Curriculum Vitae

Contact Details

Department of Economics,
Stockholm School of Economics,
Sveavägen 65,
P.O. Box 6501,
SE-113 83 Stockholm, Sweden
Twitter: @Leosven

Current Position

Affiliated Professor, Department of Economics, Stockholm School of Economics, June 2014-.

Affiliated Professor, Institute for International Economic Studies, Stockholm University, June 2009-.


  1. M.S. (Civilingenjör), Royal Institute of Technology, Stockholm, School of Applied Mathematics (teknisk fysik: tillämpad matematik), August 30, 1971.
  2. B.A. (Fil kand), Stockholm University, economics, economic history and mathematics, January 31, 1973.
  3. Special Graduate Student, Massachusetts Institute of Technology, Cambridge, MA, economics, 1974-75.
  4. Ph.D. (Fil dr), Stockholm University, economics, December 17, 1976.
  5. (Docent), Stockholm University, economics, May 10, 1978.

Previous positions

  1. Research Fellow (Forskningsassistent), Institute for International Economic Studies, Stockholm University, July 1975-May 1978.
  2. Senior Research Fellow, Institute for International Economic Studies, Stockholm University, May 10, 1978-June 1984.
  3. Acting Associate Professor (Tf docent), Department of Economics, Stockholm University, December 1978-August 1982.
  4. Professor of International Economics, Institute for International Economic Studies, Stockholm University, July 1984-August 2003 (on leave 2001-2003).
  5. Professor of Economics, Department of Economics, Princeton University, August 2001-August 2009 (on leave 2007-2009).
  6. Deputy Governor, Sveriges Riksbank, May 21, 2007-May 20, 2013.
  7. Visiting Professor, SIFR – The Institute for Financial Research, Swedish House of Finance, Stockholm School of Economics, May 2013-June 2014.
  8. Resident Scholar, Research Department, International Monetary Fund, January 2015-March 2016.


  1. Visiting Scholar, Department of Economics, Massachusetts Institute of Technology, Cambridge, MA, November-December 1975.
  2. Visiting Associate Professor, Department of Economics, Tel-Aviv University, December 1980, December 1981-January 1982.
  3. Visiting Scholar, National Bureau of Economic Research and Department of Economics, Harvard University, Cambridge, MA, September 1982-April 1983.
  4. Visiting Scholar, International Economics Research Center and Department of Economics, Columbia University, New York, May 1983.
  5. Visiting Scholar, NBER, Cambridge, MA, March 1984.
  6. Visiting Scholar, Woodrow Wilson School, Princeton University, NJ, March 1984.
  7. Regents’ Lecturer, University of California, Santa Barbara, November 1984.
  8. Visiting Professor, Department of Economics, Tel-Aviv University, January 1985.
  9. Visiting Oskar Morgenstern Professor, Department of Economics, New York University, New York, 1986-87.
  10. Visiting Scholar, Research Department, International Monetary Fund, Washington, DC, July and October 1988, July and November 1989, July and October-December 1990, February-April 1991, July 1997.
  11. Visiting Scholar, Weiss Center for International Financial Research, Wharton School of the University of Philadelphia, November 1991.
  12. Visiting Professor, Department of Economics, Tel-Aviv University, December 1992.
  13. Visiting Scholar, Board of Governors of the Federal Reserve System, Washington, DC, July 1993.
  14. Visiting Scholar, European I Department, International Monetary Fund, Washington, DC, January 1994.
  15. Visiting Scholar, Board of Governors of the Federal Reserve System, Washington, DC, July 1995.
  16. Visiting Scholar, Clausen Center for International Business and Policy, Haas School of Business, University of California, Berkeley, CA, January 1996, January 1997 and January 1998.
  17. Visiting Scholar, Board of Governors of the Federal Reserve System, Washington, DC, July 1996.
  18. Visiting Scholar, National Bureau of Economic Research, Cambridge, MA, October-November 1996.
  19. Professorial Fellow in Monetary Policy, Reserve Bank of New Zealand and Victoria University, Wellington, October-November 1997.
  20. Visiting Scholar, Reserve Bank of Australia, Sydney, November 1997.
  21. Visiting Professor, Department of Economics, Princeton University, 1999-2000.
  22. Visiting Scholar, Hong Kong Institute for Monetary Research, Hong Kong Monetary Authority, Hong Kong, December 2002.
  23. Visiting Scholar, Research Department, International Monetary Fund, Washington, DC, August-October 2003.
  24. Houblon-Norman Fellow, Bank of England, London, November 2003-January 2004.
  25. Visiting Scholar, Norges Bank, Oslo, June-December 2014.
  26. Duisenberg Fellow, European Central Bank, Frankfurt, September-November 2016.
  27. Visiting Scholar, Bank of England, London, October 2018.
  28. Visiting Scholar, International Monetary Fund, 2020-2021 (virtual visit).

