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Calculating the real return of the Norwegian Government Pension Fund Global by alternative measures of the deflator

According to the present guidelines for fiscal policy, the use of oil revenues in the Norwegian economy should over time equal the expected real return on the Government Pension Fund Global (GPFG). An important empirical question is therefore how to measure the real return, taking into account that the aim of the investment strategy of the GPFG is to maximise the purchasing power with respect to future Norwegian imports. In this paper, we present estimates of average annual real return of the GPFG over the sample period running from 1998 to 2012 based on alternative measures of the deflator.

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DATE2017-05-20 00:00:40.873112
MODIFIED 2017-05-20 00:00:42.131823
CREATED 2017-05-20 00:00:40.873112
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