Øyvind Eitrheim

Director

Contact:

Tel.: +47 22 31 61 61
E-mail: oyvind.eitrheim@norges-bank.no

Fax: +47 22 31 60 21

Norges Bank
P.O. Box 1179 Sentrum
0107 Oslo
Norway

Research interests

Time series econometrics and macroeconometric modelling

Øyvind Eitrheim is a Director at the Governor's office Norges Bank

Eitrheim has been with Norges Bank since January 1984. He has his PhD in Economics from the University of Oslo in 1996. Eitrheim was Director of the research department 2001-2010 and is now  affiliated with the Governor's office on special assignments including organizing Norges Bank's bicentenary project 1816-2016 and international conferences. His current research focuses on (i) robust monetary policy, (ii) forecasting under model and data uncertainty, (iii) monetary history, and (iv) potential conflicts between price stability and financial stability.

Work in progress

  • "Robust satisficing monetary policy under parameter uncertainty" (with Yakov Ben-Haim and Farooq Akram)
  • "Forecasting under data and model uncertainty" (with Farooq Akram and Ragnar Nymoen).
  • ”Core inflation, model averaging and structural instabilities”, (with Francesco Ravazzolo and Shaun Vahey).

Recent publications

  • "Inflation targeting twenty years on: Past lessons and future prospects" (co-edited with D. Cobham, S. Gerlach and J. F. Qvigstad), forthcoming September 2010, Cambridge University Press, based on work presented at the conference Inflation targeting twenty years on, jointly organized by Norges Bank and the Institute of Monetary and Financial Stability, Goethe University, Frankfurt, held in Norges Bank, Oslo, 11-12 June 2009.
  • “Bank regulation and bank crisis. The main developments in the Norwegian regulatory system before, during, and after the banking crisis of 1988-92” (co-authored with Sigbjørn A. Berg), Banca d’Italia series Workshops and Conferences 2009-1, Financial market regulation in the wake of the financial crises: The historical experience (pp 169-184), edited by Alfredo Gigliobianco and Gianni Toniolo
  • “Flexible inflation targeting and financial stability: Is it enough to stabilize inflation and output?” (co-authored with Q. Farooq Akram), Journal of Banking and Finance, 32, 2008, pp. 1242-1254.
  • “Historical Monetary Statistics for Norway – Part II”, (co-edited with Jan T. Klovland and Jan F. Qvigstad), Norges Bank Occasional Papers No. 38, 2007.
  • "Monetary policy and asset prices: To respond or not?". (co-authored with Akram, Q. Farooq and Gunnar Bårdsen), International Journal of Finance and Economics, 11, July, 2006, pp. 279-292.
  • "Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003". (co-authored with Q. Farooq Akram and Lucio Sarno), Ch. 13 in Nonlinear Time Series Analysis of Business Cycles (Costas Milas, Philip Rothman and Dick van Dijk, eds.), in Elsevier's Contributions to Economic Analysis series, 2006.
  • "House prices in Norway 1819-1989". (co-authored with Solveig K. Erlandsen), Scandinavian Economic History Review 53(3), 2005, pp. 7-33.
  • "Tilbakeblikk på norsk pengehistorie. Konferanse 7. juni 2005 på Bogstad gård". (co-edited with Jan F. Qvigstad). Oslo 2005, Norges Bank Occasional Paper No. 37, 2005.
  • "Real-time data for Norway: Challenges for monetary policy". (co-authored with Tom Bernhardsen, Anne Sofie Jore and Øistein Røisland), in North American Journal of Economics and Finance 16 (2005) 333-349 .
  • The Econometrics of Macroeconomic Modelling, (co-authored with Gunnar Bårdsen, Eilev S. Jansen and Ragnar Nymoen), Advanced texts in Econometrics, Oxford University Press, 2005).
  • "Historical Monetary Statistics for Norway 1819-2003" (co-edited with Jan T. Klovland and Jan. F. Qvigstad), Occasional Paper No. 35, Norges Bank, 2004.

