Øistein Røisland

Director

Contact:

Tel.: + 47 22 31 67 39
E-mail: oistein.roisland@norges-bank.no

Fax: + 47 22 42 40 62

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

Research interests

Macroeconomic theory, monetary policy, and decision theory. His recent research focuses on monetary policy committees (MPCs)

Øistein Røisland is Research Director in the Monetary policy department of Norges Bank. Røisland obtained his PhD at the University of Oslo in 2000. He joined the Norges Bank in 1998.

Work in progress/recent working papers

  • "Monetary Policy Decisions – Comparing Theory and “Inside” Information from MPC Members" (with Mikael Apel, Carl Andreas Claussen, Petra Gerlach-Kristen and Petra Lennartsdotter). 
  • "The Influence of the Taylor rule on US Monetary Policy" (with Pelin Ilbas and Tommy Sveen)
  • "Robustifying Optimal Policy Using Simple Rules as Cross-Checks" (with Pelin Ilbas and Tommy Sveen)

Selected pulbications

  • "Overconfidence, Monetary Policy Committees and Chairman Dominance" (with Carl Andreas Claussen, Egil Matsen and Ragnar Torvik). Journal of Economic Behavior and Organization 81, 2012, 699-711.
  • “Interest Rate Smoothing and “Calvo-Type” Interest Rate Rules: A Comment on Levine, McAdam, and Pearlman” (with Ida Wolden Bache and Kjersti Næss Torstenssen). International Journal of Central Banking 7, 2011, 79-90.
  • “Why do people place lower weight on advice far from their own initial opinion?” (with Francesco Ravazzolo). Economics Letters 112, 2011, 63-66.      
  • “A Quantitative Discursive Dilemma” (with Carl Andreas Claussen). Social Choice and Welfare 35, 2010, 49–64.
  • "Inflation Inertia and the Optimal Hybrid Inflation/Price-Level Target". Journal of Money, Credit, and Banking38, 2006, 2247-2251.

Main Employment

Norges Bank (Central Bank of Norway)
Research Director, Monetary policy department: April 2006 - present
Assistant Director, Monetary policy department: August 2003 - March 2006
Senior adviser, Research department: September 2001 - July 2003
Senior adviser, Economics department: January 1999 - September 2001
Adviser, International department: January 1998 - January 19993
University of Oslo
Research Fellow, Department of Economics, December 1992 - January 1998
Institute for Research in Economics and Business Administration (SNF Oslo/Frisch Center)
Research assistant, August 1992 - December 1992

Other Work Experience and visits

Visiting Scholar, Australian National University, Research School of Social Sciences
February - July 1997
Visiting Academic, Reserve Bank of Australia, Research Department
October 1996 - February 1997
Short-term consultant, The World Bank
June - August 1995

Education

Ph.D, Economics, University of Oslo, Department of Economics, 2000.
Dissertation: Rules and Institutional Arrangements for Monetary Policy
Advanced Studies in International Economic Policy Research, Kiel Institute of World Economics (Institut für Weltwirtschaft)
1991-1992
Cand.Polit (M.A), Economics, University of Oslo, 1992
Theory of Finance, Security Analysis, University of California, Los Angeles (UCLA)

