Main Employment

Norges Bank (Central Bank of Norway)

                        Research director, Monetary Policy Department: 2006 – present

                        Assistant director, Monetary Policy Department: August 2003 – 2006

                        Senior adviser, Research Department: September 2001 – July 2003

Senior adviser, Economics Department: January 1999 – September 2001

Adviser, International Department: January 1998 – January 1999

Research Fellow, Department of Economics, 1992 – 1998

Institute for Research in Economics and Business Administration (SNF Oslo/Frisch     Center), Research assistant, August 1992 – December 1992

Other Work Experience and visits

Professor II, Economics Department, BI Norwegian Business School, 2014-2015.

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, Norwegian

Publications in international journals

• "Monetary Policy when Export Revenues Drop” (with Drago Bergholt, Tommy Sveen og Ragnar Torvik), Journal of International Money and Finance (forthcoming).
• “When Preferences for a Stable Interest Rate Become Self‐Defeating” (with Ragna Alstadheim). Journal of Money, Credit and Banking, 49 (2-3), 2017, 393-415.
• “Monetary Policy Decisions – Comparing Theory and “Inside” Information from MPC Members” (with Mikael Apel, Carl Andreas Claussen and Petra Lennartsdotter). International Journal of Central Banking 11(4), 47-89.
• “Explaining Monetary Policy when the MPC Members Believe in Different Stories” (with Carl A. Claussen). International Journal of Central Banking 11 (2), 2015, 41-64.
• “The Discursive Dilemma in Monetary Policy” (with Carl Andreas Claussen). Scandinavian Journal of Economics 116, 2014, 702-733.
• “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 Banking 38, 2006, 2247-2251.
• “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.
• “Institutional Arrangements for Monetary Policy 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

• "Collective Economic Decisions and the Discursive Dilemma" (with Carl Andreas Claussen). Norges Bank Working Paper 2005/3.
• "Real-time data for Norway: Challenges for monetary policy" (with Tom Bernhardsen, Øyvind Eitrheim and Anne Sofie Jore). Discussion Paper 2004/26, Deutsche Bundesbank.

Other publications in English

• "A small, calibrated macromodel to support inflation targeting at Norges Bank" (with Tor Anders Husebø, Sharon McCaw and Kjetil Olsen). Staff Memo 2004/3, Norges Bank.
• "Monetary Policy in Real Time: The Role of Simple Rules" (with Kjetil Olsen and Jan F. Qvigstad). BIS Policy Paper no 19, 2003.
• "How does the Exchange Rate React to a Cost-Push Shock?" (with Tommy Sveen). In Eitrheim, Ø. and K. Gulbrandsen (eds) Explaining movements in the Norwegian exchange rate, Norges Bank Occasional Papers No 32, 2004.
• "To what extent can movements in the krone exchange rate be explained by the interest rate differential?" (with Arne Kloster and Raymond Lokshall). In Eitrheim, Ø. and K. Gulbrandsen (eds) Explaining movements in the Norwegian exchange rate, Norges Bank Occasional Papers No 32, 2004.
• "Factors affecting the krone exchange rate" (with Tom Bernhardsen), Economic Bulletin 4, 2000, Norges Bank.
• "Can the price of currency options provide an indication of market perceptions of the uncertainty attached to the krone exchange rate?" (with Espen Frøyland and Øyvind Eitrheim), Economic Bulletin 3, 1999, Norges Bank.

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

•  Monetary Policy when Export Revenues Drop” (with Drago Bergholt, Tommy Sveen og Ragnar Torvik), Journal of International Money and Finance (forthcoming).
• “When Preferences for a Stable Interest Rate Become Self‐Defeating” (with Ragna Alstadheim). Journal of Money, Credit and Banking, 49 (2-3), 2017, 393-415.
• “Monetary Policy Decisions – Comparing Theory and “Inside” Information from MPC Members” (with Mikael Apel, Carl Andreas Claussen and Petra Lennartsdotter). International Journal of Central Banking 11(4), 47-89.
• “Explaining Monetary Policy when the MPC Members Believe in Different Stories” (with Carl A. Claussen). International Journal of Central Banking 11 (2), 2015, 41-64.
• “The Discursive Dilemma in Monetary Policy” (with Carl Andreas Claussen). Scandinavian Journal of Economics 116, 2014, 702-733.
• “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 Banking 38, 2006, 2247-2251.
• “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.
• “Institutional Arrangements for Monetary Policy 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

•   “Monetary Policy when Export Revenues Drop” (with Drago Bergholt, Tommy Sveen og Ragnar Torvik), Norges Bank Working Paper No 11/2022  

Other publications in English

• «Monetary Policy under Inflation Targeting» (with Tommy Sveen). Norges Bank Occasional Papers No 53/2018.

• Review of Flexible Inflation Targeting (ReFIT): end of project report. (Editor). Norges Bank Occational Papers No 51/2017.

• "A small, calibrated macromodel to support inflation targeting at Norges Bank" (with Tor Anders Husebø, Sharon McCaw and Kjetil Olsen). Staff Memo 2004/3, Norges Bank.
• "Monetary Policy in Real Time: The Role of Simple Rules" (with Kjetil Olsen and Jan F. Qvigstad). BIS Policy Paper no 19, 2003.
• "How does the Exchange Rate React to a Cost-Push Shock?" (with Tommy Sveen). In Eitrheim, Ø. and K. Gulbrandsen (eds) Explaining movements in the Norwegian exchange rate, Norges Bank Occasional Papers No 32, 2004.
• "To what extent can movements in the krone exchange rate be explained by the interest rate differential?" (with Arne Kloster and Raymond Lokshall). In Eitrheim, Ø. and K. Gulbrandsen (eds) Explaining movements in the Norwegian exchange rate, Norges Bank Occasional Papers No 32, 2004.
• "Factors affecting the krone exchange rate" (with Tom Bernhardsen), Economic Bulletin 4, 2000, Norges Bank.
• "Can the price of currency options provide an indication of market perceptions of the uncertainty attached to the krone exchange rate?" (with Espen Frøyland and Øyvind Eitrheim), Economic Bulletin 3, 1999, Norges Bank.

Selected publications and blog posts in Norwegian

• "Når kan lønns- prisspiraler oppstå? Om samspillet mellom lønnsdannelsen og pengepolitikken. Samfunnsøkonomen 3/2023.

• «Pengepolitikk og omstilling» (med Drago Bergholt, Tommy Sveen og Ragnar Torvik). Bankplassen Blogg, 22 november, 2022.  

• «Når inflasjonen er svært lav, kan lønnsmoderasjon svekke konkurranseevnen» (med Drago Bergholt). Bankplassen Blogg, 22 oktober 2020.

• "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.