Teaching experience

  1. Mathematics (undergraduate), Royal Institute of Technology, Stockholm, Fall 1971-Fall 1972.
  2. Microeconomics, macroeconomics and mathematical economics (undergraduate), Stockholm University and Stockholm School of Economics, Spring 1973-Spring 1974.
  3. Microeconomics (graduate), Stockholm University and Stockholm School of Economics, 1977-1982.
  4. International Trade (graduate), Stockholm University, 1983-1984.
  5. Topics in Monetary Theory (graduate), New York University, Fall 1986.
  6. International Finance (graduate), New York University, Spring 1987.
  7. International Macro and Finance (graduate), Stockholm University, Spring 1988, Spring 1990, Spring 1993, Fall 1994, Spring 1997.
  8. Monetary Macroeconomics (graduate), Stockholm University, Spring 1989, Spring 1991.
  9. Financial Macroeconomics (graduate), Stockholm University, Spring 1992, Fall 1993.
  10. Introductory International Economics (undergraduate), Stockholm University, Spring 1989, Spring 1990, 1991-1996.
  11. Financial Macroeconomics and Monetary Policy (graduate), Stockholm University, Fall 1995.
  12. Monetary Policy (graduate), Stockholm University, Spring 1998, Spring 1999.
  13. Monetary Policy (undergraduate), Stockholm University, Spring 98, Spring 99.
  14. Topics in Monetary Policy (graduate), Princeton University, Spring 2000.
  15. Monetary Policy (graduate), Stockholm University, Spring 2001.
  16. Macroeconomic Theory II (Eco 504, graduate), Princeton University, Spring 2002, Spring 2003, Spring 2005.
  17. International Monetary Theory and Policy II (Eco 553, 554, graduate), Princeton University, Spring 2002, Spring 2003, Spring 2005.
  18. Advanced Principles of Economics: Concepts and Applications (Eco 200, undergraduate), Princeton University, Fall 2004, Fall 2005.
  19. Advanced Macroeconomic Theory (Eco 522, graduate), Princeton University, Spring 2006, Spring 2007.

Major fields of interest

  1. Current: Macroeconomics, monetary economics, monetary policy, financial stability, macroprudential policy, housing, international macroeconomics, international finance.
  2. Previous: International trade, intertemporal general equilibrium theory, allocation under uncertainty, fix-price models with quantity rationing.

Published or forthcoming work


  1. On Competitive Markets and Intertemporal Resource Allocation, Monograph No. 8, Institute for International Economic Studies, Stockholm University, November 1976. (Ph.D. dissertation).
  2. New Methods in the Swedish Medium-Term Survey (with Torsten Persson, IIES), Liber, Stockholm, 1987. (Report to the Swedish Ministry of Finance.)
  3. Penningpolitiska alternativ för Sverige (Monetary Policy Alternatives for Sweden, in Swedish), Bilaga 14 till Långtidsutredningen 94), Norstedts, Stockholm, 1994.
  4. Inflation Targets, edited (with Leonardo Leiderman, Tel-Aviv University), CEPR, London, 1995.

