Ragnar Nymoen

• Q. Farooq Akram and Ragnar Nymoen, "Model selection for monetary policy analysis-How important is empirical validity?," Oxford Bulletin of Economics and Statistics Vol 1, 2009, 35-68
• Gunnar Bårdsen and Ragnar Nymoen, "Macroeconometric modeling for policy," Palgrave Handbook of Econometrics Vol 2, 2009
• Gunnar Bårdsen and Ragnar Nymoen, "U.S. natural rate dynamics reconsidered," The Methodology and Practice of Econometrics, Oxford University Press, 2009
• Solveig Erlandsen and Ragnar Nymoen, "Consumption and population age structure," Journal of Population Economics 21(3), 2008, 505-520
• Gunnar Bårdsen,Eilev S. Jansen, Øyvind Eitrheim and Ragnar Nymoen, "The Econometrics of Macroeconomic Modelling," Oxford: Oxford University Press 2005. (338 pages)
• Gunnar Bårdsen and Ragnar Nymoen, "Testing steady-state implications for the NAIRU," in Review of Economics and Statistics 85(4), 2003, 1070-1075
• Gunnar Bårdsen, Eilev S. Jansen and Ragnar Nymoen, "Econometric evaluation of the New Keynesian Phillips curve," in Oxford Bulletin of Economics and Statistics 66(suppl 1), 2004, 671-686
• Gunnar Bårdsen, Eilev S. Jansen and Ragnar Nymoen, "Econometric inflation targeting," Econometrics Journal 6, 2003, 429-460
• Gunnar Bårdsen, Paul F. Fisher and Ragnar Nymoen, "Business cycles: Real facts or fallacies?" s. 499-527 in Steinar Strøm (edt.), Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Cambridge University Press, Cambridge, 1998
• Steinar Holden and Ragnar Nymoen, "Measuring structural unemployment: NAWRU estimates in the Nordic countries," in Scandinavian Journal of Economics 104(1), 2002, 87-104

• Nymoen, Ragnar; Pedersen, Kari & Sjåberg, Jon Ivar (2019). Estimation of Effects of Recent Macroprudential Policies in a Sample of Advanced Open Economies. International Journal of Financial Studies (IJFS).  ISSN 2227-7072.  7 . doi: https://doi.org/10.3390/ijfs7020023
• Lund, Diderik & Nymoen, Ragnar (2018). Comparative statics for real options on oil: What stylized facts?. The Engineering Economist.  ISSN 0013-791X.  63(1), s 54- 65 . doi: 10.1080/0013791X.2017.1283001 Show summary

  An important application in the real options literature has been to investments in the oil sector. Two commonly applied "stylized facts" in such applications are tested here. One is that the correlation of the returns on oil and the stock market is positive, the other that it is invariant to changes in oil price volatility. Both are rejected in data for 1993-2008 for crude oil and the S&P 500 stock market index. Based on real options theory, consequences are pointed out. A widespread idea, that higher volatility leads to increased value and postponed investment, is not necessarily valid.

• Bårdsen, Gunnar; Kolsrud, Dag & Nymoen, Ragnar (2017). Forecast Robustness in Macroeconometric Models. Journal of Forecasting.  ISSN 0277-6693.  36(6), s 629- 639 . doi: 10.1002/for.2459 Show summary

  This paper investigates potential invariance of mean forecast errors to structural breaks in the data generating process. From the general forecasting literature, such robustness is expected to be a rare occurrence. With the aid of a stylized macro model we are able to identify some economically relevant cases of robustness and to interpret them economically. We give an interpretation in terms of co-breaking. The analytical results resound well with the forecasting record of a medium-scale econometric model of the Norwegian economy.

