2025. "Brothers, sisters, and support to older parents: separate spheres across and within support types?," Journal of Population Economics, Springer;European Society for Population Economics, vol. 38(1), pages 1-38, March.
    85. Cho, Yunho & Morley, James & Singh, Aarti, 2019. "Marginal propensities to consume before and after the Great Recession," Working Papers 2019-11, University of Sydney, School of Economics, revised Sep 2021.
    86. Alice Albonico & Guido Ascari & Qazi Haque, 2024. "The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 769-804, June.
    87. Knut Are Aastveit & Ragnar Enger Juelsrud & Ella Getz Wold, 2023. "The leverage-liquidity trade-of mortgage regulation," Working Papers 04/2023, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
    88. Pedro Brinca & Joao Duarte & Ana Melissa Ferreira & Valter Nobrega, 2024. "Asset liquidity and the welfare costs of business cycles," Nova SBE Working Paper Series wp667, Universidade Nova de Lisboa, Nova School of Business and Economics.
    89. Belloc, Ignacio & Molina, José Alberto & Velilla, Jorge, 2025. "Consumption responses to inheritances: The role of durable goods," Journal of Macroeconomics, Elsevier, vol. 83(C).
    90. J r my Boccanfuso, 2022. "Consumption Response Heterogeneity and Dynamics with an Inattention Region," Working Papers wp1172, Dipartimento Scienze Economiche, Universita' di Bologna.
    91. Wang, Xueyang & Liu, Wenling & Zhu, Yulin & Xiao, Yuedong & Lv, Yiqun, 2026. "The hidden carbon costs of aging: How household dependency burden shapes emissions in China," Ecological Economics, Elsevier, vol. 240(C).
    92. Pesce, Simone & Zhang, Liang, 2025. "Mortgage Refinancing and the Marginal Propensity to Consume," Research Technical Papers 10/RT/25, Central Bank of Ireland.
    93. Ezra Karger & Aastha Rajan, 2020. "Heterogeneity in the Marginal Propensity to Consume: Evidence from Covid-19 Stimulus Payments," Working Paper Series WP 2020-15, Federal Reserve Bank of Chicago.
    94. Michele Lenza & Jiri Slacalek, 2024. "How does monetary policy affect income and wealth inequality? Evidence from quantitative easing in the euro area," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 39(5), pages 746-765, August.
    95. Greg Kaplan & Giovanni L. Violante, 2021. "The Marginal Propensity to Consume in Heterogeneous Agent Models," Working Papers 2021-9, Princeton University. Economics Department..
    96. Richard Blundell & Margherita Borella & Jeanne Commault & Mariacristina De Nardi, 2020. "Old Age Risks, Consumption, and Insurance," NBER Working Papers 27348, National Bureau of Economic Research, Inc.
    97. Fergus Cumming, 2019. "Mortgage Cash-flows and Employment," Discussion Papers 1922, Centre for Macroeconomics (CFM).
    98. Savoia, Ettore, 2023. "The effects of labor income risk heterogeneity on the marginal propensity to consume," Working Paper Series 2866, European Central Bank.
    99. Jonathan A. Parker & Jake Schild & Laura Erhard & David Johnson, 2022. "Household Spending Responses to the Economic Impact Payments of 2020: Evidence from the Consumer Expenditure Survey," NBER Working Papers 29648, National Bureau of Economic Research, Inc.
    100. Crump, Richard K. & Eusepi, Stefano & Tambalotti, Andrea & Topa, Giorgio, 2022. "Subjective intertemporal substitution," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 118-133.
    101. Carlino, Gerald & Drautzburg, Thorsten & Inman, Robert & Zarra, Nicholas, 2020. "Partisanship and Fiscal Policy in Federal Unions: Evidence from US States," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224550, Verein für Socialpolitik / German Economic Association.
    102. Cosmin L. Ilut & Rosen Valchev, 2020. "Economic Agents as Imperfect Problem Solvers," NBER Working Papers 27820, National Bureau of Economic Research, Inc.
    103. Kopecky, Joseph, 2022. "The age for austerity? Population age structure and fiscal consolidation multipliers," Journal of Macroeconomics, Elsevier, vol. 73(C).
    104. Diamond, William & Landvoigt, Tim & Sánchez, Germán Sánchez, 2025. "Printing away the mortgages: Fiscal inflation and the post-covid boom," Journal of Financial Economics, Elsevier, vol. 171(C).
    105. Pirmin Fessler & Severin Rapp, 2023. "The subjective wealth distribution: How it arises and why it matters to inform policy? (Pirmin Fessler, Severin Rapp)," Working Papers 249, Oesterreichische Nationalbank (Austrian Central Bank).
    106. Christopher D. Carroll & Edmund Crawley & Jiri Slacalek & Matthew N. White, 2020. "Modeling the Consumption Response to the CARES Act," NBER Working Papers 27876, National Bureau of Economic Research, Inc.
    107. Scott R. Baker & Lorenz Kueng & Steffen Meyer & Michaela Pagel, 2018. "Measurement Error in Imputed Consumption," NBER Working Papers 25078, National Bureau of Economic Research, Inc.
    108. Marco Amendola & Marcelo C. Pereira, 2025. "Are fiscal multipliers state dependent? Insights from an agent-based model," LEM Papers Series 2025/10, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    109. Bilbiie, F. O., 2024. "Monetary Policy and Heterogeneity: An Analytical Framework," Cambridge Working Papers in Economics 2432, Faculty of Economics, University of Cambridge.
    110. Nygaard, Vegard M. & Sørensen, Bent E. & Wang, Fan, 2022. "Optimal allocations to heterogeneous agents with an application to stimulus checks," Journal of Economic Dynamics and Control, Elsevier, vol. 138(C).
    111. Zheng Gong, 2025. "When Does Household Heterogeneity Matter for Aggregate Fluctuations?," CRC TR 224 Discussion Paper Series crctr224_2025_624v2, University of Bonn and University of Mannheim, Germany, revised Sep 2025.
    112. Okan Akarsu & Emrehan Aktug & Muserref Kucukbayrak, 2025. "Hand-to-Mouth Households in the Eurosystem and the Transmission of Monetary Policy," Working Papers 2506, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    113. Yunho Cho & Aarti Singh & James Morley, 2019. "Household Balance Sheets and Consumption Responses to Income Shocks," 2019 Meeting Papers 788, Society for Economic Dynamics.
    114. Martin Kuncl & Alexander Ueberfeldt, 2021. "Monetary Policy and the Persistent Aggregate Effects of Wealth Redistribution," Staff Working Papers 21-38, Bank of Canada.
    115. H. Youn Kim & José Alberto Molina & K. K. Gary Wong, 2024. "Durable goods and consumer behavior with liquidity constraints," Scandinavian Journal of Economics, Wiley Blackwell, vol. 126(1), pages 155-193, January.
    116. Johannes Wieland, 2024. "Comment on "Heterogeneity and Aggregate Fluctuations: Insights from TANK Models"," NBER Chapters, in: NBER Macroeconomics Annual 2024, volume 39, pages 358-365, National Bureau of Economic Research, Inc.
    117. Agnes Kovacs & Patrick Moran, 2019. "Temptation and commitment: understanding the demand for illiquidity," IFS Working Papers W19/18, Institute for Fiscal Studies.

  7. Massimiliano Caporin & Gisle J. Natvik & Francesco Ravazzolo & Paolo Santucci de Magistris, 2017. "The Bank-Sovereign Nexus: Evidence from a non-Bailout Episode," CREATES Research Papers 2017-25, Department of Economics and Business Economics, Aarhus University.

    Cited by:

    1. Nicolas Soenen & Rudi Vander Vennet, 2020. "ECB Monetary Policy and Bank Default Risk," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 20/997, Ghent University, Faculty of Economics and Business Administration.
    2. Velliscig, Giulio & Floreani, Josanco & Polato, Maurizio, 2022. "How do bail-in amendments in Directive (EU) 2017/2399 affect the subordinated bond yields of EU G-SIBs?," Journal of Empirical Finance, Elsevier, vol. 68(C), pages 173-189.
    3. Soenen, Nicolas & Vander Vennet, Rudi, 2022. "ECB monetary policy and bank default risk☆," Journal of International Money and Finance, Elsevier, vol. 122(C).

  8. Paolo Gelain & Kevin J. Lansing & Gisle J. Natvik, 2015. "Leaning Against the Credit Cycle," Working Paper 2015/04, Norges Bank.

