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Norway's approach to monetary policy

  • Giovanni P. Olivei

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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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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