Year of Graduation
Norwegian Monetary Policy
Double degree programme in Economics of the NRU HSE and the University of London
The following thesis is devoted to analysis of monetary policy implemented by Norwegian Central Bank (Norges-Bank) during exchange rate targeting regime, inflation targeting regime and crisis and post-crisis period. The main purpose of this research is to investigate the reaction of key-policy rate, issued by Norges-Bank with respect to changes in domestic endogenous-block variables and foreign exogenous-block variables. The analysis is mainly driven by the theoretical model, which characterizes small open DSGE economy of Norway, with additional assumptions of key-exogenous variables. The main methodology used in this research is analysis of Impulse-Response functions obtained through Vector Autoregression models (VAR) with the use of Granger causality tests.