    Cited by:

    1. Ragna Alstadheim & Ørjan Robstad & Nikka Husom Vonen, 2017. "Financial imbalances, crisis probability and monetary policy in Norway," Working Paper 2017/21, Norges Bank.
    2. Indrani Manna, 2018. "Can We Still Lean Against the Wind?," Open Economies Review, Springer, vol. 29(2), pages 223-259, April.
    3. Drehmann, Mathias & Juselius, Mikael & Korinek, Anton, 2017. "Accounting for debt service: The painful legacy of credit booms," Bank of Finland Research Discussion Papers 12/2017, Bank of Finland.
    4. Gregory Bauer & Eleonora Granziera, 2016. "Monetary Policy, Private Debt and Financial Stability Risks," Staff Working Papers 16-59, Bank of Canada.
    5. Kockerols, Thore & Kok, Christoffer, 2019. "Leaning against the wind: macroprudential policy and the financial cycle," Working Paper Series 2223, European Central Bank.
    6. Silvo, Aino & Verona, Fabio, 2020. "The Aino 3.0 model," Bank of Finland Research Discussion Papers 9/2020, Bank of Finland.
    7. Mølbak Ingholt, Marcus, 2022. "Multiple Credit Constraints and Time-Varying Macroeconomic Dynamics," Journal of Economic Dynamics and Control, Elsevier, vol. 143(C).
    8. Svensson, Lars E.O., 2017. "Cost-benefit analysis of leaning against the wind," Journal of Monetary Economics, Elsevier, vol. 90(C), pages 193-213.
    9. Trent Saunders & Peter Tulip, 2019. "Cost-benefit Analysis of Leaning against the Wind," RBA Research Discussion Papers rdp2019-05, Reserve Bank of Australia.
    10. Jiaqian Chen & Daria Finocchiaro & Jesper Linde & Karl Walentin, 2023. "The costs of macroprudential deleveraging in a liquidity trap"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 991-1011, December.
    11. Jesper Pedersen, 2019. "What Are the Effects of Changes in Taxation and New Types of Mortgages on the Real Economy? The Case of Denmark during the 2000s," International Journal of Central Banking, International Journal of Central Banking, vol. 15(5), pages 47-99, December.
    12. Grégory Levieuge, 2018. "La politique monétaire doit-elle être utilisée à des fins de stabilité financière ?," Revue française d'économie, Presses de Sciences-Po, vol. 0(3), pages 63-104.
    13. Mathias Drehmann & Mikael Juselius & Anton Korinek, 2018. "Going With the Flows: New Borrowing, Debt Service and the Transmission of Credit Booms," NBER Working Papers 24549, National Bureau of Economic Research, Inc.
    14. Andreas Fagereng & Magnus A. H. Gulbrandsen & Martin Holm & Gisle Natvik, 2023. "How Does Monetary Policy Affect Household Indebtedness?," Working Papers 05/2023, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
    15. Yasin Mimir, 2023. "Leaning against persistent financial cycles with occasional crises," Working Papers 56, European Stability Mechanism.
    16. Svensson, Lars E.O., 2017. "How Robust Is the Result That the Cost of "Leaning Against the Wind" Exceeds the Benefit? Response to Adrian and Liang," CEPR Discussion Papers 11744, C.E.P.R. Discussion Papers.
    17. Nückles, Marc, 2020. "Interest rate policy and interbank market breakdown," Economic Modelling, Elsevier, vol. 91(C), pages 779-789.
    18. Mr. Lars E. O. Svensson, 2016. "Cost-Benefit Analysis of Leaning Against the Wind: Are Costs Larger Also with Less Effective Macroprudential Policy?," IMF Working Papers 2016/003, International Monetary Fund.
    19. Cabral, Inês & Detken, Carsten & Fell, John & Henry, Jérôme & Hiebert, Paul & Kapadia, Sujit & Pires, Fatima & Salleo, Carmelo & Constâncio, Vítor & Nicoletti Altimari, Sergio, 2019. "Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies," Occasional Paper Series 227, European Central Bank.
    20. Angela Abbate & Sandra Eickmeier & Esteban Prieto, 2020. "Financial shocks and inflation dynamics," Working Papers 2020-13, Swiss National Bank.
    21. Sami Alpanda & Alexander Ueberfeldt, 2016. "Should Monetary Policy Lean Against Housing Market Booms?," Staff Working Papers 16-19, Bank of Canada.
    22. Paolo Gelain & Kevin J. Lansing & Gisele J. Natvik, 2015. "Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach," Working Paper Series 2015-2, Federal Reserve Bank of San Francisco.
    23. Svensson, Lars E.O., 2017. "Leaning Against the Wind: Costs and Benefits, Effects on Debt, Leaning in DSGE Models, and a Framework for Comparison of Result," CEPR Discussion Papers 12226, C.E.P.R. Discussion Papers.
    24. Alpanda, Sami & Zubairy, Sarah, 2017. "Addressing household indebtedness: Monetary, fiscal or macroprudential policy?," European Economic Review, Elsevier, vol. 92(C), pages 47-73.
    25. Ørjan Robstad, 2018. "House prices, credit and the effect of monetary policy in Norway: evidence from structural VAR models," Empirical Economics, Springer, vol. 54(2), pages 461-483, March.
    26. Sami Alpanda & Gino Cateau & Césaire Meh, 2018. "A policy model to analyze macroprudential regulations and monetary policy," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 51(3), pages 828-863, August.
    27. Bechlioulis, Alexandros P. & Brissimis, Sophocles N., 2019. "Consumer debt non-payment and the borrowing constraint: Implications for consumer behavior," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 161-172.
    28. Drehmann, Mathias & Juselius, Mikael & Korinek, Anton, 2023. "Long-term debt propagation and real reversals," Bank of Finland Research Discussion Papers 5/2023, Bank of Finland.
    29. Piotr Krajewski & Agata Szymanska, 2019. "The effectiveness of fiscal policy within business cycle-Ricardians vs. non-Ricardians approach," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 19(2), pages 195-215.
    30. Cairó, Isabel & Sim, Jae, 2023. "Monetary policy and financial stability," Journal of Economic Dynamics and Control, Elsevier, vol. 157(C).
    31. Agénor, Pierre-Richard & Flamini, Alessandro, 2022. "Institutional mandates for macroeconomic and financial stability," Journal of Financial Stability, Elsevier, vol. 62(C).
    32. Ørjan Robstad, 2014. "House prices, credit and the effect of monetary policy in Norway: Evidence from Structural VAR Models," Working Paper 2014/05, Norges Bank.
    33. Svensson, Lars E. O., 2017. "How robust is the result that the cost of "leaning against the wind" exceeds the benefit?," Working Paper Series 2031, European Central Bank.
    34. Ermanno Catullo & Federico Giri & Mauro Gallegati, 2019. "Macro and Micro Prudential Policies: Sweet and Lowdown in a Credit Network Agent Based Model," Working Papers 434, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    35. Uwe Vollmer, 2022. "Monetary policy or macroprudential policies: What can tame the cycles?," Journal of Economic Surveys, Wiley Blackwell, vol. 36(5), pages 1510-1538, December.
    36. Yoo, Jinhyuk, 2017. "Capital injection to banks versus debt relief to households," IMFS Working Paper Series 111, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    37. Xu Tian, 2022. "Uncertainty and the Shadow Banking Crisis: Estimates from a Dynamic Model," Management Science, INFORMS, vol. 68(2), pages 1469-1496, February.

  9. Paolo Gelain & Kevin J. Lansing & Gisle J. Natvik, 2015. "Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach," Working Paper 2015/11, Norges Bank.

    Cited by:

    1. Miroslav Gabrovski & Victor Ortego-Marti, 2025. "Home Construction Financing and Search Frictions in the Housing Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 55, January.
    2. Hull, Isaiah, 2015. "What Broke First? Characterizing Sources of Structural Change Prior to the Great Recession," Working Paper Series 301, Sveriges Riksbank (Central Bank of Sweden).
    3. Tang, Yang & Zeng, Ting & Zhu, Shenghao, 2020. "Bubbles and house price dispersion in the United States during 1975–2017," Journal of Macroeconomics, Elsevier, vol. 63(C).
    4. Anja Janischewski & Michael Heinrich Baumann, 2025. "What are Asset Price Bubbles? A Survey on Definitions of Financial Bubbles," Chemnitz Economic Papers 065, Department of Economics, Chemnitz University of Technology.
    5. Nelson Lind, 2017. "Credit Regimes and the Seeds of Crisis," 2017 Meeting Papers 1474, Society for Economic Dynamics.
    6. Lansing, Kevin J., 2024. "Replicating business cycles and asset returns with sentiment and low risk aversion," Journal of Economic Dynamics and Control, Elsevier, vol. 167(C).
    7. Miroslav Gabrovski & Victor Ortego-Marti, 2021. "Efficiency in the Housing Market with Search Frictions," Working Papers 202108, University of California at Riverside, Department of Economics.
    8. Olivier Mesly & David W. Shanafelt & Nicolas Huck, 2020. "Dysfunctional markets: A spray of prey perspective," Working Papers of BETA 2020-34, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    9. Lansing, Kevin J., 2021. "Endogenous forecast switching near the zero lower bound," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 153-169.
    10. Paolo Gelain & Kevin J. Lansing & Gisele J. Natvik, 2017. "Leaning Against the Credit Cycle," Working Paper Series 2017-18, Federal Reserve Bank of San Francisco.
    11. Dominik Hecker & Maik Wolters & Maik H. Wolters, 2025. "Nonlinear Estimation of a New Keynesian Model with Endogenous Inflation De-Anchoring," CESifo Working Paper Series 12280, CESifo.
    12. Chi-Young Choi & Soojin Jo, 2020. "How Do Housing Markets Affect Local Consumer Prices? – Evidence from U.S. Cities," Globalization Institute Working Papers 398, Federal Reserve Bank of Dallas.
    13. Miroslav Gabrovski & Victor Ortego-Marti, 2020. "Search and Credit Frictions in the Housing Market," Working Papers 202016, University of California at Riverside, Department of Economics.
    14. William Gatt, 2022. "MEDSEA-FIN: an estimated DSGE model with housing and financial frictions for Malta," CBM Working Papers WP/05/2022, Central Bank of Malta.
    15. Bechlioulis, Alexandros P. & Brissimis, Sophocles N., 2019. "Consumer debt non-payment and the borrowing constraint: Implications for consumer behavior," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 161-172.
    16. Charles Ka Yui LEUNG, 2022. "Housing and Macroeconomics," ISER Discussion Paper 1197, Institute of Social and Economic Research, The University of Osaka.
    17. Jørgensen, Peter Lihn, 2023. "The global savings glut and the housing boom," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
    18. Granziera, Eleonora & Kozicki, Sharon, 2015. "House price dynamics: Fundamentals and expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 60(C), pages 152-165.