Major Fields of Interest

Macroeconomics, Monetary Economics

Languages

English, German, Norwegian

Publications in international journals

  • "Inflation Inertia and the Optimal Hybrid Inflation/Price-Level Target". Journal of Money, Credit, and Banking (forthcoming).
  • "Should Inflation-Targeting Central Banks Care about Traded and Non-Traded Sectors?" (with Kai Leitemo and Ragnar Torvik). ICFAI Journal of Bank Management 5(1), February 2006.
  • "Real-time data for Norway: Challenges for monetary policy" (with T. Bernhardsen, Øyvind Eitrheim and Anne Sofie Jore). North American Journal of Economics and Finance 16, 2005,333-349.
  • "Monetary Policy Rules and the Exchange Rate Channel" (with Kai Leitemo and Ragnar Torvik). Applied Financial Economics 15 (16), November 2005, 1165-1170.
  • "Interest Rate Decisions in an Asymmetric Monetary Union" (with Egil Matsen). European Journal of Political Economy 21 (2), June 2005.
  • "Should Central Banks Care About Regional Imbalances?" Scottish Journal of Political Economy 52, 2005, 242-260.
  • "Exchange Rate versus Inflation Targeting: A Theory of Output Fluctuations in Traded and Non-Traded Sectors" (with Ragnar Torvik). Journal of International Trade and Economic Development, 2004, 265-285.
  • "Capital Income Taxation, Equilibrium Determinacy, and the Taylor Principle". Economics Letters 2003, vol. 81, p. 147-153.
  • "Optimum Currency Areas under Inflation Targeting" (with Ragnar Torvik). Open Economies Review, 2003, p. 99-118.
  • "Time Inconsistency and the Exchange Rate Channel of Monetary Policy" (with Kai Leitemo and Ragnar Torvik), Scandinavian Journal of Economics 3, 2002, 391-397.
  • "A Simple Contract for Central Bankers when Output is Persistent", Journal of Money, Credit, and Banking 33, 2001, p. 994-1014.
  • "The Choice of Monetary Policy Regime for Small Open Economies" (with Kai Leitemo), Annales de Economie et de Statistique 67/68, 2002, p. 469-500.

Working papers

Other publications in English

Selected publications in Norwegian

  • "Pengepolitikk under et inflasjonsmål: En dynamisk tilnærming" (med Tommy Sveen). Kommer i Norsk Økonomisk Tidsskrift.
  • "Pengepolitikk under et inflasjonsmål" (med Tommy Sveen). Norsk Økonomisk Tidsskrift 1/2005.
  • "Avveininger i pengepolitikken" (med Kjetil Olsen og Ingvild Svensson). Penger og Kreditt 2004/1.
  • "Hvordan reagerer valutakursen på et kostnadssjokk" (med Tommy Sveen). I Eitrheim, Ø. og Gulbrandsen (red) Hvilke faktorer kan forklare utviklingen i valutakursen, Norges Banks skriftserie Nr. 31, 2003.
  • "Hvor mye av bevegelsene i kronekursen kan forklares av rentedifferansen?" (med Arne Kloster og Raymond Lokshall). I Eitrheim, Ø. og Gulbrandsen (red) Hvilke faktorer kan forklare utviklingen i valutakursen, Norges Banks skriftserie Nr. 31, 2003.
  • "Hva sier økonomisk teori om sammensetningen av pengepolitiske komiteer?" (med Carl Andreas Claussen og Sigrid Hynne), Økonomisk Forum, no. 2/2004.
  • "Hva er så spesielt med pengepolitikken?" (med Jan F. Qvigstad). I J. F. Qvigstad og Ø. Røisland (red.), 2000, Perspektiver på pengepolitikken, Gyldendal Akademisk, 187-226.
  • "Pengepolitisk regime og konkurranseutsatt sektor" (med Ragnar Torvik). I J. F. Qvigstad og Ø. Røisland (red.), 2000, Perspektiver på pengepolitikken, Gyldendal Akademisk, 187-226.
  • "Hvilke faktorer påvirker kronekursen?" (med Tom Bernhardsen). Penger og Kreditt 3/2000.
  • "Kan prisen på valutaopsjoner si noe om markedets oppfatning av usikkerhet om kronekursen?" (med Øyvind Eitrheim og Espen Frøyland), Penger og Kreditt 2/1999.
  • "Kan teorier for spekulasjonsangrep forklare krisen i Øst-Asia?" (med Karsten Stæhr). Penger og Kreditt 1/1998.

