Blar i Discussion Papers på forfatter "Boug, Pål"

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    • Calculating the real return of the Norwegian Government Pension Fund Global by alternative measures of the deflator 

      Benedictow, Andreas; Boug, Pål (Discussion papers;775, Working paper, 2014-04)
      According to the present guidelines for fiscal policy, the use of oil revenues in the Norwegian economy should over time equal the expected real return on the Government Pension Fund Global (GPFG). An important question ...

    • A conceptual note on the aggregation of international prices using index numbers 

      Benedictow, Andreas; Boug, Pål (Discussion Papers;No. 656, Working paper, 2011)
      Abstract: Aggregation of international prices in empirical work is generally based on well known index number formulas. However, a common practice applying such formulas is the use of price indices rather than price levels ...

    • The empirical modelling of house prices and debt revisited: A policy-oriented perspective 

      Boug, Pål; Hungnes, Håvard; Takamitsu, Kurita (Discussion Paper;No. 967, Working paper, 2021-11)
      The recent boom in house prices in many countries during the Covid-19 pandemic and the possibility of household financial distress are of concern among some central banks. We revisit the empirical modelling of house prices ...

    • Exact and inexact decompositions of international price indices 

      Boug, Pål (Discussion Papers;No. 868, Working paper, 2017-10-09)
      Decompositions of international price indices are usually inexact in the sense that the underlying aggregator formula is not exactly reproduced. In this paper, we compare analytically the exact and inexact decompositions ...

    • Exchange rate pass-through in a Small Open Economy 

      Boug, Pål; Cappelen, Ådne; Eika, Torbjørn (Discussion Papers;No. 429, Working paper, 2005)
      Abstract: Several small open economies switched to inflation targeting during the 1990s, thereby giving up various forms of exchange rate targeting in favour of flexible exchange rates. Norway did the same early in 2001, ...

    • Exchange rate volatility and export performance : a cointegrated VAR approach 

      Boug, Pål; Fagereng, Andreas (Discussion Papers;No. 522, Working paper, 2007)
      Abstract: During the last decades Norwegian exporters have ƒ{ despite various forms of exchange rate targeting ƒ{ faced a rather volatile exchange rate which may have influenced their behaviour. Recently, the shift to ...

    • Expectations in export price formation tests using cointegrated VAR models 

      Boug, Pål; Cappelen, Ådne; Swensen, Anders Rygh (Discussion Papers;No. 283, Working paper, 2000)
      The formation of export prices is an area in which the linear quadratic adjustment cost (LQAC) model under rational expectations may be relevant in practice. This paper evaluates the empirical performance of the LQAC-model ...

    • Financial deregulation and consumer behavior: the Norwegian experience 

      Boug, Pål; Mork, Knut Anton; Tjemsland, Trond (Discussion Papers;No. 156, Working paper, 1995)
      The present paper uses the model by Campbell and Mankiw (1991) to examine the Norwegian consumer behavior and the role of the financial deregulation during the 1980s. For quarterly data on non-durables and services, we ...

    • Fiscal policy, macroeconomic performance and industry structure in a small open economy 

      Boug, Pål; von Brasch, Thomas; Cappelen, Ådne; Hammersland, Roger; Hungnes, Håvard; Kolsrud, Dag; Skretting, Julia; Strøm, Birger; Vigtel, Trond Christian (Discussion Paper;No. 984, Working paper, 2022-07)
      We analyse how fiscal policy affects both the macroeconomy and the industry structure, using a multi-sector macroeconomic model of the Norwegian economy with an inflation targeting monetary policy. Our simulations show ...

    • Modelling OPEC behaviour. Theory and evidence 

      Boug, Pål; Cappelen, Ådne; Swensen, Anders Rygh (Discussion Papers;No. 843, Working paper, 2016-07-01)
      We analyse the behaviour of OPEC as a group for the period 1992 to 2015 by formulating a model that encompasses several of the alternatives discussed in the literature. There is no consensus in the literature on how ...

    • The New Keynesian Phillips curve : does it fit Norwegian data? 

      Boug, Pål; Cappelen, Ådne; Swensen, Anders Rygh (Discussion Papers;No. 652, Working paper, 2011)
      Abstract: We evaluate the empirical performance of the new Keynesian Phillips curve (NKPC) for a small open economy using cointegrated vector autoregressive models, likelihood based methods and general method of moments. ...

    • Norwegian gas sales and the impacts on European CO2 emissions 

      Berg, Elin; Boug, Pål; Kverndokk, Snorre (Discussion Papers;No. 199, Working paper, 1997)
      This paper studies the impacts on Western European CO2 emissions of a reduction in Norwegian gas sales. The impacts are due to changes in energy demand and energy supply, but environmental and political regulations also ...

    • The consumption Euler equation or the Keynesian consumption function? 

      Boug, Pål; Cappelen, Ådne; Jansen, Eilev S.; Swensen, Anders Rygh (Discussion papers;904, Working paper, 2019-04)
      We formulate a general cointegrated vector autoregressive (CVAR) model that nests both a class of consumption Euler equations and various Keynesian type consumption functions. Using likelihoodbased methods and Norwegian ...

    • The importance of the distribution sector for exchange rate pass-through in a small open economy. A large scale macroeconometric modelling approach 

      Boug, Pål; Cappelen, Ådne; Eika, Torbjørn (Discussion papers;731, Working paper, 2013-01)
      The degree of exchange rate pass-through to domestic goods prices has important implications for monetary policy in small open economies with floating exchange rates. Evidence indicates that passthrough is faster to import ...

    • The New Keynesian Phillips Curve for a small open economy 

      Boug, Pål; Cappelen, Ådne; Swensen, Anders Rygh (Discussion Papers;No. 460, Working paper, 2006)
      Abstract: The New Keynesian Phillips Curve (NKPC) has become the benchmark model for understanding inflation in modern monetary economics. One reason for the popularity is the microfoundation of the model, which decomposes ...

    • The New Keynesian Phillips Curve revisited 

      Boug, Pål; Cappelen, Ådne; Swensen, Anders Rygh (Discussion Papers;No. 500, Working paper, 2007)
      Abstract: Recently, several authors have questioned the evidence claimed by Galí and Gertler (1999) and Galí, Gertler and López-Salido (2001) that a hybrid version of the New Keynesian Phillips Curve approximates European ...

    • Trade liberalisation and import price behaviour : the case of textiles and wearing apparels 

      Benedictow, Andreas; Boug, Pål (Discussion Papers;605, Working paper, 2010)
      Previous studies on the relationship between exchange rates and traded goods prices typically find evidence of incomplete pass-through, usually explained by pricing-to-market behaviour. Although economic theory predicts ...