Articles in journals and conference volumes

  1. “Sequences of Temporary Equilibria, Stationary Point Expectations, and Pareto Efficiency,” Journal of Economic Theory 13 (1976) 169-183. (Chapter V of Ph.D. dissertation).
  2. “The Stock Market, the Objective Function of the Firm, and Intertemporal Pareto Efficiency — the Certainty Case,” Bell Journal of Economics 8 (Spring 1977) 207-216. (Chapter IV of Ph.D. dissertation).
  3. “Can Scrap Save us from Depletion” (with Marian Radetzki, IIES), Natural Resources Forum 3 (1979) 365-378.
  4. “On Endogenous Markets and Intertemporal Efficiency,” Scandinavian Journal of Economics 81 (1979) 427-433.
  5. “Effective Demand and Stochastic Rationing,” Review of Economic Studies 47(2) (1980) 339-355.
  6. “Efficiency and Speculation in a Model with Price-Contingent Contracts,” Econometrica 49 (1981) 131-151.
  7. “Effective Demand in a Sequence of Markets,” Scandinavian Journal of Economics 83 (1981) 1-21.
  8. “National Welfare in the Presence of Foreign-Owned Factors of Production: An Extension,” Scandinavian Journal of Economics 83 (1981) 497-507.
  9. “On Welfare Effects of a ‘Duty-Free’ Zone”‘ (with Carl Hamilton, IIES), Journal of International Economics 13 (1982) 45-64.
  10. “On the Choice Between Capital Import and Labor Export” (with Carl Hamilton, IIES), European Economic Review 20 (1983) 167-192.
  11. “The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect” (with Assaf Razin, Tel-Aviv University), Journal of Political Economy 91 (1983) 97-125.
  12. “On Variable Capital Utilization and International Trade Theory,” Economics Letters 11 (1983) 377-384.
  13. “Trade Taxes and the Current Account” (with Assaf Razin, Tel-Aviv University), Economics Letters 13 (1983) 55-57.
  14. “Oil Prices, Welfare and the Trade Balance: An Intertemporal Approach,” Quarterly Journal of Economics 99 (1984) 649-672.
  15. “The Current Account and the Optimal Government Debt” (with Assaf Razin, Tel-Aviv University), Journal of International Money and Finance 2 (1983) 215-224.
  16. “Is Optimism Good in a Keynesian Economy?” (with Torsten Persson, IIES) Economica 50 (1983) 291-300.
  17. “Optimal Subsidies to Declining Industries: Efficiency and Equity Considerations” (with Harry Flam and Torsten Persson, IIES), Journal of Public Economics 22 (1983) 327-345. Italian translation in Problemi di Amministrazione Pubblica 9 (1984), No.3-4, 125-157.
  18. “Should Direct or Total Factor Intensities Be Used in Tests of the Factor Proportions Hypothesis?” (with Carl Hamilton, IIES) Weltwirtschaftliches Archiv 119 (1983) 453-463.
  19. “Factor Trade and Goods Trade,” Journal of International Economics 16 (1984) 365-378.
  20. “World Equilibrium with Oil Price Increases: An Intertemporal Analysis” (with Nancy P. Marion, Dartmouth College), Oxford Economic Papers 36 (1984) 86-102.
  21. “Adjustment to Expected and Unexpected Oil Price Changes” (with Nancy P. Marion, Dartmouth College), Canadian Journal of Economics 17 (1984) 15-31.
  22. “Do Countries’ Factor Endowments Correspond to the Factor Content of their Bilateral Trade Flows?” (with Carl Hamilton, IIES) Scandinavian Journal of Economics 86 (1984) 84-97.
  23. “Inflation, Interest Rates, and Welfare” (with Paul R. Krugman, MIT, and Torsten Persson, IIES), Quarterly Journal of Economics 100 (1985) 677-695.
  24. “Walrasian and Marshallian Stability,” Journal of Economic Theory 34 (1984) 371-379.
  25. “Potential and Realized Trade Patterns: The Case of Sweden” (with Carl Hamilton, IIES), Scandinavian Journal of Economics 86 (1984) 371-378.
  26. “Misperceptions, Rigidity and Welfare” (with Torsten Persson, IIES), European Economic Review 25 (1984) 387-399.
  27. “Trade in Goods and Factors with International Differences in Technology” (with James R. Markusen, University of Western Ontario), International Economic Review 26 (1985) 175-192.
  28. “Current Account Dynamics and the Terms of Trade: Harberger-Laursen-Metzler Two Generations Later” (with Torsten Persson, IIES), Journal of Political Economy 93 (1985) 43-65.
  29. “Currency Prices, Terms of Trade and Interest Rates: A General Equilibrium Asset-Pricing Cash-in-Advance Approach,” Journal of International Economics 18 (1985) 17-41.
  30. “Time-Consistent Fiscal Policy and Government ‘Cash-Flow'” (with Torsten Persson, IIES), Journal of Monetary Economics 14 (1984) 365-374.
  31. “Money and Asset Prices in a Cash-in-Advance Economy,” Journal of Political Economy 93 (1985) 919-944. Reprinted in Kevin D. Hoover, ed., The Economic Legacy of Robert Lucas, Jr, Edward Elgar, 1999.
  32. “International Borrowing and Time-Consistent Fiscal Policy” (with Torsten Persson, IIES), Scandinavian Journal of Economics 88 (1986) 273-295.
  33. “The Terms of Trade between Oil Importers” (with Nancy P. Marion, Dartmouth College), Journal of International Economics 20 (1986) 99-113.
