Curriculum Vitae

Education | Employment | Fields of interest | Publications | Working papers | Presentations | Teaching | Visits | Personal | Professional service | References

Education and degrees

1996-2001	PhD in Economics, Norwegian School of Management (BI). Advisor: Prof. Steinar Holden, University of Oslo
1993-1995	MSc in Finance & Economics, Norwegian School of Management (BI)
1989-1993	Master of Management (Siviløkonom), Norwegian School of Management (BI)

Employment

2010-	Researcher, Macro Research department, Norges Bank
2006 -	Professor II, Department of Economics, Norwegian University of Science and Technology (NTNU)
2009-2010	Acting director of research, Macro Research department, Norges Bank
2008-2009	Acting head of research, Macro group, Research department, Norges Bank
2001-2008	Researcher, Research department, Norges Bank
2001-2006	Visiting research fellow, Stockholm Institute for Financial Research
2000-2001	Lecturer, Department of Economics, University of Oslo

Fields of Specialization

• Primary: International Finance, Market Microstructure
• Secondary: Macroeconomics, Monetary policy

Publications

Refereed publications

1. "Exchange Rate Forecasting, Order Flow and Macroeconomic Information"
   (with Lucio Sarno and Elvira Sojli), Journal of International Economics, vol. 80, issue 1 (January 2010), pp. 72-88.
   
2. "Does the law of one price hold in international financial markets? Evidence from tick data",
   with Farooq Akram and Lucio Sarno. Journal of Banking and Finance, vol. 33, issue 10, pp. 1741-1754.
   
3. "Arbitrage in the Foreign Exchange Market: Turning on the Microscope"
   (with Q. Farooq Akram and Lucio Sarno), Journal of International Economics, vol. 76, (November 2008), pp. 237-253.
   
4. "Exchange Rate Volatility and the Mixture of Distribution Hypothesis"
   (with Luc Bauwens and Genaro Sucarrat), Empirical Economics, (October 2005), pp. 1-23.
   
5. "Liquidity Provision in the Overnight Foreign Exchange Market"
   (with Geir H. Bjønnes and Haakon O.Aa. Solheim), Journal of International Money and Finance, vol. 24, issue 2 (March 2005), pp. 177-198.
        
6. "Dealer Behavior and Trading Systems in the Foreign Exchange Market"
   (with Geir H. Bjønnes), Journal of Financial Economics, vol. 75, issue 3 (March 2005), pp. 571-605.   
     
7. "Volume and volatility in the FX market: Does it matter who you are?"
   (with Geir H. Bjønnes and Haakon O.Aa. Solheim), in Paul De Grauwe (ed.), Exchange Rate Economics: Where do we Stand?, MIT Press, 2005.
   
8. "New Electronic Trading Systems in the Foreign Exchange Market."
   in New Economy Handbook (Derek C. Jones, ed.), Academic Press, 2003.
   
9. "Analysis of spreads in the Dollar/Euro and Deutsche Mark/Dollar foreign exchange markets."
   (with Charles Goodhart, Ryan Love and Richard Payne), Economic Policy, vol. 17, issue 35 (October 2002), pp. 536-552.
   

Other publications

1. "Order flow analysis of exchange rates"
   (with Elvira Sojli), in NB Economic Bulletin, no. 3 (2006)
   English version
   Norwegian version (Penger og Kreditt, no. 2, 2006)
2. "The Tobin tax: Perspectives from microstructure finance" (in Norwegian)
   (with Dag Henning Jacobsen), in Økonomisk Forum, no. 5 (2005)
3. "Electronic FX Trading -- influencing dealer behaviour?"
   (with Geir H. Bjønnes), in e-FOREX, (July 2004).
   
4. "The Role of Foreign Speculators in Speculative Attacks: The Case of 1998."
   (with Geir H. Bjønnes and Haakon O.Aa. Solheim), in Recent Developments on Exchange Rates (Sandrine Lardic and Valérie Mignon, eds.), Palgrave, 2004.
5. "What can financial economics teach us about exchange rates?"
   in Explaining movements in the Norwegian exchange rate (Øyvind Eitrheim and Kristin Gulbrandsen, eds.), Occasional Papers, no. 32, Norges Bank, 2004.
   English version
   Norwegian version (Occasional Papers, no. 31, 2003)
6. "Sand in the machinery or in the eyes of the Tobin-tax proponents?" (in Norwegian)
   (with Dag Henning Jacobsen), in Vill valuta. en debattbok om tobinskatten, (Nina Drange and Linn Stalsberg, eds.), ATTAC Norway, 2002.
7. Trading in Foreign Exchange Markets: Four Essays on the Market Microstructure of Foreign Exchange Markets,
   Series of Ph.D. Dissertations, no. 2, Norwegian School of Management BI, 2001.

Working papers

1. "A Transaction Data Study of the Forward Bias Puzzle"
   (with Francis Breedon and Paolo Vitale), CEPR DP 7791.
2. "Asymmetric Information in the Foreign Exchange Interdealer Market"
   (with Geir H. Bjønnes and Carol Osler), Norges Bank Working Paper 2008/25.
   
3. "'Large' vs. 'Small' Players: A Closer Look on the Dynamics of Speculative Attacks"
   (with Geir H. Bjønnes, Steinar Holden and Haakon O. Aa. Solheim) Norges Bank Working Paper 2005/13, November 2005.
   
