Employee Profile

Martin Blomhoff Holm

Adjunct Researcher

Department of Economics

Room number B4I-040
Phone +4746410134
E-mail martin.b.holm@bi.no

Biography

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

Publications

Shows 5 of 14 publication(s)

Article Andreas Fagereng, Matthieu Gomez, Emilien Gouin-Bonenfant, Martin Blomhoff Holm, Benjamin Moll, Gisle James Natvik (2025)

Asset-Price Redistribution

Journal of Political Economy 133(11) p. 3494-3549 Doi: https://doi.org/10.1086/736769

Asset valuations across many asset classes have increased substantially over the last several decades. While these rising valuations had important effects on the distribution of wealth, little is known regarding their redistributive effects in terms of welfare. To make progress on this question, we develop a sufficient statistic for the money-metric welfare gain of deviations in asset valuations. This welfare gain depends on the present value of an individual’s net asset sales rather than asset holdings: higher asset valuations benefit prospective sellers and harm prospective buyers. We estimate this quantity using panel microdata covering the universe of financial transactions in Norway from 1994 to 2019. We further demonstrate how to adapt our baseline statistic to account for important considerations, such as incomplete markets and collateral constraints. We find that the rise in asset valuations had large redistributive effects: it redistributed from the young to the old and from the poor to the wealthy.

Article Jin Cao, Chao Cui, Valeriya Dinger, Martin B. Holm, Shulong Kang (2024)

Identifying the Depreciation Rate of Durables from Marginal Spending Responses

Journal of Money, Credit and Banking Doi: https://doi.org/10.1111/jmcb.13134

Article Martin B. Holm, Lars O. Lerdalen, David Vines (2024)

The effect of capacity constraints on the slope of the Phillips curve

Oxford Economic Papers 76(4) p. 1226-1238 Doi: https://doi.org/10.1093/oep/gpae012

Article Martin B. Holm (2024)

Optimale handlingsregler

Samfunnsøkonomen 138(1) p. 22-28

Article Martin B. Holm (2023)

Monetary transmission with income risk

The Scandinavian Journal of Economics 125(2) p. 441-460 Doi: https://doi.org/10.1111/sjoe.12516

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

The Investment Channel of Monetary Policy: Evidence from Norway

Working Paper, Norges Bank

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

MPC Heterogeneity and Household Balance Sheets

American Economic Journal: Macroeconomics 13(4) p. 1-54 Doi: https://doi.org/10.1257/mac.20190211

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.

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

Liquidity constraints and precautionary saving

Journal of Economic Theory 195 p. 1-21 Doi: https://doi.org/10.1016/j.jet.2021.105276

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

Housing wealth in Norway, 1993–2015

Journal of Economic and Social Measurement 45(1) p. 65-81 Doi: https://doi.org/10.3233/JEM-200471

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.

Article Martin Blomhoff Holm, Pascal Paul, Andreas Tischbirek (2021)

The Transmission of Monetary Policy under the Microscope

Journal of Political Economy 129(10) p. 2861-2904 Doi: https://doi.org/10.1086/715416

Article Martin Blomhoff Holm (2018)

Consumption with liquidity constraints: An analytical characterization

Economics Letters 167(June) p. 40-42 Doi: https://doi.org/10.1016/j.econlet.2018.03.004

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

Article Sverre Holm, Martin Blomhoff Holm (2017)

Restrictions on wave equations for passive media

Journal of the Acoustical Society of America 142(4) p. 1888-1896 Doi: https://doi.org/10.1121/1.5006059

Article Martin Blomhoff Holm (2016)

On the concavity of the consumption function with liquidity constraints

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

Article Martin Blomhoff Holm (2015)

Effekten av inntektsusikkerhet på husholdningenes sparing i Norge etter finanskrisen

Samfunnsøkonomen p. 20-25

Shows 5 of 34 publication(s)

Feature article Martin B. Holm (2025)

Bech Holte slår effektivt ben under sitt eget prosjekt | DN

Martin Bech Holte forholder seg til data som fanden leser bibelen. Det er synd, fordi det ødelegger det som kunne vært en konstruktiv debatt om hvordan Norge bør se ut.