  34. “The Theorems of International Trade with Factor Mobility” (with Wilfred J. Ethier, University of Pennsylvania), Journal of International Economics 20 (1986) 21-42.
  35. “Trade Unions and Optimal Labor Contracts” (with Henrik Horn, IIES), Economic Journal 96 (1986) 323-341. Also in P. Garonna, P. Mori and P. Tedeschi, eds., Economic Models of Trade Unions, Chapman and Hall, London, 1992, Chapter 7.
  36. “Sticky Goods Prices, Flexible Asset Prices, Monopolistic Competition and Monetary Policy,” Review of Economic Studies 53 (1986) 385-405. Also published in J.-P. Benassy, ed., Macro Economics and Imperfect Competition, Elgar, 1995.
  37. “Capital Flows, Investment and Exchange Rates” (with Alan C. Stockman, University of Rochester), Journal of Monetary Economics 19 (1987) 171-201.
  38. “Time Consistency of Fiscal and Monetary Policy” (with Mats Persson and Torsten Persson, IIES), Econometrica 55 (1987) 1419-1431. Reprinted in Kevin D. Hoover, ed., The Economic Legacy of Robert Lucas, Jr, Edward Elgar, 1999.
  39. “Fiscal Policy, Sticky Goods Prices and Resource Utilization,” in M. Kohn and S.C. Tsiang, eds., Finance Constraints, Expectations, and Macroeconomics, Oxford: Oxford University Press, 1988, 185-205.
  40. “International Fiscal Policy Transmission,” Scandinavian Journal of Economics 89 (1987) 305-334.
  41. “Checks and Balances on the Government Budget” (with Torsten Persson, IIES), in E. Helpman, A. Razin and E. Sadka, eds., Economic Effects of the Government Budget, Cambridge, MA.: MIT Press, 1988, 199-214.
  42. “Money and Banking in a Cash-in-Advance Economy” (with Peter Englund, IIES), International Economic Review 29 (1988) 681-705.
  43. “Trade in Risky Assets,” American Economic Review 78 (1988) 375-394.
  44. “Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem” (with Laurence J. Kotlikoff, Boston University, and Torsten Persson, IIES), American Economic Review 78 (1988) 662-677.
  45. “Trade in Nominal Assets: Monetary Policy, and Price Level and Exchange Rate Risk,” Journal of International Economics 26 (1989) 1-28.
  46. “Exchange Rate Variability and Asset Trade” (with Torsten Persson, IIES), Journal of Monetary Economics 23 (1989) 485-510.
  47. “Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistent Preferences” (with Torsten Persson, IIES), Quarterly Journal of Economics 104 (1989) 325-345.
  48. “Portfolio Choice with Non-Expected Utility in Continuous Time,” Economics Letters 30 (1989) 313-17.
  49. “Excess Capacity, Monopolistic Competition, and International Transmission of Monetary Disturbances” (with Sweder van Wijnbergen, World Bank), Economic Journal 99 (1989) 785-805.
  50. “Finansiell integration, resursfördelning och penningpolitik: Avvecklad valutareglering och medlemskap i EMS”, (“Financial Integration, Resource Allocation, and Monetary Policy: Abolished Exchange Controls and Membership in EMS”, in Swedish), Report No. 5 to the Treasury’s Medium Term Survey 1990 (bilaga 5 i Långtidsutredningen 1990), in Svensk ekonomi och Europaintegrationen, Stockholm, 1989.
  51. “Factor Endowments and Trade with Increasing Returns: Generalization and Extensions” (with James R. Markusen, University of Colorado), International Economic Journal 4, No. 3 (Autumn 1990) 1-21.
  52. “Target Zones and Interest Rate Variability,” Journal of International Economics 31 (1991) 27-54.
  53. “The Simplest Test of Target Zone Credibility,” IMF Staff Papers 38 (1991) 655-665.
  54. “The Term Structure of Interest Rate Differentials in a Target Zone: Theory and Swedish Data,” Journal of Monetary Economics 28 (1991) 87-116.
  55. “The Foreign Exchange Risk Premium in a Target Zone with Devaluation Risk,” Journal of International Economics 33 (1992) 21-40.
  56. “Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models” (with Giuseppe Bertola, Princeton University), Review of Economic Studies 60 (1993) 689-712.
  57. “Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992,” European Economic Review 37 (1993) 763-802.
  58. “An Interpretation of Recent Research on Exchange Rate Target Zones,” Journal of Economic Perspectives 6(4) (Fall 1992) 119-144. Revised version published in Leonardo Leiderman and Assaf Razin, eds., Capital Mobility: the Impact on Consumption, Investment and Growth, Cambridge University Press, Cambridge, 1994, 121-150.
  59. “Swedish Business Cycles: 1861-1988” (with Peter Englund, Uppsala University, and Torsten Persson, IIES), Journal of Monetary Economics 30 (1992) 343-371.
  60. “Devaluation Expectations: The Swedish Krona 1982-1991” (with Hans Lindberg, Sveriges Riksbank, and Paul Söderlind, IIES), Economic Journal 103 (1993) 1170-1179.
  61. “Nontraded Assets in Incomplete Markets: Pricing and Portfolio Choice” (with Ingrid Werner, Stanford University), European Economic Review 37 (1993) 1149-1168.
  62. “Estimation of Forward Interest Rates,” Quarterly Review, Sveriges Riksbank 1993:3, 33-43.
