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Employee Profile

Martin Blomhoff Holm

Adjunct Researcher - Department of Economics

Biography

 See my personal homepage (https://sites.google.com/site/martinblomhoffholm/).

Publications

Holm, Martin B.; Juelsrud, Ragnar Enger, Riiser, Mikkel Irving Fiksdal, König, Tobias, Hegna, Torje Meyer & Cao, Jin (2023)

The Investment Channel of Monetary Policy: Evidence from Norway

Working Paper, Norges Bank

Holm, Martin B. (2023)

Monetary transmission with income risk

The Scandinavian Journal of Economics, 125(2), s. 441- 460. Doi: 10.1111/sjoe.12516 - Full text in research archive

Carroll, Christopher D.; Holm, Martin Blomhoff & Kimball, Miles (2021)

Liquidity constraints and precautionary saving

Journal of Economic Theory, 195, s. 1- 21. Doi: 10.1016/j.jet.2021.105276 - Full text in research archive

Holm, Martin Blomhoff; Paul, Pascal & Tischbirek, Andreas (2021)

The Transmission of Monetary Policy under the Microscope

Journal of Political Economy, 129(10), s. 2861- 2904. Doi: 10.1086/715416 - Full text in research archive

Fagereng, Andreas; Holm, Martin Blomhoff & Natvik, Gisle James (2021)

MPC Heterogeneity and Household Balance Sheets

American Economic Journal: Macroeconomics, 13(4), s. 1- 54. Doi: 10.1257/mac.20190211 - Full text in research archive

We use sizable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time, and how households’ marginal propensities to consume (MPCs) vary with household characteristics and shock size. We find that spending peaks in the year of winning and gradually reverts to normal within five years. Controlling for all items on households’ balance sheets and characteristics such as education and income, it is the amount won, age, and liquid assets that vary systematically with MPCs. Low-liquidity winners of the smallest prizes (around USD 1,500) are estimated to spend all within the year of winning. The corresponding estimate for high-liquidity winners of large prizes (USD 8,300-150,000) is slightly below one half. While conventional models will struggle to account for such high MPC levels, we show that a two-asset life-cycle model with a realistic earnings profile and a luxury bequest motive can account for both the time profile of consumption responses and their systematic co-variation with observables.

Fagereng, Andreas; Holm, Martin Blomhoff & Torstensen, Kjersti Næss (2021)

Housing wealth in Norway, 1993–2015

Journal of Economic and Social Measurement, 45(1), s. 65- 81. Doi: 10.3233/JEM-200471 - Full text in research archive

We provide a new estimate of household-level housing wealth in Norway between 1993 and 2015 using an ensemble machine learning method on housing transaction data. The new housing wealth measure is an improvement over existing data sources for two reasons. First, the model outperforms previously applied regression models in out-of-sample prediction precision. Second, we extend the sample of estimated housing wealth by including cooperative units, non-id apartments, and cabins.

Holm, Martin Blomhoff (2018)

Consumption with liquidity constraints: An analytical characterization

Economics Letters, 167(June), s. 40- 42. Doi: 10.1016/j.econlet.2018.03.004 - Full text in research archive

How do liquidity constraints affect households? This is a well-researched subject with remarkably few theoretical results. This paper bridges this gap by providing a closed form expression for consumption with liquidity constraints for a wide class of utility functions (HARA). Using this expression, I prove that the consumption function is strictly concave in wealth if a relevant liquidity constraint exists. Moreover, households respond to a tightening of the liquidity constraint by reducing consumption, becoming more sensitive to wealth changes, and having a “more” concave consumption function in wealth. These results thus provide theoretical underpinnings for how contractions in credit supply affect households

Holm, Sverre & Holm, Martin Blomhoff (2017)

Restrictions on wave equations for passive media

Journal of the Acoustical Society of America, 142(4), s. 1888- 1896. Doi: 10.1121/1.5006059

Holm, Martin Blomhoff (2016)

On the concavity of the consumption function with liquidity constraints

Working Paper, Norges Bank Doi: 10.2139/ssrn.2852369

Holm, Martin Blomhoff (2015)

Effekten av inntektsusikkerhet på husholdningenes sparing i Norge etter finanskrisen

Samfunnsøkonomen, s. 20- 25.

Holm, Martin B. (2024)

Er Norges Bank opptatt av sysselsetting?

