Presentation on the financial cycle in Iceland at an international conference in Macedonia
Last week, Thorvardur Tjörvi Ólafsson, Senior Economist at the Central Bank of Iceland, gave a presentation in Skopje at the annual research conference of the National Bank of the Republic of Macedonia. The title of the conference was 5th NBRM Research Conference - Economic and financial cycle spillovers: reconsidering domestic and cross-border channels and policy responses, and Tjörvi’s presentation was part of the session on Economic and Financial Cycles: Synchronization and Spillover Channels.
In his presentation, Tjörvi, presented the results of a forthcoming working paper on the financial cycle in Iceland over a period spanning more than a century. The authors of the working paper, in addition to Tjörvi, are Bjarni G. Einarsson, Kristófer Gunnlaugsson, and Thórarinn G. Pétursson. The presentation focused on the definition and measurement of the financial cycle, its main characteristics, and how strikingly strong the spillovers from the global financial cycle seem to be, notwithstanding a wide variety of policy and openness regimes over this long period.
The slides from the presentation can be found here: Financial cycle in Iceland - 5th NBRM Research Conference.pdf