  10. Knut Are Aastveit & Gisle James Natvik & Sergio Sola, 2013. "Economic uncertainty and the effectiveness of monetary policy," Working Paper 2013/17, Norges Bank.

    Cited by:

    1. Balcilar, Mehmet & Demirer, Riza & Gupta, Rangan & van Eyden, Reneé, 2017. "The impact of US policy uncertainty on the monetary effectiveness in the Euro area," Journal of Policy Modeling, Elsevier, vol. 39(6), pages 1052-1064.
    2. Martin Seneca, 2017. "Risk Shocks Close to the Zero Lower Bound," 2017 Meeting Papers 107, Society for Economic Dynamics.
    3. Cosmas Dery & Apostolos Serletis, 2021. "Disentangling the Effects of Uncertainty, Monetary Policy and Leverage Shocks on the Economy," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 83(5), pages 1029-1065, October.
    4. Martin Feldkircher & Florian Huber, 2016. "Unconventional US Monetary Policy: New Tools, Same Channels?," Department of Economics Working Papers wuwp222, Vienna University of Economics and Business, Department of Economics.
    5. Shabir, Mohsin & Jiang, Ping & Hashmi, Shujahat Haider & Bakhsh, Satar, 2022. "Non-linear nexus between economic policy uncertainty and bank lending," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 657-679.
    6. Eickmeier, Sandra & Metiu, Norbert & Prieto, Esteban, 2016. "Time-varying Volatility, Financial Intermediation and Monetary Policy," IWH Discussion Papers 19/2016, Halle Institute for Economic Research (IWH).
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    23. Ansgar Belke & Dominik Kronen, 2017. "The impact of uncertainty on macro variables - An SVAR-based empirical analysis for EU countries," ROME Working Papers 201708, ROME Network.
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    26. Shweta Sikhwal, 2024. "Quantifying the spillover effects of U.S. economic policy uncertainty on emerging market economies using GMM-PVAR model," Russian Journal of Economics, ARPHA Platform, vol. 10(3), pages 229-245, October.
    27. Czudaj, Robert & Beckmann, Joscha, 2018. "Monetary policy shocks, expectations and information rigidities," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181573, Verein für Socialpolitik / German Economic Association.
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    29. Balcilar, Mehmet & Gupta, Rangan & Segnon, Mawuli, 2016. "The role of economic policy uncertainty in predicting U.S. recessions: A mixed-frequency Markov-switching vector autoregressive approach," Economics Discussion Papers 2016-14, Kiel Institute for the World Economy.
    30. Bofinger, Peter & Buch, Claudia M. & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2013. "Gegen eine rückwärtsgewandte Wirtschaftspolitik. Jahresgutachten 2013/14 [Against a backward-looking economic policy. Annual Report 2013/14]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201314.
    31. Ansgar Belke & Thomas Osowski, 2017. "International Effects of Euro Area versus US Policy Uncertainty: A FAVAR Approach," ROME Working Papers 201703, ROME Network.
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    33. Elif C. Arbatli & Steven J. Davis & Arata Ito & Naoko Miake, 2017. "Policy Uncertainty In Japan," NBER Working Papers 23411, National Bureau of Economic Research, Inc.
    34. Seabelo T Nyawo & Roscoe Bertrum van Wyk, 2018. "The Impact of Policy Uncertainty on Macro-Economy of Developed and Developing Countries," Journal of Economics and Behavioral Studies, AMH International, vol. 10(1), pages 33-41.
    35. Stockhammar, Pär & Österholm, Pär, 2016. "The Impact of US Uncertainty Shocks on Small Open Economies," Working Papers 2016:5, Örebro University, School of Business.
    36. Zumara Muzaffar & Imran Riaz Malik, 2024. "Market liquidity and volatility: Does economic policy uncertainty matter? Evidence from Asian emerging economies," PLOS ONE, Public Library of Science, vol. 19(6), pages 1-13, June.
    37. Papadamou, Stephanos & Sidiropoulos, Moïse & Spyromitros, Eleftherios, 2017. "Interest rate dynamic effect on stock returns and central bank transparency: Evidence from emerging markets," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 951-962.
    38. Saygin Sahinoz & Evren Erdogan Cosar, 2020. "Quantifying uncertainty and identifying its impacts on the Turkish economy," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(2), pages 365-387, May.
    39. Claudio Borio & Boris Hofmann, 2017. "Is monetary policy less effective when interest rates are persistently low?," BIS Working Papers 628, Bank for International Settlements.
    40. Soojin Jo & Rodrigo Sekkel, 2016. "Macroeconomic Uncertainty Through the Lens of Professional Forecasters," Staff Working Papers 16-5, Bank of Canada.
    41. Michael Pfarrhofer, 2019. "Measuring international uncertainty using global vector autoregressions with drifting parameters," Papers 1908.06325, arXiv.org, revised Dec 2019.
    42. Daniel O. Beltran & Deepa Dhume Datta & Thiago Revil T. Ferreira & Matteo Iacoviello & Mohammad Jahan-Parvar & Canlin Li & Juan M. Londono & Marius del Giudice Rodriguez & John H. Rogers & Bo Sun, 2017. "Taxonomy of Global Risk, Uncertainty, and Volatility Measures," International Finance Discussion Papers 1216, Board of Governors of the Federal Reserve System (U.S.).
    43. Rangan Gupta & Chi Keung Marco Lau & Stephen M. Miller & Mark E. Wohar, 2017. "U.S. Fiscal Policy and Asset Prices: The Role of Partisan Conflict," Working Papers 201742, University of Pretoria, Department of Economics.
    44. Ekaterina Pirozhkova, 2017. "Banks' balance sheet, uncertainty and macroeconomy," EcoMod2017 10430, EcoMod.
    45. Olli-Matti Juhani Laine, 2020. "The effect of the ECB’s conventional monetary policy on the real economy: FAVAR-approach," Empirical Economics, Springer, vol. 59(6), pages 2899-2924, December.
    46. Johannes Strobel & Binh Nguyen Thanh & Gabriel Lee, 2020. "Effects of Macroeconomic Uncertainty and Labor Demand Shocks on the Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(2), pages 345-372, June.
    47. Gross, Jonas & Zahner, Johannes, 2021. "What is on the ECB’s mind? Monetary policy before and after the global financial crisis," Journal of Macroeconomics, Elsevier, vol. 68(C).
    48. Silvia Delrio, 2016. "Estimating the effects of global uncertainty in open economies," Working Papers 2016:19, Department of Economics, University of Venice "Ca' Foscari".
    49. Lean, Hooi Hooi & Alkhazali, Osamah M. & Gleason, Kimberley & Yeap, Xiu Wei, 2024. "Connectedness and economic policy uncertainty spillovers to the ASEAN stock markets," International Review of Economics & Finance, Elsevier, vol. 90(C), pages 167-186.
    50. Lee, Seohyun, 2017. "Three essays on uncertainty: real and financial effects of uncertainty shocks," MPRA Paper 83617, University Library of Munich, Germany.
    51. Quelhas, João, 2022. "Monetary Policy Uncertainty and its impact on the real economy: Empirical Evidence from the Euro area," MPRA Paper 113621, University Library of Munich, Germany, revised May 2022.
    52. Quang Nguyen & Trang Kim & Marina Papanastassiou, 2018. "Policy uncertainty, derivatives use, and firm-level FDI," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(1), pages 96-126, January.
    53. Danilo Cascaldi-Garcia & Deepa Dhume Datta & Thiago Revil T. Ferreira & Olesya V. Grishchenko & Mohammad R. Jahan-Parvar & Juan M. Londono & Francesca Loria & Sai Ma & Marius del Giudice Rodriguez & J, 2020. "What is Certain about Uncertainty?," International Finance Discussion Papers 1294, Board of Governors of the Federal Reserve System (U.S.).
      • Danilo Cascaldi-Garcia & Cisil Sarisoy & Juan M. Londono & Bo Sun & Deepa D. Datta & Thiago Ferreira & Olesya Grishchenko & Mohammad R. Jahan-Parvar & Francesca Loria & Sai Ma & Marius Rodriguez & Ilk, 2023. "What Is Certain about Uncertainty?," Journal of Economic Literature, American Economic Association, vol. 61(2), pages 624-654, June.
    54. Eduardo de Sá Fortes Leitão Rodrigues, 2021. "Uncertainty and Effectiveness of Public Consumption," Working Papers REM 2021/0180, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    55. Evgenidis, Anastasios, 2016. "Do all oil price shocks have the same impact? Evidence from the Euro Area," Economic Letters 07/EL/16, Central Bank of Ireland.
    56. Drew D. Creal & Jing Cynthia Wu, 2014. "Monetary Policy Uncertainty and Economic Fluctuations," NBER Working Papers 20594, National Bureau of Economic Research, Inc.
    57. Walid Bahloul & Mehmet Balcilar & Juncal Cunado & Rangan Gupta, 2017. "The Role of Economic and Financial Uncertainties in Predicting Commodity Futures Returns and Volatility: Evidence from a Nonparametric Causality-in-Quantiles Test," Working Papers 201725, University of Pretoria, Department of Economics.
    58. Sheung-Chi Chow & Juncal Cunado & Rangan Gupta & Wing-Keung Wong, 2016. "Causal Relationships between Economic Policy Uncertainty and Housing Market Returns in China and India: Evidence from Linear and Nonlinear Panel and Time Series Models," Working Papers 201674, University of Pretoria, Department of Economics.
    59. Silvia Dal Bianco & Nguyen Cong To Loan, 2017. "FDI Inflows, Price and Exchange Rate Volatility: New Empirical Evidence from Latin America," IJFS, MDPI, vol. 5(1), pages 1-17, February.
    60. Pelin Öge Güney, 2023. "Interest Rate Uncertainty and Macroeconomics in Turkey," Prague Economic Papers, Prague University of Economics and Business, vol. 2023(2), pages 184-204.
    61. Theodore Panagiotidis & Panagiotis Printzis, 2019. "What is the Investment Loss due to Uncertainty?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 138, Hellenic Observatory, LSE.
    62. Jonas Gross & Johannes Zahner, 2020. "What's on the ECB's mind? - Monetary policy before and after the global financial crisis," MAGKS Papers on Economics 202008, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    63. Giovanni Caggiano & Efrem Castelnuovo & Olivier Damette & Antoine Parent & Giovanni Pellegrino, 2016. "Liquidity Traps and Large-Scale Financial Crises," Melbourne Institute Working Paper Series wp2016n32, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    64. Eduardo de Sá Fortes Leitão Rodrigues, 2020. "Uncertainty And The Effectiveness Of Fiscal Policy In The United States And Brazil: Svar Approach," Working Papers REM 2020/0150, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    65. Rehman, Mobeen Ur & Sensoy, Ahmet & Eraslan, Veysel & Shahzad, Syed Jawad Hussain & Vo, Xuan Vinh, 2021. "Sensitivity of US equity returns to economic policy uncertainty and investor sentiments," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
    66. Rangan Gupta & Charl Jooste, 2018. "Unconventional monetary policy shocks in OECD countries: how important is the extent of policy uncertainty?," International Economics and Economic Policy, Springer, vol. 15(3), pages 683-703, July.
    67. Balcilar, Mehmet & Gupta, Rangan & Kim, Won Joong & Kyei, Clement, 2019. "The role of economic policy uncertainties in predicting stock returns and their volatility for Hong Kong, Malaysia and South Korea," International Review of Economics & Finance, Elsevier, vol. 59(C), pages 150-163.
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    73. Hsu, Ching-Chi & Tsai, Wei-Che, 2025. "Spillover effects of clean energy risks and the impacts of economic policy uncertainty on the stability of the equity market: A dependence dynamics analysis," The North American Journal of Economics and Finance, Elsevier, vol. 80(C).
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  11. Nikola Mirkov & Gisle James Natvik, 2013. "Announcements of interest rate forecasts: Do policymakers stick to them?," Working Paper 2013/11, Norges Bank.

