Faculty Profile

Hilde Christiane Bjørnland

Provost, Professor - Research and Academic Resources Staff

Biography

Please see my homepage for further information.


Hilde C. Bjørnland is Provost for Research and Academic Resrources and Professor of Economics at the BI Norwegian Business School. She holds a Master of Science in Econometrics and Mathematical Economics from London School of Economics, and a PhD (Dr.Polit) in Economics from the University of Oslo. She was awarded His Majesty, The King of Norway’s Gold medal for the Ph.D. thesis in social Sciences.

Her main area of research is within applied macroeconomics and time series. Special interests include the study of natural resources and business cycles. She has published in leading journals such as the Economic Journal, Journal of Monetary Economics, Journal of International Economics, and Journal of Applied Econometrics.

Bjørnland is also the Director of the research centre CAMP (Centre for Applied Macroeconomics and Commodity Prices) at the BI Norwegian Business School. She holds a position as a scientific advisor to Norges Bank, she is the President of the Society for Nonlinear and Dynamics Econometrics (SNDE) and she is research associate of the Centre for Applied Macroeconomic Analysis (CAMA) at the Australia National University.

Bjørnland has previously held positions as staff economist at the International Monetary Fund and Associate Professor at the University of Oslo. She has been a Visiting Scholar at UC Berkeley and UC Riverside, a member of the Swedish Fiscal Policy Council, and a board member of the Financial Supervisory Authority of Norway and the Petroleum Price Board. Bjørnland was a member of the Norwegian governement commissions to reevaluate the fiscal rule for the take-out from the oil fund (Thøgersen Commission) and the Norwegian government commisssion that assessed the equity portion of the Norwegian Government Pension Fund Global (Mork Commission). 

Publications

Bjørnland, Hilde C; Ravazzolo, Francesco & Thorsrud, Leif Anders (2017)

Forecasting GDP with global components: This time is different

International Journal of Forecasting, 33(1), s. 153- 173. Doi: 10.1016/j.ijforecast.2016.02.004

Bjørnland, Hilde C; Maih, Junior & Larsen, Vegard Høghaug (2016)

Oil and macroeconomic (in)stability

Working Paper, Norges Bank

Bjørnland, Hilde C & Thorsrud, Leif Anders (2016)

Boom or gloom? Examining the Dutch disease in two-speed economies

Economic Journal, 126(598), s. 2219- 2256. Doi: 10.1111/ecoj.12302

Aastveit, Knut Are; Bjørnland, Hilde C & Thorsrud, Leif Anders (2016)

The World Is Not Enough! Small Open Economies and Regional Dependence

The Scandinavian Journal of Economics, 118(1), s. 168- 195. Doi: 10.1111/sjoe.12126

Bjørnland, Hilde C & Thorsrud, Leif Anders (2015)

Commodity prices and fiscal policy design: Procyclical despite a rule

CAMP Working paper series

Bjørnland, Hilde C & Larsen, Vegard Høghaug (2015)

Oil and macroeconomic (in)stability

CAMP Working paper series

Bjørnland, Hilde C & Maih, Junior (2015)

Monetary policy and exchange rate stabilization in Norway and Sweden

Andersen, Torben M.; Bergman, U. Michael & Hougaard Jensen, Svend E. (red.). Reform Capacity and Macroeconomic Performance in the Nordic Countries

Bjørnland, Hilde C; Thorsrud, Leif Anders & Aastveit, Knut Are (2014)

What drives oil prices? Emerging versus Developed Economies

Journal of applied econometrics (Chichester, England), 30(7), s. 1013- 1028. Doi: 10.1002/jae.2406

Bjørnland, Hilde C & Halvorsen, Jørn Inge (2014)

How does monetary policy respond to exchange rate movements? New international evidence

Oxford Bulletin of Economics and Statistics, 76(2), s. 208- 232. Doi: 10.1111/obes.12014

Bjørnland, Hilde C & Jacobsen, Dag Henning (2013)

House Prices and Stock Prices: Different Roles in the US Monetary Transmission Mechanism

The Scandinavian Journal of Economics, 115(4), s. 1084- 1106. Doi: 10.1111/sjoe.12031

Bjørnland, Hilde C; Gerdrup, Karsten, Jore, Anne Sofie, Smith, Christie & Thorsrud, Leif Anders (2012)

Does Forecast Combination Improve Norges Bank Inflation Forecasts?

