Norges Bank

Monetary Policy

The department contributes to balanced economic developments and to achieving the inflation target.

Duties include:

  • Providing a sound analytical basis for monetary policy
  • Advising on interest rate decisions and on monetary policy communication
  • Developing further Norges Bank’s strategy for flexible inflation targeting
  • Engaging in research and analysis to support the department in the performance of its tasks

Departmental units

Macroeconomic analysis and forecasting

The unit monitors and analyses domestic and international economic developments and prepares short- and medium-term macroeconomic analyses on which monetary policy decisions are based.

The unit is responsible for Norges Bank’s Regional Network, which is intended to provide information from a representative cross-section of the Norwegian business sector. The unit also has a particular responsibility for utilising new data sources and microdata for the Norwegian economy and for analysing global structural developments.

Director: Per Espen Lilleås

Monetary policy analysis

The unit is responsible for the monetary policy analysis on which policy rate forecasts and policy rate decisions are based. The unit is also responsible for providing macroeconomic analyses of macroprudential measures.

The unit analyses the implications of economic shocks for monetary policy trade-offs. Macroeconomic models, such as the Bank’s core model NEMO, are key tools. But other models and analyses are also used, such as models based on heterogeneity and analyses of financial markets.

Director: Karsten R. Gerdrup

Monetary policy communication

The unit is in charge of the department’s work with the Monetary Policy and Financial Stability Committee and is responsible for enhancing external communication of monetary policy. The unit coordinates and promotes the central bank’s climate initiatives. The unit is the secretariat for Norway’s work with the International Monetary Fund (IMF) and addresses key central banking issues, including contact with other central banks, the Bank for International Settlements (BIS) and the Network for Greening the Financial System (NGFS), among others.

Director: Anne Kari Haug


The purpose of the Research Unit is to help to strengthen the analytical base underlying the Bank’s decisions. The unit’s activities focus on monetary policy, financial stability and financial markets with the aim of producing world-class research. The unit carries out research and analysis projects that deal with the Norwegian economy both with colleagues in other units and with economists in academia and at other central banks. The unit also administers the Norges Bank Academic Program (NBAP) and the Norges Bank fund for research in economics.

Director: Kasper Roszbach

Edited 10 April 2024 10:00
Edited 10 April 2024 10:00