Education and degrees

1996 PhD in Economics (Dr. Polit), University of Oslo (defended 15th March, 1996).
  "Four essays on the multivariate modelling of nonstationary economic time series"
  Supervisor: Prof. Erik Biørn, University of Oslo
  Thesis committee: Prof. Grayham Mizon (University of Southampton), Prof. Svend Hylleberg (University of Aarhus), Prof. Bernt P. Stigum (University of Oslo)
1983 MSc in Economics (Cand. Oecon.), University of Oslo
1980 Undergraduate studies in economics (Exam. Oecon.), University of Oslo

Employment

2010- Director, Governor's office Norges Bank, special assignments including Norges Bank's bicentenary project 1816-2016 and international conferences  

2001 -2010

Director, Research department, Norges Bank (Central Bank of Norway)
1996-2001 Head of research, Research department, Norges Bank (Central Bank of Norway)
1988-1995 Research fellow, Research department, Norges Bank (Central Bank of Norway)
1984-1987 Consultant, Norges Bank (Central Bank of Norway)
1981-1983 Research assistant, University of Oslo

Fields of interest

Primary Macroeconomics, Monetary history, Monetary policy, Time series econometrics
Secondary Macroeconometric modelling, Housing market

Publications

  1. Inflation targeting twenty years on: Past lessons and future prospects (co-edited with D. Cobham, S. Gerlach and J. F. Qvigstad), forthcoming September 2010, Cambridge University Press, based on work presented at the conference Inflation targeting twenty years on, jointly organized by Norges Bank and the Institute of Monetary and Financial Stability, Goethe University, Frankfurt, held in Norges Bank, Oslo, 11-12 June 2009
  2. “Flexible inflation targeting and financial stability: Is it enough to stabilize inflation and output?” (co-authored with Q. Farooq Akram), Journal of Banking and Finance, 32, 2008, pp. 1242-1254..
  3. “Historical Monetary Statistics for Norway – Part II”, (co-edited with Jan T. Klovland and Jan F. Qvigstad), Norges Bank Occasional Papers No. 38, 2007
  4. "Monetary policy and asset prices: To respond or not?". (co-authored with Akram, Q. Farooq and Gunnar Bårdsen), International Journal of Finance and Economics, 11, July, 2006, pp. 279-292.                                                                                         
  5. "Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003". (co-authored with Q. Farooq Akram and Lucio Sarno), Ch. 13 in Nonlinear Time Series Analysis of Business Cycles (Costas Milas, Philip Rothman and Dick van Dijk, eds.), in Elsevier's Contributions to Economic Analysis series, 2006.      
  6. "Tilbakeblikk på norsk pengehistorie. Konferanse 7. juni 2005 på Bogstad gård". Øyvind Eitrheim og Jan F. Qvigstad (red.). Oslo 2005 , Norges Banks Skriftserie Nr. 37, 2005.       
  7.  "House prices in Norway 1819-1989". (co-authored with Solveig K. Erlandsen), Scandinavian Economic History Review 53(3), 2005, pp. 7-33.            
  8. "Real-time data for Norway: Challenges for monetary policy". (co-authored with Tom Bernhardsen, Anne Sofie Jore and Øistein Røisland), in North American Journal of Economics and Finance 16 (2005) 333-349 .
  9. "Explaining movements in the Norwegian exchange rate", (co-edited with Kristin Gulbrandsen). Norges Bank Occasional Papers No 32, 2003.
  10. "Hvilke faktorer kan forklare utviklingen i valutakursen", (co-edited with Kristin Gulbrandsen). Norges Bank Occasional Papers No 31, 2003.
  11. The Econometrics of Macroeconomic Modelling, (co-authored with Gunnar Bårdsen, Eilev S. Jansen and Ragnar Nymoen), Advanced texts in Econometrics, Oxford University Press, 2005
  12. "Progress from forecast failure - The Norwegian consumption function". (co-authored with Eilev S. Jansen and Ragnar Nymoen), Econometric Journal, Vol. 5 (2002), pp. 40-64.
  13. "Empirical comparison of inflation models' forecast accuracy". (co-authored with Tore Anders Husebø and Ragnar Nymoen), Ch. 16, pp 354-385 in A Companion to Economic Forecasting (Michael P. Clements and David F. Hendry, eds.), Blackwell Publishers Ltd, Oxford 2002.
  14. "Equilibrium-correction versus differencing in macroeconometric forecasting". (co-authored with Tore Anders Husebø and Ragnar Nymoen), Economic Modelling, Vol. 16 (1999), pp. 515-544.
  15. "The demand for broad money and tests for neglected monetary effects on inflation. Empirical evidence for Norway 1969 to 1993", Empirical Economics, Vol. 23 (1998), pp. 339-354.
  16. "Testing the adequacy of smooth transition autoregressive models" (co-authored with Timo Terasvirta), Journal of Econometrics, Vol. 74, No. 1 (1996), pp. 59-76.
  17. "Real wages in a multisectoral model of the Norwegian economy" (co-authored with Ragnar Nymoen), Economic Modelling , Vol. 8 (1991), pp. 63-82.
  18. Four essays on the multivariate modelling of nonstationary economic time series, PhD Thesis in Economics No. 29 1996, Department of Economics, University of Oslo.

