TAILIEUCHUNG - Norges Bank’s system for managing interest rates

The economy has suffered from an adverse demand shock – the sharp contraction of 2008-2009 – and from two types of adverse supply shock. First of all, the trend path for productivity is almost certainly lower than most people had expected before the economic crisis (although trend growth is probably little changed). Not only did productivity levels fall during the crisis, but there has been no real sign of the sort of recovery which might have been expected if the decline in productivity had simply been a temporary consequence of the disruption associated with the credit crunch. . | Norges Bank s system for managing interest rates Lars-Christian Kran economist in the Market Operations Department and Grete 0wre Head of Division in the Financial Infrastructure and Payments Department1 The article provides an account of Norges Bank s practical implementation of monetary policy in the money market through liquidity policy. Liquidity policy consists of Norges Bank s operations in the money market to influence the banking system s liquidity. Liquidity policy shall be consistent with the interest rate signals given by Norges Bank through monetary policy and ensure that changes in the key rates have a broad impact on short-term money market rates. Liquidity policy shall also facilitate efficient execution of banks payment settlements in the central bank. Liquidity operations shall not have an effect on money market rates that may result in a lack of clarity regarding Norges Bank s interest rate signals. Main features of liquidity policy in Norway All banks established in Norway may have deposit accounts in Norges Bank. The liquidity of the banking system is banks aggregate sight deposits in accounts in Norges Bank from one business day to the next. The banking system s structural liquidity is banks sight deposits with Norges Bank as they would have been without the Bank supplying or withdrawing liquidity by means of liquidity instruments. In the course of a year banks structural liquidity varies between substantial borrowing needs and substantial deposits in Norges Bank see Chart 1 . Structural liquidity is influenced by a number of autonomous factors. The central government has its NOK account in Norges Bank. This means that payments in NOK to and from the central government including central government loan transactions but not payments between the central government and Norges Bank directly influence banks liquidity. There is often considerable uncertainty regarding the net liquidity effect of central government incoming and outgoing payments from

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