Norway's Gjedrem on the economic outlook

In a speech on 'The economic outlook and monetary policy' given on 18 March, Svein Gjedrem of Norges Bank said inflation targeting has proved to be a sound system and particularly well suited for small, open economies.

"Normally, interest rate setting under an inflation targeting regime will also contribute to stabilising output and employment. In periods of recession, with prospects of low and falling inflation, the interest rate will be reduced to boost demand and prevent an inflation level

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