Oxford Bulletin of Economics and Statistics, 74(2), s. 163- 179. Doi: 10.1111/j.1468-0084.2011.00639.x

Bjørnland, Hilde C; Gerdrup, Karsten, Jore, Anne Sofie, Smith, Christie & Thorsrud, Leif Anders (2011)

Weights and pools for a Norwegian density combination

The North American journal of economics and finance, 22(1), s. 61- 76. Doi: 10.1016/j.najef.2010.09.001

Bjørnland, Hilde C; Leitemo, Kai & Maih, Junior (2011)

Estimating the natural rates in a simple New Keynesian framework

Empirical Economics, 40(3), s. 755- 777. Doi: 10.1007/s00181-010-0366-7

Bjørnland, Hilde C & Jacobsen, Dag Henning (2010)

The role of house prices in the monetary policy transmission mechanism in small open economies

Journal of Financial Stability, 6(4), s. 218- 229. Doi: 10.1016/j.jfs.2010.02.001

Bjørnland, Hilde C & Leitemo, Kai (2009)

Identifying the Interdependence between US Monetary Policy and the Stock Market

Journal of Monetary Economics, 56(2), s. 275- 282. Doi: 10.1016/j.jmoneco.2008.12.001

Bjørnland, Hilde C (2009)

Monetary policy and exchange rate overshooting: Dornbusch was right after all

Journal of International Economics, 79(1), s. 64- 77. Doi: 10.1016/j.jinteco.2009.06.003

Bjørnland, Hilde C (2008)

Monetary Policy and Exchange Rate Interactions in a Small Open Economy

The Scandinavian Journal of Economics, 110(1), s. 197- 221. Doi: 10.1111/j.1467-9442.2008.00532.x

Bjørnland, Hilde C; Brubakk, Leif & Jore, Anne Sofie (2008)

Forecasting inflation with an uncertain output gap

Empirical Economics, 35(3), s. 413- 436. Doi: 10.1007/s00181-007-0165-y

Bjørnland, Hilde C & Hungnes, Håvard (2006)

The importance of interest rates for forecasting the exchange rate

Journal of Forecasting, 25

Bjørnland, Hilde C (2005)

A stable demand for money despite financial crisis: the case of Venezuela

Applied Economics, 37

Bjørnland, Hilde C (2004)

The role of the exchange rate as a shock absorber in a small open economy

Open Economies Review, 15, s. 23- 43.

Bjørnland, Hilde C (2004)

Estimating the equilibrium real exchange rate in Venezuela

Economics Bulletin, 6, s. 1- 8.

Bjørnland, Hilde C (2002)

Konjunkturforskning i et historisk lys. Er konjunktursvingninger like reelle som før?

Økonomisk forum, 56, s. 30- 40.

Bjørnland, Hilde C (2001)

Identifying domestic and imported core inflation

Applied Economics, 33(14), s. 1819- 1831.

This paper estimates core inflation in Norway, identified as that component of inflation that has no long-run effect on GDP. The model distinguishes explicitly between domestic and imported core inflation. The results show that (domestic) core inflation is the main component of CPI inflation. However, CPI inflation misrepresents core inflation during some periods. The differences are well explained by the other shocks identified in the model, in particular the oil price shocks of the 1970s when Norway imported inflation, and the negative non-core (supply) shocks of the late 1980s which pushed inflation up temporarily relative to core inflation.

Bjørnland, Hilde C (2000)

Detrending methods and stylized facts of business cycles in Norway - an international comparison

Empirical Economics, 25(3), s. 369- 392.

This paper analyses the stylized facts of business cycles in Norway, by comparing different detrending methods. As the choice of the appropriate data transformation depends on the nature of the underlying dynamic properties of the time series, a set of unit root tests are first applied to the data. The detrended data are analysed, both in the time domain and the frequency domain. The evidence suggests that whereas some variables (e.g. consumption and investment) behave consistently procyclically with GDP, for other variables (e.g. real wage and prices), the business cycle properties vary considerably with the detrending methods used. The results are evaluated from a real business cycle perspective, but overall, there is little evidence to support a (supply driven) real business cycle. Symmetries in business cycles are finally analysed by comparing the business cycles in Norway and selected countries.

Bjørnland, Hilde C (2000)

The Dynamic Effects of Aggregate Demand, Supply and Oil Price Shocks-A Comparative Study

Manchester School, 68(5), s. 578- 607.

This paper analyses the dynamic effects of aggregate demand, supply and oil price shocks on GDP and unemployment in Germany, Norway, UK and US, and establishes the role of the different shocks in explaining output fluctuations over time. Symmetries of economic fluctuations across countries are also examined. The different shocks are identified by imposing dynamic restrictions on a structural VAR model. For all countries except Norway, oil price shocks have significant negative effects on output. However, whereas the oil price shock in 1973/1974 triggered off a global recession, the recession in the early 1980s was largely caused by other disturbances.