  63. “How Long Do Unilateral Target Zones Last?” (with Bernard Dumas, H.E.C. School of Management) Journal of International Economics 36 (1994) 467-481.
  64. “European Exchange Rate Credibility Before the Fall” (with Andrew K. Rose, University of California at Berkeley), European Economic Review 38 (1994) 1185-1216.
  65. “Fixed Exchange Rates as a Means to Price Stability: What Have We Learned?” EEA Alfred Marshall Lecture, European Economic Review 38 (1994) 447-468.
  66. “Policy Inconsistency and External Debt Service” (with Michael P. Dooley, University of California at Santa Cruz), Journal of International Money and Finance 13 (1994) 364-374.
  67. “Why Exchange Rate Bands? Monetary independence in spite of fixed exchange rates,” Journal of Monetary Economics 33 (1994) 157-199.
  68. “Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators,” NBER Working Paper No. 4633, January 1994. Cahiers Economiques et Monétaires No 43 1994 Banque de France, 305-332.
  69. “The Operation and Collapse of Fixed Exchange Rate Regimes,” (with Peter M. Garber, Brown University), in G. Grossman and K. Rogoff, eds., Handbook of International Economics, Vol. III, North-Holland, Amsterdam, 1995.
  70. “Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS” (with Andrew K. Rose, University of California at Berkeley), Scandinavian Journal of Economics 97 (1995) 173-200.
  71. “Kan man inflatera bort budgetunderskottet?” (“Can One Inflate Away the Budget Deficit?” in Swedish, with Mats Persson and Torsten Persson) in Ekonomisk Politik: En vänbok till Assar Lindbeck, SNS, Stockholm, 1995.
  72. “Inflation Targets: Introduction,” (with Leonardo Leiderman, Tel-Aviv University), in Leonardo Leiderman and Lars E.O. Svensson, eds., Inflation Targets, CEPR, London, 1995.
  73. “The Swedish Experience of an Inflation Target,” in Leonardo Leiderman and Lars E.O. Svensson, eds., Inflation Targets, CEPR, London, 1995.
  74. “Estimating the Term Structure of Interest Rates for Monetary Policy Analysis,” (with Magnus Dahlquist, Stockholm School of Economics), Scandinavian Journal of Economics 98 (1996) 163-183.
  75. “Macroeconomic and Political Determinants of Realignment Expectations: Some European Evidence” (with Andrew K. Rose, University of California at Berkeley), in Barry Eichengreen, Jerry Frieden and Jürgen von Hagen, eds., Monetary and Fiscal Policy in an Integrated Europe, Springer, Berlin, 1995.
  76. “Estimating Forward Interest Rates with the Extended Nelson & Siegel Method,” Quarterly Review, Sveriges Riksbank, 1995:3, 13-26.
  77. “Optimal Inflation Targets, ‘Conservative’ Central Banks, and Linear Inflation Contracts,” American Economic Review 87 (1997) 98-114.
  78. “Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets,” European Economic Review 41 (1997) 1111-1146.
  79. “Debt, Cash Flow and Inflation Incentives: A Swedish Example” (with Mats Persson and Torsten Persson), in M. King and G. Calvo, eds., The Debt Burden and its Consequences for Monetary Policy, London, MacMillan (1998) 28-62.
  80. “Exchange Rate Target or Inflation Target for Norway?” in Anne Berit Christiansen and Jan Fredrik Qvigstad, eds., Choosing a Monetary Policy Target, Scandinavian University Press (Universitetsforlaget AS), Oslo (1997) 120-138.
  81. “New Techniques to Extract Market Expectations from Financial Instruments” (with Paul Söderlind, Stockholm School of Economics), Journal of Monetary Economics 40(2) (1997) 383-429.
  82. “Policy Rules for Inflation Targeting” (with Glenn Rudebusch, Federal Reserve Bank of San Francisco), John B. Taylor, ed., Monetary Policy Rules, University of Chicago Press (1999) 203-246.
  83. “Open-Economy Inflation Targeting,”  Journal of International Economics 50 (2000) 155-183.
  84. “Price Level Targeting vs. Inflation Targeting. A Free Lunch” Journal of Money, Credit and Banking 31 (1999) 277-295.
  85. “Inflation Targeting: Some Extensions,” Scandinavian Journal of Economics 101(3) (1999) 337-361.
  86. “Inflation Targeting as a Monetary Policy Rule,” Journal of Monetary Economics 43 (1999) 607-654.
  87. “Monetary Policy Issues for the Eurosystem,” Carnegie-Rochester Conference Series on Public Policy 51(1) (1999) 79-136.
  88. “Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability,” in Deutsche Bundesbank, ed. (2001), The Monetary Transmission Process: Recent Developments and Lessons for Europe, Palgrave, New York, 60-102.
  89. “Does the P* Model Provide any Rationale for Monetary Targeting?”, German Economic Review 1 (2000) 69-81.
  90. “How Should Monetary Policy Be Conducted in an Era of Price Stability?” October 1999, (IIES Seminar Paper No. 680, CEPR Discussion Paper No. 2342, NBER Working Paper No. 7516). In New Challenges for Monetary Policy, a symposium sponsored by the Federal Reserve Bank of Kansas City, August 26-28, 1999, 195-259.
  91. “Transparency and Credibility: Monetary Policy with Unobservable Goals” (with Jon Faust, Federal Reserve Board), International Economic Review 42 (2001) 369-397.
