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Monetary policy in Sweden after the end of Bretton Woods

Bylund, Emma; Iversen, Jens; Vredin, Anders - 2024

This paper discusses how monetary policy in Sweden has evolved since 1973. We provide a chronology of the different monetary policy regimes in place during the past fifty years and identify two main regimes, the pegged-but-adjustable exchange rate regime (1973 - 1992) and the inflation targeting...

Persistent link: https://www.econbiz.de/10014481194

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

Central bank policy paths and market forward rates : a simple model

De Graeve, Ferre; Iversen, Jens - 2015

Increasingly many central banks announce likely paths for future policy rates. Recent experience suggest that market forward rates can differ substantially from those announced. Models commonly adopted in policy analysis ignore such differences. This paper studies a simple model that can capture...

Persistent link: https://www.econbiz.de/10011287505

Real-time forecasting for monetary policy analysis : the case of Sveriges Riksbank

Iversen, Jens; Laséen, Stefan; Lundvall, Henrik; … - 2016

We evaluate forecasts made in real time to support monetary policy decisions at Sveriges Riksbank (the central bank of Sweden) from 2007 to 2013. We compare forecasts made with a DSGE model and a BVAR model with judgemental forecasts published by the Riksbank, and we evaluate the usefulness of...

Persistent link: https://www.econbiz.de/10011443632

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

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