Norges Bank Watch 2014: An Independent Evaluation of Monetary Policy in Norway

Abstract

This report is based on careful considerations of Norges Bank’s policy decisions, Monetary Policy Reports (MPR), and other communication, during 2013. We have also benefitted from extensive discussions with representatives of Norges Bank, the Ministry of Finance, and the Financial Supervisory Authority (FSA, Finanstilsynet), as well as fellow economists in academia and financial institutions. Armed with this information, we have sought to evaluate Norges Bank’s actions and communication in view of the research literature, especially within the areas of monetary economics and macrofinance. We have also looked at some broader issues concerning the institutional setup of Norwegian monetary policy as well as a set of research topics that we feel should be given priority to further improve the basis for Norwegian monetary policy making.