Norges Bank

Magnus Andreas Haare Gulbrandsen

Senior advisor

Contact:

Mobile: +47 98498888
E-mail: magnus.gulbrandsen@norges-bank.no

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

Research interests

Household finance, macroprudential policy, monetary policy

I am a senior advisor in the Financial Stability Department, working in the Unit for Macroprudential Supervision.

My research lies at the intersection of household finance and macroeconomics, using individual-level data to explain macroeconomic trends and fluctuations. I aim to contribute to better policy decisions by uncovering how households both respond to and shape macroeconomic dynamics.

Gulbrandsen, Magnus Andreas Haare & Natvik, Gisle James (2020): "Monetary Policy and Household Debt", in Nordic Economic Policy Review, s. 67- 99. Doi:10.6027/Nord2020-025

Policy/other:

" Høyere inflasjon har bidratt til å redusere husholdningenes gjeldsbelastning " Bankplassen blog, March 2023. (with Nora Jayaseela and Karsten Gerdrup) 

" Does high debt make households more vulnerable? A survey of empirical literature using microdata " Norges Bank Staff memo 3/2023.

" The driving forces behind households' accumulation of consumer debt " Norges Bank Staff memo 8/2024- (with Hiaml Gautam, Ella Getz-Wold, and Plamen Nenov)

Revisiting imputed consumption expenditure during the recent tightening cycle in Norway.” (with Sjur Løne Nilsen and Erlend Njølstad. Staff Memo 13/2025.

Working papers

"Peer Effects and Debt Accumulation " Revise and resubmit Economic Journal. Job Market Paper

"Fisher Dynamics, Monetary Policy, and Household Indebtedness " (with Andreas Fagereng, Martin B. Holm and Gisle J. Natvik). Revise and resubmit Journal of Money, Credit and Banking

What Do 12 Billion Card Transactions Say About House Prices and Consumption?” (with Knut Are Aastveit, Jesper Böjeryd, Ragnar Enger Juelsrud, and Kasper Roszbach. Norges Bank Working Paper 15/2025

Work in progress

"Macro Shocks in a Micro Laboratory: Unified Evidence on Spousal Income Insurance, HouseholdSpending, and Spillovers" (with Andreas Fagereng, Karl Harmenberg and Gisle J. Natvik)

Edited 24 November 2025 15:02