Working papers

  1. “Bank regulation and bank crisis. The main developments in the Norwegian regulatory system before, during, and after the banking crisis of 1988-92” (with Sigbjørn A. Berg), Working Paper 2009/18 (Norges Bank’s bicentenary project), also published in the Banca d’Italia series Workshops and Conferences 2009-1, Financial market regulation in the wake of the financial crises: The historical experience (pp 169-184), edited by Alfredo Gigliobianco and Gianni Toniolo
  2. “Robust-satisficing monetary policy under parameter uncertainty” (with Q. Farooq Akram), Working Paper 2007/14, Norges Bank.
  3. ”Monetary policy under uncertainty: Min-max vs. robust-satisficing strategies”, (with Q. Farooq Akram and Yakov Ben-Haim), Working Paper 2007/6, Norges Bank.
  4. ”Managing uncertainty through robust-satisficing monetary policy”, (with Q. Farooq Akram and Yakov Ben-Haim), Working Paper 2006/10, Norges Bank.
  5. “Flexible inflation targeting and financial stability: Is it enough to respond to output?” (with Q. Farooq Akram), Working Paper 2006/7, Norges Bank.
  6. "Monetary policy and asset prices: To respond or not? (with Q. Farooq Akram and Gunnar Bårdsen). Working Paper 2005/9, Norges Bank.
  7. "Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003", (co-authored with Q. Farooq Akram and Lucio Sarno). Working Paper 2005/02, Norges Bank.
  8. "House prices in Norway 1819-1989" (co-authored with Solveig K. Gulbrandsen).
    Working Paper 2004/21, Norges Bank.
  9. "Real-time data for Norway: Challenges for monetary policy", (co-authored with Tom Bernhardsen, Anne Sofie Jore and Øistein Røisland). Discussion Paper 2004/26, Deutsche Bundesbank.
  10. "Progress from forecast failure - The Norwegian consumption function" (co-authored with Eilev S. Jansen and Ragnar Nymoen). Working Paper 2000/10, Norges Bank.
  11. "Equilibrium-correction versus differencing in macroeconometric forecasting" (co-authored with Tore Anders Husebø and Ragnar Nymoen). Working Paper 1998/06, Norges Bank.

Presentations (selected)

  • International Conference on Computing in Economics and Finance (2005, 2007, 2008)
  • International Conference on Macroeconomic Analysis and International Finance (University of Crete) (2005, 2006)
  • Econometric Society European Meeting (ESEM) (1984, 1992, 1993, 1994, 1996, 1998, 2003)
  • European Economic Association (EEA) Meeting (1996, 1999, 2003, 2005, 2007, 2008)
  • BIS Economists Fall Meeting (2000), BIS workshop on DSGE modelling in central banks (2007)
  • Center for Central Bank studies, Bank of England (2008)
  • Joint seminar series of ECB, CFS and Bundesbank (2008)
  • Workshop on Economic Forecasting, Oxford University (2007)
  • Workshop on Cointegration analysis (1991, 1993, 2000, 2001, 2003)
  • Norwegian School of Economics and Business Administration (NHH) (2009)
  • Norwegian School of Technology and Science (NTNU) (2002)
  • Norwegian School of Management (BI) (1998)
  • Statistics Norway (2003)
  • LINK Fall Meeting (2000)
  • University of Uppsala (1995)
  • Federal Reserve Board of Governors, Washington (2002)
  • Sveriges Riksbank (1998)
  • Bank of England (1999)
  • Deutsche Bundesbank (1999, 2004)
  • Bank of Switzerland (1999)
  • Bank of Finland (1990, 1992, 1998)
  • Danmarks Nationalbank (1998, 2005)