  92. “The First Year of the Eurosystem: Inflation Targeting or Not?” American Economic Review: Papers and Proceedings 90 (2000) 95-99.
  93. “Eurosystem Monetary Targeting: Lessons from U.S. Data” (with Glenn Rudebusch, Federal Reserve Board), European Economic Review 46 (2002) 417-442.
  94. “The Equilibrium Degree of Transparency and Control in Monetary Policy” (with Jon Faust, Federal Reserve Board), Journal of Money, Credit and Banking 34 (2002) 520-539.
  95. “The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap,” Monetary and Economic Studies 19(S-1) (February 2001) 277-312.
  96. “Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?” European Economic Review 46 (2002) 771-780.
  97. “Indicator Variables for Optimal Policy,” (with Michael Woodford, Columbia University), Journal of Monetary Economics 50 (2003) 691-720.
  98. “Indicator Variables for Optimal Policy under Asymmetric Information,” (with Michael Woodford, Columbia University), Journal of Economic Dynamics and Control 28 (2004) 661-690.
  99. “The Inflation Forecast and the Loss Function,” in Paul Mizen, ed. (2003), Central Banking, Monetary Theory and Practice: Essays in Honour of Charles Goodhart, Volume I, Edward Elgar, 135-152.
  100. “Monetary Policy and Real Stabilization,” in Rethinking Stabilization Policy, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 29-31, 2002, 261-312.
  101. “What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules,” Journal of Economic Literature 41 (2003) 426-477.
  102. “Money and Inflation in the Euro Area: A Case for Monetary Indicators?” (with Stefan Gerlach, Hong Kong Monetary Authority), Journal of Monetary Economics 50 (2003) 1649-1672.
  103. “Implementing Optimal Policy through Inflation-Forecast Targeting,” (with Michael Woodford, Columbia University), in Bernanke, Ben S., and Michael Woodford, eds. (2005), The Inflation-Targeting Debate, University of Chicago Press, Chicago, 19-83.
  104. “Optimal Policy with Low-Probability Extreme Events,” in Macroeconomics, Monetary Policy, and Financial Stability,A Festschrift for Charles Freedman, Proceedings of a conference held by the Bank of Canada, Ottawa, June 2003, 79-104.
  105. “Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others,” Journal of Economic Perspectives 17(4) (Fall 2003) 145-166.
  106. “Monetary Policy with Judgment: Forecast Targeting,” International Journal of Central Banking 1(1) (2005), 1-54.
  107. “Optimal Policy Projections” (with Robert J. Tetlow, Federal Reserve Board), August 2005, International Journal of Central Banking 1(3) (2005) 177-207.
  108. “Time Consistency of Fiscal and Monetary Policy: A Solution” (with Mats Persson and Torsten Persson, Institute for International Economic Studies), Econometrica 74 (2006) 193-212.
  109. “Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con,”  American Economic Review 96 (2006) 448-452.
  110. “The Instrument-Rate Projection under Inflation Targeting: The Norwegian Example,” in Stability and Economic Growth: The Role of Central Banks, Banco de Mexico, 2006, 175-198.
  111. “Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank” (with Olivier Jeanne, IMF), American Economic Review 97 (2007) 474-490.
  112. “Optimal Inflation Targeting: Further Developments of Inflation Targeting,” in Mishkin, Frederic, and Klaus Schmidt-Hebbel (eds.) (2007), Monetary Policy under Inflation Targeting, Banco Central de Chile.
  113. “Optimal Monetary Policy under Uncertainty: A Markov Jump-Linear-Quadratic Approach” (with Noah Williams, Princeton University), Federal Reserve Bank of St. Louis Review 90(4) (2008) 275-293.
  114. “Optimal Monetary Policy under Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach” (with Noah Williams, University of Wisconsin), in Schmidt-Hebbel, Klaus, and Carle E. Walsh (eds.) (2009), Monetary Policy under Uncertainty and Learning, Central Bank of Chile.
  115. “Current Account Dynamics and Monetary Policy” (with Andrea Ferrero, Federal Reserve Bank of New York, and Mark Gertler, New York University), in Gali, Jordí, and Mark Gertler (eds.) (2009), International Dimensions of Monetary Policy, Chicago University Press.
  116. “Monetary Policy at the Riksbank and the Phillips Curve,” in Fuhrer, Jeff, Yolanda K. Kodrzycki, Jane Sneddon Little, and Giovanni P. Olivey, Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective, MIT Press, 2009, 433-444.
  117. “Transparency under Flexible Inflation Targeting: Experiences and Challenges,” Sveriges Riksbank Economic Review 1/2009, 5-44.
  118. “What Have Economists Learned about Monetary Policy over the past 50 Years?,” in Herrman, Heinz, ed., Monetary Policy Over Fifty Years: Experiences and Lessons, Routledge, 2009.
  119. “Monetary Policy and Financial Markets at the Effective Lower Bound,” Journal of Money, Credit, and Banking 42 (2010) Supplement 229-242.