    Cited by:

    1. Hans Gersbach & Volker Hahn & Yulin Liu, 2015. "Forward Guidance Contracts," CESifo Working Paper Series 5375, CESifo.
    2. Paul Hubert & Fabien Labondance, 2016. "The effect of ECB forward guidance on policy expectations," Working Papers hal-03459188, HAL.
    3. Alex Isakov & Petr Grishin & Oleg Gorlinsky, 2018. "Fear of Forward Guidance," Russian Journal of Money and Finance, Bank of Russia, vol. 77(4), pages 84-106, December.
    4. Clemens J. M. Kool Author-Name-First Clemens J. M. & Daniel L. Thornton Author-Name-First Daniel L., 2014. "How Effective Is Central Bank Forward Guidance?," Working Papers CASMEF 1405, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    5. Paul Hubert & Fabien Labondance, 2018. "The Effect of ECB Forward Guidance on the Term Structure of Interest Rates," Post-Print hal-03457846, HAL.
    6. Coroneo, Laura, 2026. "Forecasting for monetary policy," International Journal of Forecasting, Elsevier, vol. 42(1), pages 22-33.
    7. Natvik, Gisle J. & Rime, Dagfinn & Syrstad, Olav, 2020. "Does publication of interest rate paths provide guidance?," Journal of International Money and Finance, Elsevier, vol. 103(C).
    8. Gerlach, Stefan & Stuart, Rebecca, 2016. "Joining the Dots: The FOMC and the future path of policy rates," Research Technical Papers 08/RT/16, Central Bank of Ireland.
    9. Gerlach, Stefan & Stuart, Rebecca, 2018. "Plotting interest rates: The FOMC’s projections and the economy," CEPR Discussion Papers 12768, C.E.P.R. Discussion Papers.
    10. Gerlach, Stefan & Stuart, Rebecca, 2019. "Plotting interest rates: The FOMC's projections and the economy," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 198-211.
    11. Richhild Moessner & David-Jan Jansen & Jakob de Haan, 2017. "Communication About Future Policy Rates In Theory And Practice: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(3), pages 678-711, July.

  12. Egil Matsen & Gisle J. Natvik & Ragnar Torvik, 2012. "Petro populism," Working Paper 2012/06, Norges Bank.
    • Egil Matsen & Ragnar Torvik & Gisle J. Natvik, 2012. "Petro populism," Working Paper Series 12812, Department of Economics, Norwegian University of Science and Technology.

    Cited by:

    1. Ahmed Saber, Mahmud & Syed Abul, Basher, 2014. "Price volatility and the political economy of resource-rich nations," MPRA Paper 56564, University Library of Munich, Germany.
    2. Petar Stankov, 2018. "The Political Economy of Populism: An Empirical Investigation," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(2), pages 230-253, June.
    3. Iacono, Roberto, 2017. "A comparison of fiscal rules for resource-rich economies," Economic Analysis and Policy, Elsevier, vol. 55(C), pages 179-193.

  13. Steinar Holden & Gisle James Natvik & Adrien Vigier, 2012. "An equilibrium model of credit rating agencies," Working Paper 2012/23, Norges Bank.

    Cited by:

    1. Gibert, Anna, 2022. "Signalling creditworthiness with fiscal austerity," European Economic Review, Elsevier, vol. 144(C).
    2. Anna Gibert, 2016. "The Signaling Role of Fiscal Austerity," Discussion Papers of DIW Berlin 1623, DIW Berlin, German Institute for Economic Research.
    3. George-Marios Angeletos & Chen Lian, 2016. "Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination," NBER Working Papers 22297, National Bureau of Economic Research, Inc.
    4. José Jorge, 2016. "Sovereign Ratings and Investor Behavior," CEF.UP Working Papers 1601, Universidade do Porto, Faculdade de Economia do Porto.

  14. Francesco Furlanetto & Gisle J. Natvik & Martin Seneca, 2011. "Investment shocks and macroeconomic co-movement," Working Paper 2011/14, Norges Bank.

    Cited by:

    1. Collard, Fabrice & Dellas, Harris & Angeletos, George-Marios, 2020. "Business Cycle Anatomy," TSE Working Papers 20-1065, Toulouse School of Economics (TSE).
    2. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2018. "Limited Asset Market Participation and the Euro Area Crisis. An Empirical DSGE Model," Working Papers 391, University of Milano-Bicocca, Department of Economics, revised Nov 2018.
    3. Furlanetto, Francesco, 2011. "Fiscal stimulus and the role of wage rigidity," Journal of Economic Dynamics and Control, Elsevier, vol. 35(4), pages 512-527, April.
    4. Albonico, Alice & Tirelli, Patrizio, 2020. "Financial crises and sudden stops: Was the European monetary union crisis different?," Economic Modelling, Elsevier, vol. 93(C), pages 13-26.
    5. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2014. "Estimating a DSGE model with Limited Asset Market Participation for the Euro Area," Working Papers 286, University of Milano-Bicocca, Department of Economics, revised Nov 2014.
    6. Benjamin Caswell, 2021. "Investment Shocks," Working Papers 335109180, Lancaster University Management School, Economics Department.
    7. Francesco Furlanetto & Martin Seneca, 2011. "New perspectives on depreciation shocks as a source of business cycle fluctuations," Working Paper 2011/02, Norges Bank.
    8. Charalampidis, Nikolaos, 2022. "Top income shares, inequality, and business cycles: United States, 1957–2016," European Economic Review, Elsevier, vol. 150(C).
    9. Rahul Nath, 2018. "Equity Pricing New Keynesian Models with Nominal Rigidities and Investment," Economics Series Working Papers 850, University of Oxford, Department of Economics.
    10. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2017. "PIIGS in the Euro area: An empirical DSGE model," Discussion Papers in Economics economics:201710, Griffith University, Department of Accounting, Finance and Economics.
    11. Curatola, Giuliano & Donadelli, Michael & Grüning, Patrick & Meinerding, Christoph, 2016. "Investment-specific shocks, business cycles, and asset prices," SAFE Working Paper Series 129, Leibniz Institute for Financial Research SAFE.
    12. Francesco Furlanetto & Martin Seneca, 2010. "Investment-specific technology shocks and consumption," Working Paper 2010/30, Norges Bank.
    13. Alice Albonico & Guido Ascari & Qazi Haque, 2024. "The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 769-804, June.
    14. Patrizio Tirelli & Maria Ferrara, 2020. "Disinflation, Inequality, And Welfare In A Tank Model," Economic Inquiry, Western Economic Association International, vol. 58(3), pages 1297-1313, July.
    15. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2016. "In search of the Euro area fiscal stance," Working Papers 201612, School of Economics, University College Dublin.
    16. Bruno Chiarini & Maria Ferrara & Elisabetta Marzano, 2016. "Investment Shocks, Tax Evasion and the Consumption Puzzle: A DSGE Analysis with Financial Frictions," CESifo Working Paper Series 6015, CESifo.
    17. Lorenzo Menna & Patrizio Tirelli, 2014. "The Equity Premium in a DSGE Model with Limited Asset Market Participation," Working Papers 275, University of Milano-Bicocca, Department of Economics, revised Jun 2014.
    18. Furlanetto, Francesco & Seneca, Martin, 2014. "Investment shocks and consumption," European Economic Review, Elsevier, vol. 66(C), pages 111-126.

