1. My view of monetary policy 2006-2011 Handelsbanken, March 18 th 2011 First Deputy Governor Svante Öberg

2. Figure 1. Real short-term interest rates in the USA and the euro area Per cent Sources: U.S. Bureau of Labor Statistics, Eurostat and Reuters

3. Figure 2. Real housing prices USA Index 1950 = 100 Source: Robert J. Schiller, Princeton University

4. Figure 3. Global GDP growth Annual percentage change Sources: IMF and the Riksbank

5. Figure 4. Commodity prices Index 2005=100 Sources: The Economist and Reuters

6. Figure 5. Nominal and real short-term interest rates in Sweden Per cent Sources: Reuters EcoWin and Statistics Sweden Note. Real rate is nominal rate deflated with CPIF.

7. Figure 6. GDP gap in real time and in February 2011 Per cent Source: The Riksbank

8. Figure 7. Inflation Annual percentage change Source: Statistics Sweden

9. Figure 8. Inflation expectations Per cent Source: TNS SIFO Prospera

10. Figure 9. Lending to households and house prices Annual percentage change Sources: Statistics Sweden and the Riksbank

11. Figure 10. Nominal rate and Taylor rate Per cent Source: The Riksbank

12. Figure 11. GDP growth Annual percentage change Sources: Statistics Sweden and the Riksbank

13. Figure 12. Unemployment Per cent, 3-month moving average, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

14. Figure 13. Inflation Annual percentage change Source: Statistics Sweden

15. Figure 14. Central banks’ balance sheet totals Percentage of GDP

16. Figure 15. Policy rates Per cent Source: Reuters EcoWin

17. Figure 16. Global GDP growth Annual percentage change Sources: IMF and the Riksbank

18. Figure 17. The repo rate and the repo- rate path Per cent, quarterly mean values Source: The Riksbank

19. Figure 18. Inflation Annual percentage change Sources: Statistics Sweden and the Riksbank Note. CPIF is the CPI with a fixed mortgage rate.

20. Figure 19. RU indicator Per cent Sources: Statistics Sweden and the Riksbank Note. RU indicator is normalised so that the mean value is zero and the standard deviation is 1.

21. Figure 20. Unemployment Per cent, 3-month moving mean value, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

22. Figure 21. Labour shortages Per cent, seasonally-adjusted data, share of business sector companies Source: NIER

23. Figure 22. Beveridge curve Percentage of labour force Sources: Employment Office and Statistics Sweden Vacancies Unemployment