Publications in international journals

  • "Inflation Inertia and the Optimal Hybrid Inflation/Price-Level Target". Journal of Money, Credit, and Banking (forthcoming).
  • "Should Inflation-Targeting Central Banks Care about Traded and Non-Traded Sectors?" (with Kai Leitemo and Ragnar Torvik). ICFAI Journal of Bank Management 5(1), February 2006.
  • "Real-time data for Norway: Challenges for monetary policy" (with T. Bernhardsen, Øyvind Eitrheim and Anne Sofie Jore). North American Journal of Economics and Finance 16, 2005,333-349.
  • "Monetary Policy Rules and the Exchange Rate Channel" (with Kai Leitemo and Ragnar Torvik). Applied Financial Economics 15 (16), November 2005, 1165-1170.
  • "Interest Rate Decisions in an Asymmetric Monetary Union" (with Egil Matsen). European Journal of Political Economy 21 (2), June 2005.
  • "Should Central Banks Care About Regional Imbalances?" Scottish Journal of Political Economy 52, 2005, 242-260.
  • "Exchange Rate versus Inflation Targeting: A Theory of Output Fluctuations in Traded and Non-Traded Sectors" (with Ragnar Torvik). Journal of International Trade and Economic Development, 2004, 265-285.
  • "Capital Income Taxation, Equilibrium Determinacy, and the Taylor Principle". Economics Letters 2003, vol. 81, p. 147-153.
  • "Optimum Currency Areas under Inflation Targeting" (with Ragnar Torvik). Open Economies Review, 2003, p. 99-118.
  • "Time Inconsistency and the Exchange Rate Channel of Monetary Policy" (with Kai Leitemo and Ragnar Torvik), Scandinavian Journal of Economics 3, 2002, 391-397.
  • "A Simple Contract for Central Bankers when Output is Persistent", Journal of Money, Credit, and Banking 33, 2001, p. 994-1014.
  • "The Choice of Monetary Policy Regime for Small Open Economies" (with Kai Leitemo), Annales de Economie et de Statistique 67/68, 2002, p. 469-500.

Working papers

Other publications in English

Selected publications in Norwegian

  • "Pengepolitikk under et inflasjonsmål: En dynamisk tilnærming" (med Tommy Sveen). Kommer i Norsk Økonomisk Tidsskrift.
  • "Pengepolitikk under et inflasjonsmål" (med Tommy Sveen). Norsk Økonomisk Tidsskrift 1/2005.
  • "Avveininger i pengepolitikken" (med Kjetil Olsen og Ingvild Svensson). Penger og Kreditt 2004/1.
  • "Hvordan reagerer valutakursen på et kostnadssjokk" (med Tommy Sveen). I Eitrheim, Ø. og Gulbrandsen (red) Hvilke faktorer kan forklare utviklingen i valutakursen, Norges Banks skriftserie Nr. 31, 2003.
  • "Hvor mye av bevegelsene i kronekursen kan forklares av rentedifferansen?" (med Arne Kloster og Raymond Lokshall). I Eitrheim, Ø. og Gulbrandsen (red) Hvilke faktorer kan forklare utviklingen i valutakursen, Norges Banks skriftserie Nr. 31, 2003.
  • "Hva sier økonomisk teori om sammensetningen av pengepolitiske komiteer?" (med Carl Andreas Claussen og Sigrid Hynne), Økonomisk Forum, no. 2/2004.
  • "Hva er så spesielt med pengepolitikken?" (med Jan F. Qvigstad). I J. F. Qvigstad og Ø. Røisland (red.), 2000, Perspektiver på pengepolitikken, Gyldendal Akademisk, 187-226.
  • "Pengepolitisk regime og konkurranseutsatt sektor" (med Ragnar Torvik). I J. F. Qvigstad og Ø. Røisland (red.), 2000, Perspektiver på pengepolitikken, Gyldendal Akademisk, 187-226.
  • "Hvilke faktorer påvirker kronekursen?" (med Tom Bernhardsen). Penger og Kreditt 3/2000.
  • "Kan prisen på valutaopsjoner si noe om markedets oppfatning av usikkerhet om kronekursen?" (med Øyvind Eitrheim og Espen Frøyland), Penger og Kreditt 2/1999.
  • "Kan teorier for spekulasjonsangrep forklare krisen i Øst-Asia?" (med Karsten Stæhr). Penger og Kreditt 1/1998.
Published 27 June 2006 15:06