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Norway's approach to monetary policy

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Author Info

  • Giovanni P. Olivei

Abstract

The goal of monetary policy as conducted by Norges Bank is to maintain low and stable inflation. The operational target of monetary policy is explicitly defined in a consumer price inflation rate of approximately 2.5 percent over time. Norges Bank sets its interest rate instrument with a view to achieving the inflation target over a two-year horizon, and it will normally tolerate deviations of actual inflation from target that are not in excess of plus or minus 1 percentage point. In general, the direct effects on consumer prices resulting from changes in interest rates, taxes, excise duties, and extraordinary temporary circumstances shall not be taken into account.

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File URL: http://www.bostonfed.org/economic/neer/neer2002/neer202j.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Boston in its journal New England Economic Review.

Volume (Year): (2002)
Issue (Month): Q 2 ()
Pages: 45-49

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Handle: RePEc:fip:fedbne:y:2002:i:q2:p:45-49

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Keywords: Monetary policy - Norway ; Banks and banking; Central - Norway ; Norges Bank;

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