The paper adds money supply and inflation expectations shocks to a well-known three-variable structural model that identifies oil price shocks through fundamentals affecting the oil market. Impulse responses show the significance of our two additional monetary shocks in impacting real oil...

Growth in deposits and broad money aggregates surged in Norway after the outbreak of the Covid-19 pandemic. Usually, we think of deposit (or money) growth as going hand in hand with bank lending growth, since only banks can create money. But lending did not grow much more than usual in this...