New lecture: “Inflation Targeting and Financial Stability,” Policy lecture at the CEPR/ESI 14th Annual Conference on “How Has Our View of Central Banking Changed with the Recent Financial Crisis?”, hosted by the Central Bank of Turkey, Izmir, October 28, 2010.
New article in Dagens Nyheter by Tomas Ernhagen and Göran Zetterberg: “Big Risk of Economic Contraction if the Riksbank Increases the Interest Rate” (in Swedish), Dagens Nyheter, October 23, 2010.
New article in Focus: “Who Is Right about the Interest Rate?” (in Swedish), by Claes Lönegård in Fokus, October 12, 2018.
Inflation targeting is a monetary-policy strategy characterized by an announced numerical inflation target, an implementation of monetary policy that gives a major role to an inflation forecast that has been called forecast targeting, and a high degree of transparency and accountability. It was introduced in New Zealand in 1990, has been very successful in terms of stabilizing both inflation and the real economy, and as of 2010 has been adopted by about 25 industrialized and emerging-market economies. This chapter discusses the history, macroeconomic effects, theory, practice, and future of inflation targeting.
New publication: “Anticipated Alternative Instrument-Rate Paths in Policy Simulations” (with Stefan Laséen, Sveriges Riksbank). International Journal of Central Banking 7(3) (2011) 1-35.