• Nymoen, Ragnar (2017). Between Institutions and Global Forces: Norwegian Wage Formation Since Industrialisation. Econometrics.  ISSN 2225-1146.  5(1) . doi: 0.3390/econometrics5010006
• Kolsrud, Dag & Nymoen, Ragnar (2015). Heuristic vs formal dynamics of the wage- and price-curve model of equilibrium unemployment. Journal of economic studies.  ISSN 0144-3585.  42(2), s 186- 206 . doi: 10.1108/JES-05-2013-0074
• Nymoen, Ragnar & Sparrman, Victoria (2015). Equilibrium Unemployment Dynamics in a Panel of OECD Countries. Oxford Bulletin of Economics and Statistics.  ISSN 0305-9049.  77(2), s 164- 190 . doi: 10.1111/obes.12061
• Anundsen, Andre Kallåk; Krogh, Tord S.; Nymoen, Ragnar & Vislie, Jon (2014). Overdeterminacy and endogenous cycles: Trygve haavelmo's business cycle model. Metroeconomica.  ISSN 0026-1386.  65(3), s 460- 486 . doi: 10.1111/meca.12049
• Castle, Jennifer L.; Doornik, Jurgen; Hendry, David F. & Nymoen, Ragnar (2014). Misspecification Testing: Non-Invariance of Expectations Models of Inflation. Econometric Reviews.  ISSN 0747-4938.  33(5-6), s 553- 574 . doi: 10.1080/07474938.2013.825137
• Kolsrud, Dag & Nymoen, Ragnar (2014). Macroeconomic Stability or Cycles? The Role of the Wage Price Spiral. Australian Economic Papers.  ISSN 0004-900X.  53(1-2), s 41- 68 . doi: 10.1111/1467-8454.12020
• Kornstad, Tom; Nymoen, Ragnar & Skjerpen, Terje (2013). Macroeconomic shocks and the probability of being employed. Economic Modelling.  ISSN 0264-9993.  33, s 572- 587 . doi: 10.1016/j.econmod.2013.04.022
• Bårdsen, Gunnar; den Reijer, Ard; Jonasson, Patrik & Nymoen, Ragnar (2012). MOSES: Model for studying the economy of Sweden. Economic Modelling.  ISSN 0264-9993.  29(6), s 2566- 2582 . doi: 10.1016/j.econmod.2012.08.007 Show summary

  MOSES is an aggregate econometric model for Sweden, estimated on quarterly data, and intended for policy simulations and short-term forecasting. After a presentation of qualitative model properties, the econometric methodology is summarized. The model properties, within sample simulations, and forecast evaluations are presented. We also address methodology and practical issues relating to building and maintaining a macro model of this type.

• Nymoen, Ragnar; Swensen, Anders Rygh & Tveter, Eivind (2012). Interpreting the evidence for New Keynesian models of inflation dynamics. Journal of macroeconomics.  ISSN 0164-0704.  34(2), s 253- 263 . doi: 10.1016/j.jmacro.2012.01.008
• Vislie, Jon; Anundsen, Andre Kallåk; Krogh, Tord Sigurd Holmsen & Nymoen, Ragnar (2012). The Macroeconomics of Trygve Haavelmo. Nordic Journal of Political Economy.  ISSN 0805-7508.  37, s 1- 26
• Anundsen, Andre Kallåk; Krogh, Tord Sigurd Holmsen; Nymoen, Ragnar & Vislie, Jon (2011). Haavelmos makromodeller: Endogene konjunkturer og inflasjonsteori. Samfunnsøkonomen.  ISSN 1890-5250.  125(9), s 32- 43
• Anundsen, Andre Kallåk; Krogh, Tord Sigurd Holmsen; Nymoen, Ragnar & Vislie, Jon (2011). Overdeterminacy and endogenous cycles: Trygve Haavelmo’s business cycle model and its implications for monetary policy. Memorandum from Department of Economics, University of Oslo.  ISSN 0809-8786.  (3)
• Falch, Nina Skrove & Nymoen, Ragnar (2011). The Accuracy of a Forecast Targeting Central Bank. Economics.  ISSN 1864-6042.  5(15), s 1- 36 . doi: 10.5018/economics-ejournal.ja.2011-15 Show summary