Media Martin B. Holm (2025)

Fører høyere rente virkelig til lavere prisvekst?

Doi: https://www.dn.no/okonomi/rente/prisvekst/okonomi/forer-hoyere-rente-virkelig-til-lavere-prisvekst/2-1-1836215

Feature article Martin B. Holm (2025)

Det er på tide å fjerne avdragskravet

Doi: https://www.dn.no/marked/boliglan/boliglansforskriften/utlansforskriften/det-er-pa-tide-a-fjerne-avdragskravet/2-1-1658229

Feature article Martin B. Holm, Marek Jasinski (2025)

Uklokt å sette en grense for oljepengebruken

Doi: https://www.dn.no/kronikk/oljepengebruk/handlingsregelen/statsbudsjett/uklokt-a-sette-en-grense-for-oljepengebruken/2-1-1654131

Feature article Martin B. Holm (2025)

Hvor raskt bør inflasjonen ned?

Doi: https://www.dn.no/fredagskronikken/makrookonomi/styringsrenten/inflasjon/hvor-raskt-bor-inflasjonen-ned/2-1-1635386

Feature article Martin B. Holm (2025)

Tid for oppdatert regel for oljepengebruk – må tåle kriser bedre

Doi: https://www.dn.no/innlegg/oljepengebruk/handlingsregelen/finanspolitikk/tid-for-oppdatert-regel-for-oljepengebruk-ma-tale-kriser-bedre/2-1-1777569

Feature article Martin B. Holm (2024)

Vi er ferdig med inflasjonen. Renten kan gå ned

Feature article Martin B. Holm (2024)

Kronekursen og religion

Feature article Martin B. Holm, Gisle James Natvik, Karin Kinnerud, Kjetil Storesletten (2024)

På høy tid å justere avdragskravet

Feature article Martin B. Holm, Jonas Krabbe Hjort (2024)

Hvor kostbar blir temperaturstigningen?

Feature article Martin B. Holm (2024)

Det er på tide å fjerne avdragskravet

Feature article Martin B. Holm, Marek Jasinski (2024)

Uklokt å sette en grense for oljepengebruken

Feature article Martin B. Holm (2024)

Hvor raskt bør inflasjonen ned?

Feature article Martin B. Holm (2024)

Er Norges Bank opptatt av sysselsetting?

Feature article Martin B. Holm (2023)

Bør oljefondet gå inn i unoterte aksjer?

Feature article Martin B. Holm (2023)

Gode og dårlige grunner til å endre handlingsregelen

Feature article Martin B. Holm, Gisle James Natvik (2023)

Hvorfor ikke lavere skatter?

Feature article Martin B. Holm (2023)

Bør handlingsregelen justeres?

Participation in media Martin B. Holm (2023)

Debatten

Feature article Martin B. Holm (2023)

Stiger prisene som følge av grådighetsinflasjon?

Participation in media Martin B. Holm (2023)

Dagsnytt 18

Feature article Martin B. Holm, Kjetil Martinsen (2023)

2022 ble et krevende år for pengepolitikken

Participation in media Martin B. Holm (2023)

Debatten, NRK

Feature article Martin B. Holm, Marius Nyborg Hov (2023)

Bør tallfeste sine avveininger

Feature article Martin B. Holm (2022)

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

Participation in media Martin B. Holm (2022)

Politisk Kvarter, NRK

Feature article Martin B. Holm, Marcus Hagedorn (2022)

Vedums unødvendige nedgangstider

Feature article Martin B. Holm, Marcus Hagedorn (2022)

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

Feature article Martin B. Holm, Marcus Hagedorn (2022)

Strømstøtten til bedrifter kan bidra til lavere prisvekst og renter

Participation in media Martin B. Holm (2022)

Helgemorgen, NRK

Participation in media Martin B. Holm (2022)

Nyhetsmorgen, NRK

Feature article Martin B. Holm (2022)

Masons forslag behandler kun symptomer

Feature article Martin B. Holm (2022)

Skal renten virkelig så mye opp som Norges Bank sier?

