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

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.
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.
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.
MPR July Figure Growth in the world and in Sweden Annual percentage change, seasonally adjusted data Sources: IMF, Statistics Sweden and.
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 Report July Figure 1.1. GDP in different regions Annual percentage change Sources: Bureau of Economic Analysis, Eurostat and the.
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.
Deputy Governor Martin Flodén Monetary policy considerations in unusual times SEB, Västerås 7 October 2015.
MPR February Revised Due to errors in three figures (1:10, 1:17 and 2:12), which have now been corrected in the report, we.
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.
Swedish experiences of monetary policy with an inflation target Governor Stefan Ingves.
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.
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 Report October GDP growth in Sweden and the world Annual percentage change, seasonally-adjusted data Sources: The IMF, Statistics.
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.
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.
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.
MPU September
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
MPR July
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 Update December 2009
Monetary Policy Report 2008:2
PPR July 2009.
Monetary Policy Update April 2012
Monetary Policy Update September 2011
Monetary Policy Update September 2012
PPU December
1. Financial markets functioning better Basis spread, basis points
MPU September
MPU September
Presentation transcript:

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

Today’s presentation Where have we come from? Where are we now? Where are we going?

The calm before the storm 10-year government bond yields in Sweden, the euro area and the USA Sources: The ECB and Reuters Ecowin Note. Interest rates in per cent. 1. Where have we come from?

Financial crisis – GDP falling dramatically Growth in Sweden and abroad Note. Annual percentage change. Sources: The IMF, Statistics Sweden and the Riksbank 1. Where have we come from?

Policy rates cut substantially Policy rates in Sweden, the euro area and the USA Sources: The ECB, the Federal Reserve and the Riksbank Note. Interest rates in per cent 1. Where have we come from?

The financial crisis in Sweden – what happened? Heavy fall in world trade Swedish exports fell substantially Largely a decline in demand from abroad Differences from 1990s crisis 1990s: ”Rest of the world fairly OK, but Sweden not OK” Now: ”Rest of the world not OK, but Sweden was OK” 1990s: Solvency crisis and very large loan losses Now: Liquidity crisis and limited loan losses with small percentage in Sweden 1. Where have we come from?

Strong recovery – exports gone from braking to accelerating the economy World trade volumes, export market and Swedish exports Sources: Netherlands Bureau of Economic Analysis, Statistics Sweden and the Riksbank Index, 2000 = 100, seasonally-adjusted data 2. Where are we now?

Emerging economies small but growing share of Swedish exports Percentage of Sweden’s total exports of goods to different countries and regions Note. Shares shown in per cent. However, they do not add up to 100 per cent, as not all countries are shown here. Source: Statistics Sweden 2. Where are we now?

Swedish economy growing rapidly… GDP growth 2010 in different countries and regions Note. Annual percentage change. Outcome for whole year 2010 has not been received for a number of countries and regions. In these cases forecasts are shown, based on the first three quarters. Sources: National statistical authorities and Statistics Sweden 2. Where are we now?

Inflationary pressures rising Commodity prices Sources: The Economist and Intercontinental Exchange Note. Index 2005 = 100, USD 2. Where are we now?

Swedish GDP growth towards more normal levels GDP growth in Sweden, the euro area and the USA Note. Annual percentage change, seasonally-adjusted data. Broken lines and columns represent the Riksbank’s forecasts. Sources: Bureau of Economic Analysis, Eurostat, Statistics Sweden and the Riksbank 3. Where are we going?

Unemployment is continuing to fall… Unemployment in Sweden Note. Percentage of labour force, seasonally-adjusted. Data prior to 1993 is spliced by the Riksbank. Broken line represents the Riksbank’s forecast, years. Sources: Statistics Sweden and the Riksbank 3. Where are we going?

Shortages increasing Percentage of companies with a shortage of labour Source: National Institute of Economic Research 2. Where are we now? Note. Per cent, seasonally-adjusted data.

Strong krona Trade-weighted exchange rate, TCW Note. Index, 18 November 1992 = 100. Outcomes are daily listings and forecasts refer to quarterly averages. Broken line represents the Riksbank’s forecast. Source: The Riksbank 3. Where are we going?

Inflation close to the target CPI, CPIF and CPIF excluding energy Note. Annual percentage change. The CPIF is the CPI with a fixed mortgage rate. Broken lines represent the Riksbank’s forecasts. Sources: Statistics Sweden and the Riksbank 3. Where are we going?

Continuing repo rate increases The Riksbank’s repo rate forecast Note. Repo rate in per cent. Broken line represents the Riksbank’s forecast. Source: The Riksbank 3. Where are we going?