  This paper evaluates inflation forecasts made by Norges Bank which is a successful forecast targeting central bank. It is expected that Norges Bank produces inflation forecasts that are on average better than other forecasts, both ’naive’ forecasts, and forecasts from econometric models outside the central bank. We find that the superiority of the bank’s forecast cannot be asserted, when compared with genuine ex-ante real time forecasts from an independent econometric model. The 1-step Monetary Policy Report forecasts are preferable to the 1-step forecasts from the outside model, but for the policy relevant horizons (e.g., 4 quarters ahead), the forecasts from the outsider model are preferred with a wider margin. An explanation in terms of too high speed of adjustment to the inflation target is supported by the evidence. Norges Bank’s forecasts are better than the ‘naive’ forecasts. Norwegian inflation appears to be predictable, despite the reduction in inflation persistence that has taken place over the last two decades.

• Akram, Q. Farooq & Nymoen, Ragnar (2009). Model Selection for Monetary Policy Analysis: How Important is Empirical Validity?. Oxford Bulletin of Economics and Statistics.  ISSN 0305-9049.  71(1), s 35- 68 . doi: 10.1111/j.1468-0084.2008.00516.x
• Bjørnstad, Roger.; Ådne, Cappelen & Nymoen, Ragnar (2009). Inflasjonsforventninger og pengepolitiske regimer. Samfunnsøkonomen.  ISSN 1890-5250.  63(2), s 17- 29
• Bårdsen, Gunnar & Nymoen, Ragnar (2009). Macroeconometric modelling for policy, In  Palgrave Handbook of Econometrics vol. 2.  Palgrave Macmillan.  ISBN 9781403917997.  17.  s 851 - 916
• Bårdsen, Gunnar & Nymoen, Ragnar (2009). U.S. natural rate dynamics reconsidered, In  The Methodology and Practice of Econometrics.  Oxford University Press.  ISBN 9780199237197.  16.  s 386 - 411
• Bårdsen, Gunnar & Nymoen, Ragnar (2009). US Natural Rate Dynamics Reconsidered, In Jennifer L. Castle & Neil Shephard (ed.),  The Methodology and Practice of Econometrics.  Oxford University Press.  ISBN 978-0-19-923719-7.  17.  s 386 - 411
• Nymoen, Ragnar & Bårdsen, Gunnar (2009). Macroeconometric Modeling for Policy, In Terence C. Mills & Kerry Patterson (ed.),  Palgrave Handbook of Econometrics Volume 2: Applied Econometrics.  Palgrave Macmillan.  ISBN 9781403917997.  PART VI.  s 821 - 951
• Erlandsen, Solveig & Nymoen, Ragnar (2008). Consumption and population age structure. Journal of Population Economics.  ISSN 0933-1433.  21(3), s 505- 520 . doi: 10.1007/s00148-006-0088-5
• Nymoen, Ragnar & Bjørnstad, Roger. (2008). The New Keynesian Phillips Curve Tested on OECD Panel Data. Economics.  ISSN 1864-6042.  2(23)
• Nymoen, Ragnar & Tveter, Eivind (2007). Er Norges Banks pengepolitiske modell en god nok modell for norsk økonomi?. Økonomisk forum.  ISSN 1502-6108.  61(5), s 45- 54
• Akram, Qaisar Farooq & Nymoen, Ragnar (2006). Econometric modelling of slack and tight labour markets. Economic Modelling.  ISSN 0264-9993.  23, s 579- 596

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• Nymoen, Ragnar & Bårdsen, Gunnar (2014). Videregående emner i økonometri. Fagbokforlaget.  ISBN 978-82-450-1213-2.  362 s.
• Bårdsen, Gunnar & Nymoen, Ragnar (2011). Innføring i økonometri. Fagbokforlaget.  ISBN 978-82-450-0100-6.  294 s.
• Bårdsen, Gunnar; Eitrheim, Øyvind; Jansen, Eilev S. & Nymoen, Ragnar (2005). The Econometrics of Macroeconomic Modelling. Oxford University Press.  ISBN 0-19-924649-1.  360 s.

