Norges Bank

Saskia Ter Ellen



Tel.: +47 22 31 62 34

Norges Bank
Bankplassen 2
P.O. Box 1179 Sentrum
0107 Oslo


Research interests

Financial Markets, Behavioral Finance, Financial Stability, Monetary Policy, Central Bank Communication

(2021) The macroeconomic effects of forward communication (with Leif Brubakk, Ørjan Robstad and Hong Xu), Journal of International Money and Finance, accepted.

(2021) Central bank communication through interest rate projections (with Leif Brubakk and Hong Xu), Journal of Banking & Finance 124. (working paper version)

(2021) Comparing behavioural heterogeneity across asset classes (with Cars H. Hommes and Remco C.J. Zwinkels), Journal of Economic Behavior & Organization 185, 747-769. (working paper version)

(2020) Narrative monetary policy surprises and the media (with Vegard H. Larsen and Leif Anders Thorsrud), Journal of Money, Credit & Banking, accepted.

(2020) ECB spillovers and domestic monetary policy effectiveness in small open economies (with Edvard Jansen and Nina Larsson Midthjell), European Economic Review 121.

(2019) Agreeing on disagreement: heterogeneity or uncertainty? (with Willem F.C. Verschoor and Remco C.J. Zwinkels), Journal of Financial Markets 44, pp. 17-30.

(2018) Heterogeneous beliefs and asset price dynamics: a survey of recent evidence (with Willem F.C. Verschoor), in: Uncertainty, Expectations and Asset Price Dynamics: Essays in the Honor of Georges Prat, edited by Fredj Jawadi, Springer.

(2015) Fear or Fundamentals? Heterogeneous Beliefs in the European sovereign CDS Market (with Carl Chiarella, Xue-Zhong He and Eliza Wu), Journal of Empirical Finance 32, pp. 19-34. 

(2013) Dynamic Expectation Formation in the Foreign Exchange Market (with Willem F.C. Verschoor and Remco C.J. Zwinkels), Journal of International Money and Finance 37, pp. 75-97.

(2010) Oil Price Dynamics: a Behavioral Finance Approach with Heterogeneous Agents (with Remco C.J. Zwinkels), Energy Economics 32, pp. 1427-1434.

Quantile combination of density forecasts: an application to US GDP forecasts (with Knut Are Aastveit and Giulia Mantoan).


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Policy publications

(2021) Bond market fire sales and turbulence in the Norwegian FX market in March 2020, with Ragna Alstadheim, Kjell Bjørn Nordal, Olav Syrstad, and May-Iren W. Wassås, Norges Bank Staff Memo.

(2016) Nonlinearities in the relationship between oil price changes and movements in the Norwegian krone, Norges Bank Staff Memo.

(2016) Oil price shocks and the Norwegian effective exchange rate – an SVAR approach, with Kjetil Martinsen, Norges Bank Staff Memo.

Conference organization

Research in Behavioural Finance Conference (2014, 2016, 2018)

Workshop on Financial Determinants of Foreign Exchange Rates (2017, joint with Bank of Italy and ECB)

Edited 3 December 2021 15:05