Feature article Martin B. Holm (2020)

Tre merkverdigheter i debatten om formuesskatten

Shows 5 of 61 publication(s)

Lecture Amund H. Kordt, Knut Ward Heimdal, Martin B. Holm (2025)

Local Permanent Fiscal Multipliers

Weekly seminar at Statistics Norway

We provide a framework to explain how permanent federal transfers affect local economic output. The effect depends on import shares, labor supply elasticity, capital use in government production, industry composition, and taxation. Using plausibly exogenous variation in federal transfers to Norwegian municipalities, we estimate an average multiplier of 1.1 -- each krone in transfers raises local output by 1.1 kroner. Municipalities with low import shares have multipliers near 2, while those with high import shares have multipliers around 0.7. These results are consistent with our theory under elastic labor supply, a condition supported by our empirical findings.

Lecture Martin B. Holm, Rustam Jamilov, Marek Jasinski, Plamen Nenov (2025)

Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News

Seminar Uppsala

Lecture Martin B. Holm, Rustam Jamilov, Marek Jasinski, Plamen Nenov (2025)

Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News

TiSEM's seminars: Economics

Working paper Martin B. Holm (2025)

K-returns to Field of Study

Statistisk sentralbyrå (SSB) Doi: https://www.ssb.no/en/utdanning/hoyere-utdanning/artikler/k-returns-to-field-of-study

Financial and quantitative education, such as pursuing a degree in business or economics, should potentially equip individuals with the skills to better allocate their financial resources. This paper leverages discontinuities in admission cutoffs in the Norwegian higher education system to estimate the causal effect of entering a field of study on returns to wealth later in life. We find no statistically significant impact of entering any field of study on returns to wealth later in life, mainly because our estimation sample is too small to confidently identify the effect of field of study on returns to wealth. We thus conclude that we still do not know whether completing a specific field of study affects returns to wealth.

Lecture Gisle James Natvik, Martin Blomhoff Holm, Andreas Fagereng, Magnus Gulbrandsen, Karin Kinnerud, Sigmund Ellingsrud (2024)

Monetary Policy and Household Indebtedness – How Important are Fisher and Tilt Effects?

5th Workshop on Household Finance and Housing

Article Martin Blomhoff Holm, Rustam Jamilov, Marek Jasinski, Plamen Nenov (2024)

Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks

Department of Economics Discussion Paper Series, University of Oxford

Lecture Martin B. Holm (2024)

Inflation

Forskermøtet

Conference lecture Martin B. Holm, Knut Ward Heimdal, Amund H. Kordt (2024)

Local fiscal multipliers: Evidence from Norway

Forskermøtet 2024

We estimate local government spending multipliers using administrative data on municipalities in Norway. Based on identified shocks we estimate the dynamic response of gross production across geographical units and sectors of the economy. We find that the multipliers increase with the home bias in consumption. The results indicate that spending multiplier is closely linked to import leakages, which are reduced as the size of the economy increases. We observe that the public sector is the first to be affected by public spending, before the multiplier builds up in the private sector. We also show that similar results can be obtained by using a structural vector autoregressive models (SVAR) with various identifying assumptions.

Conference lecture Marek Jasinski, Martin Blomhoff Holm, Plamen Nenov, Rustam Jamilov (2024)

Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks

PhD Research Seminar

Conference lecture Marek Jasinski, Martin Blomhoff Holm, Plamen Nenov, Rustam Jamilov (2024)

Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks

38th meeting of the European Economic Association

Conference lecture Marek Jasinski, Martin Blomhoff Holm, Plamen Nenov, Rustam Jamilov (2024)

Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks

Oslo Macro Conference

Conference lecture Marek Jasinski, Martin Blomhoff Holm, Plamen Nenov, Rustam Jamilov (2024)

Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks

Centre for Household Finance and Macroeconomic Research (HOFIMAR) Workshop

Conference lecture Marek Jasinski, Martin Blomhoff Holm, Plamen Nenov, Rustam Jamilov (2024)

Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks

Seminar

Article Martin B. Holm (2024)

Inflasjon: Tanker om de siste to årene

Samfunnsøkonomen 138(1) p. 5-14

Lecture Marek Jasinski, Martin Blomhoff Holm, Plamen Nenov, Rustam Jamilov (2023)