Teaching

  • Lectures in Econometrics (graduate level), Department of Economics, University of Oslo (1992-2009)
  • External opposition at J. I. Halvorsens PhD-defense, Department of Economics, University of Uppsala (October 26, 1995)
  • Invited lecture at the IMF/MAE seminar on ``Monetary policy analysis and research'', IMF mission (technical assistance) to China, Yantai City, Shandong Province, June 1998.
  • External opposition at ``licentiat-seminar'', Department of Economics, University of Uppsala (October 26, 1995)
  • Invited lectures at the PhD. course "Non-linear econometrics'', Copenhagen School of Economics, Copenhagen, February 15-16, 1994 (in collaboration with Timo Terasvirta).
  • Guest lectures at the Norwegian School of Economics and Business Administration (1993, 1994, 2007, 2008, 2009, 2010)
  • Invited lecture (live econometrics) at "Ekonometridagarna'', Stockholm May 5-6, 1993 (in collaboration with Timo Terasvirta).
  • Course lectures in "Investment and Finance''(BA03) at Norwegian School of Economics and Business Administration Courses Affiliation (NHHK) in Oslo (1990).

Academic visits

  1. Monetary and Economic Department, BIS. Visit 2004, 2005, 2006, 2007 
  2. Department of Economics, University of California, San Diego. Visiting scholar 1990-1991

Personal

  • Born July 14th 1958.
  • Nationality: Norwegian

Published and forthcoming books and papers

  1. "Inflation targeting twenty years on: Past lessons and future prospects" (co-edited with D. Cobham, S. Gerlach and J. F. Qvigstad), forthcoming September 2010, Cambridge University Press, based on work presented at the conference Inflation targeting twenty years on, jointly organized by Norges Bank and the Institute of Monetary and Financial Stability, Goethe University, Frankfurt, held in Norges Bank, Oslo, 11-12 June 2009 

  2. “Flexible inflation targeting and financial stability: Is it enough to stabilize inflation and output?” (co-authored with Q. Farooq Akram), Journal of Banking and Finance, 32, 2008, pp. 1242-1254..

  3. “Historical Monetary Statistics for Norway – Part II”, (co-edited with Jan T. Klovland and Jan F. Qvigstad), Norges Bank Occasional Papers No. 38, 2007

  4. "Monetary policy and asset prices: To respond or not?". (co-authored with Akram, Q. Farooq and Gunnar Bårdsen), International Journal of Finance and Economics, 11, July, 2006, pp. 279-292.                                                                                         

  5. "Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003". (co-authored with Q. Farooq Akram and Lucio Sarno), Ch. 13 in Nonlinear Time Series Analysis of Business Cycles (Costas Milas, Philip Rothman and Dick van Dijk, eds.), in Elsevier's Contributions to Economic Analysis series, 2006.                                                                     
  6. "House prices in Norway 1819-1989". (co-authored with Solveig K. Erlandsen), Scandinavian Economic History Review 53(3), 2005, pp. 7-33.                                                                                                                 
  7. "Tilbakeblikk på norsk pengehistorie. Konferanse 7. juni 2005 på Bogstad gård". Øyvind Eitrheim og Jan F. Qvigstad (red.). Oslo 2005 , Norges Banks Skriftserie, 37, 2005.                         
  8. "Real-time data for Norway: Challenges for monetary policy". (co-authored with Tom Bernhardsen, Anne Sofie Jore and Øistein Røisland), in North American Journal of Economics and Finance 16 (2005) 333-49.                                                                                                                      
  9. The Econometrics of Macroeconomic Modelling, (co-authored with Gunnar Bårdsen, Eilev S. Jansen and Ragnar Nymoen), Advanced texts in Econometrics, Oxford University Press, 2005).

  10. "Historical Monetary Statistics for Norway 1819-2003" (co-edited with Jan T. Klovland and Jan. F. Qvigstad), Norges Bank Occasional Paper No. 35, 2004.

