“Assessing risks to financial and macroeconomic stability from housing prices and household debt: The Swedish case,” presentation at the workshop “Addressing housing market imbalances,” European Commission, December 6, 2019. Slides.
Category Archives: Presentations
Amorteringskraven: Felaktiga grunder, negativa effekter och minskad motståndskraft
“Amorteringskraven: Felaktiga grunder, negativa effekter och minskad motståndskraft”, presentation på seminariet “Överdrifter, missförstånd och rena felaktigheter,” Stockholms Handelskammare, 25 september 2019. Bilder powerpoint pdf
Almedalen 2019 – The Swedish FSA’s amortization requirements: Mistaken reasons, negative effects, and reduced resilience
“The Swedish FSA’s amortization requirements: Mistaken reasons, negative effects, and reduced resilience,” presentation at Almedalen, Visby, July 2019 (Swedish).
Almedalen 2019 – Amorteringskraven: Felaktiga grunder, negativa effekter och minskad motståndskraft
“Amorteringskraven: Felaktiga grunder, negativa effekter och minskad motståndskraft”, presentation vid ett seminarium i Almedalen 2 juli 2019. Bilder powerpoint pdf. Video.
Finansinspektionen har de senaste åren infört amorteringskrav och genomdrivit en övrig åtstramning på bolånemarknaden. Detta har skett på felaktiga grunder, har negativa välfärds- och fördelningseffekter och försämrar bolånemarknadens funktionssätt. Syftet har varit att öka bolånetagarnas motståndskraft och minska risken för djupare lågkonjunkturer, men i själva verket minskar amorteringskraven motståndskraften och snarast ökar risken för djupare lågkonjunkturer.
The FSA’s amortization requirements: Mistaken reasons and negative effects
“The FSA’s amortization requirements: Mistaken reasons and negative effects,” report to the Stockholm Chamber of Commerce, May 27, 2019 (Swedish).
Amorteringskraven: Felaktiga grunder och negativa effekter
Finansinspektionen har de senaste åren infört amorteringskrav och genomdrivit en övrig åtstramning på bolånemarknaden. Detta har skett på felaktiga grunder, har negativa välfärds- och fördelningseffekter och försämrar bolånemarknadens funktionssätt. Syftet har varit att öka bolånetagarnas motståndskraft och minska risken för djupare lågkonjunkturer, men i själva verket minskar amorteringskraven motståndskraften och snarast ökar risken för djupare lågkonjunkturer. Detta hävdar jag i en rapport till Stockholms Handelskammare som presenteras idag. Rapporten. Bilder powerpoint pdf. Video.
Media: DI DN1 DN2 SvD
Sammanfattning
Assessing risks to financial stability and macroeconomic stability from household debt
“Assessing risks to financial stability and macroeconomic stability from household debt,” presentation at Eurogroup meeting, Brussels, March 11, 2019.
How worried should we be about household debt?
“How worried should we be about household debt?“, Macroeconomic Discussions, the think-tank Fores, February 12, 2019 (Swedish).
Background paper.
Hur oroliga ska vi vara för hushållens skulder?
“Hur oroliga ska vi vara för hushållens skulder?” Makroekonomiskt samtal, Tankesmedjan Fores, 12 februari 2019. Bilder. Video (my presentation starts at time 13:20).
Bakomliggande uppsats
A natural experiment of premature policy normalization and of the neo-Fisherian view
“A natural experiment of premature policy normalization and of the neo-Fisherian view,” panel presentation at the ECB Conference on Monetary Policy: Bridging Science and Practice, October 29-30, 2018, Frankfurt.
Slides pdf powerpoint
Can monetary policy still deliver? A natural experiment
“Can monetary policy still deliver? A natural experiment,” panel discussion at the 4th Oxford-Federal Reserve Bank of New York Monetary Policy Conference, Trinity College, Oxford, September 27-28, 2018. Slides pdf powerpoint
Monetary Policy and Fiscal Policy in a Nash Equilibrium
“Monetary Policy and Fiscal Policy in a Nash Equilibrium,” panel contribution in the panel “Interaction between Monetary and Fiscal Policies under Inflation Targeting” at the Annual NBU-NBP Research Conference, “Interaction of Fiscal and Monetary Policies,” Kyiv, Ukraine, May 31-June 1, 2018. Slides.
Panel on Flexible Inflation Targeting at IMF’s Spring Meeting
Panel participation in seminar on Flexible Inflation Targeting at the IMF Spring Meeting, April 18, 2018, with Greg IP, Wall Street Journal as moderater; Tobias Adrian, IMF; Ilan Goldfajn, Central Bank of Brazil; Zdenek Tumame, previously at the Czech National Bank; Ksenia Yudaev, Central Bank of Russia; and me. My contribution are at the times 22:10, 44:50, and 48:45 in the video.
Monetary Policy and Macroprudential Policy: Different and Separate?
“Monetary Policy and Macroprudential Policy: Different and Separate?” Canadian Journal of Economics (2018) 51(3) 802-827. Paper. Published article.
Abstract
The paper discusses how monetary and macroprudential policies can be distinguished, how appropriate goals for the two policies can be determined, whether the policies are best conducted separately or coordinately and by the same or different authorities, and how they can be coordinated when desired. The institutional frameworks in Canada, Sweden, and the UK are briefly compared. The Swedish example of monetary policy strongly “leaning against the wind” and the consecutive policy turnaround is summarized, as well as what estimates have been found of the costs and benefits of leaning against the wind. Continue reading
Amorteringskraven: Inga sakliga skäl, men negativa konsekvenser
“Amorteringskraven: Inga sakliga skäl men negativa konsekvenser“, presentation på Bankföreningens lunchseminarium, 20 februari 2018.