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
  • Engaging in research and analysis to support the department in the performance of its tasks

Director: Ole Christian Bech-Moen

Departmental units:

Norwegian economy

The unit monitors and analyses domestic economic developments and prepares parts of Norges Bank's Monetary Policy Report with financial stability assessment, which is issued four times a year. The unit is responsible for the Bank's regional network, established to strengthen the analytical base through direct contact with enterprises, organisations and municipalities. The use and development of economic models for forecasting purposes and political analysis, including a system for averaging forecasts. SAM (System for Averaging Models) are also among the unit's tasks,

Director: Per Espen Lilleås

International Economy

The unit monitors and analyses international economic developments. The unit has operational responsibility for Norway's work in the IMF and for taking care of Norges Bank's interests and activities on other international issues.

Director: Anne Berit Christiansen


The unit develops models and analytical tools to enhance the basis for monetary policy decision-making and macro-prudential policy guidance. The unit has a special responsibility for the maintenance and the development of Norges Bank's core macroeconomic model, NEMO, and the system for averaging short-term forecasting models (SAM). The unit develops and deploys models for macro-prudential stress testing. In addition, the modelling unit develops macro-models based on heterogeneous agents which are estimated/calibrated based on microdata.

Director: Karsten Gerdrup


The unit's employees carry out research in the areas of macroeconomics, monetary policy, they conducts theoretical and empirical research into the functioning of financial markets, the behaviour of financial institutions, issues related to payment and settlement systems and the interplay between the financial and the real economy. The standard of research must be such that it qualifies for publication in refereed international or national journals. The unit provides specialist input to the Bank's work on predicting, preventing and managing financial instability and promoting efficient and robust payment and settlement systems.

Director: Kasper Roszbach

Edited 27 April 2020 09:00
Edited 27 April 2020 09:00