Norway: Selected Issues

Volume/Issue: Volume 2007 Issue 197

Publication date: June 2007

ISBN: 9781451829815

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Inflation , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , core inflation , inflation process , CPI , IMF staff estimate , IMF staff calculation , inflation performance , underlying inflation , Oil prices , Inflation , Pension spending , Oil , gas and mining taxes , Budget planning and preparation , Global

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Summary

This Selected Issues paper analyzes core and idiosyncratic inflation in Norway. The paper provides estimates of underlying inflation, using a statistical technique to decompose inflation and a measure of core inflation into “common” and “idiosyncratic” components. It finds that overall inflation is not far from its underlying value, as estimated by the common component, while core inflation is below its underlying value. The paper also considers medium-term and long-term fiscal policy in light of high oil prices and the prospect of substantial increase in pension outlays.