  120. “Policy Expectations and Policy Evaluations: The Role of Transparency and Communication,” Sveriges Riksbank Economic Review 1/2010, 43-78.
  121. “Inflation Targeting,” in Friedman, Benjamin M., and Michael Woodford, eds., Handbook of Monetary Economics, Volume 3b, Elsevier, 2011.
  122. “Anticipated Alternative Instrument-Rate Paths in Policy Simulations” (with Stefan Laséen, Sveriges Riksbank), International Journal of Central Banking.International Journal of Central Banking 7(3) (2011) 1-35.
  123. “Optimal Monetary Policy in an Operational Medium-Sized DSGE Model” (with Malin Adolfson, Stefan Laséen, and Jesper Lindé, Sveriges Riksbank), Journal of Money, Credit and Banking  43 (2011) 1287-1331.
  124. “Inflation Targeting after the Financial Crisis,” in Gokarn, Subir, ed., Challenges to Central Banking in the Context of Financial Crisis: The International Research Experience, Academic Foundation and Reserve Bank of India, 2011, 141-154.
  125. “Practical Monetary Policy: Examples from Sweden and the United States,” Brookings Papers on Economic Activity, Fall 2011, 289-332.
  126. “Evaluating Monetary Policy,” in Koenig, Evan, and Robert Leeson, eds., From the Great Moderation to the Great Deviation: A Round-Trip Journey Based on the Work of John B. Taylor, Hoover Institution Press, 2012, p. 245-274.
  127. “The Relation between Monetary Policy and Financial Stability Policy,” Recent Developments in Monetary Policy, Fiscal Policy, and Financial System Design: A Conference Honoring Benjamin M. FriedmanInternational Journal of Central Banking 8, Supplement 1 (2012) 293-295.
  128. “Some Lessons from Six Years of Practical Inflation Targeting,” Sveriges Riksbank Economic Review 2013:3, 29-80.
  129. “Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model” (with Malin Adolfson and Stefan Laséen, Sveriges Riksbank, and Jesper Lindé, Federal Reserve Board), Journal of Economic Dynamics and Control 42 (2014) 33-49.
  130. “Inflation Targeting and Leaning Against the Wind,” International Journal of Central Banking (June 2014)  103-114.
  131. “Monetary policy and Financial-Stability Policy Are Different and Normally Best Conducted Independently,” in Monetary Policy in a Changing Financial Landscape, ECB Forum on Central Banking, Sintra, Portugal, May 25-27, 2014, page 81-89.
  132. “How to Weigh Unemployment Relative to Inflation in Monetary Policy?”, Journal of Money, Credit and Banking 46 (S2) (2014), 183-188.
  133. “The Possible Unemployment Cost of Average Inflation below a Credible Target,” American Economic Journal: Macroeconomics 7(1) (2015) 258-296.
  134. “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.
  135. “Forward guidance,” International Journal of Central Banking 11 (September 2015), Supplement 1, 19-64.
  136. “What Can Monetary Policy Achieve and What Is the Relation between Monetary Policy and Financial Stability,” in E. Nowotny, 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.
  137. “Monetary Policy and Financial Stability,” in Kai, G. and A. Schipke, eds., Financial Liberalization, Innovation, and Stability: International Experience and Relevance for China, The People’s Bank of China and International Monetary Fund, 2015;
  138. “A Simple Cost-benefit Analysis of Using Monetary Policy for Financial-Stability Purposes,” in Blanchard, Olivier J., Raghuram Rajan, Kenneth S. Rogoff, and Lawrence H. Summers, eds., Progress and Confusion: The State of Macroeconomic Policy, MIT Press, 2016.
  139. “Leaning Against the Wind: Costs and Benefits, Effects on Debt, Leaning in DSGE Models, and a Framework for Comparison of Results,” International Journal of Central Banking 13 (September 2017) 385-408.
  140. “Cost-Benefit Analysis of Leaning Against the Wind,” Journal of Monetary Economics 90 (2017) 193-213.
  141. “Monetary Policy and Macroprudential Policy: Different and Separate?” Canadian Journal of Economics 51(3) (2018) 802-827.
  142. “The Future of Monetary Policy and Macroprudential Policy,” in ECB (2018), The Future of Central Banking, Festschrift in honour of Vitor Constancio, December 2018, European Central Bank, pp. 69-123.
  143. “The Relation between Monetary Policy and Financial-Stability Policy,” in Aguirre, Brunnermeier, and Saravia, eds. (2019), Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications, Banco Central de Chile, pp. 283–310.
  144. “What Rule for the Fed? Forecast Targeting,” International Journal of Central Banking 16 (December 2020) 39-95.
  145. “Monetary Policy Strategies for the Federal Reserve,” International Journal of Central Banking 16 (February 2020) 133-193.
  146. Macroprudential Policy and Household Debt: What is Wrong with Swedish Macroprudential policy?”, Nordic Economic Policy Review 2020, 111–167.
  147. “Monetary Mystique and the Fed’s Path Toward Increased Transparency,” in  King, Robert G., and Alexander L. Wolman (eds.), Essays in Honor of Marvin Goodfriend: Economist and Central Banker, Federal Reserve Bank of Richmond, 2022, 289-300.