  11. "Explaining movements in the Norwegian exchange rate" (co-edited with Kristin Gulbrandsen), Norges Bank Occasional Paper No. 32, 2003 (a Norwegian version is published as Norges Bank Occasional Paper No. 31,  2003).

  12. "Progress from forecast failure - The Norwegian consumption function". (co-authored with Eilev S. Jansen and Ragnar Nymoen), Econometric Journal, 5 (2002), pp. 40-64.

  13. "Empirical comparison of inflation models' forecast accuracy". (co-authored with Tore Anders Husebø and Ragnar Nymoen), Ch. 16, pp 354-385 in A Companion to Economic Forecasting (Michael P. Clements and David F. Hendry, eds.), Blackwell Publishers Ltd, Oxford 2002.

  14. "Equilibrium-correction versus differencing in macroeconometric forecasting". (co-authored with Tore Anders Husebø and Ragnar Nymoen), Economic Modelling, 16 (1999), pp. 515-544.

  15. "The demand for broad money and tests for neglected monetary effects on inflation. Empirical evidence for Norway 1969 to 1993", Empirical Economics, 23, 1998, pp. 339-354.

  16. "Testing the adequacy of smooth transition autoregressive models" (co-authored with Timo Terasvirta), Journal of Econometrics, 74(1), 1996, pp. 59-76.

  17. "Real wages in a multisectoral model of the Norwegian economy" (co-authored with Ragnar Nymoen), Economic Modelling , 8, 1991, pp. 63-82.

  18. "Four essays on the multivariate modelling of nonstationary economic time series", PhD Thesis in Economics No. 29 1996, Department of Economics, University of Oslo.

Working Papers

  1.  “Bank regulation and bank crisis. The main developments in the Norwegian regulatory system before, during, and after the banking crisis of 1988-92” (with Sigbjørn A. Berg), Working Paper 2009/18 (Norges Bank’s bicentenary project), also published in the Banca d’Italia series Workshops and Conferences 2009-1, Financial market regulation in the wake of the financial crises: The historical experience (pp 169-184), edited by Alfredo Gigliobianco and Gianni Toniolo

  2. “Robust-satisficing monetary policy under parameter uncertainty” (with Q. Farooq Akram), Working Paper 2007/14, Norges Bank.

  3. ”Monetary policy under uncertainty: Min-max vs. robust-satisficing strategies”, (with Q. Farooq Akram and Yakov Ben-Haim), Working Paper 2007/6, Norges Bank.

  4. ”Managing uncertainty through robust-satisficing monetary policy”, (samarbeid med Q. Farooq Akram og Yakov Ben-Haim), Working Paper 2006/10, Norges Bank.                                                       
  5. “Flexible inflation targeting and financial stability: Is it enough to respond to output?” (samarbeid med Q. Farooq Akram), Working Paper 2006/7, Norges Bank.                             
  6. "Monetary policy and asset prices: To respond or not? (co-authored with Q. Farooq Akram and Gunnar Bårdsen). Working Paper 2005/9, Norges Bank.

  7. "Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003", (co-authored with Q. Farooq Akram and Lucio Sarno). Working Paper 2005/02, Norges Bank.

  8. "House prices in Norway 1819-1989" (co-authored with Solveig K. Gulbrandsen).
    Working Paper 2004/21, Norges Bank.

  9. "Real time data for Norway: Challenges for Monetary Policy," (co-authored with Tom Bernhardsen, Anne Sofie Jore and Øystein Røisland). Discussion Paper 2004/26, Deutsche Bundesbank.
  10. "Progress from forecast failure - The Norwegian consumption function" (co-authored with Eilev S. Jansen and Ragnar Nymoen). Working Paper 2000/10, Norges Bank.

  11. "Equilibrium-correction versus differencing in macroeconometric forecasting" (co-authored with Tore Anders Husebø and Ragnar Nymoen). Working Paper 1998/06, Norges Bank.

Work in progress

  1. ”Core inflation, model averaging and structural instabilities”, (with Francesco Ravazzolo and Shaun Vahey).

  2. "Robust-satisficing monetary policy under parameter uncertainty", (with Q. Farooq Akram and Yakov Ben-Haim).

  3. "Forecasting under data and model uncertainty" (with Farooq Akram and Ragnar Nymoen).

Published 9 September 2008 00:00