Norway's Bergo on inflation targeting

In a speech on 'The basis for inflation targeting' given on 21 January, Jarle Bergo of Norges Bank said that the lesson from Nobel Prize winners Kydland and Prescott was that economic policy can achieve better results if the authorities can commit themselves to a pre-established set of credible policy rules.

"The conduct of monetary policy in Norway, as in many other countries, is delegated to the central bank with an objective of low and stable inflation. The inflation target can be seen as an

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