Bjørnland, Hilde C (1999)

Structural breaks and stochastic trends in macroeoconomic variables in Norway

Applied Economics Letters, 6(3), s. 133- 138.

Bjørnland, Hilde C (1998)

The Economic Effects of North Sea Oil on the Manufacturing Sector

Scottish Journal of Political Economy, 45(5), s. 553- 585.

This paper analyses the economic effects of the oil and gas sector (energy booms) on manufacturing output in two energy producing countries: Norway and the UK. In particular, I investigate whether there is evidence of a "Dutch disease", that is whether energy booms have had adverse effects on manufactures. In additions to energy booms, three other types of structural disturbances are identified: demand, supply and oil price shocks. The different disturbances are identified by imposing dynamic restrictions on a vector autoregressive model. Overall, there is only weak evidence of a Dutch disease in the UK, whereas manufacturing output in Norway has actually benefited from energy discoveries and higher oil prices.

Bjørnland, Hilde C (1998)

Håpløse spådommer, bølgeteori og falske sykler

Sosialøkonomen, 52(6), s. 18- 27.

Bjørnland, Hilde C (1997)

Estimering av underliggende inflasjon

Sosialøkonomen, s. 12- 18.

Bjørnland, Hilde C (2015)

Prioriteringer i en krevende tid

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2015)

Nitrist sommer

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2015)

Programmering for fremtiden

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2015)

Omstillingsdebatt på avveie

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2015)

Tid for prioritering

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2014)

Norway: Cruise control

Financial Times [Avis]

Bjørnland, Hilde C (2013)

Tåler vi halvert oljepris?

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2013)

Detaljstyrt stat

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2013)

Asia i førersetet

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2013)

Valgkamp i en krevende tid

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2013)

Bruk pengene smartere

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C & Thorsrud, Leif Anders (2013)

Ringvirkninger av olje

Finansavisen [Kronikk]

Thorsrud, Leif Anders & Bjørnland, Hilde C (2012)

Ser i glasskulen med nye øyne

Dagens Næringsliv [Avis]

Bjørnland, Hilde C & NRK, nyhetsjournalist (2012)

Har gitt diverse intervju for Dagsnytt 18, Dagsrevyen, Ekko, Dagsnytt

[TV]

Bjørnland, Hilde C (2011)

Skjermet fra Eurokrisen

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2011)

Ond sirkel i USA

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2011)

Evig boligprisvekst?

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2011)

Staten – for stor og dyr

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2011)

Jubileum og Justering

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C & Moen, Espen R (2011)

Oljens Ringvirkninger

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C & Thorsrud, Leif Anders (1)

Oljeringvirkninger

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (1)

Gjestekommentar hver åttende uke i Dagens Næringsliv

Dagens næringsliv [Kronikk]

Bjørnland, Hilde C (2017)

Should monetary policy pay attention to financial stability?

[Article in business/trade/industry journal]. Arbeidsnotater, finansdepartementet, s. 77- 83.

Bjørnland, Hilde C (2017)

Penningpolitiska utmaningar – att väga i dag mot i morgon. (Kommentar i Nationalekonomiska Föreningens förhandlingar.)

[Article in business/trade/industry journal]. Ekonomisk Debatt, s. 71- 96.

Bjørnland, Hilde C & Thorsrud, Leif Anders (2016)

Ringvirkninger i råvareproduserende land

[Popular scientific article]. Samfunnsøkonomen, s. 40- 41.

Bjørnland, Hilde C (2015)

Discussion of Vitor Gaspar and Paulo Medas: Fiscal management of non-renewable natural resources

[Academic lecture]. Third IMF Statistical Forum.

Bjørnland, Hilde C (2015)

Tracking the oil price decline and the effect on the Norwegian economy

[Academic lecture]. The International Economic Forum of the Americas.

Bjørnland, Hilde C & Thorsrud, Leif Anders (2015)

Applied Time Series for Macroeconomics

[Textbook]. Gyldendal Akademisk.

Bjørnland, Hilde C & Thorsrud, Leif Anders (2015)

Hva skjer når oljeprisen faller? (Aktuell kommentar)

[Article in business/trade/industry journal]. Samfunnsøkonomen, 129(2), s. 22- 29.

Bjørnland, Hilde C (2013)

Monetary Policy and Exchange Rate Stabilization in Norway and Sweden (co-author Junior Maih)

[Academic lecture]. Reform Capacity and Macroeconomic Performance in the Nordic Countries.

