Norges Bank Research Paper Series

Norges Bank is Norway's central bank. The Bank shall promote economic stability in Norway. Norges Bank has executive and
advisory responsibilities in the area of monetary policy and is responsible for promoting robust and efficient payment systems and financial markets. Norges Bank manages Norway's foreign exchange reserves and the Government Pension Fund - Global.

Norges Bank Working Papers cover theoretical and empirical research on monetary policy issues, financial markets and asset management. Views and conclusions expressed in working papers are the responsibility of the authors alone and do not necessarily reflect the views of Norges Bank.

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