Norges Bank

External publishing in academic journals

Research economists at Norges Bank regularly publish articles in books or academic journals. The articles are subjected to rigorous quality control by referees before publication.

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Forthcoming articles

Aastveit, K. A., Bjørnland, H.C, and Cross, J., "Inflation Expectations and the Pass-Through of Oil Prices". Review of Economics and Statistics

Aastveit, K. A., and Anundsen, A. K., "Asymmetric effects of monetary policy in regional housing markets". American Economic Journal: Macroeconomics

Aastveit, K. A., Cross, J., and van Dijk, H., " Quantifying time-varying forecast uncertainty and risk for the real price of oil". Journal of Business & Economic Statistics

Aastveit, K. A., Albuquerque, B., and Anundsen, A. K.," Changing supply elasticities and regional housing booms". Journal of Money, Credit and Banking

Aastveit, K. A., Furlanetto, F. and Loria, F., "Has the Fed responded to stock prices and house prices? A time-varying analysis". Review of Economics and Statistics

Arbatli-Saxegaard, E. and Juelsrud, R., "Countercyclical Capital Requirements, State Dependence and Macroeconomic Outcomes". International Journal of Central Banking

Bonstandzic, D., Irreserber, F. , Juelsrud, R. and Weiss, G., "Do Higher Capital Requirements Make Banks Safer? Evidence from a Quasi-Natural Experiment". Journal of Financial and Quantitative Analysis

Helland, L., Iachan, F., Juelsrud, R. and Nenov, P., "Information Quality and Regime Change: Evidence from the Lab". Journal of Economic Behavior and Organization

Furlanetto, F., Sveen, T. and L. Weinke, "Technology and the Two Margins of Labor Adjustment: A New Keynesian Perspective", forthcoming, Berkley Electronic Journal of Macroeconomics.

Furlanetto, F., Ravazzolo, F. and Sarferaz, S., "Identification of financial factors in economic fluctuations", Economic Journal, forthcoming.

Cao, J., Cui, C., Dinger, V., Holm, M., and Kang, S. "Identifying the depreciation rate of durables from marginal spending responses", Journal of Money, Credit and Banking.



Lyu, Y., Zhang, X., Cao, J., Liu, J., and Yang, M. "Quantitative easing and the spillover effects from the crude oil market to other financial markets: Evidence from QE1 to QE3", Journal of International Money and Finance, 140, February 2024, 102989.


Cao, J., Dinger, V., Gómez, T., Gric, Z., Hodula, M., Jara, A., Juelsrud, R., Liaudinskas, K., Malovaná, S., and Terajima, Y. "Monetary policy spillover to small open economies: Is the transmission different under low interest rates?" Journal of Financial Stability, 65, April 2023, 101116.

Yu, H., Cao, J. and Kang, S., "Fertility cost, grandparental childcare, and female employment" (with Shulong Kang and Haiyue Yu), Empirical Economics, 64(3), March 2023, 1067-1104.

Furlanetto, F., Hagelund, K., Hansen, F., and Robstad Ø., "Norges Bank Output Gap Estimates: Cyclical Sensitivity, Reliability and Forecasting Properties" Oxford Bulletin of Economics and Statistics, 85, 238-267.


Cao, J. and Dinger, V. "Financial globalization and bank lending: The limit of monetary policy", Journal of Financial and Quantitative Analysis, 57(8), December 2022, 3223-3251.

Lyu, Y., Yi, H., Cao, J. and Yang, M. "Monetary policy and the dynamics of commodity prices: Evidence from China", Pacific-Basin Finance Journal, 75, October 2022, 101836.

Ellen, S. ter, Larsen, V.H., and Thorsrud, L.A., "Narrative monetary policy surprises and the media", Journal of Money, Credit and Banking, 54(5), August 2022, 1525-1549.

Larsen, V.H., and Thorsrud, L.A., "Asset returns, news topics, and media effects", Scandinavian Journal of Economics, 124(3), July 2022, 838-868.

Cao, J., The Economics of Banking. Routledge, UK.

Cao, J. and Illing, G. "Money in the equilibrium of banking", Journal of Money, Credit and Banking, 54(1), February 2022, 119-144.

Cao, J. and Juelsrud, R. E. "Opacity and risk-taking: Evidence from Norway", Journal of Banking and Finance, 134, January 2022.

Ellingsen J., Larsen. V. H., and Thorsrud L. A., "News media vs. FRED-MD for macroeconomic forecasting", Journal of Applied Econometrics, vol. 37, pp. 63-81.

Bergholt, D., Furlanetto F. and Maffei Faccioli, N., "The Labor Share Decline: New Empirical Evidence". American Economic Journal: Macroeconomics 14, 163-198.


Gelain, P., Furlanetto, F. and Taheri-Sanjani, M., "Output Gap, Monetary Policy Trade-Offs and Financial Frictions", Review of Economic Dynamics, vol. 41, 52-70

Maffei Faccioli, N. and Vella, E., "Does Immigration Grow the Pie? Asymmetric Evidence from Germany", European Economic Review, vol. 138

Alpanda, S., Granziera, E. and Zubairy, S., "State Dependence of Monetary Policy Across Business, Credit and Interest Rate Cycles", European Economic Review, vol. 140

Ellen, S. ter, Hommes, C.H., and Zwinkels, R.C.J., "Comparing behavioural heterogeneity across asset classes", Journal of Economic Behavior & Organization 185, 747-769.