Bjørnland, Hilde C (2013)

Mentor at the workshop for junior females at pre conference workshop

[Academic lecture]. 23rd Annual Meeting of the Midwest Econometrics Group.

Bjørnland, Hilde C (2013)

Do central banks respond to exchange rate movements? A Markov-switching structural investigation (co-authors: Ragna Alstadheim and Junior Maih)

[Academic lecture]. Seminar series.

Bjørnland, Hilde C (2013)

Boom or gloom? Examining the Dutch disease in a two-speed economy (co-author Leif Anders Thorsrud)

[Academic lecture]. 23rd Annual Meeting of the Midwest Econometrics Group (MEG).

Bjørnland, Hilde C (2013)

Do central banks respond to exchange rate movements? A Markov-switching structural investigation (co-authors: Ragna Alstadheim and Junior Maih)

[Academic lecture]. 19th International conference in Computing in Economics and Finance (CEF).

Bjørnland, Hilde C (2013)

Chair of invited session on oil prices

[Academic lecture]. Allied Social Science Associations (ASSA) annual meeting in San Diego.

Bjørnland, Hilde C (2012)

Small open economies, terms of trade and monetary policy

[Academic lecture]. Conference on monetary and fiscal policy in Nordic countries.

Bjørnland, Hilde C (2012)

Do Central Banks respond to the Exchange rate? A Markov-Switching structural investigation

[Academic lecture]. European Central Bank conference on energy and the macroeconomy.

Bjørnland, Hilde C (2012)

Monetary policy, terms of trade and exchange rate responses. A Markov-Switching structural investigation

[Academic lecture]. Western Economic Association, San Francisco, July 2012.

Bjørnland, Hilde C (2010)

Does forecast combination improve Norges Bank inflation forecasts?

[Academic lecture]. The 30th Annual International Symposium on Forecasting.

Bjørnland, Hilde C (2003)

Finanspolitikken, om konjunktursvingninger og makroøkonomisk styring

[Academic lecture]. Kurs for lærere i samfunnsøkonomi ved videregående skoler.

Bjørnland, Hilde C (2003)

Inflasjonsmål som stabiliseringspolitikk - styring under usikkerhet

[Academic lecture]. Valutaseminaret.

Bjørnland, Hilde C (2002)

Sources of real exchange rate fluctuations in Venezuela

[Academic lecture]. Growth and Business cycles in Theory and Practice.

Bjørnland, Hilde C (2002)

Fundamental determinants of the long-run real exchange rate

[Academic lecture]. .

Bjørnland, Hilde C (2002)

Hva bestemmer realvalutakursen på lang sikt?

[Academic lecture]. .

Bjørnland, Hilde C (2002)

Beregning av trender, konjunkturutslag og impliserte effekter på budsjettindikatoren. Rom for forbedringer?

[Academic lecture]. .

Bjørnland, Hilde C (2002)

Estimating the equilibrium real exchange rate: The case of Venezuela

[Academic lecture]. 57th European Meeting of the Econometric Society.

Bjørnland, Hilde C (2002)

Moderne konjunkturforskning

[Academic lecture]. Det 24. nasjonale forskermøte for økonomer.

Bjørnland, Hilde C (2000)

VAR Models in Macroeconomic Research

[Academic lecture]. Forelesningsserie i tidserieøkonometri.

Bjørnland, Hilde C (2000)

Detrending Methods and Stylized Facts of Business cycles in Norway

[Academic lecture]. First International Meeting on Economic Cycles.

Bjørnland, Hilde C (1998)

Identifying Domestic and Imported Core Inflation

[Academic lecture]. Annual Congress of the European Economic Association.

Bjørnland, Hilde C (1997)

Business Cycle Fluctuations in a Small Open Economy - Real versus Nominal Shocks

[Academic lecture]. Third International Conference On Financial Econometrics.

Academic Degrees
Year Academic Department Degree
1998 University of Oslo Ph.D Dr. Oecon.
1992 London School of Economics Master of Science
1991 Heriot-Watt University B.A.
Work Experience
Year Employer Job Title
2018 - Present BI Norwegian Business School Provost for Research and Academic Resources
2008 - Present BI Norwegian Business School Professor
2004 - Present Norges Bank Scientific advisor to the Research Department (part time)
2006 - 2008 BI Norwegian Business School Associate Professor
2000 - 2006 University of Oslo Post Doctorate
1998 - 2000 International Monetary Fund Economist
1993 - 1998 Statistics Norway Researcher