  15. Gisle James Natvik, 2010. "Government spending shocks and rule-of-thumb consumers: The role of steady state inequality," Working Paper 2010/14, Norges Bank.

    Cited by:

    1. Furlanetto, Francesco, 2011. "Fiscal stimulus and the role of wage rigidity," Journal of Economic Dynamics and Control, Elsevier, vol. 35(4), pages 512-527, April.
    2. Marco Riguzzi, 2014. "Economic Openness and Fiscal Multipliers," Diskussionsschriften dp1406, Universitaet Bern, Departement Volkswirtschaft.
    3. Kaszab, Lorant, 2012. "Rule-of-Thumb Consumers and Labor Tax Cut Policy in the Zero Lower Bound," Cardiff Economics Working Papers E2012/13, Cardiff University, Cardiff Business School, Economics Section, revised Apr 2013.

  16. Gisle James Natvik & Jørgen Juel Andersen & Jon H. Fiva, 2010. "Voting when the stakes are high," Working Paper 2010/15, Norges Bank.

    Cited by:

    1. Mats Ekman, 2017. "Puzzling evidence on voter turnout," Rationality and Society, , vol. 29(4), pages 449-470, November.
    2. Revelli, Federico, 2013. "Tax Limits and Local Democracy," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201336, University of Turin.
    3. Jon H. Fiva & Askill Halse, 2015. "Local Favoritism in At-large Proportional Representation Systems," CESifo Working Paper Series 5534, CESifo.
    4. Peter Bönisch & Benny Geys & Claus Michelsen, 2015. "David and Goliath in the Poll Booth: Group Size, Voting Power and Voter Turnout," Discussion Papers of DIW Berlin 1491, DIW Berlin, German Institute for Economic Research.
    5. Garmann, Sebastian, 2016. "Concurrent elections and turnout: Causal estimates from a German quasi-experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 126(PA), pages 167-178.
    6. Felix Arnold, 2018. "Turnout and Closeness: Evidence from 60 Years of Bavarian Mayoral Elections," Scandinavian Journal of Economics, Wiley Blackwell, vol. 120(2), pages 624-653, April.
    7. Meya, Johannes & Poutvaara, Panu & Schwager, Robert, 2020. "Pocketbook voting, social preferences, and expressive motives in referenda," Journal of Economic Behavior & Organization, Elsevier, vol. 175(C), pages 185-205.
    8. Arnaud Chevalier & Benjamin Elsner & Andreas Lichter & Nico Pestel, 2018. "Immigrant Voters, Taxation and the Size of the Welfare State," SOEPpapers on Multidisciplinary Panel Data Research 994, DIW Berlin, The German Socio-Economic Panel (SOEP).
    9. Lars-Erik Borge & Pernille Parmer & Ragnar Torvik, 2013. "Local Natural Resource Curse?," Working Paper Series 14913, Department of Economics, Norwegian University of Science and Technology.
    10. Edoardo di Porto & Angela Parenti & Sonia Paty, 2024. "Integration and voter participation: Evidence from local governments in France," Working Papers 2409, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
    11. Sebastian Garmann, 2017. "The effect of a reduction in the opening hours of polling stations on turnout," Public Choice, Springer, vol. 171(1), pages 99-117, April.
    12. Lyytikainen, Teemu & Tukiainen, Janne, 2019. "Are voters rational?," LSE Research Online Documents on Economics 100217, London School of Economics and Political Science, LSE Library.
    13. Ikan, Lotem & Lagziel, David & Raveh, Ohad, 2025. "Resource windfalls, connectivity, and political polarization," Journal of Environmental Economics and Management, Elsevier, vol. 132(C).
    14. Jon H. Fiva & Olle Folke & Rune J. Sørensen, 2018. "The Power of Parties: Evidence from Close Municipal Elections in Norway," Scandinavian Journal of Economics, Wiley Blackwell, vol. 120(1), pages 3-30, January.
    15. Áron Tóth & Javier Rivas & Enriqueta Aragonès, 2019. "Voter Heterogeneity and Political Corruption," Working Papers 1121, Barcelona School of Economics.
    16. Jon H. Fiva & Olle Folke & Rune J. Sørensen, 2013. "The Power of Parties," CESifo Working Paper Series 4119, CESifo.
    17. Eric Dubois & Matthieu Leprince, 2017. "Do closeness and stake increase voter turnout? Evidence from election results in small French towns in Brittany," Regional Studies, Taylor & Francis Journals, vol. 51(4), pages 575-585, April.
    18. Enriqueta Aragones & Javier Rivas Ruiz & Aron Toth, 2017. "On the Existence of Political Corruption," Department of Economics Working Papers 67/17, University of Bath, Department of Economics.
    19. Benny Geys & Rune J. Sørensen, 2020. "Administrative Delegation of Budgetary Powers and Fiscal Performance," Kyklos, Wiley Blackwell, vol. 73(4), pages 477-499, November.
    20. Halse, Askill Harkjerr & Fridstrøm, Lasse, 2019. "Explaining low economic return on road investments. New evidence from Norway," MPRA Paper 94389, University Library of Munich, Germany.
    21. Claus Michelsen & Peter Boenisch & Benny Geys, 2014. "(De)Centralization and voter turnout: theory and evidence from German municipalities," Public Choice, Springer, vol. 159(3), pages 469-483, June.
    22. Fiva, Jon H. & Røhr, Helene Lie, 2018. "Climbing the ranks: incumbency effects in party-list systems," European Economic Review, Elsevier, vol. 101(C), pages 142-156.
    23. Nyhus, Ole Henning & Strøm, Bjarne, 2023. "School spending and extension of the youth voting franchise: Quasi-experimental evidence from Norway," Economics of Education Review, Elsevier, vol. 92(C).
    24. Jon H. Fiva & Olle Folke, 2011. "Mechanical and Psychological Effects of Electoral Reform," CESifo Working Paper Series 3505, CESifo.
    25. Felix Arnold, 2015. "Turnout and Closeness: Evidence from 60 Years of Bavarian Mayoral Elections," Discussion Papers of DIW Berlin 1462, DIW Berlin, German Institute for Economic Research.
    26. Lapointe, Simon & Saarimaa, Tuukka & Tukiainen, Janne, 2018. "Effects of Municipal Mergers on Voter Turnout," Working Papers 106, VATT Institute for Economic Research.
    27. Geys, Benny & Heggedal, Tom-Reiel & Sørensen, Rune J., 2017. "Are bureaucrats paid like CEOs? Performance compensation and turnover of top civil servants," Journal of Public Economics, Elsevier, vol. 152(C), pages 47-54.
    28. Sebastian Garmann, 2020. "Voter turnout and public sector employment policy," The Review of International Organizations, Springer, vol. 15(4), pages 845-868, October.
    29. Federico Revelli, 2017. "Voter Turnout in Italian Municipal Elections, 2002–2013," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 3(2), pages 151-165, July.
    30. Federico Revelli, 2016. "Tax limits and local elections," Public Choice, Springer, vol. 166(1), pages 53-68, January.
    31. Elsayyad, May & Konrad, Kai A., 2012. "Fighting Multiple Tax Havens," Munich Reprints in Economics 13964, University of Munich, Department of Economics.
    32. Meya, Johannes & Poutvaara, Panu & Schwager, Robert, 2015. "Pocketbook voting and social preferences in referenda," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113120, Verein für Socialpolitik / German Economic Association.
    33. Garmann, Sebastian, 2017. "Election frequency, choice fatigue, and voter turnout," European Journal of Political Economy, Elsevier, vol. 47(C), pages 19-35.
    34. David K Levine & Andrea Mattozzi, 2020. "Voter Turnout with Peer Punishment," Levine's Bibliography 786969000000001500, UCLA Department of Economics.
    35. Edoardo di Porto & Angela Parenti & Sonia Paty, 2025. "The political cost of integration: A natural experiment on local governments," Working Papers 2502, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
    36. Andersen, Jørgen Juel & Sørensen, Rune Jørgen, 2022. "The zero-rent society: Evidence from hydropower and petroleum windfalls in Norwegian local governments," Journal of Public Economics, Elsevier, vol. 209(C).
    37. Geys, Benny, 2012. "Success and failure in electoral competition: Selective issue emphasis under incomplete issue ownership," Discussion Papers, Research Professorship & Project "The Future of Fiscal Federalism" SP II 2012-102, WZB Berlin Social Science Center.

