Norges Bank Watch 2010
Abstract
The international recession triggered by the financial crisis is often called “The Great Recession” because it is the deepest after World War II, and it did not turn into a full scale depression like in the 1930s. An evaluation of Norges Bank’s monetary policy in 2009 must therefore acknowledge the extraordinary uncertainty about the international economy facing Norges Bank, as well as the above-normal challenges of making forecast of the domestic business cycle and inflation when setting the key policy rate.