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The US housing market Price changes

Economic perspectives Charts Address by Governor Svein Gjedrem at the meeting of the Supervisory Council of Norges Bank on Thursday, 14 February 2008. The US housing market Price changes. Source: Reuters (EcoWin). Photo: AFP/SCANPIX. Equity prices Indices, 1 January 2007 = 100. Norway. US.

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The US housing market Price changes

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  1. Economic perspectivesChartsAddress by Governor Svein Gjedrem at the meeting of the Supervisory Council of Norges Bank on Thursday, 14 February 2008

  2. The US housing marketPrice changes Source: Reuters (EcoWin)

  3. Photo: AFP/SCANPIX

  4. Equity pricesIndices, 1 January 2007 = 100 Norway US Europe 4 Source: Reuters (EcoWin)

  5. Interest rate premia in the money marketPercentage points US Euro area Norway Sources: Bloomberg, Reuters (EcoWin) and Norges Bank

  6. Real interest rate and saving ratio in the USPer cent Saving ratio Long-term real interest rate Source: Reuters (EcoWin)

  7. US real interest rate and current account deficitPer cent Long-term real interest rate Current account deficit (per cent of GDP) Sources: Reuters (EcoWin) and IMF

  8. Current account surplusIn billions of USD China Oil exporters Japan Source: IMF

  9. Norway - current account balance, basic balance and household financial savingIn billions of NOK Current account balance Household financial saving1) Basic balance 1) The figure for 2007 is the sum of 2006 Q4 through 2007 Q3. Sources: Statistics Norway Ministry of Finance and Norges Bank

  10. Regional house prices 12-month rise. Per cent Rogaland Whole of Norway Hedmark Sources: Norwegian Association of Real Estate Agents, Association of Real Estate Agency Firms, FINN.no, ECON Pöyry, Statistics Norway and Norges Bank

  11. InflationCPI. 3-year moving average. Per cent Inflation target Sources: Statistics Norway and Norges Bank

  12. Norges Bank’s key policy ratePer cent Source: Norges Bank

  13. Krone exchange rate and interest rate differentialIndex and per cent Krone exchange rate1) (left-hand scale) Interest rate differential(right-hand scale) 1) A rising curve denotes an appreciation of the krone Sources: Reuters and Norges Bank

  14. Registered employed from new EU countriesIn thousands Population growth and net inward migrationIn thousands Population growth Net inward migration Sources: Statistics Norway and the Central Office - Foreign Tax Affairs

  15. Change in employmentIn thousands Sources: Statistics Norway and Norges Bank

  16. Productivity growthPer cent Average 1990-2007 Average 1980s Sources: Statistics Norway and Norges Bank

  17. Terms of tradeIndex Norway incl. oil Mainland Norway Sweden Finland Sources: Reuters (EcoWin), Statistics Finland and Statistics Norway

  18. Real krone exchange rateIndex. Average 1970 – 2007 = 100 Average Sources: Statistics Norway, Ministry of Finance and Norges Bank

  19. Real wage growth and wage shareIndex and per cent Wage share (left-hand scale) Real wage growth (right-hand scale) Sources: Statistics Norway and the Technical Reporting Committee on Income Settlements

  20. Wage differential in OECD countries in 2005Ninth decile/first decile Source: OECD

  21. Share of persons with low incomePer cent EU average Source: Statistics Norway

  22. Income in selected countries in 2006Adjusted for purchasing power. In thousands of EUR Norwegian low income threshold Source: Eurostat

  23. Share of persons in Norway with low income1994 threshold. Per cent Source: Statistics Norway

  24. Government Pension Fund – GlobalIn billions of NOK Source: Norges Bank

  25. Pension obligations and the Government Pension FundPer cent of mainland GDP The National Insurance Scheme's old age pension obligations Government Pension Fund Source: Norges Bank

  26. Large sovereign-wealth funds and foreign exchange reservesIn billions of USD Sources: Morgan Stanley Research and IMF

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