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The study uses state space methods to evaluate a large dynamic factor model for the Norwegian economy used to obtain forecasts for 22 key variables that can be derived from the original by aggregation. Results reveal an overall gain in using the dynamic factor model, although the gain is significant in only some of the key variables.

In order to obtain early signals about developments in the Norwegian economy, Norges Bank has established a regional network of around 1 500 enterprises and other organisations around the country. Information from the regional network is an important factor in decision-making by Norges Bank's Executive Board in its conduct of monetary policy. This article reveals how information from the regional network correlates with other official statistics, and presents some of the strengths and weaknesses of the network's data series relative to other statistics. The variable set examined is relatively broad, and this overview will be a useful reference for those following the results from the regional network. The article shows that the regional network provides reliable information about economic developments, and that it captured the autumn 2008 economic downturn at an early stage. It also shows that the regional network provides information which is not otherwise available., 1. Introduction Norges Bank established its regional network in 2002. Regular interviews with contacts in Norwegian industry are used to obtain information about enterprises' view of the current situation and [...]

Introduction Henrik Wergeland was born 200 years ago. He worked in the vicinity of the central bank in periods. His plays were performed at the Christiania Theatre, which was located [...]

The information technology (IT) industry in Norway has been an important component in the nation's economy, however, it has never been successful internationally. Rising costs and domestic sales opportunities have prevented IT companies from attaining global success. The trends within the Norwegian IT industry, which involved bankrupts and turmoil, are analyzed.

At the end of June 2007, Norges Bank's Printing Works was shut down and banknote production in Norway came to an end. The decision to discontinue operations was made by [...]

Effectiveness of labor market programmes such as training workshops, in improving employment in Norway, is examined.

In the 1960s, Norway lagged behind its Scandinavian neighbors in the aggregate value of economic production per capita, as it had for decades. By the 1990s, Norway had caught up with and forged ahead of Denmark and Sweden. When and why did Norway catch up? The discovery and extraction of oil in the early 1970s is usually suggested as the explanation. But oil alone cannot explain Norway's growth, since Sachs and Warner (2001) show that resource gifts often reverse growth, making oil a curse, not a blessing. Moreover, there is the possibility of contracting the Dutch Disease, which involves a rapid and substantial contraction of the traded goods sector. This article explains how deliberate macroeconomic policy, the arrangement of political and economic institutions, a strong judicial system, and social norms contributed to let Norway escape the Resource Curse and the Dutch Disease for more than two decades. Intriguingly, it appears that Norway in the late 1990s may show some symptoms: Norway has experienced reversed relative growth compared to Denmark and Sweden and a contraction of industrial activity. This article explores the political economy behind this recent slowdown.

In 2005, the rise in consumer prices adjusted for taxes and excluding energy products (CPI-ATE) was noticeably lower than projected in 2004. The deviation between the projections and actual developments [...]

Household debt in Norway has increased substantially since the 1980s. This article uses microdata to describe developments in household debt, income and financial assets from 1986 to 2003. Our findings [...]

The regional network was primarily established to provide up-to-date information about the economic situation and the outlook ahead through direct contact with enterprises. Regular communication with local contacts in Norway's [...]

Address by Governor Svein Gjedrem at the meeting of the Supervisory Council of Norges Bank on Thursday, 17 February 2005 Introduction This year, Norway is commemorating the centenary of the [...]

Financial institution balance sheets 1. Norges Bank. Balance sheet 2. Norges Bank. Specification of international reserves 3. State lending institutions. Balance sheet 4. Banks. Balance sheet 5. Banks. Loans and [...]

The link from growth in export to growth in productivity is analyzed using aggregate Norwegian quarterly time series data from 1968 to 1992 by applying techniques of multivariate cointegration, a statistical congruent vector autoregression (VAR) model. The results revealed that the labor productivity can be regarded as 'super exogenous' with respect to the parameters in a simulaneous system of export price and export volume.

Norway's economic situation is very favourable in an international comparison. Its living standard was the highest in the OECD in 1998 after the United States and Luxembourg, with income per [...]

After a short growth pause, the Norwegian economy has rebounded owing to a pick-up in exports and domestic demand. Mainland GDP is estimated to have increased by 2 1/4 per [...]

Issues examined concern the role of pluriactivity, the acquisition of income from multiple economic activities, in rural Norway. Topics discussed include the integration of rural and urban labor markets, employment trends in agriculture, and how pluriactivity effects different sectors of economic production.

Assumed causes of recession are analysed, and the avoidance of bubbles in asset prices and identification of important policy objectives are recommended for recession avoidance.

Norway experienced a dramatic change in its pay distribution and wage system from 1987 to 1991 as the country's labor demand shifted to towards high skilled laborers. From 1987 to 1991, Norway's pay distribution became more concentrated at the bottom as the country's labor market prices became unstable. The overall employment of less educated workers declined despite a recorded increase in public sector employment.

Byline: Einar Bowitz (1), Taran FA|hn (1), Leo A. Grunfeld (1), Knut Moum (1) Keywords: economic integration; EU participation; macroeconometric modelling Abstract: We employ a large scale macroeconometric model to study adjustment problems and long term welfare effects of a Norwegian EU-membership. Accession costs depend significantly on the country's level of GDP, the size of its agricultural sector and tariff and VAT revenues as these elements determine the net membership contribution. Without the transfers, integrating the economy into EU generates a small welfare gain. This result is strongly affected by a long period with under-utilisation of resources. With the net contribution included, we identify a welfare loss. This is especially so if fiscal policy is changed to maintain the public sector budgetary balance. Author Affiliation: (1) Research Department, Statistics Norway, P.O. Box 8131 Dep., N-0033, Oslo, Norway Article History: Registration Date: 29/09/2004

I. INTRODUCTION The findings of Feldstein and Horioka [19c,0] have led to numerous theoretical and empirical papers on the close correlation between domestic saving and domestic investment and its supposed [...]

The response of local governments to demands on their services is investigated. A voter group decision model is used in studying the allocation of local public consumption for six services among different age groups subjected to a budget constraint. The model is applied to an AIDS demand system in Norway. Age groups in decline were found to benefit in terms of spending per head.

The impact of government debt policy on future welfare programs of a small open economy is investigated. The case of Norway is taken as an example by using its declining petroleum wealth to represent increasing public debt. An overlapping-generations model is simulated to determine the impact of a wealth consumption policy on the intergenerational distribution of welfare. The results reveal the negative and long-term effects of such a policy on the welfare of present and future generations.

A stronger and broader recovery The recovery of mainland activity, which started in 1992, gathered momentum during the second half of 1993 and in 1994. Mainland economic growth indeed accelerated [...]

New business venture development is one of the most important features of economic performance. Many specific economic and cultural factors that facilitate entrepreneurship have previously been researched and analysed in [...]

INTRODUCTION Global action is called for to cope with the problem of greenhouse gases. In terms of economic efficiency, a global tax on greenhouse gases, or a transferable quota system [...]

The manuscript by Baruch Brody and Reider Lie presents a distorted image of cost comparisons and social accounts. They presuppose a static view of health systems. While there is methodological uncertainty in international comparisons, such uncertainty should not be used to justify a failure to act.