Monetary Policy Update December 2009

Slides:

Advertisements

Similar presentations

Monetary Policy Report February Upturn on more solid ground.

Advertisements

MPU 2010: Figure 01. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty bands for the repo.

Monetary policy and financial stability Counteracting the effects of the global financial crisis Riksdag Committee on Finance, 13 November 2008 Governor.

Figure 1.GDP and an example of potential GDP , SEK million Sources: Statistics Sweden and the Riksbank.

Weak international public finances and Swedish monetary policy Deputy Governor Karolina Ekholm.

Monetary policy decision 8 October The financial crisis may worsen Reinforces the ongoing economic downturn Resulting in lower inflationary pressures.

Introduction on monetary policy Riksdag Committee on Finance 26 February 2009 Riksbank Governor Stefan Ingves.

Monetary Policy Update April Lower repo rate necessary to subdue the fall in production and employment and to attain the inflation target of two.

Financial Stability Report 2007:2 4 December 2007.

The current economic situation Jönköping March 2009 Deputy Governor Svante Öberg.

Governor Stefan Ingves Introduction on monetary policy Riksdag Committee on Finance 18 September 2012.

Governor Stefan Ingves The Swedish Economy and Monetary Policy NBP Warsaw 24 May 2012.

Monetary Policy Update December Repo rate cut to 2 per cent Repo rate expected to remain at same level during 2009 A large interest rate cut is.

Riksbank Governor Stefan Ingves Introduction on monetary policy Riksdag Committee on Finance 23 February 2012.

Monetary Policy Report July Unease in Europe casts a shadow over the Swedish economy.

Material for assessing monetary policy

Introduction on monetary policy Riksdag Committee on Finance, 15 November 2007 Governor Stefan Ingves.

The economic situation KOMMEK August Deputy Governor Svante Öberg.

Monetary Policy Update September Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty.

MPU April Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty interval does not take.

MPU September Figures Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty.

PPR 2008: Figure 1. Repo rate with uncertainty bonds Per cent, quarterly averages Source: The Riksbank.

MPR October Figure 1.1. Repo rate Per cent, quarterly averages Source: The Riksbank Note. Broken lines represent the Riksbank’s forecast.

MPR 2009 February Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank.

Monetary Policy Update April Lower repo rate necessary to subdue the fall in production and employment and to attain the inflation target of two.

MPR 2008: Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank.

Monetary Policy Update April Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty.

Material for assessing monetary policy Figure Difference between interbank rates and government bond rates (TED spread) Basis points Sources:

MPR 2010: Figure World GDP Annual percentage change Sources: IMF and the Riksbank Note. Striped bars represent the Riksbank’s forecast.

MPR 2008: Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank.

Financial Stability December Financial stability in Sweden is sound at present However, the banks’ resilience to unexpected, negative events has.

Material for assessing monetary policy Figure 2.1. Commodity prices Index 2005 = 100, USD and USD per barrel Sources: The Economist and Intercontinental.

MPR February Figure 1.1. Repo rate Per cent, quarterly averages Source: The Riksbank Note. The uncertainty band does not take into account the.

My view of monetary policy Handelsbanken, March 18 th 2011 First Deputy Governor Svante Öberg.

Monetary policy meeting September Swedish economy developing strongly Cost pressures increasing Financial unrest creates uncertainty View of future.

Monetary Policy Report October The recovery will take time.

Governor Stefan Ingves Introduction on monetary policy Riksdag Committee on Finance 3 March 2011.

Material for assessing monetary policy February 2008.

Monetary Policy Report October Low repo rate stimulates the Swedish economy.

Monetary Policy Report July Deep economic downturn Repo rate cut to 0.25 per cent Low repo rate over a long time Inflation close to target Signs.

Monetary policy decision October The repo rate is raised by 0.25 percentage points to 4 per cent The interest rate will need to be raised slightly.

Monetary Policy Update 2008:2. Repo rate raised to 4.75 per cent Repo rate will remain at same level during the year It may be necessary to reduce the.

Monetary policy report July Swedish economy developing strongly.

Monetary Policy Update 2008:1 23 April Repo rate held unchanged at 4.25 per cent. The repo rate is expected to remain unchanged during the remainder.

MPU 2011 April 20 April Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty bands.

Monetary Policy Report 2008:1

Barbro Wickman-Parak, 3 October 2007

BNP Paribas Lehman Brothers Secure liquidity prior to the year-end

1. The functioning of the financial markets is continuing to improve TED spread, basis points Note. TED spread is calculated as the difference between.

The current economic situation Swedbank

Potential GDP, resource utilisation and monetary policy Grand Hotel, Saltsjöbaden 7 October 2010 First Deputy Governor of the Riksbank Svante Öberg.

Monetary Policy Report February 2011

Monetary Policy Report 2008:3

Monetary Policy Report February 2012

Monetary Policy Report July 2011

Monetary Policy Update December 2011

Monetary Policy Update December 2010

Monetary Policy Report 2008:2

Monetary Policy Update April 2012

Monetary Policy Update September 2011

Monetary Policy Update September 2012

1. Financial markets functioning better Basis spread, basis points

The Riksbank and monetary policy

Wage formation and monetary policy

Presentation transcript:

Monetary Policy Update December 2009

Recovery continuing and low inflationary pressure

Recovery continuing GDP in Sweden, the euro area and the USA Quarterly change in per cent calculated at an annual rate, seasonally-adjusted data Sources: Bureau of Economic Analysis, Eurostat, Statistics Sweden and the Riksbank

Synchronised recovery Index year 2000=100, seasonally-adjusted data Sources: Netherlands Bureau for Economic Policy Analysis and Statistics Sweden

…from a low level GDP in Sweden, the euro area and the USA Sources: Bureau of Economic Analysis, Eurostat, Statistics Sweden and the Riksbank

Per cent of labour force, seasonally-adjusted data Unemployment rising % % Per cent of labour force, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

Sources: Statistics Sweden and the Riksbank Low cost pressures Note. Unit labour costs Sources: Statistics Sweden and the Riksbank

TCW exchange rate, index 18 November 1992 = 100 Stronger krona TCW exchange rate, index 18 November 1992 = 100 Source: The Riksbank

Low inflationary pressure % % Annual percentage change Sources: Statistics Sweden and the Riksbank

Sources: Reuters EcoWin and the Riksbanken Financial markets functioning better and better TED spread, basis points Note. The spread is calculated as the difference between the 3-month interbank rate and the 3-month treasury bill rate. Sources: Reuters EcoWin and the Riksbanken

Increased activity in the financial markets Note: Refers to turnover in the secondary market in SEK billion. Monthly average of daily turnover. Source: The Riksbank

Low repo rate – a forecast, not a promise % % Per cent, quarterly average Source: The Riksbank

Recovery continuing and low inflationary pressure