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NORGES BANK WATCH 2006: An Independent Review of Monetary Policymaking in Norway

Banks and their branches abroad are processing the majority of remittances sent by Filipinos living abroad. The participation and expansion o f banks during the past decade explain the dramatic increase in remittances during the 1990s (Battistella, 1999). Migration flows during this period was relatively stable, and thus cannot alone explain such an increase (Reinaruth, 2002). In addition to bank branches in the United States and Asia, non-bank financial institutions also play a significant role in transferring funds to the Philippines. These money transfer organizations are niche players and focus primarily on sending remittances only. . | NORGES BANK WATCH 2006 An Independent Review of Monetary Policymaking in Norway 0ystein D0rum DnB NOR Markets Steinar Holden University of Oslo Norges Bank Watch Report Series No. 7 Centre for Monetary Economics BI Norwegian School of Management 9 March 2006 NORGES BANK WATCH - 2006 Authors 2006 Norges Bank Watch Report Series No 7 ISSN 1503-7339 Centre for Monetary Economics BI Norwegian School of Management Department of Economics N-0442 OSLO Phone 47 46 41 07 91 Printing Allkopi 2 NORGES BANK WATCH - 2006 Table of contents Executive summary. 5 1 Introduction. 9 2 The objectives of the monetary policy. 12 2.1 Norges Banks s interpretation of the policy mandate. 12 2.2 For how long can the rate of inflation remain below 2.5 percent . 15 3 The challenges. 19 3.1 Financial stability. 19 3.2 Monetary policy and inflation. 24 3.3 What should be done . 27 3.4 Changing the inflation target . 30 4 Norges Bank s Monetary policy assessments and strategy. 33 4.1 The content of the Monetary policy assessments and strategy. 33 4.2 The fan charts. 36 5 Monetary policy in 2002-2006. 39 5.1 Monetary policy in 2002-04. 39 5.2 Interest rate setting in 2005. 43 5.3 Looking forward. 48 6 Communication. 56 6.1 Some general issues. 56 6.2 Communicating with the market. 58 6.3 Optimal interest rate path. 65 7 Sammendrag av Norges Bank Watch 2006. 68 References. 72