  17. Gisle James Natvik, 2009. "The political economy of fiscal deficits and government production," Working Paper 2009/07, Norges Bank.

    Cited by:

    1. Natvik, Gisle J., 2013. "The political economy of fiscal deficits and government production," European Economic Review, Elsevier, vol. 58(C), pages 81-94.
    2. Long, Teng & Feng, Liyu, 2024. "Aging, low fertility and household debt risk," International Review of Economics & Finance, Elsevier, vol. 95(C).
    3. Ryo Arawatari & Tetsuo Ono, 2015. "Inequality and Public Debt: A Positive Analysis," Discussion Papers in Economics and Business 15-01, Osaka University, Graduate School of Economics.
    4. Fiva, Jon H. & Natvik, Gisle James, 2009. "Do Re-election Probabilities Influence Public Investment?," Memorandum 16/2009, Oslo University, Department of Economics.
    5. Hiroki Kondo & Amihai Glazer, 2016. "Governmental Provision of Public Goods Need Not Crowd Out Private Provision," Working Papers 151607, University of California-Irvine, Department of Economics.
    6. Lars-Erik Borge & Arnt O. Hopland, 2017. "Schools and public buildings in decay: the role of political fragmentation," Economics of Governance, Springer, vol. 18(1), pages 85-105, February.

  18. Jon H. Fiva & Gisle James Natvik, 2009. "Do re-election probabilities influence public investment?," Working Paper 2009/13, Norges Bank.

    Cited by:

    1. Marina Azzimonti, 2012. "The dynamics of public investment under persistent electoral advantag," 2012 Meeting Papers 91, Society for Economic Dynamics.
    2. Gupta, Sanjeev & Liu, Estelle X. & Mulas-Granados, Carlos, 2016. "Now or later? The political economy of public investment in democracies," European Journal of Political Economy, Elsevier, vol. 45(C), pages 101-114.
    3. Masahiro Tanaka, 2015. "Measuring Political Budget Cycles: A Bayesian Semiparametric Assessment," Working Papers 1415, Waseda University, Faculty of Political Science and Economics.
    4. Bracco, Emanuele & Porcelli, Francesco & Redoano, Michela, 2019. "Political competition, tax salience and accountability. Theory and evidence from Italy," European Journal of Political Economy, Elsevier, vol. 58(C), pages 138-163.
    5. Fossen, Frank M. & Freier, Ronny & Martin, Thorsten, 2014. "Race to the debt trap? Spatial econometric evidence on debt in German municipalities," Discussion Papers 2014/1, Free University Berlin, School of Business & Economics.
    6. Albert Solé-Ollé & Elisabet Viladecans-Marsal, 2010. "Lobbying, political competition, and local land supply: recent evidence from Spain," Working Papers 2010/45, Institut d'Economia de Barcelona (IEB).
    7. Martha Elena Delgado-Rojas & Hernán Rincón-Castro, 2017. "Incertidumbre acerca de la política fiscal y ciclo económico," Borradores de Economia 1008, Banco de la Republica de Colombia.
    8. Jahen F. Rezki, 2022. "Political competition and economic performance: evidence from Indonesia," Economics of Governance, Springer, vol. 23(2), pages 83-114, June.
    9. Michael Funke & Yu-Fu Chen, 2009. "Booms, Recessions and Financial Turmoil: A Fresh Look at Investment Decisions under Cyclical Uncertainty," Quantitative Macroeconomics Working Papers 20908, Hamburg University, Department of Economics.
    10. Revelli, Federico, 2019. "The electoral migration cycle," European Journal of Political Economy, Elsevier, vol. 59(C), pages 461-482.
    11. Rezki, Jahen Fachrul, 2018. "Political Competition and Local Government Performance: Evidence from Indonesia," SocArXiv nekps, Center for Open Science.
    12. Alexandre B. Cunha & Emanuel Ornelas, 2014. "Political Competition and the Limits of Political Compromise," CEP Discussion Papers dp1263, Centre for Economic Performance, LSE.
    13. Miriam Hortas-Rico & Vicente Rios & Pedro Pascual, 2020. "What shapes the flypaper effect? The role of the political environment in the budget process," Working Papers. Collection B: Regional and sectoral economics 2001, Universidade de Vigo, GEN - Governance and Economics research Network.
    14. Grażyna Bukowska & Joanna Siwińska, 2016. "Czy konkurencja determinuje wielkość inwestycji gmin miejskich w Polsce?," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 6, pages 95-114.
    15. Olofinbiyi, Tolulope & Mogues, Tewodaj, "undated". "Who Influences Government Spending in Agriculture? The Roles of Public Actors in Subnational Funding Allocation in Nigeria," Feed the Future Innovation Lab for Food Security Policy Research Papers 259572, Michigan State University, Department of Agricultural, Food, and Resource Economics, Feed the Future Innovation Lab for Food Security (FSP).
    16. Lars-Erik Borge & Arnt O. Hopland, 2017. "Schools and public buildings in decay: the role of political fragmentation," Economics of Governance, Springer, vol. 18(1), pages 85-105, February.
    17. Jon Fiva & Gisle Natvik, 2013. "Do re-election probabilities influence public investment?," Public Choice, Springer, vol. 157(1), pages 305-331, October.
    18. Rohan Chinchwadkar, 2020. "Political Business Cycles, Elections and Entrepreneurial Finance: A Framework," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 18(4), pages 941-954, December.

  19. Gisle James Natvik, 2006. "Government Spending and the Taylor Principle," Working Paper 2006/11, Norges Bank.

    Cited by:

    1. Barnett, William A. & Bella, Giovanni & Ghosh, Taniya & Mattana, Paolo & Venturi, Beatrice, 2022. "Is policy causing chaos in the United Kingdom?," Economic Modelling, Elsevier, vol. 108(C).
    2. Zbynek Stork, 2011. "A DSGE model of the Czech economy: a Ministry of Finance approach," EcoMod2011 3007, EcoMod.
    3. Babette Jansen & Roland Winkler, 2024. "Household Heterogeneity, Nonseparable Preferences, and the Taylor Principle," Jena Economics Research Papers 2024-006, Friedrich-Schiller-University Jena.
    4. Furlanetto, Francesco & Natvik, Gisle J. & Seneca, Martin, 2013. "Investment shocks and macroeconomic co-movement," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 208-216.
    5. Holden, Tom D., 2024. "Robust Real Rate Rules," EconStor Preprints 279481, ZBW - Leibniz Information Centre for Economics, revised 2024.
    6. Giorgio Motta & Patrizio Tirelli, 2012. "Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(7), pages 1351-1374, October.
    7. Gisle James Natvik, 2012. "Government Spending Shocks and Rule-of-Thumb Consumers with Steady-State Inequality," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(4), pages 1414-1436, December.
    8. Mitsuhiro OKANO & Daisuke IDA & Shigeto KITANO & Yoichi MATSUBAYASHI, 2015. "Development of a Regional DSGE Model in Japan: Empirical Evidence of Economic Stagnation in the Kansai Economy," APIR Discussion Paper Series 1004265, Asia Pacific Institute of Research.
    9. William A. Barnett & Giovanni Bella & Taniya Ghosh & Paolo Mattana & Beatrice Venturi, 2021. "Chaos in the UK New Keynesian Macroeconomy," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 202119, University of Kansas, Department of Economics, revised Sep 2021.
    10. William A. Barnett & Giovanni Bella & Taniya Ghosh & Paolo Mattana & Beatrice Venturi, 2019. "Shilnikov Chaos, Low Interest Rates, And New Keynesian Macroeconomics," Studies in Applied Economics 142, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    11. Francesco Furlanetto & Martin Seneca, 2012. "Rule‐of‐Thumb Consumers, Productivity, and Hours," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(2), pages 658-679, June.
    12. Tommy Sveen & Lutz Weinke, 2010. "The Taylor Principle in a medium-scale macroeconomic model," Working Paper 2010/09, Norges Bank.

Articles

  1. Andreas Fagereng & Matthieu Gomez & Émilien Gouin-Bonenfant & Martin Holm & Benjamin Moll & Gisle Natvik, 2025. "Asset-Price Redistribution," Journal of Political Economy, University of Chicago Press, vol. 133(11), pages 3494-3549.
    See citations under working paper version above.
  2. Andreas Fagereng & Martin B. Holm & Gisle J. Natvik, 2021. "MPC Heterogeneity and Household Balance Sheets," American Economic Journal: Macroeconomics, American Economic Association, vol. 13(4), pages 1-54, October.
    See citations under working paper version above.
  3. Natvik, Gisle J. & Rime, Dagfinn & Syrstad, Olav, 2020. "Does publication of interest rate paths provide guidance?," Journal of International Money and Finance, Elsevier, vol. 103(C).
    See citations under working paper version above.
  4. Caporin, Massimiliano & Natvik, Gisle J. & Ravazzolo, Francesco & Santucci de Magistris, Paolo, 2019. "The bank-sovereign nexus: Evidence from a non-bailout episode," Journal of Empirical Finance, Elsevier, vol. 53(C), pages 181-196.
    See citations under working paper version above.
  5. Steinar Holden & Gisle James Natvik & Adrien Vigier, 2018. "Credit Rating And Debt Crises," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 59(2), pages 973-987, May.

