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.

“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: EnglishSwedishSlides. Background paper (for the Brookings Panel on Economic Activity, Fall 2011, published in Brookings Papers on Economic Activity, Fall 2011, 289-332)