Monetary Policy from a Historical Perspective

The primary objective of monetary policy is to keep inflation low and stable. Major western countries are pursuing an accommodative monetary policy to prevent inflation from

relationship between the movements: increased note circulation and central bank lending reflected the demand for money in some economic sectors, increased foreign

From this perspective, the question of whether financial stability considerations should be explicitly included in monetary policy is heavily debated, both in academia and

From this perspective, the question of whether financial stability considerations should be explicitly included in monetary policy is heavily de- bated, both in academia and in

In recognition of this fact, Norges Bank gradually gave greater weight to influencing inflation developments as a prerequisite for a more stable krone exchange rate over time..

Monetary policy aimed at a stable krone exchange rate, resulting in high real interest rates.. But with a binding commitment to a fixed exchange rate, inflation was brought

The objective was two-fold: to sta- bilise monetary value (gold was regarded as more stable than silver) and to establish an international system of fixed exchange rates against

The gross capital flows into the United States in the form of lending by European banks via the shadow banking system no doubt played a pivotal role in influencing credit conditions