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Non-Linear Dynamics in Output, Real Exchange Rates and Real Money Balances: Norway, 1830-2003

Akram, Q. Farooq; Eitrheim, Øyvind; Sarno, Lucio - 2005

We characterise the behaviour of Norwegian output, the real exchange rate and real money balances over a period of almost two centuries. The empirical analysis is based on a new annual data set that has recently been compiled and covers the period 1830-2003. We apply multivariate linear and...

Persistent link: https://www.econbiz.de/10012143638

Employment Behaviour in Slack and Tight Labour Markets

Akram, Q. Farooq; Nymoen, Ragnar - 2001

Empirical and theoretical studies suggest that employment behaviour varies with the state of the labour market since hiring and firings costs depend on the availability of labour. Extending earlier empirical work on this subject, we test for state dependence in employment adjustment and in the...

Persistent link: https://www.econbiz.de/10012143585

PPP in the Medium Run Despite Oil Shocks: The Case of Norway

Akram, Q. Farooq - 2002

Existing studies generally reject purchasing power parity (PPP) on datasets from countries that have been affected by large real shocks, including Norway. However, we offer strong evidence of PPP between Norway and its trading partners during the post-Bretton Woods period, in which the Norwegian...

Persistent link: https://www.econbiz.de/10012143592

What Horizon for Targeting Inflation?

Akram, Q. Farooq - 2007

We investigate optimal horizons for targeting inflation in response to different shocks and their properties under … alternative preferences of an inflation-targeting central bank. Our analysis is based on a well specified macroeconometric model … inflation and output. Successful inflation targeting in such cases may require a complex interest rate response. The optimal …

Persistent link: https://www.econbiz.de/10012143678

Policy Analysis in Real Time Using IMF's Monetary Model

Akram, Q. Farooq - 2010

We investigate to what extent estimated relationships of the IMF's monetary model and their policy implications are sample dependent. This model constitutes the core of the IMF's financial programming models for developing and emerging economies. We observe that estimates of the model's key...

Persistent link: https://www.econbiz.de/10012143744

Managing Uncertainty Through Robust-Satisficing Monetary Policy

Akram, Q. Farooq; Ben-Haim, Yakov; Eitrheim, Øyvind - 2006

We employ information-gap decision theory to derive a robust monetary policy response to Knightian parameter uncertainty. This approach provides a quantitative answer to the question: For a specified policy, how much can our models and data err or vary, without rendering the outcome of that...

Persistent link: https://www.econbiz.de/10012143662

Model Selection for Monetary Policy Analysis - Importance of Empirical Validity

Akram, Q. Farooq; Nymoen, Ragnar - 2006

econometric models of wage and price inflation in Norway. We find that differences in model specification as well as in parameter …

Persistent link: https://www.econbiz.de/10012143665

The Role of Oil Prices and Monetary Policy in the Norwegian Economy Since the 1980s

Akram, Q. Farooq; Mumtaz, Haroon - 2016

switch from exchange rate to inflation targeting and adoption of a policy rule for the use of petroleum revenues.We find that … the long-run means of CPI and core inflation rates declined significantly until the mid-1990s and have since then remained … close to the inflation target of 2.5% from 2001 onwards. The persistence in especially CPI inflation has fallen during the …

Persistent link: https://www.econbiz.de/10012143879

Oil Wealth and Real Exchange Rates: The FEER for Norway

Akram, Q. Farooq - 2004

It is often argued that Norway's sizeable net foreign assets based on its petroleum wealth imply an appreciation of its real exchange rate to a permanently strong level. We investigate this issue within the framework of the fundamental equilibrium real exchange rate (FEER) approach. It is shown...

Persistent link: https://www.econbiz.de/10012143630