    Cited by:

    1. Kyounghun Lee & Frederick Dongchuhl Oh, 2021. "Credit ratings and liquidity crises," International Journal of Economic Theory, The International Society for Economic Theory, vol. 17(3), pages 309-324, September.
    2. Lorenzo Menna & Martín Tobal, 2021. "Communication of Credit Rating Agencies and Financial Markets," Working Papers 80, Red Nacional de Investigadores en Economía (RedNIE).
    3. Itay Goldstein & Chong Huang, 2020. "Credit Rating Inflation and Firms' Investments," Journal of Finance, American Finance Association, vol. 75(6), pages 2929-2972, December.
    4. Boumparis, Periklis & Milas, Costas & Panagiotidis, Theodore, 2019. "Non-performing loans and sovereign credit ratings," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 301-314.
    5. Wang, Yiying & Cui, Dangdang, 2025. "Tax credit rating changes and the cost of debt financing: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 80(C).

  6. Paolo Gelain & Kevin J. Lansing & Gisle J. Natvik, 2018. "Explaining the Boom–Bust Cycle in the U.S. Housing Market: A Reverse‐Engineering Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(8), pages 1751-1783, December.
    See citations under working paper version above.
  7. Paolo Gelain & Kevin J Lansing & Gisle James Natvik, 2018. "Leaning Against the Credit Cycle," Journal of the European Economic Association, European Economic Association, vol. 16(5), pages 1350-1393.
    See citations under working paper version above.
  8. Aastveit, Knut Are & Natvik, Gisle James & Sola, Sergio, 2017. "Economic uncertainty and the influence of monetary policy," Journal of International Money and Finance, Elsevier, vol. 76(C), pages 50-67.

    Cited by:

    1. Niko Hauzenberger & Florian Huber & Massimiliano Marcellino & Nico Petz, 2021. "Gaussian Process Vector Autoregressions and Macroeconomic Uncertainty," Papers 2112.01995, arXiv.org, revised Nov 2022.
    2. Karamysheva, Madina, 2022. "How do fiscal adjustments work? An empirical investigation," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    3. Niko Hauzenberger & Florian Huber & Gary Koop & James Mitchell, 2023. "Bayesian Modeling of Time-Varying Parameters Using Regression Trees," Working Papers 23-05, Federal Reserve Bank of Cleveland.
    4. Al-Yahyaee, Khamis Hamed & Shahzad, Syed Jawad Hussain & Mensi, Walid, 2020. "Tail dependence structures between economic policy uncertainty and foreign exchange markets: Nonparametric quantiles methods," International Economics, Elsevier, vol. 161(C), pages 66-82.
    5. Wu, Ji & Yao, Yao & Chen, Minghua & Jeon, Bang Nam, 2020. "Economic uncertainty and bank risk: Evidence from emerging economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 68(C).
    6. Chishti, Muhammad Zubair & Dogan, Eyup & Binsaeed, Rima H., 2024. "Can artificial intelligence and green finance affect economic cycles?," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    7. Shabir, Mohsin & Jiang, Ping & Hashmi, Shujahat Haider & Bakhsh, Satar, 2022. "Non-linear nexus between economic policy uncertainty and bank lending," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 657-679.
    8. Kwangyong Park, 2019. "Uncertainty, Attention Allocation and Monetary Policy Asymmetry," Working Papers 2019-5, Economic Research Institute, Bank of Korea.
    9. Luca Gambetti & Dimitris Korobilis & John D. Tsoukalas & Francesco Zanetti, 2025. "Agreed and Disagreed Uncertainty," Working Papers 2025_01, Business School - Economics, University of Glasgow.
    10. Cho, Dooyeon & Kim, Husang, 2023. "Macroeconomic effects of uncertainty shocks: Evidence from Korea," Journal of Asian Economics, Elsevier, vol. 84(C).
    11. de la Horra, Luis P. & Perote, Javier & de la Fuente, Gabriel, 2021. "Monetary policy and corporate investment: A panel-data analysis of transmission mechanisms in contexts of high uncertainty," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 609-624.
    12. Mei, Dexiang & Zeng, Qing & Cao, Xiang & Diao, Xiaohua, 2019. "Uncertainty and oil volatility: New evidence," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 525(C), pages 155-163.
    13. Whelsy Boungou & Charles Mawusi, 2022. "The impact of economic policy uncertainty on banks' non-interest income activities," Post-Print hal-03520683, HAL.
    14. Canales, Mario & Lopez-Martin, Bernabe, 2024. "Exchange rates, uncertainty, and price-setting: Evidence from CPI microdata," Economic Modelling, Elsevier, vol. 139(C).
    15. Muhammad Qamar Rasheed & Muhammad Ahad & Khurram Shahzad & Zulfiqar Ali Imran, 2025. "Economic policy uncertainty and green growth in IEA member countries: A role of environmental stringency policy," Natural Resources Forum, Blackwell Publishing, vol. 49(1), pages 44-66, February.
    16. Liosi, Konstantina, 2023. "The sources of economic uncertainty: Evidence from eurozone markets," Journal of Multinational Financial Management, Elsevier, vol. 69(C).
    17. Cafiso, Gianluca & Rivolta, Giulia, 2024. "Conventional monetary interventions through the credit channel and the rise of non-bank institutions," Economic Systems, Elsevier, vol. 48(1).
    18. Buch, Claudia M. & Eickmeier, Sandra & Prieto, Esteban, 2022. "Banking deregulation, macroeconomic dynamics and monetary policy," Journal of Financial Stability, Elsevier, vol. 63(C).
    19. Chen, Wen-Yi & Chen, Mei-Ping, 2022. "Twitter’s daily happiness sentiment, economic policy uncertainty, and stock index fluctuations," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    20. Aamir Aijaz Syed & Muhammad Abdul Kamal & Assad Ullah & Simon Grima, 2022. "An Asymmetric Analysis of the Influence That Economic Policy Uncertainty, Institutional Quality, and Corruption Level Have on India’s Digital Banking Services and Banking Stability," Sustainability, MDPI, vol. 14(6), pages 1-21, March.
    21. Hauzenberger, Niko & Pfarrhofer, Michael & Stelzer, Anna, 2021. "On the effectiveness of the European Central Bank’s conventional and unconventional policies under uncertainty," Journal of Economic Behavior & Organization, Elsevier, vol. 191(C), pages 822-845.
    22. Emna Trabelsi, 2025. "Monetary Policy Under Global and Spillover Uncertainty Shocks: What Do the Bayesian Time-Varying Coefficient VAR, Local Projections, and Vector Error Correction Model Tell Us in Tunisia?," JRFM, MDPI, vol. 18(3), pages 1-74, March.
    23. Yildirim, Zekeriya & Guloglu, Hasan, 2024. "Macro-financial transmission of global oil shocks to BRIC countries — International financial (uncertainty) conditions matter," Energy, Elsevier, vol. 306(C).
    24. Alessandri, Piergiorgio & Jordà, Òscar & Venditti, Fabrizio, 2025. "Decomposing the monetary policy multiplier," Journal of Monetary Economics, Elsevier, vol. 152(C).
    25. Renzhi, Nuobu, 2022. "Do house prices play a role in unconventional monetary policy transmission in Japan?," Journal of Asian Economics, Elsevier, vol. 83(C).
    26. Zhang, Wei & He, Jie & Ge, Chanyuan & Xue, Rui, 2022. "Real-time macroeconomic monitoring using mixed frequency data: Evidence from China," Economic Modelling, Elsevier, vol. 117(C).
    27. Sun, Yizhong & Zhou, Lanxuanjie & Wang, Deyong & Jin, Keyan & Wu, Qingyang & Wu, Ran, 2024. "How economic policy uncertainty affects common prosperity in China? The mediating role of green finance and the moderating role of low-carbon technology," Finance Research Letters, Elsevier, vol. 67(PA).
    28. Glebocki, Helena & Saha, Sujata, 2024. "Global uncertainty and exchange rate conditions: Assessing the impact of uncertainty shocks in emerging markets and advanced economies," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 96(C).
    29. Hakan Yildirim & Meltem Ince-Yenilmez, 2025. "The relationship of economic policy uncertainty with the stock market index and the exchange rate: The case of Russia," Journal of New Economy, Ural State University of Economics, vol. 26(1), pages 69-86, April.
    30. Shah, Asad Abbas & Zha, Donglan, 2025. "Economy-wide estimates of the energy rebound effect in BRICS: The role of environmental regulations and economic policy uncertainty," Energy, Elsevier, vol. 320(C).
    31. Marcela De Castro-Valderrama & Santiago Forero-Alvarado & Nicolas Moreno-Arias & Sara Naranjo-Saldarriaga, 2022. "Unravelling the Narratives Behind Macroeconomic Forecasts," IHEID Working Papers 18-2022, Economics Section, The Graduate Institute of International Studies.
    32. Laurent FERRARA & Stéphane LHUISSIER & Fabien TRIPIER, 2018. "Uncertainty and macroeconomics: transmission channels and policy implications," Rue de la Banque, Banque de France, issue 61, April.
    33. Benchimol, Jonathan & Saadon, Yossi & Segev, Nimrod, 2023. "Stock market reactions to monetary policy surprises under uncertainty," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 89, pages 1-12.
    34. Bisharat Hussain Chang & Omer Faruk Derindag & Nuri Hacievliyagil & Mehmet Canakci, 2022. "Exchange rate response to economic policy uncertainty: evidence beyond asymmetry," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 9(1), pages 1-14, December.
    35. de la Horra, Luis P. & Perote, Javier & de la Fuente, Gabriel, 2022. "The impact of economic policy uncertainty and monetary policy on R&D investment: An option pricing approach," Economics Letters, Elsevier, vol. 214(C).
    36. Athanasios Triantafyllou & Dimitrios Bakas & Marilou Ioakimidis, 2023. "Commodity price uncertainty as a leading indicator of economic activity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4194-4219, October.
    37. Peter Tillmann, 2020. "Monetary Policy Uncertainty and the Response of the Yield Curve to Policy Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(4), pages 803-833, June.
    38. Shabir, Mohsin & Jiang, Ping & Bakhsh, Satar & Zhao, Zhongxiu, 2021. "Economic policy uncertainty and bank stability: Threshold effect of institutional quality and competition," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
    39. Wu, Ji & Yan, Yuanyun & Chen, Minghua & Jeon, Bang Nam, 2022. "Monetary policy, economic uncertainty and bank risk: Cross-country evidence," Journal of International Money and Finance, Elsevier, vol. 122(C).
    40. Linda Glawe & Jamel Saadaoui & Can Xu, 2025. "Nonlinearities in the Inflation-Growth Relationship and the Role of Uncertainty: Evidence from China’s Provinces," Working Papers 2025.4, International Network for Economic Research - INFER.
    41. Sengupta, Shovon & Chakraborty, Tanujit & Singh, Sunny Kumar, 2025. "Forecasting CPI inflation under economic policy and geopolitical uncertainties," International Journal of Forecasting, Elsevier, vol. 41(3), pages 953-981.
    42. Zidong An & Salem Abo‐Zaid & Xuguang Simon Sheng, 2023. "Inattention and the impact of monetary policy," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(4), pages 623-643, June.
    43. Balcilar, Mehmet & Ozdemir, Zeynel Abidin & Ozdemir, Huseyin & Aygun, Gurcan & Wohar, Mark E., 2021. "Effectives of Monetary Policy under the High and Low Economic Uncertainty States: Evidence from the Major Asian Economies," IZA Discussion Papers 14420, IZA Network @ LISER.
    44. Wang, Xinyu & Luo, Yi & Wang, Zhuqing & Xu, Yan & Wu, Congxin, 2021. "The impact of economic policy uncertainty on volatility of China’s financial stocks: An empirical analysis," Finance Research Letters, Elsevier, vol. 39(C).
    45. Albrizio, Silvia & Choi, Sangyup & Furceri, Davide & Yoon, Chansik, 2020. "International bank lending channel of monetary policy," Journal of International Money and Finance, Elsevier, vol. 102(C).
    46. Choi, Sangyup & Furceri, Davide & Loungani, Prakash & Shim, Myungkyu, 2022. "Inflation anchoring and growth: The role of credit constraints," Journal of Economic Dynamics and Control, Elsevier, vol. 134(C).
    47. He, Yongda & Du, Anna Min & Lin, Boqiang & Scrimgeour, Frank, 2025. "Energy-capital substitution, technological innovation, and monetary policy," Research in International Business and Finance, Elsevier, vol. 79(C).
    48. Apostolakis, George N. & Giannellis, Nikolaos, 2024. "Monetary policy and uncertainty spillovers: Evidence from a wavelet and frequency connectedness analysis," International Review of Financial Analysis, Elsevier, vol. 95(PC).
    49. Fabio Bertolotti & Massimiliano Marcellino, 2019. "Tax shocks with high and low uncertainty," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 34(6), pages 972-993, September.
    50. Ozkan, Oktay & Sunday Adebayo, Tomiwa & Usman, Ojonugwa, 2024. "Dynamic connectedness of clean energy markets, green markets, and sustainable markets: The role of climate policy uncertainty," Energy, Elsevier, vol. 303(C).
    51. Kloosterman, Roben & Bonam, Dennis & van der Veer, Koen, 2024. "The effects of monetary policy across fiscal regimes," Journal of Macroeconomics, Elsevier, vol. 81(C).
    52. Hsieh, Hui-Ching & Boarelli, Sofia & Vu, Thi Huyen Chi, 2019. "The effects of economic policy uncertainty on outward foreign direct investment," International Review of Economics & Finance, Elsevier, vol. 64(C), pages 377-392.
    53. Toni Beutler & Matthias Gubler & Simona Hauri & Sylvia Kaufmann, 2020. "Bank lending in Switzerland: Capturing cross-sectional heterogeneity and asymmetry over time," Working Papers 2020-12, Swiss National Bank.
    54. Lien, Donald & Sun, Yuchen & Zhang, Chengsi, 2021. "Uncertainty, confidence, and monetary policy in China," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 1347-1358.
    55. Roben Kloosterman & Dennis Bonam & Koen van der Veer, 2022. "The effects of monetary policy across fiscal regimes," Working Papers 755, DNB.
    56. Ioannis Dokas & Georgios Oikonomou & Minas Panagiotidis & Eleftherios Spyromitros, 2023. "Macroeconomic and Uncertainty Shocks’ Effects on Energy Prices: A Comprehensive Literature Review," Energies, MDPI, vol. 16(3), pages 1-35, February.
    57. Pedro Costa Ferreira & Raíra Marotta B. Vieira & Felipi Bruno Silva & Ingrid C. L. Oliveira, 2019. "Measuring Brazilian Economic Uncertainty," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 15(1), pages 25-40, April.
    58. Aye, G.C. & Clance, M. & Gupta, R., 2018. "The Effectiveness of Monetary and Fiscal Policy Shocks on U.S. Inequality: The Role of Uncertainty," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277037, International Association of Agricultural Economists.
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  9. Matsen, Egil & Natvik, Gisle J. & Torvik, Ragnar, 2016. "Petro populism," Journal of Development Economics, Elsevier, vol. 118(C), pages 1-12.
    See citations under working paper version above.
  10. Nikola Mirkov & Gisle James Natvik, 2016. "Announcements of Interest Rate Forecasts: Do Policymakers Stick to Them?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(5), pages 901-920, August.
    See citations under working paper version above.
  11. Andersen, Jørgen Juel & Fiva, Jon H. & Natvik, Gisle James, 2014. "Voting when the stakes are high," Journal of Public Economics, Elsevier, vol. 110(C), pages 157-166.
    See citations under working paper version above.
  12. Jon Fiva & Gisle Natvik, 2013. "Do re-election probabilities influence public investment?," Public Choice, Springer, vol. 157(1), pages 305-331, October.
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  13. Natvik, Gisle J., 2013. "The political economy of fiscal deficits and government production," European Economic Review, Elsevier, vol. 58(C), pages 81-94.
    See citations under working paper version above.
  14. Furlanetto, Francesco & Natvik, Gisle J. & Seneca, Martin, 2013. "Investment shocks and macroeconomic co-movement," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 208-216.
    See citations under working paper version above.
  15. Gisle James Natvik, 2012. "Government Spending Shocks and Rule-of-Thumb Consumers with Steady-State Inequality," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(4), pages 1414-1436, December.

