Category Archives: Presentations

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 subsequent policy turnaround is summarized, as well as what estimates have been found of the costs and beneﬁts of leaning against the wind. Continue reading →

Cost-benefit analysis of leaning against the wind

Presentation at the AQR Institute of Asset Management event Perspectives: Unprecedented Monetary Policy Intervention, London Business School, London, June 25, 2015.

Previous version presented at the Bank of England-Hong Kong Monetary Authority-International Monetary Fund conference on Monetary, Financial and Prudential Policy Interactions in the Post-Crisis World held at Bank of England, London, June 16-17, 2015.

Mortgage contract design, monetary policy, and financial stability

Presentation in a panel at the conference Mortgage Contract Design: Implications for Households, Monetary Policy and Financial Stability, Federal Reserve Bank of New York, May 20-21, 2015. Program with papers and slides.

Financial-stability policy – The Swedish experience

“Financial-stability policy – The Swedish experience,” presentation at the Seminar on Financial Stability Committees: Lessons from Early Experiences for Latin America, Central Reserve Bank of Peru, Lima, April 28, 2015. Slides.

Inflation expectations: The Swedish experience

“Inflation expectations: The Swedish experience,” presentation at the Inflation Expectations Symposium at the Federal Reserve Bank of Minneapolis, March 30, 2015.

Keynote speech: Monetary policy and financial stability

Keynote speech (text, slides) at the conference “Financial Liberalization, Innovation, and Stability: International Experience and Relevance for China,” Third Joint Conference, People’s Bank of China and International Monetary Fund, Beijing, March 16, 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 →

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.

Forward guidance

“Forward guidance,” International Journal of Central Banking 11 (September 2015), Supplement 1, 19-64. Paper.
Appendix: Slides for Sweden Feb 2007-Sep 2014, New Zealand Mar 2004-Mar 2014, U.S. Jan 2012-Mar 2017 (updated). Continue reading →

Panel introduction: Monetary policy tradeoffs in CESEE

“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.

To lean or not to lean, or A premature exit: The Swedish experience

Slides for dinner speech at the SNB Research Conference 2014, September 26-27, Swiss National Bank, Zurich.

Leaning against household debt: The Swedish experience

Slides for dinner speech, “Leaning against household debt: The Swedish experience,” at the Conference on Housing and Monetary Policy, Federal Reserve Bank of San Francisco, September 4-5, 2014.

Almedalen – Krisen, tillväxten och sysselsättningen

“Krisen, tillväxten och sysselsättningen” (“The crisis, growth, and employment,” in Swedish), presentation in Almedalen, Visby, July 1, 2014.

Almedalen – Riksbanken och penningpolitiken

“Riksbanken och räntepolitiken” (“The Riksbank and the interest-rate policy,” in Swedish), presentation in Almedalen, Visby, July 1, 2014.
Article in Fastighetsnytt (in Swedish).

Almedalen – Överdriver Riksbanken problemet med hushållens skulder?

“Överdriver Riksbanken problemet med hushållens skulder?” (“Does the Riksbank exaggerate the problem with household debt?”, in Swedish), presentation in Almedalen, Visby, June 30, 2014.

Lars E.O. Svensson

Affiliated Professor, Department of Economics, Stockholm School of Economics