Engelsk

Firms’ sensitivities to business cycles differ by size and age. The differences are large: “young and small firms” are more cyclical than large firms, whereas “old and small” firms are closer to acyclical. A heterogeneous-firm model with heterogeneous returns to scale can replicate these findings, and implies changes in the potency of different stabilisation policies.

In April 2023, the average interest rate difference was 1.63 percentage points on new loans with fixed and variable interest rates. The figure applies to the homeowners' new loans paid out in April and is calculated before contributions. This difference was 3.40 percentage points six months ago.

We develop a model with partially unfunded debt to propose a fiscal theory of persistent inflation. After the pandemic, unfunded fiscal shocks sustain the recovery, but also cause a persistent increase in inflation. The model predicts the inflationary effects of the ARPA stimulus out of sample and using real-time data.

On 25 May 2023, Danmarks Nationalbank Governor Signe Krogstrup gave a speech at the Local Banks' annual meeting on the latest economic development and financial stability. In addition, she touched on a number of current topics in the financial sector, including CBDC and climate. (The presentation is in Danish only).

On this page you will finde results from Danmarks Nationalbanks different nowcast models. In the box to the right you can click on the respective models to see the newest results.

Governor Christian Kettel Thomsen gave a speech on 11 May at the Board Leadership Society anniversary conference. The speech focuses on inflation; how we got there, and why we are in a different place than in the 70s. In addition, he touched on monetary policy and globalisation. (The speech is in Danish only).

On 11 May 2023, Governor Signe Krogstrup gave a keynote presentation at Nordea's 11th Annual Nordic AAA Seminar. She gave a status on climate change and financing and discussed the role of the financial sector in the energy transition. Furthermore, she highlighted activities related to climate change and the energy transition in Danmarks Nationalbank.