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How useful are simple rules for monetary policy? : the Swedish experience

Berg, Claes; Jansson, Per; Vredin, Anders - 2004

Monetary policy is often analysed in terms of simple rules. Such rules may be useful for many purposes, even when they do not describe the actual monetary policy strategy exactly. This paper compares monetary policy in Sweden during the inflation-targeting regime 19932002 with the policies...

Persistent link: https://www.econbiz.de/10011583820

Conducting monetary policy with a collegial board : the new Swedish legislation one year on

Berg, Claes; Lindberg, Hans - 2000

and inflation, the current state of the economy and the future outlook for exogenous determinants of inflation. By …

Persistent link: https://www.econbiz.de/10011585365

Modern forecasting models in action : improving macroeconomic analyses at central banks

Adolfson, Malin; Andersson, Michael K.; Lindé, Jesper; … - 2006 - Revised version

There are many indications that formal methods are not used to their full potential by central banks today. In this paper we demonstrate how BVAR and DSGE models can be used to shed light on questions that policy makers deal with in practice using data from Sweden. We compare the forecast...

Persistent link: https://www.econbiz.de/10011585648

Evaluating monetary policy

Svensson, Lars E. O. - 2009

order to stabilize the real economy. A modified Taylor curve, the forecast Taylor curve, showing the tradeoff between the … achieved an efficient stabilization of both inflation and the real economy and what relative weight on the stability of … inflation and the real economy has effectively been applied. Ex ante evaluation may be more relevant than evaluation ex post …

Persistent link: https://www.econbiz.de/10003896109

Anticipated alternative policy-rate paths in policy simulations

Laséen, Stefan; Svensson, Lars E. O. - 2011

include among the predetermined variables (the "state" of the economy) the vector of nonzero means of future shocks to a given …

Persistent link: https://www.econbiz.de/10008696833

Density-conditional forecasts in dynamic multivariate models

Andersson, Michael K.; Palmqvist, Stefan Ulf; Waggoner, … - 2010

When generating conditional forecasts in dynamic models it is common to impose the conditions as restrictions on future structural shocks. However, these conditional forecasts often ignore that there may be uncertainty about the future development of the restricted variables. Our paper therefore...

Persistent link: https://www.econbiz.de/10009792830

Pioneering price level targeting : the Swedish experience 1931-37 ; Conference on Monetary Policy Rules, Stockholm 12 - 12 June 1998

Berg, Claes; Jonung, Lars - 1998

In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted such an explicit price level target. Starting from the issues and concepts familiar from research...

Persistent link: https://www.econbiz.de/10010128027

Inflation targeting as a monetary policy rule

Svensson, Lars E. O. - 1998 - This version: August 1998

The purpose of the paper is to survey and discuss in ation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of in ation targeting, compares in ation targeting to other...

Persistent link: https://www.econbiz.de/10010128028

Transparency and credibility : monetary policy with unobservable goals

Fausty, Jon; Svensson, Lars E. O. - 1998 - This version: April 1998

We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more expansionary policy than a high-credibility bank, in...

Persistent link: https://www.econbiz.de/10010128043

Policy rules for inflation targeting

Rudebuschy, Glenn D.; Svensson, Lars E. O. - 1998

economy. We compare the properties and outcomes of explicit "instrument rules" as well as "targeting rules". The latter, which …

Persistent link: https://www.econbiz.de/10010128044