Monetary Policy and the Outlook for the Norwegian Economy

slowdown. Employment is still on the rise in the public sector and the construction industry. An expansionary central government budget will probably contribute to sustaining

Our counterfactual analysis suggests oil shocks to have been important for output gap and in‡ation volatility while monetary policy shocks have been important for driving

The experience of recent years shows that international financial market developments can have a short-term impact on the krone exchange rate.. Heightened uncertainty and unrest in

The projections in the Inflation Report are based on the technical assumption that the krone exchange rate will remain stable.. Exchange rates between the major currencies

2) CPI adjusted for tax changes and excluding temporary changes in energy prices. See Staff Memo 2008/7 and Staff Memo 2009/3 from Norges Bank for a description of the CPIXE..

This paper describes the new indicator of underlying inflation used at Norges Bank, the consumer price index adjusted for tax changes and excluding temporary changes in energy

The interest rate reductions and the fall in the krone exchange rate imply that inflation will gradually increase and will be considerably higher than the current level as early

Steep increases in public sector allocations, growth in private consumption and strong growth in labour costs fuel high price inflation for goods and services produced in