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• Nymoen, Ragnar (2018). Kommentar til: Like konkurransevilkår for offentlige og private aktører. Rapport fra arbeidsgruppe, levert Nærings- og fiskeridepartementet 23. januar 2018.
• Bjørnstad, Roger; Gran, Bjørn; Bakkemo Kostøl, Fredrik & Nymoen, Ragnar (2017). Pengepolitikk med sterkt koordinert lønnsdannelse.
• Eggen, Fernanda Winger; Gottschalk, Petter; Nymoen, Ragnar; Ognedal, Tone & Rybalka, Marina (2017). Analyse av former, omfang og utvikling av arbeidskriminalitet.
• Nymoen, Ragnar (2017). Alle veit jo det. Mytespinn om Phillipskurven.. Samfunnsøkonomen.  ISSN 1890-5250.  (5), s 40- 43
• Nymoen, Ragnar (2017). Følgerfagenes rolle i lønnsdannelsen i Norge..
• Nymoen, Ragnar (2017). Long history wage modelling..
• Nymoen, Ragnar (2016). Arbeidslivsregulering og inntektspolitikk i UK, 1900-1979.
• Nymoen, Ragnar (2016). Følgerfagenes rolle i systemet for lønnsdannelse.
• Nymoen, Ragnar (2016). Innledning om konjunkturene og noen mer langsiktige utfordringer.
• Nymoen, Ragnar (2016). Lønnssystemets skyld, ikke frihandel.. Dagens næringsliv.  ISSN 0803-9372.  s 31- 31
• Nymoen, Ragnar (2016). NAM-prognoser januar 2016.
• Nymoen, Ragnar (2016). Norwegian wage formation since independence..
• Nymoen, Ragnar (2016). The Pros and Cons of Model Based Macroeconomic Forecasting.
• Nymoen, Ragnar & Jordfall, Bård (2016). Hva skjer nederst i lønnsfordelingen i privat sektor?.
• Nymoen, Ragnar & Kostøl, Fredrik (2016). Framskrivning av valutakurs i samfunnsøkonomiske analyser.
• Lund, Diderik & Nymoen, Ragnar (2015). Comparative statics for real options on oil: What stylized facts to use?. Show summary

  An important application in the real options literature has been to investments in the oil sector. Two commonly applied “stylized facts” in such applications are tested here. One is that the correlation of the returns on oil and the stock market is positive, the other that it is invariant to changes in oil price volatility. Both are rejected in data for 1993–2008 for crude oil and the S&P 500 stock market index. Based on real options theory, consequences are pointed out. Higher volatility need not imply increased value and postponed investment.

• Nymoen, Ragnar (2015). Did US households Save for a Rainy Day Before the Great Recession?.
• Nymoen, Ragnar (2015). Flere våpen mot dårlige tider?. Dagens næringsliv.  ISSN 0803-9372.  s 30- 30
• Nymoen, Ragnar (2015). Frontfagsmodellen i fortid og framtid.
• Nymoen, Ragnar (2015). Lønn og lønnsfordeling.
• Nymoen, Ragnar (2015). Maktforhold avgjør lønnsveksten. Dagens næringsliv.  ISSN 0803-9372.  s 40- 40
• Nymoen, Ragnar (2015). NAM: Norwegian Aggregate Model; og: Om store prognosefeil.
• Nymoen, Ragnar (2015). Norwegian Wages Since Independence.
• Nymoen, Ragnar (2015). The Norwegian System of Wage Formation. A Macro Perspective.
• Nymoen, Ragnar (2015). Wage system: Have inflation targeting and EU labour immigration changed the system of wage formation in Norway?.
• Lund, Diderik & Nymoen, Ragnar (2014). Comparative statics for real options on oil: What stylized facts to use?.
• Nymoen, Ragnar (2014). Tannløst reallønnsgap. Dagens næringsliv.  ISSN 0803-9372.
• Nymoen, Ragnar & Anundsen, Andre Kallåk (2014). Did US consumers save for a rainy day before the Great Recession?.
• Lund, Diderik & Nymoen, Ragnar (2013). A theoretical and empirical analysis of invariance assumptions in comparative statics for real options on oil.
• Nymoen, Ragnar & Bjørnstad, Roger. (2013). Frontfagmodellens utfordringer. Dagens næringsliv.  ISSN 0803-9372.
• Nymoen, Ragnar & Sparrman, Victoria (2013). Når ledigheten styrer. Dagens næringsliv.  ISSN 0803-9372.  s 34- 34
• Nymoen, Ragnar (2012). Lønnsdannelsen og makrostabilitet.
• Nymoen, Ragnar (2012). Lønnsdannelsessystemet i Norge.
• Nymoen, Ragnar (2012). Makroøkonomiske prognosemodeller: Teori, metode og anvendelse.
• Nymoen, Ragnar (2012). Makroøkonomiske prognoser 2013-2016.
• Nymoen, Ragnar; Bårdsen, Gunnar & Kolsrud, Dag Olaf (2012). Forecast robustness in macroeconometric models.
• Bårdsen, Gunnar; den Reijer, Ard; Jonasson, Patrik & Nymoen, Ragnar (2011). MOSES: Model of Swedish Economic Studies. Show summary

