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

Forward guidance through interest rate projections: impact versus intentions (with Leif Brubakk and Hong Xu).

The macroeconomic effects of forward communication (with Leif Brubakk, Ørjan Robstad and Hong Xu).

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

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

(2020) Comparing behavioural heterogeneity across asset classes (with Cars H. Hommes and Remco C.J. Zwinkels), Journal of Economic Behavior & Organization, forthcoming.

(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.

Edited 16 October 2020 10:45