Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/210229
Authors: 
Karapetyan, Artashes
Year of Publication: 
2011
Series/Report no.: 
Staff Memo No. 13/2011
Publisher: 
Norges Bank, Oslo
Abstract: 
Motivated by alternative explanations of the financial crisis (e.g., Acharya and Richardson, 2010; Taylor, 2007), I study, first, repercussions between house price growth and household credit growth in Norway, and second, I analyse the impact of expansionary monetary policy on measures of bank portfolio risk (the risk-taking channel). Using aggregate quarterly data from 1979Q1 to 2010Q3, I find evidence of two-way causality between house price growth and household credit growth, but I find no evidence for the bank risk-taking channel: low key policy rates do not seem to have induced a higher share of troubled loans nor increased our measure of banks' riskiness.
Subjects: 
house prices
household credit
risk-taking
money and credit
JEL: 
E44
E50
E51
G01
G21
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-626-4
Creative Commons License: 
http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no
Document Type: 
Research Report
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