Monetary Policy Report 3/11
	Chart 1.1 Projected output gap for Norwegian trading partners
	Chart 1.2 Yield spreads against German 10-year government bonds
	Chart 1.3 Developments in equity markets
	Chart 1.4 Yield on 10 year government bonds
	Chart 1.5 Difference between 3-month money market rate and key policy rate expectations in the market
	Chart 1.6 Key policy rate, money market rate, yield on 5-year covered bonds and weighted average lending rate on new residential mortgages
	Chart 1.7 Key rates and estimated forward rates
	Chart 1.8 Consumer prices
	Chart 1.9 Inflation. Moving 10-year average
	Chart 1.10 Expected consumer price inflation 2 and 5 years ahead
	Chart 1.11 Differential between 5-year forward rates 5 years ahead in Norway and the euro area
	Chart 1.12 Three-month money market rates. Trading partners.
	Chart 1.13 Households debt burden and interest burden
	Chart 1.14a Projected key policy rate in the baseline scenario with fan chart
	Chart 1.14b Estimated output gap in the baseline scenario with fan chart
	Chart 1.14c Projected CPI in the baseline scenario with fan chart
	Chart 1.14d Projected CPIXE in the baseline scenario with fan chart
	Chart 1.15 Interval for the key policy rate at the end of each strategy period, actual developments and projection
	Chart 1.16 Difference between 3-month money market rate and expected key rates
	Chart 1.17 Money market rate differential between Norway and trading partners, and the import-weighted exchange rate index (I-44)
	Chart 1.18 Projected inflation and output gap in the baseline scenario
	Chart 1.19 Real exchange rate
	Chart 1.20a Key policy rate
	Chart 1.20b Output gap
	Chart 1.20c CPIXE
	Chart 1.21 Key policy rate and calculations based on simple monetary policy rules
	Chart 1.22 Three-month money market rates in the baseline scenario and estimated forward rates
	Chart 1.23 Key policy rate and interest rate developments that follow from Norges Bank’s average pattern of interest rate setting
	Chart 1.24a Key policy rate in the baseline scenario and in the alternative scenarios
	Chart 1.24b The output gap in the baseline scenario and in the alternative scenarios
	Chart 1.24c CPIXE in the baseline scenario and in the alternative scenarios
	Chart 1 Key policy rate in the baseline scenario in MPR 2/11 with fan chart and key policy rate in the baseline scenario from MPR 3/11
	Chart 2 Factors behind changes in the interest rate path since MPR 2/11
	Chart 2.1 GDP-growth in advanced and emerging economies
	Chart 2.2 Change in debt for households and public sector
	Chart 2.3 Housing indicators for the US
	Chart 2.4 Private investment
	Chart 2.5 Core inflation
	Chart 2.6 ULC
	Chart 2.7 Core inflation in emerging markets
	Chart 2.8 Oil price and prices for Norwegian petroleum exports
	Chart 2.9 Prices for coal, oil and natural gas
	Chart 2.10 Commodity prices
	Chart 2.11 CPI, CPI-ATE and CPIXE
	Chart 2.12 CPI-ATE. Total and by supplier sector
	Chart 2.13 Prices for imported consumer goods in the CPI-ATE and prices for clothing in the CPI
	Chart 2.14 Indicator of external price impulses to imported consumer goods measured in foreign currency
	Chart 2.15 CPI-ATE. Actual figures, baseline scenario and projections from SAM
	Chart 2.16 GDP mainland Norway and Norges Bank's regional network's indicator of change in production
	Chart 2.17 Terms of trade
	Chart 2.18 Mainland GDP. Actual figures, baseline scenario and projections from SAM
	Chart 2.19 Capacity constraints and labour supply in Regional network and estimated output gap
	Chart 2.20 Exports from mainland Norway
	Chart 2.21 Household consumption and real disposable income
	Chart 2.22 Household saving and net lending as a share of disposable income
	Chart 2.23 Housing starts and order intake for residential construction
	Chart 2.24 Planned growth in investment for next 12 months compared with past 12 months
	Chart 2.25 Investment in mainland Norway except public sector
	Chart 2.26 Employment and Norges Bank's regional network's indicator of change in employment
	Chart 2.27 Population growth, net migration and excess of births
	Chart 2.28 Actual trend in labour force and labour force given demografic developments
	Chart 2.29 Registered unemployment. Percentage of labour force
	Chart 2.30 GDP per hour worked for mainland Norway
	Chart 2.31 Non-oil budget deficit and structural non-oil budget deficit
	Chart 2.32 Structural, non-oil deficit and expected real return on the Government Pension Fund Global
	Chart 2.33 Petroleum investment