4. "The Volume-Volatility relation and the influence by different players in the FX market"
   (with Geir H. Bjønnes, and Haakon O. Aa. Solheim), November 2004.
5. "U.S. Exchange Rates and Currency Flows",
   Working Paper 4, Stockholm Institute for Financial Research, 2001.
6. "Customer Trading and Information in Foreign Exchange Market"
   (with Geir H. Bjønnes), Memorandum 30/2000, Department of Economics, University of Oslo.
7. "Private or Public Information in the Foreign Exchange Markets? An Empirical Analysis",
   Memorandum 14/2000, Department of Economics, University of Oslo.

Presentations

• Conferences and worskhops:
  CREATES Symposium Market Microstructure (2010); 4th EMG Workshop on Microstructure of Financial Markets (2010); American Economic Association meeting (2009); IMF-JIE Conference on International Macro-Finance (2008); INFINITI Conference on International Finance (2008); European Finance Association (EFA) Meeting (2008, 2007, 2006, 2002, 2000); Econometric Society World Congress (2005); European Economic Association (EEA) Meeting (2007, 2006, 2001, 2000); Econometric Society European Meeting (ESEM) (1999); High Frequency Econometrics Workshop, Warwick (2006, 2005); Annual Central Bank Conference on the Microstructure of Financial Markets (2007 MNB, 2006 BoC); FX Microstructure workshop/summer school, Aix-en-Provence (2007, 2005); International Conference on Macroeconomic Analysis and International Finance, Crete (2005, 2004, 2002); International Economic Association World Congress (2002); Spring Meeting of Young Economists (SMYE) (2002, 2001); LSE/FMG Finance Conference (2003); SIFR Workshop on FX Microstructure (2003); CESifo Venice Summer Institute (2002); the Riksbank Workshop on exchange rate determination (2006)
• Seminars:
  Econometric Institute, Erasmus University Rotterdam (2009); University of Stavanger (2009); University of Tromsø (2009); Cass Business School (2009); Fudan University (2008, 2007); University of Copenhagen (2006); Queen's University Belfast (2005); Stockholm School of Economics (2001, 1999); Norwegian University of Science and Technology (NTNU) (2007, 2006); University of Oslo (2006, 2000, 1999); Norwegian School of Economics and Business Adminstration (NHH) (2001); Norwegian School of Management (BI) (2001, 1999); Statistics Norway (2003, 2001); Norges Bank (2007, 2005, 2004, 2002, 2001); Sveriges Riksbank (2005, 2002, 2001); SIFR (2004, 2003, 2002)
  

Teaching

• Lectures on Financial econometrics. NTNU (2006, 2007,2008, 2009)
• Lectures on FX microstructure. Norges Bank (2005, 2007), Norwegian School of Management (BI) (2001, 2003)
• Mini-course on Behavioral economics. Norwegian Economic Association (2003)
• Finance theory (graduate course). University of Oslo (1999, 2001)
• Undergraduate macroeconomics (level 1). University of Oslo (2000), Norwegian School of Management (BI) (1997)
• Undergraduate macroeconomics (level 2). University of Oslo (1998, 1999, 2000, 2001)
• Undergraduate microeconomics, Norwegian School of Management (BI) (1996)
• Environmental economics, Norwegian School of Management (BI) (1994)
  

Visits

• Fudan University. December 2007, September 2008
• Tanaka Business school, November 2007
• Sveriges Riksbank (Central bank of Sweden). April 2004, April 2005
• Swedish Institute for Financial Research (SIFR). November 2003, November 2004
• Institute for International Economic Studies (IIES), Stockholm University. April - June 1997, August - December 1998
• Research department, Norges Bank (Central bank of Norway). September  - December 1997
  

Personal

• Born January 6th 1968.
• Nationality: Norwegian
• Home address: Haråsveien 2L, 0283 Oslo
• Private cell phone: (Int +47) 92 60 06 94
• Work cell phone: (Int +47) 48 40 17 29

Professional service

• Co-organizer of the SIFR Workshop on FOREX Microstructure and International Macroeconomics, April 11-12, 2003.
• Co-organizer/co-founder of the Annual Central Bank Workshop on the Microstructure of Financial Markets.  
• Co-organizer of the workshop on the Recent Developments in the Econometrics of Macroeconomics and Finance
• Co-organizer of the 7th Norges Bank Monetary Policy Conference: On the use of simple rules as guidelines for policy decisions
  
• Referee activity: European Economic Review; Journal of Financial Markets; Journal of International Economics; Journal of Money, Credit and Banking; Journal of the European Economic Association; Journal of Applied Econometrics; Journal of Business and Economic Statistics; Journal of International Money and Finance; Oxford Economic Papers; Journal of Banking and Finance; Journal of Futures Markets; Journal of Empirical Finance; Journal of Economic Surveys; International Journal of Finance and Economics.
  

References

• Professor Steinar Holden, University of Oslo. steinar.holden@econ.uio.no.
• Professor Richard K. Lyons, UC Berkeley. lyons@haas.berkeley.edu.
• Professor Lucio Sarno, Cass Business School. lucio.sarno@city.ac.uk.