| dc.description.abstract | The main task of the committee has been to evaluate how well Norges Bank has fulfilled its
monetary policy mandate given by the Norwegian Government on 29 March 2001. In particular, the
committee has reviewed Norges Bank’s interpretation of the mandate and finds that its interpretation is
insufficiently flexible. In addition, the committee has assessed Norges Bank’s monetary policy strategy and
decision making process and considers them suboptimal and inefficient. Furthermore, the committee has
evaluated Norges Bank’s forecasts and interest rate decisions in 2003 and has detected persistent forecast
errors as well as policy mistakes that kept monetary policy too tight at the end of 2002 and early in 2003
and perhaps too loose at the end of 2003. The committee has also assessed Norges Bank’s use of indicators
for underlying inflation and the output gap, and concludes that its measures are poor and need
improvement. Finally, the committee has evaluated Norges Bank’s public communication and transparency
and finds that despite increased public communication, there is still a notable lack of transparency. | en_US |