  MOSES is an aggregate econometric model for Sweden, estimated on quarterly data, and intended for short-term forecasting and policy simulations. After a presentation of qualitative model properties, the econometric methodology is summarized. The model properties, within sample simulations, and examples of dynamic simulation (model forecasts) for the period 2009q2-2012q4 are presented. We address practicalissues relating to operational use and maintenance of a macro model of this type. The detailed econometric equations are reported in an appendix.

• Krogh, Tord Sigurd Holmsen; Anundsen, Andre Kallåk; Nymoen, Ragnar & Vislie, Jon (2011). Overdeterminacy and endogenous cycles: Trygve Haavelmo's business cycle model. Presentasjon på forskningsseminar i Statistisk Sentralbyrå.
• Nymoen, Ragnar (2011). Lønnsdanningen i Norge. Hovedtrekk og betydning for måloppnåelse om høy sysselsetting.
• Nymoen, Ragnar (2011). Nobelprisen til Sargent og Sims.
• Nymoen, Ragnar (2011). Svak internasjonal inntektsutvikling: Konsekvenser for norsk økonomi i 2012.
• Nymoen, Ragnar (2011). Svak internasjonal inntektsutvikling: Konsekvenser for norsk økonomi og lønnsdannelse i 2012.
• Nymoen, Ragnar; Bårdsen, Gunnar & Kolsrud, Dag Olaf (2011). Forecast robustness in macroeconomic models.
• Nymoen, Ragnar; Kornstad, Tom & Skjerpen, Terje (2011). Job Probability and Macroeconomic Shocks.
• Nymoen, Ragnar (2010). En oljeprisforklart børs. Finansavisen.  ISSN 0803-9518.
• Nymoen, Ragnar (2010). Makroøkonomiske prognoser.
• Nymoen, Ragnar (2010). Norges Bank tilbake til responsfunksjonen?. Finansavisen.  ISSN 0803-9518.
• Nymoen, Ragnar (2010). Økonomene spår - økonomien rår. Samfunnsøkonomen.  ISSN 1890-5250.  64(3), s 50- 51
• Nymoen, Ragnar; Castle, Jennifer L.; Doornik, Jurgen & Hendry, David F. (2010). Testing the Invariance of Expectations Models of Inflation. Show summary

  The new-Keynesian Phillips curve (NKPC) includes expected future inflation as a major feedforward variable to explain current inflation. Models of this type are regularly estimated by replacing the expected value by the actual future outcome, then using Instrumental Variables or Generalized Method of Moments methods to estimate the parameters. However, the underlying theory does not allow for various forms of non-stationarity in the data–despite the fact that crises, breaks and regimes shifts are relatively common. We investigate the consequences for NKPC estimation of breaks in data processes using the new technique of impulse-indicator saturation, and apply the resulting methods to salient published studies to check their viability.

