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Leif Anders Thorsrud is Associate Professor at the BI Norwegian Business School, and manager of the research centre CAMP (Centre for Applied Macroeconomics and Commodity Prices) at the BI Norwegian Business School. He holds a Bachelor of Arts in Journalism and International Relations, and a Master of Philosophy in Economics from the University of Oslo. He obtained his Phd in Economics from BI Norwegian Business School.
His main area of research is within applied macroeconomics, time series, and machine learning. Special interests include the study of natural resources, business cycles, textual analysis and forecasting. He has published in leading journals such as the Economic Journal, Journal of Econometrics, Journal of Business and Economic Statistics, and Journal of Applied Econometrics. He is also the co-author of the book “Applied Time Series Macroeconomics”.
Thorsrud has previously held positions as staff economist at Norges Bank and the Reserve Bank of New Zealand, and as senior researcher at Norges Bank.
Publikasjoner
Thorsrud, Leif Anders; Larsen, Vegard Høghaug & ter Ellen, Saskia (2021)
Narrative Monetary Policy Surprises and the Media
Journal of Money, Credit and Banking
Røed Larsen, Erling; Anundsen, André Kallåk, Kivedal, Bjørnar Karlsen & Thorsrud, Leif Anders (2020)
Behavioral changes and policy effects during Covid-19: Evidence from day-by-day sales and bid-by-bid auction logs in the housing market, (with André K. Anundsen, Bjørnar Karlsen Kivedal, and Leif Anders Thorsrud. Housing Lab Working Paper Series 2020-3.
Housing Lab Working Paper Series, 2020(3)
Larsen, Vegard Høghaug; Thorsrud, Leif Anders & Zhulanova, Julia (2020)
News-driven inflation expectations and information rigidities
Using a large news corpus and machine learning algorithms we investigate the role played by the media in the expectations formation process of households, and conclude that the news topics media report on are good predictors of both inflation and inflation expectations. In turn, in a noisy information model, augmented with a simple media channel, we document that the time series features of relevant topics help explain time-varying information rigidity among households. As such, we provide a novel estimate of state-dependent information rigidities and present new evidence highlighting the role of the media in understanding inflation expectations and information rigidities.
In this paper we develop the first model to incorporate the dynamic productivity consequences of both the spending effect and the resource movement effect of oil abundance. We show that doing so dramatically alters the conclusions drawn from earlier models of learning by doing (LBD) and the Dutch disease. In particular, the resource movement effect suggests that the growth effects of natural resources are likely to be positive, turning previous growth results in the literature relying on the spending effect on their head. We motivate the relevance of our approach by the example of a major oil producer, Norway. Empirically we find that the effects of an increase in the price of oil may resemble results found in the earlier Dutch disease literature, while the effects of increased oil activity increases productivity in most industries. Therefore, models that only focus on windfall gains due to increased spending potential from higher oil prices, would conclude – incorrectly based on our analysis – that the resource sector cannot be an engine of growth.
Larsen, Vegard Høghaug & Thorsrud, Leif Anders (2018)