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An Independent Review of Monetary Policy and Institutions in Norway

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Author Info
Lars E.O. Svensson (Princeton University)
Kjetil Houg (Alfred Berg)
Haakon O.Aa. Solheim (Norwegian School of Management)
Erling Steigum (Norwegian School of Management)

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Abstract

The Centre for Monetary Economics (CME) at the Norwegian School of Management BI has for the third time invited a committee of economists for Norges Bank Watch, with the objective to evaluate the monetary-policy regime in Norway and Norges Bank’s conduct of monetary policy. The new committee for Norges Bank Watch 2002 consists of Professor Lars E.O. Svensson (chair), Princeton University, Chief Economist Kjetil Houg, Alfred Berg, Doctorate Student Haakon O.Aa. Solheim, Norwegian School of Management BI, and Professor Erling Steigum, Norwegian School of Management BI. The aim of Norges Bank Watch is to contribute to the general discussion on monetary policy and institutions among the political system, the academic community and other interested parties. Two years ago, Norges Bank Watch 2000 suggested that the Bank’s actual interpretation of its stable exchange-rate mandate should be formalized as a flexible inflation-targeting regime. In March 2001, the government introduced a formal inflation target regime. As was the case in last year’s report, we do not have the ambitions to suggest another major change of the system, but we hope to highlight important aspects of the present regime and we recommend a number of possible improvements of the regime.

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Paper provided by Princeton University, Department of Economics, Center for Economic Policy Studies. in its series Working Papers with number 120.

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Date of creation: Sep 2002
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Handle: RePEc:pri:cepsud:120

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  1. Q. Farooq Akram, 2004. "Oil wealth and real exchange rates: The FEER for Norway," Money Macro and Finance (MMF) Research Group Conference 2004 33, Money Macro and Finance Research Group. [Downloadable!]
    Other versions:
  2. Roberto Chang, 2008. "Inflation Targeting, Reserves Accumulation, and Exchange Rate Management in Latin America," BORRADORES DE ECONOMIA 004518, BANCO DE LA REPÚBLICA. [Downloadable!]
  3. Wasim Shahid Malik & Musleh-ud Din, 2008. "Monetary Policy Transparency in Pakistan: An Independent Analysis," PIDE-Working Papers 2008:44, Pakistan Institute of Development Economics. [Downloadable!]
  4. Lars E.O. Svensson, 2004. "Commentary on Practical problems and obstacles to inflation targeting," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 161-164. [Downloadable!]
  5. Lars E O Svensson, 2005. "Monetary Policy with Judgment: Forecast Targeting," International Journal of Central Banking, International Journal of Central Banking, vol. 1(1), May. [Downloadable!]
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  6. Lars E.O. Svensson, 2005. "Targeting versus instrument rules for monetary policy: what is wrong with McCallum and Nelson?," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 613-626. [Downloadable!]
  7. Lars E.O Svensson, 2002. "Monetary policy and real stabilization," Proceedings, Federal Reserve Bank of Kansas City, pages 261-312. [Downloadable!]
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  8. Lars E.O. Svensson, 2004. "Targeting Rules vs. Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?," NBER Working Papers 10747, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Viktor Kotlan & David Navratil, 2003. "Inflation Targeting as a Stabilisation Tool: Its Design and Performance in the Czech Republic," Macroeconomics 0310006, EconWPA. [Downloadable!]
  10. Jarkko Soikkeli, 2002. "The Inflation Targeting Framework in Norway," IMF Working Papers 02/184, International Monetary Fund. [Downloadable!]
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