Working Papers

No. 59 (9.86 MB)
Households' position in the financial crisis in Iceland
by Thorvardur Tjörvi Ólafsson and Karen Áslaug Vignisdóttir
June 2012

No. 58 (850 KB)
Mandatory pension savings, private savings, homeownership, and financial stability
by Ásgeir Danielsson
May 2012

No. 57 (521 KB)
A Variance Decomposition of Index-Linked Bond Returns
by Francis Breedon
January 2012

No. 56 (280 KB)
Unemployment Dynamics and Cyclical Fluctuations in the Icelandic Labour Market
by Jósef Sigurdsson
December 2011

No. 55 (788 KB)
Evidence of Nominal Wage Rigidity and Wage Setting from Icelandic Microdata
by Josef Sigurdsson and Rannveig Sigurdardottir
August 2011

No. 54 (1 MB)
Price setting in turbulent times: Survey evidence from Icelandic firms
by Thorvardur Tjörvi Ólafsson, Ásgerdur Pétursdóttir and Karen Á. Vignisdóttir
July 2011

No. 53 (588 KB)
Exchange rate policy in small rich economies
by Francis Breedon, Thórarinn G. Pétursson and Andrew K. Rose
June 2011

No. 52 (610 KB)
Longevity, Growth and Intergenerational Equity - The Deterministic Case
by Torben M. Andersen and Marias H. Gestsson
October 2010 

No. 51 (701 KB)
Weathering the financial storm: The importance of fundamentals and flexibility
by Thorvardur Tjörvi Ólafsson and Thórarinn G. Pétursson
October 2010

No. 50 (527 KB)
A DSGE model for Iceland
by Martin Seneca
September 2010

No. 49 (552 KB)
Investment-specific technology shocks and consumption
by Fransesco Furlanetto and Martin Seneca
July 2010

No. 48 (586 KB)
New Perspectives on Depreciation Shocks as a Source of Business Cycle Fluctuations
by Fransesco Furlanetto and Martin Seneca
July 2010

No. 47 (205 KB)
A double-edged sword: High interest rates in capital-control regimes
by Gylfi Zoega
November 2009

No. 46 (220 KB)
Employment and Asset Prices
by Gylfi Zoega
November 2009

No. 45 (130 KB)
Survey Evidence on Customer Markets
by Ali Choudhary, Thorlakur Karlsson and Gylfi Zoega
November 2009

No. 44 (581 KB)
QMM: A steady state version
by Ásgeir Daníelsson
November 2009

No. 43 (360 KB)
Does inflation targeting lead to excessive exchange rate volatility?
by Thórarinn G. Pétursson
October 2009

No. 42 (311 KB)
Inflation control around the world: Why are some countries more successful than others?
by Thórarinn G. Pétursson
July 2009

No. 41 (1005 KB)
QMM  A Quarterly Macroeconomic Model of the Icelandic Economy
by Ásgeir Daníelsson, Magnús F. Guðmundsson, Svava J. Haraldsdóttir
Thorvardur T. Ólafsson, Ásgerður Ó. Pétursdóttir, Thórarinn G. Pétursson and
Rósa Sveinsdóttir
February 2009

No. 40 (287 KB)
How hard can it be? Inflation control around the world
by Thórarinn G. Pétursson
August 2008

No. 39 (126  KB)
Accuracy in forecasting macroeconomic variables in Iceland
by Ásgeir Daníelsson
May 2008

No. 38 (203  KB)
The great moderation Icelandic style
by Ásgeir Daníelsson
May 2008

No. 37 (721  KB)
Asymmetric Labor Market Institutions in the EMU: positive and normative implications
By Mirko Abbritti and Andreas Mueller
December 2007

No. 36 (211  KB)
Forecasting the Icelandic business cycle using vector autoregressive models
By Bruno Eklund
September 2007

No. 35 (487 KB)
Computational Efficiency in Bayesian Model and Variable Selection
by Jana Eklund, Sune Karlsson
May 2007

No. 34 (265 KB)
An Embarrassment of Riches:  Forecasting Using Large Panels
by Jana Eklund, Sune Karlsson
May 2007

No. 33 (265 KB)
Predicting recessions with leading indicators: An application on the Icelandic economy
by Bruno Eklund
January 2007

No. 32 (932 KB)
QMM. A Quarterly Macroeconomic Model of the Icelandic Economy
by Ásgeir Daníelsson, Lúðvík Elíasson, Magnús F. Guðmundsson, Björn A. Hauksson, Ragnhildur Jónsdóttir, Thorvardur Tjörvi Ólafsson and Thórarinn G. Pétursson
December 2006

No. 31 (557 KB)
The New Keynesian Phillips Curve: In Search of Improvements and Adaptation to the Open Economy
by Thorvardur Tjörvi Ólafsson
September 2006

No. 30 (265 KB)
Simple efficient policy rules and inflation control in Iceland
by Bent Hunt
August 2006

No. 29 (236 KB)
The residential housing market in Iceland: Analysing the effects of the recent mortgage market restructuring
by Lúdvík Elíasson and Thórarinn G. Pétursson
February 2006

No. 28 (300 KB)
The dynamic behavior of the real exchange rate in sticky price models
by Jón Steinsson
November 2005

