Speech by Svein Gjedrem of Norges Bank, 19 Sep

SPEECH - Gjedrem said in the speech titled 'Economic policy challenges' that monetary policy functions with considerable and variable lags. Therefore, the current level of inflation does not provide an adequate basis for determining the level at which interest rates should be set today. Norges Bank analyses indicate that a substantial share of the effects of an interest rate change will occur within two years. Two years is therefore a reasonable time horizon for attaining the inflation target

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