Executive Summary
Chapter 1. Maintaining Prosperity while Dealing with Overheating and Labour Supply Constraints
-String Mainland Output Growth
-The Strains of High Capacity Utilisation begin to Show
-The Economy is Slowing, with some Downside Risks
--Another Good Year for Petroleum Revenues
-The Growing Pension Fund
-Pressure on Capacity Has Attracted Immigrants
-The Labour Market is Tight, Some Reforms Have Been Neglected
-Room for Improving Cost Efficiency in Education
-The Environment
Annex 1.A1. Taking Stock of Structural Reforms
Chapter 2. Macroeconomic Policies for a Soft Landing
-Monetary Policy: The Tightening Cycle is Coming Close to an End
-A Fiscal Rule to Save Public Resources
-Conclusions
Chapter 3. The Labour Market: Supply Constraints and Immigration
-High Participation, Low Unemployment
-Migration
-The Benefits from Migration
-Conclusions
Chapter 4. Making the Best of Norwegian Schools
-The Main Features of Norwegian Compulsory Education
-The Current Stock of Human Capital is High by OECD Standards; Will the Relative Advantage be Maintained?
-How Efficient are Norwegian Schools and Teachers?
-Higher Spending does not Necessarily Lead to Better Educational Outcomes
-Teaching Quality Matters
-Better Schools: Making Information an Asset and Setting the Right Incentives
-Could Norway Spend Less or Differently?
-Conclusion
-Annex 4.A1. What Drives Learning Outcomes? A Multi-Level Analysis of PISA Scores in OECD Countries
-Annnex 4.A2. The Decomposition of Expenditure per Student