Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/210161 
Year of Publication: 
2004
Series/Report no.: 
Staff Memo No. 2004/3
Publisher: 
Norges Bank, Oslo
Abstract: 
This note outlines a small, calibrated macromodel that can be used to support inflation targeting at Norges Bank. The model provides a stylised representation of the key flows in the macro economy, with a particular emphasis on the transmission mechanism of monetary policy. It can be viewed as the minimal model necessary to explain the nexus of output, interest rates, exchange rates and inflation, with a framework for the way monetary policy influences the real economy and inflation. The model should be viewed mainly as a pedagogical device and as a pilot model for subsequent model development at Norges Bank.
Persistent Identifier of the first edition: 
ISBN: 
82-7553-259-0
Creative Commons License: 
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Document Type: 
Research Report
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