Dagens næringsliv [Kronikk]

Holm, Martin B. & Hov, Marius Nyborg (2023)

Bør tallfeste sine avveininger

Dagens næringsliv [Kronikk]

Holm, Martin B. & Martinsen, Kjetil (2023)

2022 ble et krevende år for pengepolitikken

Dagens næringsliv [Kronikk]

Holm, Martin B. (2023)

Stiger prisene som følge av grådighetsinflasjon?

Finansavisen [Kronikk]

Holm, Martin B. (2023)

Bør handlingsregelen justeres?

Finansavisen [Kronikk]

Holm, Martin B. & Natvik, Gisle James (2023)

Hvorfor ikke lavere skatter?

Dagens næringsliv [Kronikk]

Holm, Martin B. (2023)

Gode og dårlige grunner til å endre handlingsregelen

Dagens næringsliv [Kronikk]

Holm, Martin B. (2023)

Bør oljefondet gå inn i unoterte aksjer?

Dagens næringsliv [Kronikk]

Holm, Martin B. (2023)

Dagsnytt 18

NRK [TV]

Holm, Martin B. (2023)

Debatten

NRK [TV]

Holm, Martin B. (2023)

Debatten, NRK

NRK [TV]

Holm, Martin B. (2022)

Skal renten virkelig så mye opp som Norges Bank sier?

Dagens næringsliv [Kronikk]

Holm, Martin B. (2022)

Masons forslag behandler kun symptomer

Morgenbladet [Kronikk]

Holm, Martin B. & Hagedorn, Marcus (2022)

Strømstøtten til bedrifter kan bidra til lavere prisvekst og renter

Dagens næringsliv [Kronikk]

Holm, Martin B. & Hagedorn, Marcus (2022)

Altfor mange har en jobb, sier Wolden Bache og Slagsvold Vedum

Dagens næringsliv [Kronikk]

Holm, Martin B. & Hagedorn, Marcus (2022)

Vedums unødvendige nedgangstider

Dagens næringsliv [Kronikk]

Holm, Martin B. (2022)

Vinteren kommer – køene ved landets fattighus varsler trange tider for mange fler

Dagens næringsliv [Kronikk]

Holm, Martin B. (2022)

Helgemorgen, NRK

NRK [TV]

Holm, Martin B. (2022)

Nyhetsmorgen, NRK

NRK [TV]

Holm, Martin B. (2022)

Politisk Kvarter, NRK

NRK [TV]

Holm, Martin B. (2020)

Tre merkverdigheter i debatten om formuesskatten

Dagens næringsliv [Kronikk]

Tretvoll, Håkon; Crawley, Edmund & Holm, Martin Blomhoff (2023)

A Parsimonious Model of Idiosyncratic Income

[Academic lecture]. Seminar, Norges Bank.

Holm, Martin B. & Martinsen, Kjetil (2023)

Norges Bank Watch 2023 – An independent evaluation of monetary policy in Norway

[Report]. Center for Monetary Economics.

Holm, Martin B. (2023)

Discussion of "How do households respond to income shocks?"

[Academic lecture]. Fed St. Louis-JEDC-SCG-SNB-Conference Heterogeneity and Macroeconomics of Labor Markets.

Holm, Martin B.; Natvik, Gisle James, Fagereng, Andreas, Moll, Benjamin, Gouin-Bonenfant, Emilien & Gomez, Matthieu (2023)

Asset-Price Redistribution

[Academic lecture]. Seminar, Cunef University.

Holm, Martin B.; Fagereng, Andreas, Natvik, Gisle James, Gouin-Bonenfant, Emilien, Gomez, Matthieu & Moll, Benjamin (2023)

Asset-Price Redistribution

[Academic lecture]. Seminar, Lund University.

Holm, Martin B.; Natvik, Gisle James, Fagereng, Andreas & Moll, Benjamin (2023)

Saving Behavior across the Wealth Distribution: The Importance of Capital Gains

[Academic lecture]. Workshop on “Unveiling Wealth and Income Inequalities”.

Holm, Martin B.; Juelsrud, Ragnar Enger, Hegna, Torje Meyer, König, Tobias, Cao, Jin & Riiser, Mikkel Irving Fiksdal (2023)

The Investment Channel of Monetary Policy: Evidence from Norway

[Academic lecture]. Micro Data Meet Macro Models Workshop.

Holm, Martin B.; Juelsrud, Ragnar Enger, Hegna, Torje Meyer, Cao, Jin, König, Tobias & Riiser, Mikkel Irving Fiksdal (2023)

The Investment Channel of Monetary Policy: Evidence from Norway

[Academic lecture]. Seminar, London Business School.