No. 27 (176 KB)
Aggregate business fixed investment
by Björn A. Hauksson
September 2005

No. 26 (233 KB)
Out in the cold? Iceland's trade performance outside the EU
by Francis Breedon and Thórarinn G. Pétursson
December 2004

No. 25 (174 KB)
Resource Policy in an Endogenously Growing Economy
By Lúdvík Elíasson
September 2004

No. 24 (414 KB)
Global Shocks and Unemployment Adjustment
By Ron Smith and Gylfi Zoega
June 2004

No. 23 (264 KB)  
The effects of inflation targeting on macroeconomic performance
By Thórarinn G. Pétursson
June 2004

No. 22 (408 KB)
Sluggish exit and entry of labour and capital, stability
and effects of taxes and subsidies in models of fisheries

By Asgeir Danielsson
January 2004

No. 21 (338 KB)
Bank Intermediation and Persistent Liquidity Effects
in the Presence of a Frictionless Bond Market

By Tor Einarsson and Milton H. Marquis
December 2003

No. 20 (741 KB)
Renewable resources in an endogenously growing economy:
Balanced growth and transitional dynamics

By Lúdvík Elíasson and Stephen J. Turnovsky
November 2002

No. 19 (870 KB)
Regional business cycles and the natural rate of unemployment
By Howard J. Wall and Gylfi Zoëga
November 2002

No. 18 (371 KB)
Small open economy model with domestic resource shocks:
Monetary union vs. floating exchange rate

By Tór Einarsson
November 2002

No. 17 (2.223 KB)
Inflation and unemployment in Iceland in the light of natural-rate theory
By Gylfi Zoëga
March 2002

No. 16 (538 KB)
Wage and price formation in a small open economy: Evidence from Iceland
By Thórarinn G. Pétursson
March 2002

No. 15 (759 KB)
Monetary and exchange rate policy in small open economies: the case of Iceland
By Joseph E. Stiglitz
November 2001

No. 14 (812 KB)
The transmission mechanism of monetary policy:
Analysing the financial market pass-through

By Thórarinn G. Pétursson
November 2001

No. 13 (174 KB)
Calculation of flows and disaggregation of accumulated values
By Gudmundur Gudmundsson
August 2001

No. 12 (158 KB)
The representative household's demand for money in a cointegrated VAR model
By Thórarinn G. Pétursson
January 2001

No. 11 (606 KB)
Optimal monetary policy in an economy with inflation persistence
By Jón Steinsson
December 2000

No. 10 (90 KB)
Is Iceland an Optimal Currency Area?
By Willem H. Buiter
August 2000

No. 9 (106 KB)
Financial stability and the Macroeconomy
By Frederic S. Mishkin
May 2000

No. 8 (221 KB)
Optimal exchange rate policy: The case of Iceland
By Már Guðmundsson, Thórarinn G. Pétursson and Arnór Sighvatsson,
May 2000

No. 7 (292 KB)
Business cycle forecasting and regime switching
By Thórarinn G. Pétursson, April 2000

No. 6 (161 KB)
Prospects of Icelandic pension funds 
By Guðmundur Guðmundsson, January 2000

No. 5 (190 KB)
Financial indexation and interest rate policy in Iceland 
By Bjarni Bragi Jónsson, October 1999

No. 4 (60 KB)
Small states on the fringes of big currency areas:
Experiences and the policy options of small non-EU European states
By Már Guðmundsson, May 1999

No. 3 (191 KB)
EMU and the Icelandic labour market
By Sveinn Agnarsson, Axel Hall, Tryggvi Thor Herbertsson, Sigurður Ingólfsson, Gylfi Magnússon, and Gylfi Zoega, March 1999.

No. 2 (55 KB)
A model of inflation with variable time lags 
By Guðmundur Guðmundsson, June 1998

No. 1 (295 KB)
Inflation and disinflation in Iceland
By Palle S. Andersen and Már Guðmundsson, January 1998.

InflationMore »

Consumer prices, 12-month changes. Last value: 2,1%
Inflation target 2.5%

CBI's interest ratesMore »
CBI's interest rates
Overnight 3.50%
Loans against collateral 2.50%
Current account 1.50%
Exchange rateMore »
Currency 7.4.2020 Ch. *
USD 142.69 -0.83%
GBP 175.78 -0.71%
CAD 101.8 -0.07%
DKK 20.8 -0.11%
NOK 13.97 1.90%
SEK 14.25 0.76%
CHF 146.68 -0.31%
JPY 1.31 -0.68%
EUR 155.3 -0.13%
* Changes from last entry
Exch. Rate IndicesMore »
Exchange Rate Indices 7.4.2020 Ch. *
Narrow trade index** 203.14 -0.13%
* Changes from last entry
** The index has been recalculated so that, on January 2, 2009, it was assigned a value equivalent to that of the now-discontinued Exchange Rate Index.
Other interest ratesMore »
Penalty rates from 1.4.2020 9.50%
O/N 1.300% 1.550%
S/W 1.500% 1.750%
1 M 1.663% 2.038%
3 M 1.925% 2.425%
1 Y 2.200% 2.700%

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Tel.: (354) 569 9600 - Telefax: (354) 569 9605