Norway’s Road to Inflation Targeting: Overcoming the Fear of Floating

IF 1.5 Q2 ECONOMICS

Comparative Economic Studies Pub Date : 2024-07-19 DOI:10.1057/s41294-024-00241-1

Øyvind Eitrheim, Jan Fredrik Qvigstad

引用次数: 0

Abstract

We review developments in monetary policy and exchange rate regimes in Norway since the Bretton Woods system collapsed. Norway has traditionally had a monetary policy regime geared towards exchange rate stability. The long history with fixed exchange rates as "normalcy" may be one factor which explains the rather late transition to inflation targeting in Norway. This "fear of floating" may seem hard to explain today. We look at five episodes, in 1992, 1998, 2008, 2014 and 2020, respectively, through the lens of the prevailing monetary regime in real-time. What if we had reacted "as if" under the opposite regime?

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挪威的通胀目标之路：克服对浮动的恐惧

我们回顾了自布雷顿森林体系崩溃以来挪威货币政策和汇率制度的发展。挪威的货币政策体系历来以汇率稳定为目标。长期以来，固定汇率被视为 "常态"，这可能是挪威较晚才过渡到通货膨胀目标制的一个原因。这种 "对浮动的恐惧 "在今天看来似乎难以解释。我们将从现行货币制度的角度，实时审视1992年、1998年、2008年、2014年和2020年的五次事件。如果我们在相反的制度下做出 "相同 "的反应会怎样？

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Comparative Economic Studies ECONOMICS-

CiteScore

2.30

自引率

12.50%

发文量

期刊介绍： Comparative Economic Studies is a journal of the Association for Comparative Economic Studies (ACES). It aims to publish papers that address several objectives: that provide original political economy analysis from a comparative perspective, that are an accessible source for state-of-the-art comparative economics thinking, that encourage cross-fertilization of ideas, that debate directions for future research in comparative economics, and that can provide materials and insights that are relevant for teaching, public policy debate and the media. Comparative Economic Studies welcome both submissions that are explicitly comparative and case studies of single countries or regions. The journal is interested in papers that investigate how economic systems respond to economic transitions, crises and to structural change, brought about by globalization, demographics, institutions, technology, politics, and the environment. While maintaining its position as an important outlet for work on Central Europe and the Former Soviet Union, the scope of Comparative Economic Studies encompasses other areas as well (European Union, Asia, Latin America, and Africa).