DK 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 is led by Federico Ravenna. 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. Period Last week Last month Last 6 months Last year All Published Download Title 02-11-2021 Working Paper: Measuring household interest-rate sensitivity in Denmark We evaluate homeowners’ interest-rate sensitivity on cash flows and balance sheets of a 1 percentage point increase in interest rates. Overall, the interest-rate sensitivity is limited. However, for a subgroup of homeowners, an increase in interest rates will have a substantial effect on their cash flows and balance sheets. 27-10-2021 Working Paper: Corporate Investment and Cash Holdings under Financing Shocks I analyze to which extent corporate cash holdings protect firms from the adverse consequences of shocks to their borrowing costs. Despite firms self-insuring against spikes in their borrowing costs by holding cash, an aggregate shock to borrowing conditions similar to that seen during the Global Financial Crisis can significantly contract aggregate investment, especially for firms with low cash holdings. 08-09-2021 Working Paper: Government spending and retail prices: Regional evidence from the United States In this Working Paper, I study the effects of local government spending on local retail prices using retail scanner data from the United States. Estimates show that retail prices increase following an increase in government spending. I provide evidence which indicates that this cannot be accounted for by changes in marginal costs. 28-06-2021 Working Paper: Securitization and House Price Growth From 2000-2006 US house prices and mortgage credit grew while the relative cost of mortgage credit fell particularly for privately securitized mortgages suggesting a credit supply expansion. This paper explores two (credit supply) shocks: an increased inflow of global savings into the US, and innovations in the securitization of mortgage credit. Only innovation in securitization matches mortgage market dynamics. 28-06-2021 Working Paper: The Portfolio Balance Channel of Quantitative Easing in a DSGE Model with Financial Frictions Investors who arbitrage between long term government debt and corporate debt expand the Portfolio Balance Channel in that the eﬀects of Quantitative Easing (QE) spill over to the overall cost of corporate borrowing. I ﬁnd that overall the Federal Reserve’s second round of QE boosts output between 0.5 - 1.7%. 25-06-2021 Working Paper: Female business owners pay higher interest rates on corporate loans Female owners of small and medium-sized enterprises, on average, pay almost 1 percent higher interest rates than male owners. Firm and loan characteristics explain most of this difference. Nonetheless, a 26 basis point gap cannot be explained, suggesting that female business owners tend to leave a disproportionate share of money on the table during negotiations with credit institutions. 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 CONTACT INFO Danmarks Nationalbank Langelinie Allé 47 2100 Copenhagen Ø Phone: +45 33 63 63 63 E-mail: kommunikation@nationalbanken.dk CVR nr: (VAT) 61092919 EAN nr: 5798 0098 10700 FIND FAQ Search our publications and articles Accessibility statement (in Danish only) SUBSCRIBE TO NEWS SERVICE Danmarks Nationalbank´s News service delivers news regarding market information, new publications and key data. Subscribe News service. You can always unsubscribe from News service. News as RSS Feed © Danmarks Nationalbank Privacy policy and Cookie policy