• Nymoen, Ragnar & Kolsrud, Dag Olaf (2010). Macroeconomic Stability or Cycles? The Role of the Wage-price Spiral. Show summary

  We derive aggregate supply (AS) relationships for an intermediate-run macro model. The wage-price spiral provides the conceptual framework for a synthesis of different contesting theoretical and empirical perspectives on the AS curve: the Phillips curve model (PCM) and the wage-price equilibrium correction model (WPECM). The generalized AS curve is grafted into a small macro model. We analyze stability conditions, steady states, and dynamic solutions, using a combination of algebra and simulations. The specification of the AS curve, as a PCM or a WPECM, is shown to be important for all aspects of the model’s solution, but within each model also the detailed parameterization is of qualitative importance. For example, endogenous cyclical fluctuations are typical for both nominal and real variables, e.g. inflation and unemployment.

• Nymoen, Ragnar (2009). Finanskrisen----så langt. Finansavisen.  ISSN 0803-9518.
• Nymoen, Ragnar (2009). Krisen og likevektsledigheten. Finansavisen.  ISSN 0803-9518.
• Nymoen, Ragnar (2009). Makroøkonomisk teori: Krisen viser (ir)relevansen. Finansavisen.  ISSN 0803-9518.
• Nymoen, Ragnar (2009). Om relevansen av en kvantitetslikning for norsk inflasjon. Finansavisen.  ISSN 0803-9518.
• Skrove Falch, Nina & Nymoen, Ragnar (2009). Samfunnsøkonomenes prognosepris 2009. Samfunnsøkonomen.  ISSN 1890-5250.  (9), s 20- 25
• Bjørnstad, Roger. & Nymoen, Ragnar (2008). Modellvalget er viktig for pengepolitikken. Svar til Holmsen, Nicolaisen og Røisland. Samfunnsøkonomen.  ISSN 1890-5250.  62(1), s 6- 9
• Nymoen, Ragnar (2008). "Et overbestemt system". Finansavisen.  ISSN 0803-9518.
• Nymoen, Ragnar (2008). Midlertidig ute av drift?. Finansavisen.  ISSN 0803-9518.
• Nymoen, Ragnar & Skrove Falch, Nina (2008). Samfunnsøkonomenes prognosepris 2008. Samfunnsøkonomen.  ISSN 1890-5250.  62(8), s 4- 9
• Nymoen, Ragnar (2007). Hva skjer i norsk lønnsdannelse? Et makroperspektiv.
• Nymoen, Ragnar (2007). I dogmenes tid.
• Nymoen, Ragnar (2007). Samfunnsøkonomi og meterologi, modeller og prognoser. Hva kan vi lære av hverandre?.
• Nymoen, Ragnar (2007). ØKONOMI.ECON3410/4410 Introductory Dynamic Macroeconomics.
• Nymoen, Ragnar & Akram, Q. Farooq (2007). Model selection for monetary policy analysis. How important is empirical validity?.
• Nymoen, Ragnar & Bjørnstad, Roger. (2007). Den norske modellen for lønnsdannelse: Enda viktigere etter ny politikk. Økonomisk forum.  ISSN 1502-6108.  61(7), s 4- 13
• Nymoen, Ragnar & Bårdsen, Gunnar (2007). US natural rate dynamics reconsidered.
• Nymoen, Ragnar & Skrove Falch, Nina (2007). Samfunnsøkonomenes prognosepris 2007. Økonomisk forum.  ISSN 1502-6108.  61(7), s 34- 38
• Falch, Nina Skrove & Nymoen, Ragnar (2006). Samfunnsøknomenes Prognosepris 2006. Økonomisk forum.  ISSN 1502-6108.  (8), s 41- 45
• Nymoen, Ragnar & Bårdsen, Gunnar (2006). U.S. natural rate dynamics reconsidered.
• Nymoen, Ragnar & Skorve Falch, Nina (2006). Prognoseprisen 2006.
• Nymoen, Ragnar (2005). Inflasjonen i 2003 og 2004: Har Norges Bank empirisk belegg for sitt syn?. Økonomisk forum.  ISSN 1502-6108.  59(2), s 5- 9

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