Crawley, Edmund; Holm, Martin B. & Tretvoll, Håkon (2022)

A Parsimonious Model of Idiosyncratic Income

[Academic lecture]. 2022 European Winter Meeting of the Econometric Society.

Crawley, Edmund; Holm, Martin B. & Tretvoll, Håkon (2022)

A Parsimonious Model of Idiosyncratic Income

[Academic lecture]. Seminar, NHH Norges Handelshøyskole.

Crawley, Edmund; Holm, Martin B. & Tretvoll, Håkon (2022)

A Parsimonious Model of Idiosyncratic Income

[Academic lecture]. Samfunnsøkonomenes Forskermøte 2022.

Crawley, Edmund; Holm, Martin B. & Tretvoll, Håkon (2022)

A Parsimonious Model of Idiosyncratic Income

[Academic lecture]. Society of Economics of the Household (SEHO).

Holm, Martin B.; Paul, Pascal & Tischbirek, Andreas (2022)

Monetary Transmission under the Microscope

[Academic lecture]. Seminar, Bank of Colombia.

Fagereng, Andreas; Gulbrandsen, Magnus Andreas Haare, Holm, Martin B. & Natvik, Gisle James (2022)

How Does Monetary Policy Affect Household Indebtedness?

[Academic lecture]. Bank of Canada.

Fagereng, Andreas; Gomez, Matthieu, Gouin-Bonenfant, Emilien, Holm, Martin B., Moll, Benjamin & Natvik, Gisle James (2022)

Asset-Price Redistribution

[Academic lecture]. Banque de France.

Fagereng, Andreas; Gomez, Matthieu, Gouin-Bonenfant, Emilien, Holm, Martin B., Moll, Benjamin & Natvik, Gisle James (2022)

Asset-Price Redistribution

[Academic lecture]. Workshop at Norges Bank.

Fagereng, Andreas; Gomez, Matthieu, Gouin-Bonenfant, Emilien, Holm, Martin B., Moll, Benjamin & Natvik, Gisle James (2022)

Asset-Price Redistribution

[Academic lecture]. Copenhagen University.

Fagereng, Andreas; Gomez, Matthieu, Gouin-Bonenfant, Emilien, Holm, Martin B., Moll, Benjamin & Natvik, Gisle James (2022)

Asset-Price Redistribution

[Academic lecture]. EEA-ESEM.

Crawley, Edmund; Holm, Martin B. & Tretvoll, Håkon (2022)

A Parsimonious Model of Idiosyncratic Income

[Academic lecture]. Seminar, Sciences Po.

Crawley, Edmund; Holm, Martin B. & Tretvoll, Håkon (2022)

A Parsimonious Model of Idiosyncratic Income

[Academic lecture]. NorMac.

Edmund, Crawley; Holm, Martin B. & Tretvoll, Håkon (2022)

A Parsimonious Model of Idiosyncratic Income

[Academic lecture]. EEA-ESEM.

Holm, Martin Blomhoff; Haugland, Kjersti & Sharon, Zollner (2022)

Norges Bank Watch 2022

[Report]. Center for Monetary Economics, BI Norwegian Business School.

Fagereng, Andreas; Holm, Martin Blomhoff, Gulbrandsen, Magnus & Natvik, Gisle James (2021)

How Does Monetary Policy Affect Household Indebtedness?

[Article in business/trade/industry journal]. Working Paper, Norges Bank, 2021(5), s. 1- 24.

Holm, Martin Blomhoff; Paul, Pascal & Tischbirek, Andreas (2020)

The Transmission of Monetary Policy under the Microscope

[Report]. Federal Reserve of San Francisco.

Berg, Oddmund; von Brasch, Thomas Rolf Lydersen Lystad, Cappelen, Ådne, Holm, Martin Blomhoff, Raknerud, Arvid, Tretvoll, Håkon & Vigtel, Trond Christian (2020)

Drivkrefter bak svak etterspørsel i økonomien: Utredning for Sysselsettingsutvalget.

[Report]. Statistisk sentralbyrå.

Denne rapporten er skrevet på oppdrag for Sysselsettingsutvalget. Sysselsettingsutvalget skal analysere utviklingen i sysselsettingen i Norge og foreslå tiltak for å øke sysselsettingen. Arbeidet er delt opp i to faser. Fase én var ferdig da ekspertgruppen la fram sine forslag for økt sysselsetting 28. mars 2019. I fase to er utvalget utvidet og inkluderer partene i arbeidslivet. Fase to begynte 5.april 2019. I denne rapporten analyseres hvordan markedsmakt og ulikhet kan påvirke den økonomiske aktiviteten, herunder sysselsettingen.

