Norges Bank researchers grapple with nonlinear exchange rate pass-through

Norges Bank HQ, Oslo
Norges Bank. Photo: Norges Bank
Photo: Espen Schive

Imported goods inflation in Norway is at its highest level since 1988 and researchers at Norges Bank believe exchange rate pass-through may be higher than standard models imply. However, specifying the effect proves tricky.

In a staff memo published on April 4, Pål Bergset Ulvedal and Nikka Husom Vonen study pass-through based on a simple equilibrium correction model and a more complex structural model. Based on the structural model, a 1% depreciation of the krone results in a 0.1% increase in

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account