Discussion (slides) of the paper “Financial Stability and Optimal Interest-Rate Policy” by Andrea Ajello, Thomas Laubach, David López-Salido, and Taisuke Nakata, Federal Reserve Board, at the conference “The New Normal for Monetary Policy,” Federal Reserve Bank of San Francisco, March 27, 2015.
A later (and different) discussion of this paper is here.
Category Archives: New
Krugman on self-justifying Swedes
Paul Krugman has a post on self-justifying Swedes.
Riksbank Deputy Governor Jansson again tries to defend the indefensible
In an interview in Bloomberg, Riksbank Deputy Governor Per Jansson again tries to defend the indefensible, the Riksbank’s sharp tightening of monetary policy in the summer of 2010. From the summer of 2010 to the summer of 2011, the Riksbank majority increased the policy rate from 0.25 percent to 2 percent. Continue reading
Keynote speech: Monetary policy and financial stability
Bloomberg: Forecasting errors reveal Swedish Riksbank’s fall from grace
“Forecasting errors reveal Swedish Riksbank’s fall from grace,” Bloomberg, March 8, 2015.
Sweden’s central bank has gone from best to worst among its peers at forecasting inflation. Continue reading
June 2009: “The effective lower bound for the policy rate is not zero but negative, and not hard but soft”
In June 2009 I gave a speech at a conference at the Federal Reserve Board, Washington DC, and argued that the effective lower bound for the policy rate was not zero but negative, and not hard but soft. The speech was published in Journal of Money, Credit and Banking 2010.
Evans: Low inflation calls for patience in normalizing monetary policy
“Low Inflation Calls for Patience in Normalizing Monetary Policy,” speech by Charles Evans, President of the Federal Reserve Bank of Chicago, on March 4, 2015.
Interview: Negative interest rates – helpful or harmful?
“Negative Interest Rates: Helpful or Harmful?” Interview in Top of Mind, Issue 32, February 27, 2015, Goldman Sachs. German translation.
Bloomberg: Sweden – The mistake Yellen wants to avoid
“Sweden: The Mistake Yellen Wants to Avoid,” Bloomberg, February 23, 2015
WSJ: How some central banks are reviewed around the world
Kate Davidson, “How Some Central Banks Are Reviewed Around the World,” Real Time Economics, The Wall Street Journal, February 20, 2015.
Wolodarski: Time for Stefan Ingves to hand over the baton
Peter Wolodarski, “Time for Stefan Ingves to hand over the baton” (“Dags för Stefan Ingves att lämna över stafettpinnen“, in Swedish), editorial in Dagens Nyheter, Februari 15, 2015.
Inflation targeting and leaning against the wind
“Inflation targeting and leaning against the wind,” in South African Reserve Bank (2015), Fourteen Years of Inflation Targeting in South Africa and the Challenge of a Changing Mandate: South African Reserve Bank Conference Proceedings 2014. Pretoria: South African Reserve Bank, 19-36. Paper. Slides. Program. Continue reading
New publication: “The Possible Unemployment Cost of Average Inflation below a Credible Target”
New publication: “The Possible Unemployment Cost of Average Inflation below a Credible Target,” American Economic Journal: Macroeconomics 7(1) (2015) 258-296.
Replication by Ramy Orby, Journal of Comments and Replications in Economics1 (2022-2) .
Panel intro: What can monetary policy achieve and what is the relation between monetary policy and financial stability?
“What can monetary policy achieve and what is the relation between monetary policy and financial stability,” in Nowotny, E., Ritzberger-Grünwald, D. and Schuberth, H. (eds) (2015), The Challenge of Economic Rebalancing in Europe. Perspectives for CESEE Countries, Edward Elgar, chapt. 13, 177-183. Panel introduction (slides) at the Conference on European Economic Integration 2014: The Rebalancing Challenge in Europe – Perspectives for (central, eastern, and southeastern Europe (CESEE), Vienna, November 24-25, 2014.
Major differences between the majority and minority of the Riksbank Executive Board
Belatedly, here is the English translation of a previous Ekonomistas blog in Swedish.