Brubakk, L., Ellen, S. ter, and Xu, H., "Central bank communication through interest rate ptojections", Journal of Banking & Finance 124.

Larsen, V.H.Thorsrud, L.A. and Zhulanova, J.  "News‐driven inflation expectations and information rigidities", Journal of Monetary Economics 117, 507-520.

Cao, J., Dinger, V., Grodecka-Messi, A., Juelsrud, R., and Zhang, X. "The interaction between macroprudential and monetary policies: The cases of Norway and Sweden", Review of International Economics, 29(1), February 2021, 87-116.

Bussière, M., Cao, J., de Haan, J., Hills, R., Lloyd, S., Meunier, B., Pedrono, J., Reinhardt, D., Sinha, S., Sowerbutts, R., and Styrin, K. "The interaction between macroprudential policy and monetary policy: Overview", Review of International Economics, 29(1), February 2021, 1-19.

Larsen V.H. "Components of uncertainty", International Economic Review, 62(2), 769-788

Galaasen, S.M. "Pension reform disabled" The Scandinavian Journal of Economics, 123(4), 1227-1260

Galaasen, S.M., and A. Irarrazabal, "R&D Heterogeneity and the Impact of R&D Subsidies", The Economic Journal, 131(640), 3338-3364.


McAlinn, K., K.A. Aastveit, J. Nakajima and M. West, "Multivariate Bayesian Predictive Synthesis in Macroeconomic Forecasting", Journal of the American Statistical Association 115:531, 1092-1110, 2020.

Becker, B., Bos, M. and Roszbach, K., "Bad Times, Good Credit". Journal of Money, Credit and Banking, vol. 52(S1)

Cerqueiro, G. and Roszbach, K., "Collateral damaged? Priority structure, credit supply, and firm performance". Journal of Financial Intermediation, vol. 44

Juelsrud, R. and P. Nenov, "Dividend Payouts and Rollover Crises". Review of Financial Studies 33(9)

Juelsrud, R. and Getz Wold, E., "Risk Weighted Capital Requirements and Portfolio Rebalancing". Journal of Financial Intermediation 41

Ellen, S. ter, E. Jansen, and N. L. Midthjell: "ECB spillovers and domestic monetary policy effectiveness in small open economies", European Economic Review 121.

Furlanetto, F., Sveen, T. and L. Weinke, "Technology and the Two Margins of Labor Adjustment: A New Keynesian Perspective", The B.E. Journal of Macroeconomics 20, 20160168, 2020.

Q. Farooq Akram, "Oil Price Drivers, Geopolitical Uncertainty and Oil Exporters’ Currencies”, Energy Economics 89, 1-13, 2020.

Zhang, C. and J. Cao, "How Fair Is Patent Litigation in China? -- Evidence from the Beijing Courts", China Quarterly 241, 247-261, 2020.

Bjørnland, H.C., Thorsrud, L.A. and S.K.  Zahiri, "Do central banks respond timely to developments in the global economy?" Oxford Bulletin of Economics and Statistics, 82(2) 285 - 310.


Aastveit, K.A., A.K. Anundsen, and E. Herstad. "Residential investment and recession predictability", International Journal of Forecasting 35(4), 1790-1799, 2019.

Ellen, S. ter, W.F.C. Verschoor and R.C.J. Zwinkels, "Agreeing on disagreement: heterogeneity or uncertainty?", Journal of Financial Markets, 44(1), 17-30, 2019.

Cao, J. and G. Illing, Money: Theory and Practice. Springer, 2019.

Furlanetto, F., Ravazzolo, F., and S. Sarferaz, "Identification of financial factors in economic fluctuations", Economic Journal 129, 311-337, 2019. 

Furlanetto, F. and Ø. Robstad, "Immigration and the Macroeconomy: Some New Empirical Evidence",  Review of Economic Dynamics 34, 1-19, 2019.

Q. Farooq Akram, Mats Bay Fevolden and Lyndsie Smith, "Identification of Interbank Loans and Interest Rates from Interbank Payments: A Reliability Assessment", Journal of Financial Market Infrastructures 8, 1-19, 2019.

Q. Farooq Akram and H. Mumtaz, "Time-Varying Dynamics of the Norwegian Economy”, Scandinavian Journal of Economics 121, 407-434, 2019.

Larsen, V.H. and Thorsrud, L.A.  "The value of news for economic developments", Journal of Econometrics 210(1): 203 – 218.

Bergholt, D., V. H. Larsen and M. Seneca, "Business cycles in an oil economy", Journal of International Money and Finance, 96, 283 - 303.

Bjørnland, H.C., Thorsrud, L.A. and R. Torvik, "Dutch Disease Dynamics Reconsidered", European Economic Review, 119, 411 - 433.

Bjørnland H. C. and L. A. Thorsrud, "Commodity prices and fiscal policy design: Procyclical despite a rule", Journal of Applied Econometrics, 34(2), 161 - 180.

Anundsen, A. K., "Detecting imbalances in house prices: What goes up must come down?", Scandinavian Journal of Economics, 121(4), 1587 - 1619.

Edited 8 January 2024 08:50

Research publications

Edited 8 January 2024 08:50