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.
Category Archives: New
Handbook chapter: “Inflation Targeting”
Handbook chapter: “Inflation Targeting,” in Friedman, Benjamin M., and Michael Woodford, eds., Handbook of Monetary Economics, Volume 3b, chapter 22, Elsevier, 2011.
Chapter. Paper.
Abstract
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.
JEL classification: E52, E58, E42, E43, E47
Keywords: Flexible inflation targeting, forecast targeting, optimal monetary policy, transparency
New Krugman blog: “Unserious Central Bankers,”
New Krugman blog: “Unserious Central Bankers,” New York Times, September 29, 2010.
Interview: “Deputy Governor: The Policy Rate Is Too High”
Interview: “Deputy Governor: The Policy Rate Is Too High” (in Swedish), interview in Svenska Dagbladet, September 27, 2010.
Bloomberg news: “Riksbank’s Svensson Warns Against Rate Rises Amid Housing Boom”
Bloomberg news: “Riksbank’s Svensson Warns Against Rate Rises Amid Housing Boom“, Bloomberg, September 17, 2010.
New speech: “Monetary Policy after the Financial Crisis”
New speech: “Monetary Policy after the Financial Crisis,” speech at the IJCB Conference, Bank of Japan, September 17, 2010.
“The Duel: Increasing the Policy Rate – Now or Later?”
“The Duel: Increasing the Policy Rate – Now or Later?” (in Swedish, with Klas Eklund), Stock Magazine, 3/2010, Unga Aktiesparare, September 2010.
New publication: “Optimal Monetary Policy in an Operational Medium-Sized DSGE Model”
New publication: “Optimal Monetary Policy in an Operational Medium-Sized DSGE Model” (with Malin Adolfson, Stefan Laséen, and Jesper Lindé, Sveriges Riksbank), Journal of Money, Credit and Banking 43 (2011) 1287-1331.
New speech: “Price Stability and Financial Stability: The Responsibility of Central Banks”
New speech: “Price Stability and Financial Stability: The Responsibility of Central Banks,” speech at Swedbank, Stockholm, May 27, 2010.
New speech: “Why a Low Repo Rate for an Extended Period?”
New speech: “Why a Low Repo Rate for an Extended Period?” speech at Handelsbanken, Stockholm, May 4, 2010.
New speech: “Assessment of Monetary Policy in Sweden in 2009”
New speech: “Assessment of Monetary Policy in Sweden in 2009“, speech at SNS, Stockholm, March 18, 2010.
New speech: “Monetary Policy and Financial-Stability Policy”
New speech: “Monetary Policy and Financial-Stability Policy,” speech at the conference “Financial Market Imperfections and Macroeconomics” held at the Federal Reserve Bank of San Francisco, March 5, 2010.
Lecture notes: Optimization under Commitment and Discretion, the Recursive Saddlepoint Method, and Targeting Rules and Instrument Rules
Lecture notes: Optimization under Commitment and Discretion, the Recursive Saddlepoint Method, and Targeting Rules and Instrument Rules
Lars E.O. Svensson
Sveriges Riksbank and Stockholm University
Version 2.993: May 2023
New speech: “Why a Lower Repo Rate Path?”
New speech: “Why a Lower Repo Rate Path?”, speech at Umeå University, February 24, 2010.
New speech: “Inflation Targeting after the Financial Crisis”
New speech: “Inflation Targeting after the Financial Crisis,” speech at the Reserve Bank of India’s International Research Conference, “Challenges to Central Banking in the Context of Financial Crisis”, Mumbai, February 12, 2010.
Published in Gokarn, Subir, ed., Challenges to Central Banking in the Context of Financial Crisis: The International Research Experience, Academic Foundation and Reserve Bank of India, 2011, 141-154.