Mellom politikk og marked? En studie av ... - Norges Bank

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Abstract This master thesis is a study of the Monetary Policy Department in the Bank of Norway (BoN), the International Monetary Fund (IMF), and the question of the Norwegian monetary and credit policy around 1965-1980. The main ambition of the project was to study the relationship between the IMF and BoN, both at institutional and at the participant level. There was also a desire to study both international experience, through the economist’s participation with IMF’s consultations with other countries, and the point of view, and thereby knowledge regimes, the economist’s in the Monetary Policy Department expressed in monetary and credit policy issues. In order to study verifiable point of view it here mainly focus on the printed debate, which has been supplemented with interviews when this has been possible. The three angles were examined in two chapters that covered the periods 1965-1973 and 1974-1980. In 1973, the Magnussen Committee submitted its report and expressed a desire to move towards market-determined interest rates. At the same time there was a significant recruitment growth in the bank. Especially in transition between the 1960 and 1970 century, an increasing number of new young economists were employed by the Monetary Policy Department in BoN. This thesis argues that the relationship between the IMF and BoN, both at institutional level and at the participant level, showed that the monetary and credit policy in Norway drew criticism from both the IMF and BoN. The survey of foreign visit showed that economists at BoN could draw experiences from other countries that used other instruments, mainly a flexible interest rate and market operations, than the Norwegian legislation gave access to. The printed debate showed that some of the economists at BoN published a greater extent than others, and some, such as John Petter Holter and Forsbak was more explicit in his criticism of the Norwegian monetary and credit policy. The analysis also showed that without the study of consultation meetings and overseas visit to the elected economists at BoN the presentation of BoN’s economists could have been different. In the printed debate only few explicitly expressed disagreement in the monetary and credit policy. The analysis also showed the diversity of the economist in BoN although they had the same educational background. This shows the problems with using the "Oslo school" on a group of economists only basted on the connection to the background of education. iii
Akronymer BIS – Bank for Internasjonal Settlements BNP – Bruttonasjonalprodukt DnC - Den norske Creditbank EB – Executive Board EBM – Executive Board Minutes EBS – Executive Board Specials EEC – European Economic Community EFTA - Det europeiske frihandelsforbund EMS – European Monetary System IMF – International Monetary Fund LO - Landsorganisasjonen NHH – Norges Handelshøyskole OECD – Organisation for Economic Co-operation and Development SDR –Special Drawing Rights SM – Staff Memoranda SSB – Statistisk sentralbyrå UiO – Universitetet i Oslo iv
Page 1 and 2: No. 19 | 2011 Staff Memo Mellom pol
Page 3: Mellom politikk og marked? En studi
Page 8 and 9: Innhold Forord ....................
Page 10 and 11: 4.2 Konsultasjonsmøter ...........
Page 12 and 13: Kapittel 1: Introduksjon ”Man la
Page 14 and 15: 1.2 Forskningsstatus - Norges Bank
Page 16 and 17: Finansdepartementet. Denne avhandli
Page 18 and 19: 1.3 Problemstilling, periodisering
Page 20 and 21: spesielt sjefdirektøren 43 og nest
Page 22 and 23: 1.4.2 Penge- og kredittpolitikk Pen
Page 24 and 25: et hull i arkivmaterialet mellom 19
Page 26 and 27: 1.6.5 Tidsskrift Frem til 1973 var
Page 28 and 29: eskrevet som en prinsipiell liberal
Page 30 and 31: ”deflasjonistisk traume” fra 19
Page 32 and 33: institutt ved Universitetet i Oslo,
Page 34 and 35: kompromisser. 90 Getz Wold komiteen
Page 36 and 37: Under vanlige konsultasjonsmøter h
Page 38 and 39: Agnar Sandmo 113 har også et marka
Page 40 and 41: virker og i hvilken grad. 126 Av de
Page 42 and 43: 2.4 Avslutning Selv om Norges Banke
Page 44 and 45: 3.2 Konsultasjonsmøter Norge ble,
Page 46 and 47: etterspørsel etter kreditt. Etters
Page 48 and 49: annen økonomisk historiker, Sverre
Page 50 and 51: I Norge betegnet finanspolitikken e
Page 52 and 53: Under det første offisielle møtet
Page 54 and 55: esursene i Norge. Videre påpekte h
Page 56 and 57:
”Although supplementary reserve r
Page 58 and 59:
direktør i Pengepolitisk avdeling
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økonomiske politikk, og Tvedt kunn
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med andre OECD-land var den liten.
Page 64 and 65:
3.3.5 Johan Frøland og Jon Petter
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kredittmarkedet i USA”. 277 Frøl
Page 68 and 69:
uttrykte stor tiltro til dem, og op
Page 70 and 71:
valutatransaksjoner ville føre til
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langsiktige renter. 317 Hovedpoenge
Page 74 and 75:
om økonomene i Norges Bank var mot
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Kapittel 4 - 1974-1980 - Brudd med
Page 78 and 79:
Figur 4.1: Årlig prisvekst 1965-19
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spending of future income, since it
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milliarder kroner. 364 Penge- og kr
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inflasjonen gikk drastisk ned i 197
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den nye valutakurven. 395 Stortinge
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Under konsultasjonsmøtene i period
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Brynjulv Vollan og Einar Magnussen.
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markedsandelsutvikling, lønnskostn
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flere som Forsbak, var stor motstan
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paradigmes grenser”. 456 Forsbak
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to punkter. Han mente at renten kun
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viktigheten av i det minste å anal
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lånekostnaden. Skånland har helt
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apport likevel ikke klassifiseres s
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å plassere en gruppe økonomer i e
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overtatt høyere stillinger i Penge
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5.4 Det trykte ordskiftet En rekke
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Norges Banks ansatte 519 Bergo, Jar
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Prøsch, Terje Stein Wilhelm (1943
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Pengepolitisk avdeling 1965-1980 1.
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1.1.1973 Pengepolitisk avdeling: di
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Konsultasjonsmøter - IMFs represen
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Litteraturliste: Litteratur og kild
Page 124 and 125:
Kleivset Christoffer: ”Inflasjon
Page 126 and 127:
International Monetary Fund, Annual
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