A speech, with several references to the Swedish experience, of John Williams, President of the Federal Reserve Bank of San Francisco, on May 27, 2015. Here is the part that refers to Sweden: Continue reading
Category Archives: Speeches
Janet Yellen on the Swedish experience of policy tightening: “appreciable economic costs”
Chair Janet Yellen on the recent Swedish experience of Riksbank policy tightening, in a speech at the conference “The New Normal for Monetary Policy,” Federal Reserve Bank of San Francisco, March 27, 2015:
The experience of Japan over the past 20 years, and Sweden more recently, demonstrates that a tightening of policy when the equilibrium real rate remains low can result in appreciable economic costs, delaying the attainment of a central bank’s price stability objective.
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.
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.
Skulder, bostadspriser och penningpolitik (Debt, Housing Prices, and Monetary Policy)
New speech: “Skulder, bostadspriser och penningpolitik (Debt, Housing Prices, and Monetary Policy),” speech at Finansdagarna, Solna, April 25, 2013.
Lars E.O. Svensson lämnar Riksbanken
“Lars E.O. Svensson lämnar Riksbanken,” pressmeddelande och presskonferens, 20 april 2013. Pdf: English Svenska
Vice riksbankschef Lars E.O. Svensson lämnar Riksbanken vid utgången av sin mandatperiod den 20 maj. Skälet är att han inte lyckats få stöd för en penning-politik som han anser skulle leda till bättre måluppfyllelse för både inflationen och arbetslösheten.
“Jag avser att lämna Riksbanken när mitt nuvarande mandat går ut och står således inte till tillförfogande för ett förnyat mandat. Skälet till detta är att jag inte lyckats få gehör för en penningpolitik som jag anser skulle leda till bättre måluppfyllelse, med både en högre inflation närmare målet på 2 procent och en lägre arbetslöshet. Jag vill samtidigt betona att tiden på Riksbanken varit en fantastiskt intressant och lärorik tid. Bland det bästa med arbetet på Riksbanken har varit kontakten och samarbetet med Riksbankens många utomordentligt kunniga och kompetenta medarbetare. Det är något som jag verkligen kommer att sakna. Jag har också fått tillfälle att se att de metoder för praktisk penningpolitik som jag varit med om att utveckla, före och under min tid på Riksbanken, faktiskt fungerar. Rätt tillämpade kan de användas för att uppnå en väl avvägd penningpolitik”, säger Lars E.O. Svensson.
Press conference video (in Swedish):
Lars E.O. Svensson leaves the Riksbank
“Lars E.O. Svensson leaves the Riksbank,” press release and press conference, April 22, 2013. Pdf: English Swedish
Deputy Governor Lars E.O. Svensson will leave the Riksbank when his period of office expires on 20 May. The reason is that he has not managed to get support for a monetary policy that he considers would lead to better target fulfillment for both inflation and unemployment.
“I intend to leave the Riksbank when my current term expires, and I am hence not available for a renewed term. The reason is that I have not managed to get support for a monetary policy that I consider would lead to better target fulfillment, with both higher inflation closer to the target of 2 per cent and lower unemployment. At the same time, I would like to emphasize that my time at the Riksbank has been an extremely interesting and instructive time. One of the best things about working at the Riksbank has been the contact and collaboration with the many extraordinary knowledgeable and competent staff members. This is something that I will certainly miss. I have also had the opportunity to see that the methods for practical monetary policy that I have participated in developing, before and during my time at the Riksbank, actually work. Used in the right way, they can achieve a well-balanced monetary policy,” says Lars E.O. Svensson.
Press conference video (in Swedish):
“Monetary Policy and Employment: Monetary Policy Is Too Tight”
Speech at The Swedish Trade Union Confederation, LO, Stockholm, January 16, 2013. English Swedish. Summary video (in Swedish)
“Monetary Policy, Debt, and Unemployment”
“Differing views of monetary policy,” speech at SNS
Speech: “Monetary Policy after the Crisis”
“Practical Monetary Policy: Why Has the Riksbank’s Policy-Rate Path Been So High, and Why Did This Not Prevent the Recovery?”
“Practical Monetary Policy: Why Has the Riksbank’s Policy-Rate Path Been So High, and Why Did this Not Prevent the Recovery?”, keynote lecture at the National Conference of Swedish Economists, Uppsala University, September 17, 2011. Summary: English • Swedish • Slides. Background paper (for the Brookings Panel on Economic Activity, Fall 2011, published in Brookings Papers on Economic Activity, Fall 2011, 289-332)
Monetary Policy and the Interest Rate Path
“Monetary Policy and the Interest Rate Path,” speech at the Danske Bank, Stockholm, August 22, 2007. Extensive press release (English) (Swedish), slides.