Arbeitspapier
Financial Imbalances, Crisis Probability and Monetary Policy in Norway
We assess the strength of the impact of a monetary policy shock on financial crisis probability in Norway. Policy effects go via the interest rate impact on credit, house prices and banks' wholesale funding. We find that the impact of a monetary policy shock on crisis probability is about 10 times larger than what previous studies suggest. The large impact is mostly due to a fall in property prices and banks' wholesale funding in response to a contractionary monetary policy shock. In contrast, and in line with existing literature, there is a more limited contribution to reduced crisis probability from the impact of monetary policy on credit.
- ISBN
-
978-82-8379-005-4
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 21/2017
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Financial Markets and the Macroeconomy
Monetary Policy
- Thema
-
structural VAR
financial imbalances
financial crisis
monetary policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Alstadheim, Ragna
Robstad, Ørjan
Vonen, Nikka Husom
- Ereignis
-
Veröffentlichung
- (wer)
-
Norges Bank
- (wo)
-
Oslo
- (wann)
-
2017
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Alstadheim, Ragna
- Robstad, Ørjan
- Vonen, Nikka Husom
- Norges Bank
Entstanden
- 2017
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