On 16 December 2002, Norges Bank and the University of Oslo agreed to establish an endowed professorship in macroeconomics with emphasis on monetary policy issues at the Institute of Economics. The professorship was advertised in Norway and abroad and seven applications were received, two from non-Norwegians. The applications were assessed and ranked by a selection committee composed of experts in the field and appointed by the University.
Steinar Holden was appointed to the position as from 1 March this year. The professorship is for an initial seven-year period with the possibility of renewal for a further seven-year period. The position includes an annual budget of up to NOK 450 000, to be used for activities such as visits by guest researchers from abroad, funding research assistants or purchasing data.