Business Cycle in Norway in 2006-2018: Interpretation of the Austrian School of Economics
DOI:
https://doi.org/10.33119/SIP.2019.176.3Keywords:
business cycle, Austrian school of economics, NorwayAbstract
Norway is a country which successfully managed to escape the 2007-2008 economic crisis. The com- bination of changes to the interest rates and M0 aggregate put in place by the Norway's Central Bank helped the country in delaying the downturn (in Norway crisis began in 2009) and reduce its depth. The selection of the above mentioned tools has determined the application of the Austrian business cycle theory to identify business cycle phases in the Norwegian economy.
Based on statistical data one full business cycle has been distinguished (running from Q4 2006 until Q4 2013) together with two phases of the subsequent cycle (from Q1 2014 until Q1 2018). While during the first full cycle the Norway's central bank was able to impact the economic situation by manipulat- ing the exchange rate and M0 aggregate, during the on-going cycle the only tool that could be effec- tive has been the adjustment of the monetary base.
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