Holm, Martin Blomhoff; Fagereng, Andreas, Guiso, Luigi & Pistaferri, Luigi (2020)

K-returns to Education

[Article in business/trade/industry journal]. Centre for Economic Policy Research. Discussion papers

We exploit a school reform that increased the length of compulsory schooling in Norway in the 1960s to study the causal effect of formal general education on returns on wealth (k-returns). OLS estimates reveal a strong, positive and statistically significant correlation between education and returns on individual net worth. This effect disappears in IV regressions, implying that general education has no causal effect on individual performance in capital markets, whose heterogeneity largely reflects non-acquired ability. On the contrary, we find that education causes higher returns in the labor market (l-returns). We speculate about possible rationales for this important asymmetry.

Fagereng, Andreas; Holm, Martin Blomhoff, Moll, Benjamin & Natvik, Gisle James (2019)

Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains

[Report]. NBER Working paper.

Fagereng, Andreas; Holm, Martin Blomhoff, Moll, Benjamin & Natvik, Gisle James (2019)

Saving Behavior Across the Wealth Distribution

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

Fagereng, Andreas; Holm, Martin Blomhoff, Moll, Benjamin & Natvik, Gisle James (2019)

Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains

[Academic lecture]. Konferanse: New Consumption Data, Universitetet i København.

Fagereng, Andreas; Natvik, Gisle James, Holm, Martin Blomhoff & Moll, Benjamin (2019)

Saving Behavior Across the Wealth Distribution

[Academic lecture]. American Economic Association: Annual Meeting.

Fagereng, Andreas; Natvik, Gisle James, Holm, Martin Blomhoff & Moll, Benjamin (2019)

Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains

[Academic lecture]. NBER Summer Institute, EF&G Research Meeting.

Fagereng, Andreas; Holm, Martin Blomhoff & Natvik, Gisle James (2018)

MPC Heterogeneity and Household Balance Sheets

[Academic lecture]. Workshop on New Consumption Data.

Natvik, Gisle James; Holm, Martin Blomhoff & Fagereng, Andreas (2017)

MPC heterogeneity and household balance sheets

[Academic lecture]. Santa Clare University research seminar.

Holm, Martin Blomhoff; Natvik, Gisle James & Fagereng, Andreas (2017)

MPC heterogeneity and household balance sheets

[Academic lecture]. The New Macroeconomics of Aggregate Fluctuations and Stabilisation Policy.

Natvik, Gisle James; Holm, Martin Blomhoff & Fagereng, Andreas (2017)

MPC heterogeneity and household balance sheets

[Academic lecture]. CEPR Workshop on Household Finance, Spring 2017.

Holm, Martin Blomhoff; Fagereng, Andreas & Natvik, Gisle James (2017)

MPC Heterogeneity and Household Balance Sheets

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

Holm, Martin Blomhoff; Fagereng, Andreas & Natvik, Gisle James (2017)

MPC Heterogeneity and Household Balance Sheets

[Academic lecture]. Society of Economic Dynamics Annual Meeting.

Holm, Martin Blomhoff; Fagereng, Andreas & Natvik, Gisle James (2017)

MPC Heterogeneity and Household Balance Sheets

[Academic lecture]. NBER Summer Institute.

Holm, Martin Blomhoff (2017)

Monetary Policy Transmission with Income Risk

[Academic lecture]. Econometric Society European Winter Meething.

Holm, Martin Blomhoff; Fagereng, Andreas & Natvik, Gisle James (2016)

MPC Heterogeneity and Household Balance Sheets

[Academic lecture]. Annual Conference of the International Association of Applied Econometrics.

Holm, Martin Blomhoff; Natvik, Gisle James & Fagereng, Andreas (2016)

MPC Heterogeneity and Household Balance Sheets

[Academic lecture]. Econometric Society European Winter Meeting.

Academic Degrees
Year Academic Department Degree
2014 Universitetet i Oslo Master of Philosophy
2012 London School of Economics Master of Science
2011 Universitetet i Oslo B.A.
Work Experience
Year Employer Job Title
2016 - Present Norges Bank PhD Intern
2014 - Present BI Norwegian Business School PhD Candidate
2013 - 2014 Norges Bank Economist