Is Norges Bank targeting nominal GDP?

Is the Norwegian central bank – Norges Bank – targeting nominal GDP? Probably not, but this presentation by Norges Bank governor Øystein Olsen is nonetheless interesting.

Have a look at the graph on slide 17 of the presentation. The graph shows nominal GDP for what is called mainland Norway (“Fastlands-Norge”) which is the non-oil part of the Norwegian economy. The graph obviously is quite Market Monetarist in nature. I would certainly not argue that Norge Bank has started targeting Nominal GDP, but it is nonetheless interesting that governor Øystein have a Market Monetarist style graph in his presentation.

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