Monetary policy frameworks--Norges Bank in the light of the literature and international practice.

From: Economic Bulletin | Date: December 1, 2007| Author: | Copyright information

The past 20 years have brought major changes in monetary policy, in Norway and abroad. Most central banks now have instrument independence, and price stability is the common objective of monetary policy. The organisation of the monetary policy decision within central banks has also changed. This decision is now typically taken by a committee. There have also been major changes in terms of transparency and communication.

These developments are the product of both economic theory and historical developments. Despite similar developments across countries, there are still ...

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