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Norway's approach to monetary policy

Giovanni Olivei

New England Economic Review, 2002, issue Q 2, 45-49

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.

Keywords: Monetary policy - Norway; Banks and banking, Central - Norway; Norges Bank (search for similar items in EconPapers)
Date: 2002
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