    Cited by:

    1. Orlando Gomes, 2021. "Hand-to-mouth consumers, rule-of-thumb savers, and optimal control," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 16(2), pages 229-263, April.
    2. Areosa, Waldyr Dutra & Areosa, Marta B.M., 2016. "The inequality channel of monetary transmission," Journal of Macroeconomics, Elsevier, vol. 48(C), pages 214-230.
    3. Francesco FURLANETTO, 2007. "Fiscal Shocks and the Consumption Response when Wages are Sticky," Cahiers de Recherches Economiques du Département d'économie 07.11, Université de Lausanne, Faculté des HEC, Département d’économie.
    4. Giorgio Motta & Patrizio Tirelli, 2014. "Limited asset market participation, income inequality and macroeconomic volatility," Working Papers 65170975, Lancaster University Management School, Economics Department.
    5. Jia, Bijie, 2018. "Second Thoughts on Estimating Expansionary Fiscal Policy E ffects in the United States," MPRA Paper 90298, University Library of Munich, Germany.
    6. Marta B. M. Areosa & Waldyr D. Areosa & Pierre Monnin, 2016. "How Would Monetary Policy Look Like if John Rawls Had Been Hired as a Chairman of the Fed?," Working Papers Series 447, Central Bank of Brazil, Research Department.
    7. Francesco Furlanetto, 2009. "Fiscal stimulus in a credit crunch: the role of wage rigidity," Working Paper 2009/08, Norges Bank.
    8. Okan Akarsu & Emrehan Aktug & Muserref Kucukbayrak, 2025. "Hand-to-Mouth Households in the Eurosystem and the Transmission of Monetary Policy," Working Papers 2506, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    9. Francesco Furlanetto & Gisle J. Natvik & Martin Seneca, 2011. "Investment shocks and macroeconomic co-movement," Working Paper 2011/14, Norges Bank.
    10. Francesco Furlanetto & Martin Seneca, 2008. "Fiscal shocks and real rigidities," Working Paper 2008/10, Norges Bank.

  16. Gisle James Natvik, 2009. "Government Spending and the Taylor Principle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(1), pages 57-77, February.
    See citations under working paper version above.

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