Swedish experiences of monetary policy with an inflation target Governor Stefan Ingves.

Slides:



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

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.
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.
GDP growth and resource utilisation Saltsjöbaden 6 October 2011 First Deputy Governor Svante Öberg.
The current economic situation Jönköping March 2009 Deputy Governor Svante Öberg.
Monetary policy with an inflation target. The world’s oldest central bank 1668 Sveriges Rikes Ständers Bank 1661 Palmstruch - first banknotes 1701 The.
Speech at the Swedish Economics Association 22 February 2005.
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.
Public finances and monetary policy First Deputy Governor Svante Öberg SACO 26 April 2010.
Riksbank Governor Stefan Ingves Introduction on monetary policy Riksdag Committee on Finance 23 February 2012.
Monetary policy and the interest rate path Lars E.O. Svensson Sveriges Riksbank 22 August
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.
Stefan Ingves Extra meeting of the Riksdag Committee on Finance 16 August 2011.
MPU April Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty interval does not take.
PPR 2008: Figure 1. Repo rate with uncertainty bonds Per cent, quarterly averages Source: The Riksbank.
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.
1. Inflation and growth Annual percentage change Source: Statistics Sweden.
The Impossible Trinity and Constraints on Policy options Reserve Bank of India First International Research Conference February Irma Rosenberg.
Material for assessing monetary policy Figure Difference between interbank rates and government bond rates (TED spread) Basis points Sources:
1a. Different inflation measures Note. 12-month changes in per cent. Inflation measures computed according to Statistics Sweden’s new method. Sources:
Material for assessing monetary policy Figure 2.1. Commodity prices Index 2005 = 100, USD and USD per barrel Sources: The Economist and Intercontinental.
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 April The Swedish economy remains strong.
The Riksbank’s forecasting performance Deputy Governor Svante Öberg.
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 September
Main message The rapid increase in productivity is the most important explanation for the low inflation in recent years. But productivity will increase.
Monetary Policy Report 2008:1
Barbro Wickman-Parak, 3 October 2007
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 February 2012
Monetary Policy Report July 2011
Monetary Policy Update December 2011
Monetary Policy Update December 2010
Monetary Policy Update December 2009
Monetary Policy Report 2008:2
Sources: National Mediation Office, Statistics Sweden and the Riksbank
February 2010 CPI Fan Chart 1 The Bank’s fan charts express the uncertainty about the future Forecast is conditional on the assumed policy path. In this.
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
MPU December
MPU September
Wage formation and monetary policy
Figure 1: Inflation Annual percentage change
MPU September
Model uncertainty and monetary policy at the Riksbank
Presentation transcript:

Swedish experiences of monetary policy with an inflation target Governor Stefan Ingves

Inflation and growth Annual percentage change Sources: Statistics Sweden and the Riksbank

CPI inflation, underlying inflation (UND1X) and tolerance limits Annual percentage change Sources: Statistics Sweden and the Riksbank

Inflation and inflation expectations Annual percentage change Sources: Prospera Research AB and Statistics Sweden

Implied forward rates Per cent Source: The Riksbank Note. Implied forward rates are calculated as a 15-day average

Inflation - UND1X Annual percentage change Sources: Statistics Sweden and the Riksbank

GDP, Sweden Annual percentage change Sources: Statistics Sweden and the Riksbank Note. Broken lines represent the Riksbank’s forecasts