Research

In 2016, Danmarks Nationalbank established a new, independent Research Unit, to support the policy decisions of Danmarks Nationalbank by providing a conceptual framework to assess policy-making challenges, and economic models and tools to analyse the economy. Economists in the Research Unit are expected to produce high-quality research to be published in refereed journals and to participate in the international academic and central banking debate. The Research Unit runs the Danmarks Nationalbank PhD Program, and is part of the Economics and Monetary Policy Department. Economists throughout all core departments at Danmarks Nationalbank conduct research in a wide variety of areas in Macroeconomics and Finance.

The Economists: The Research Unit has been lead until 2022 by Federico Ravenna, who has now taken the role of Chief Policy Adviser. Renato Faccini is acting as the Interim Head of Research since April 2022. A full list of economists currently engaged in research at Danmarks Nationalbank is available here.

The CopenhagenMacro Network: Danmarks Nationalbank hosts the CopenhagenMacro network of economists. The CopenhagenMacro calendar lists research events held at institutions in the Copenhagen area.

Ph.D. Student Program: If you would like to know more or apply, additional information is available here.

Published Download Title
24-05-2022

Working Paper: Wage Effects of Labor Market Tightness

In this Working Paper, I examine to what extent labor shortage leads to higher wages. If the shortage of the occupations demanded by a firm increases, wages will increase, too. The wages increases are, however, relatively modest.

13-01-2022

Working Paper: Job Retention during the Covid-19 Pandemic

This paper examines the labor market effects of the Danish wage compensation scheme for employees during the covid-19 pandemic. The scheme prevented job losses, especially for low-tenured workers, but led to a decline in furloughed workers’ labor income. Labor market mobility was basically unaffected.

20-12-2021

Working Paper: Monetary and Fiscal Policies in Times of Large Debt Unity is Strength

We study the implications of a coordinated fiscal and monetary strategy aiming at creating a controlled rise of inflation to wear away a targeted fraction of debt. Under this strategy, the fiscal authority introduces an emergency budget with no provisions on how it will be balanced, while the monetary authority tolerates a temporary increase in inflation to accommodate the emergency budget.

09-12-2021

Working Paper: House Prices, Increasing Returns, and the Effects of Government Spending Shocks

We report new regional evidence indicating that U.S. house prices increase after positive shocks to fiscal spending. In sharp contrast to this, house prices fall in conventional DSGE models. We construct a model featuring endogenous firm entry and taste for variety, which can generate a positive response of house prices to fiscal spending.

30-11-2021

Working Paper: Firm financing and public support measures during the pandemic

This paper studies Danish firms' debt financing decisions during covid-19 with a focus on the impact of government support measures. Credit growth has been modest during the pandemic. Public liquidity measures such as deferred tax and VAT payments served as a substitute for more traditional debt funding sources.

News from Research

15 February 2021
Dataset: Climate Risk Factors from "Are Climate Change Risks Priced in the U.S. Stock Market?", Faccini, Matin and Skiadopoulos. Danmarks Nationalbank Working Paper, February 2021, No. 169.

climate_time_series.xlsx