Is Norges Bank targeting nominal GDP?
Is the Norwegian central bank - Norges Bank - targeting nominal GDP? Probably not, but this presentation by Norges Bank governor Øystein Olsen is nonetheless interesting. Have a look at the graph on slide 17 of the presentation. The graph shows nominal GDP for what is called mainland Norway ("Fastlands-Norge") which is the non-oil part of the Norwegian economy. The graph obviously is quite Market Monetarist in nature. I would certainly not argue that Norge Bank has started targeting Nominal GDP, but it is nonetheless interesting that governor Øystein have a Market Monetarist style graph in his presentation. Related posts: Denmark and Norway were the PIIGS of the Scandinavian Currency Union Danish and Norwegian monetary policy failure in 1920s – lessons for today Fear-of-floating, misallocation and the law of comparative advantages