Norges Bank
NORGESPaper
Cognitive discounting beats rational expectations in US model
US data favor cognitive discounting over rational expectations by 14.2 log points of marginal likelihood in Junior Maih's Norges Bank Working Paper 9/2026, published October 15, 2026.
Focus
NORGESPaper
Sticky new-home prices prolong sales and delay construction
New-home prices adjust more slowly than resale prices in Norway, finds Norges Bank Working Paper 8/2026, published October 15, 2026.
NORGESPaper
Higher firm pay passes only halfway into household spending
Workers spend roughly half the additional disposable income gained by moving to higher-paying firms, according to Norges Bank research published October 15, 2026.
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NORGESSpeech
High export prices and wage growth delay disinflation, Bache warns
Norges Bank Governor Ida Wolden Bache stated that elevated export prices and wage spillovers are delaying disinflation.
NORGESPaper
Relative macro news explains 70 to 80 percent of EURNOK variance
Relative inflation and monetary policy announcements account for 70 to 80 percent of EURNOK forecast-error variance and 60 to 70 percent for USDEUR, according to a Norges Bank study by Karsten Gerdrup, Kristoffer Hallerud, and Nicolò Maffei-Faccioli.
NORGESSpeech
Policy rate raised to 4.5 percent to curb inflation
Norges Bank has raised its policy rate to 4.5 percent to bring inflation back toward target.
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NORGESNews
Policy rate raised 25 basis points to 4.50 percent
Norges Bank raised the policy rate by 25 basis points to 4.50 percent at its September meeting.
NORGESNews
Monetary policy regulation keeps inflation target at 2 percent
Norway's operational inflation target remains close to 2 percent under a new monetary policy regulation adopted by the Council of State.
NORGESNews
Norwegian firms project 0.3 percent growth across late 2026
Contacts in Norges Bank's Regional Network expect Norwegian output to expand by 0.3 percent in both the third and fourth quarters of 2026.
NORGESSpeech
Bache reviews inflation path and policy rate projections
Norges Bank Governor Ida Wolden Bache delivered the Schweigaard lecture, addressing key questions on inflation targeting, employment trade-offs and policy rate projections.
NORGESNews
Policy rate held at 4.25 percent despite lower summer inflation
Norges Bank's Monetary Policy and Financial Stability Committee kept the policy rate unchanged at 4.25 percent at its August 12 meeting.
NORGESPaper
Tight labor markets amplify wage response to policy shocks
A Norges Bank working paper reveals that the transmission of monetary policy to wages is highly nonlinear and asymmetric, with tight labor markets amplifying wage increases from expansionary shocks while downward rigidity limits declines from contractionary shocks.