) : “ formuespriser – konsekvenser for pengepolitikken? ( asset prices – consequences for monetary policy? ) ”, penger og kreditt no 4. see for example imf ( 2009 ), [ october ] world economic outlook, chap. 3, and lars svensson ( 2009 ) : “ flexible inflation targeting : lessons from the financial crisis ”, speech at a conference arranged by de nederlandsche bank in amsterdam, 21 september 2009. we also cross - check using simple monetary policy rules, cf. norges bank ’ s monetary policy report. olivier blanchard, chief economist at the imf, refers to this phenomenon when he states that the most effective instrument in relation to credit growth that amplifies swings in the economy is better regulation. see imf ( 2009 ) : “ lessons of the global crisis for macroeconomic policy ”. see for example white ( 2009 ) : “ should monetary policy ‘ lean or clean? ’, working paper nr. 34, federal reserve bank of dallas. should central banks also set explicit targets for asset prices? in our judgement, the answer is no, but we should probably apply a fairly long horizon for achieving the target so that we seek to take account of any imbalances that might disturb activity and inflation further ahead. the interest rate should be set so that developments in inflation and output become acceptable also under alternative, albeit not unrealistic, assumptions concerning economic developments and the functioning of the economy. norges bank ’ s mandate states that monetary policy shall be aimed at stability in the norwegian krone's internal and external value. the internal value of the krone is determined by inflation. our interpretation of the mandate is that the external value of the krone – the exchange rate – cannot be fine - tuned. however, low inflation also makes a contribution to exchange rate stability. the ministry of finance has not suggested, and norges bank has not requested, that house prices should be given particular weight. macroprudential supervision and systemic risk even though inflation targeting has served us well, it was not possible to shield norway ’ s small, open economy, in an environment of free capital markets, from the liquidity crisis in global financial markets last autumn. as we have observed abroad, when many banks encounter liquidity problems at the same time, triggered by a deterioration in some banks ’ financial strength, solvency problems can easily spread to other banks and to other countries. 11 this can

, we chose the theme for this year's conference based on events very much on the minds of central bankers : " the transmission of monetary policy in the postpandemic world. " many things changed both during covid and after. first, there was an unprecedented fiscal and monetary policy response to the pandemic. second, structural changes have occurred, including supply chain issues and shifts in the organization of work. finally, economies have been grappling with elevated inflation. this economic environment has raised several policy questions that the papers 1 / 2 bis - central bankers'speeches presented here attempt to answer. these are questions that policymakers, including those here today, must grapple with, even when the answers are far from apparent. academic research provides insights into these questions and possible answers, ways to analyze the data, and the foundations for testing theories with economic models. the papers presented here today and tomorrow are ideal examples of the kind of work that can help policymakers do their jobs better, and can facilitate the sharing of knowledge around the world. we have sessions on how firms'balance sheets, households'savings and borrowing decisions, as well as supply chains, influence monetary policy transmission. we also will look into financial market impacts and labor market considerations of the current policy environment. before we get to those presentations, and what i hope will be vigorous discussions, let me recognize several people who made this event possible. here at the cbi, stefano and enrico sette helped organize this conference. enrico is a co - editor of the ijcb. let me mention the other co - editors : ana babus, diana bonfim, huberto ennis, carlos garriga, refet gurkaynak, oscar jorda, robin lumsdaine, fernanda nechio, and steven ongena. this conference and the day - to - day smooth running of the journal couldn't be accomplished without the editorial team at the bis and the board of governors. a special thank you goes to kommaly dias and jessica flagg from my staff. and, finally, a big thank you to my adviser jane ihrig, who does so much for me and who worked to oversee the process at the ijcb this past year. and with that, i will step away from the microphone and put the spotlight where it should be, on the scholars presenting their work today. thank you, and i believe [ enrico ] has a few words to