Dividend Tax News and the Elasticity of Intertemporal Substitution

PhD Workshop: Mid-term evaluation

Conference lecture Martin B. Holm (2023)

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

Fed St. Louis-JEDC-SCG-SNB-Conference Heterogeneity and Macroeconomics of Labor Markets

Conference lecture Martin B. Holm, Gisle James Natvik, Andreas Fagereng, Benjamin Moll (2023)

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

Workshop on “Unveiling Wealth and Income Inequalities”

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

The Investment Channel of Monetary Policy: Evidence from Norway

Micro Data Meet Macro Models Workshop

Report Martin B. Holm, Kjetil Martinsen (2023)

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

Center for Monetary Economics

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

The Investment Channel of Monetary Policy: Evidence from Norway

Seminar, London Business School

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

Asset-Price Redistribution

Seminar, Lund University

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

Asset-Price Redistribution

Seminar, Cunef University

Lecture Gisle James Natvik, Andreas Fagereng, Martin Blomhoff Holm, Benjamin Moll (2023)

Saving Behavior Across the Wealth Distribution

Seminar

Lecture Gisle James Natvik, Andreas Fagereng, Martin Blomhoff Holm, Benjamin Moll (2023)

Saving Behaviour Across the Wealth Distribution

Seminar

Conference lecture Håkon Tretvoll, Edmund Crawley, Martin Blomhoff Holm (2023)

A Parsimonious Model of Idiosyncratic Income

Seminar, Norges Bank

Conference lecture Crawley Edmund, Martin B. Holm, Håkon Tretvoll (2022)

A Parsimonious Model of Idiosyncratic Income

EEA-ESEM

Conference lecture Edmund Crawley, Martin B. Holm, Håkon Tretvoll (2022)

A Parsimonious Model of Idiosyncratic Income

Society of Economics of the Household (SEHO)

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

Asset-Price Redistribution

Copenhagen University

Conference lecture Edmund Crawley, Martin B. Holm, Håkon Tretvoll (2022)

A Parsimonious Model of Idiosyncratic Income

Samfunnsøkonomenes Forskermøte 2022

Report Martin Blomhoff Holm, Kjersti Haugland, Zollner Sharon (2022)

Norges Bank Watch 2022

Center for Monetary Economics, BI Norwegian Business School

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

How Does Monetary Policy Affect Household Indebtedness?

Bank of Canada

Conference lecture Edmund Crawley, Martin B. Holm, Håkon Tretvoll (2022)

A Parsimonious Model of Idiosyncratic Income

Seminar, Sciences Po

Conference lecture Edmund Crawley, Martin B. Holm, Håkon Tretvoll (2022)

A Parsimonious Model of Idiosyncratic Income

2022 European Winter Meeting of the Econometric Society

Conference lecture Edmund Crawley, Martin B. Holm, Håkon Tretvoll (2022)

A Parsimonious Model of Idiosyncratic Income

Seminar, NHH Norges Handelshøyskole

Conference lecture Martin B. Holm, Pascal Paul, Andreas Tischbirek (2022)

Monetary Transmission under the Microscope

Seminar, Bank of Colombia

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

Asset-Price Redistribution

EEA-ESEM

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

Asset-Price Redistribution

Banque de France

Conference lecture Edmund Crawley, Martin B. Holm, Håkon Tretvoll (2022)

A Parsimonious Model of Idiosyncratic Income

NorMac

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

Asset-Price Redistribution

Workshop at Norges Bank

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

How Does Monetary Policy Affect Household Indebtedness?

Working Paper, Norges Bank 2021(5) p. 1-24

Lecture Gisle James Natvik, Andreas Fagereng, Benjamin Moll, Martin Blomhoff Holm (2021)

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

Seminar Bank of Spain

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

Drivkrefter bak svak etterspørsel i økonomien: Utredning for Sysselsettingsutvalget

Statistisk sentralbyrå (SSB)

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.

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

K-returns to Education

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.

Report Martin Blomhoff Holm, Pascal Paul, Andreas Tischbirek (2020)

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