Norges Bank

Kjell Bjørn Nordal



Tel.: +47 22 31 63 05

Norges Bank 
P.O. Box 1179 Sentrum
0107 Oslo 

Research interests

Corporate finance, asset pricing, risk management, and credit risk

Kjell Bjørn Nordal is a Special Adviser in the Financial Stability Department. Nordal received his PhD at the Norwegian School of Economics and Business Administration (NHH) in 1998. Nordal has been with Norges Bank since 2001.

Education and degrees 

1998   Dr.Oecon., Norwegian School of Economics and Business Administration (NHH)
1989   Høyere Avdelings Eksamen (HAE), Norwegian School of Economics and Business Administration (NHH)
1987   Master of Management (Siviløkonom), Norwegian School of Economics and Business Administration (NHH)


2011-   Senior Adviser and Special Adviser, Financial Stability Department, Norges Bank
2010-2011   Visiting expert, Directorate General Financial Stability, ECB
2005-2010   Senior Adviser, Research department, Norges Bank
2001-2004   Senior Adviser, Financial Stability Wing, Norges Bank
1999-2001 Researcher, Institute for Research in Economics and Business Administration (SNF)
1997-1998   Assistant and associate professor, Stavanger University
1992-1994   Project and Liner manager, Wilhelmsen Lines
1989-1992   Project broker, Norse Partners

Fields of Specialization

  • Primary: Corporate finance, capital budgeting
  • Secondary: Asset Pricing, credit risk



  • "Mean reversion in profitability for non-listed firms", European Financial Management, 2012, Vol 18, 5 November, pp. 929-949, with Randi Næs
  • "A real options approach for evaluating the implementation of a risk-sensitive capital rule in banks", Review of Financial Economics, 2009, pp. 132-141
  • "Investing without credible inter-period regulations: a bargaining approach with application to investments in natural resources", Energy Economics, 2002, pp. 167-182
  • "Country risk, country risk indices and valuation of FDI: a real options approach", Emerging Markets Review, 2001, pp. 197-217
  • "Political risk: valuation and decision making with a focus on oil investments", dissertation submitted for the degree of dr.oecon., NHH, Bergen, 1998


  • "Bankenes tilpasning til reguleringer: en modellbasert analyse", Staff Memo 11/2016, Norges Bank, with Per Atle Aronsen and Lars-Tore Turtveit
  • "Contingent convertible bonds (cocos) issued by European banks", Staff Memo 19/2014, Norges Bank, with Nicolas Stefano
  • "Norwegian banks' adjustment to stricter capital and liquidity regulation", Staff Memo 18/2014, Norges Bank, with Per Atle Aronsen, Monique Erard and Lars-Tore Turtveit
  • "Pensjonsinnretningenes tilpasning til Solvens II", Penger og Kreditt, 2012, Nr 1,  Norges Bank, pp. 22-30
  • "A model for predicting aggregated corporate credit risk", Economic Bulletin, 2010, Vol 81, pp. 20-29, Norges Bank, with Haseeb Syed
  • "Solvensavstand og andre risikoindikatorer for banker", Staff Memo nr. 6 2009, Norges Bank, med Per Atle Aronsen
  • "The IMF's stress testing of the Norwegian financial sector", with J. Hagen, A. Lund, and E. Steffensen, Economic Bulletin, No. 4, 2005, pp. 202-211
  • "Monetary and financial stability in Norway: what can we learn from macroeconomic stress tests?", with S. Evjen, A. Lund, K. Haare Morka, and I. Svendsen, in BIS Papers No. 22 - Investigating the relationship between the financial and real economy, 2005, pp. 409-430
  • Country risk - valuation and risk management, SNF report 54, 1999, Institute for research in economics and business administration

Working papers

  • "Banks' optimal implementation strategies for a risk sensitive regulatory capital rule: a real options and signalling approach".
    Working Paper, ANO 2006/12, Norges Bank
  • "Foreign direct investment and local cooperation: a contingent claims approach".
    Discussion Paper 2000/26, Department of finance and management science, Norwegian School of Economics and Business Administration (NHH)


12th Annual International Conference on Real Options 2008;  Australasian Finance and Banking Conference 2006; Fagkonferanse i bedriftsøkonomiske emner (FIBE) 2007, 2008


  • Boston University, School of Management, 1999-2000
  • Columbia University, Graduate School of Business, 1995-1996


  • Born 1962
Edited 6 December 2017 11:02