Other articles; comments; reviews

  1. “Fri utrikeshandel och en nationellt oberoende näringspolitik: en olöslig konflikt?” (“Free International Trade and Nationally Independent Industrial Policy: An Unsolvable Conflict?” in Swedish), Ekonomisk Debatt 7(3) (1979) 215-218.
  2. “Comment on M. Bruno, Adjustment and Structural Change under Supply Shocks,” Scandinavian Journal of Economics 84 (1982) 223-227.
  3. “Underskottsproblem och välfärd”, (“Deficit Problems and Welfare”, in Swedish) (with Torsten Persson, IIES), Nordisk Ökonomisk Forskningsråds Årsbok (1983).
  4. “Comment on J.N. Bhagwati, Structural Adjustment and International Factor Mobility: Some Issues,” in K. Jungenfelt and D. Hague, eds., Structural Change in Open Advanced Economics, MacMillan, 1985.
  5. “Comment on M. Ohyama, Foreign Price Disturbances and the Internal and External Adjustment of a Small Open Economy under Fixed and Flexible Exchange Rates,” in K. Jungenfelt and D. Hague, eds., Structural Change in Open Advanced Economics, MacMillan, 1985.
  6. “Review of A.D. Woodland, International Trade and Resource Allocation,” Journal of International Economics 17 (1984) 383-396.
  7. Victor D. Norman: “En liten, åpen økonomi,” (“Review of V.D. Norman, En liten, åpen økonomi”, in Swedish), Ekonomisk Debatt 12(5) (1984) 354-355.
  8. “Comment on R.M. Solow, On the Intergenerational Allocation of Natural Resources,” Scandinavian Journal of Economics 88 (1986) 153-155.
  9. “Nya metoder i långtidsutredningen”, (“New Methods in the Medium Term Survey”, in Swedish), Ekonomisk Debatt 15(5) (1987) 373-380.
  10. “Comments on R. Dornbusch, ‘Real Exchange Rates and Macroeconomics: a Selective Survey’,” Scandinavian Journal of Economics 91 (1989) 435-438.
  11. “Comments on H. Genberg, ‘Exchange Rate Management and Macroeconomic Policy: a National Perspective’,” Scandinavian Journal of Economics 91 (1989) 473-476.
  12. “Comment on G. Laroque, ‘Inventories and the Fixprice Method’,” in L.W. McKenzie and S. Zamagni, eds., Value and Capital: Fifty Years Later, McMillan, 1991, 232-236.
  13. “Discussion of A. Alesina, A. Prati and G. Tabellini, ‘Public Confidence and Debt Management: a Model and a Case Study of Italy’,” in R. Dornbusch and M. Draghi, eds., Public Debt Management: Theory and History, Cambridge University Press, 1990, 121-124.
  14. “Hur trovärdig är växelkurspolitiken?” (“How Credible is the Exchange Rate Policy?” in Swedish), Forskare granskar politiken), Stockholm: Stockholm University, 1990.
  15. “Discussion of G. Bertola and R.J. Caballero, ‘Sustainable Intervention Policies and Exchange Rate Dynamics’,” in P. Krugman and M. Miller, Exchange Rate Targets and Currency Bands, Cambridge University Press, 1991, 206-208.
  16. “Växelkurspolitikens trovärdighet — att mäta devalveringsförväntningar”, (“The Credibility of Exchange Rate Policy: Measuring Devaluation Expectations”, in Swedish), Ekonomisk Debatt 20(2) (1992) 101-113.
  17. “Targets and Indicators,” in Monetary Policy with a Flexible Exchange Rate, Sveriges Riksbank, December 1992, 15-24.
  18. “Varför växelkursband? Monetärt oberoende trots fast växelkurs och fria kapitalrörelser”, (“Why Exchange Rate Bands? Monetary Independence in spite of a Fixed Exchange Rate and Free Capital Movements”, in Swedish), in Siven C.-H., ed., 22 Ekonomiska Essäer tillägnade Lars Werin, SNS Förlag, Stockholm, 1993, 233-243.
  19. “Terminsräntekurvan – en indikator på marknadsförväntningar om framtida utveckling av räntor, inflation och växelkurs,” (“The Forward Interest Rate Curve: An Indicator of Market Expectations of Future Interest Rates, Inflation and Exchange Rates,” in Swedish), Ekonomisk Debatt 21(3) (1993) 219-234.
  20. “Comment on A. Cukierman, M.A. Kiguel and L. Leiderman, ‘Some Evidence on a Strategic Model of Exchange Rate Bands’,” in L. Leiderman and A. Razin, eds., Capital Mobility: The Impact on ConsumptionInvestment and Growth, Cambridge University Press, 1994, 173-180.
  21. “Om skattning av terminsräntor: Svar till Tönu Puu”, (“On Estimation of Forward Interest Rates: Reply to Tönu Puu”, in Swedish), Ekonomisk Debatt 21(5) (1993) 489-494.
  22. “Låg inflation hotar ej jobben”, (“Low Inflation Does not Threaten Jobs”, in Swedish) (with Assar Lindbeck and Torsten Persson, IIES), Dagens Nyheter, September 14, 1993.
  23. “Löptidsdifferensen är ett missvisande mått på löptidspremien: Svar till Frennberg”, (“The Yield Spread is a Misleading Measure of the Term Premium: Reply to Frennberg”, in Swedish), Ekonomisk Debatt 21(8) (1993) 737-743.
  24. “Comment on Dornbusch, ‘Is there a Role for Demand Policy?'” Swedish Economic Policy Review 1 (1994) 178-183.
  25. “Comment on Flood and Taylor, ‘Exchange rate economics: What Is Wrong with the Conventional Approach’,” in Jeffrey Frankel, Giampaolo Galli and Alberto Giovannini, eds., The Microstructure of Foreign Exchange Markets, University of Chicago Press, Chicago, 1996.
  26. “Discussion of Lehmussari, Suvaaho and Vajanne, ‘The Currency Band and Credibility: The Finnish Experience’,” in J. Åkerholm and A Giovannini, eds., Exchange Rate Policies in the Nordic Countries, CEPR, London, 1994.
  27. “The Scientific Contributions of Robert E. Lucas, Jr.,” Scandinavian Economic Journal 98 (1996) 1-10.
  28. “Ekonomipriset 1995 till Robert E. Lucas, Jr.,” (“The Economics Prize 1995 to Robert E. Lucas Jr.”, in Swedish), Ekonomisk Debatt 23(8) (1995) 631-639.
  29. “Comment on Silverio Foresi, Alessandro Penati and George Pennacchi: Reducing the Cost of Government Debt: The Italian Experience and the Role of Indexed Bonds,” Swedish Economic Policy Review 3 (1996) 233-236.
  30. “Commentary: How Should Monetary Policy Respond to Shocks while Maintaining Long-Run Price Stability? — Conceptual Issues,” in Achieving Price Stability, a symposium sponsored by the Federal Reserve Bank of Kansas City at Jackson Hole, Wyoming, August 29-August 31, 1996.
  31. “Comment on John Y. Campbell: Consumption and the Stock Market: Interpreting International Experience,” Swedish Economic Policy Review 3 (1996) 300-302.
  32. “Farligt försvaga Riksbanken,” (“Dangerous to Weaken the Riksbank,” in Swedish) (with Assar Lindbeck and Torsten Persson, IIES), Dagens Nyheter, February 21, 1997.
  33. “Växelkursmål eller inflationsmål för Norge?” (“Exchange Rate Target or Inflation Target for Norway?”, in Swedish), Ekonomisk Debatt 25(8) (1997) 461-472.
  34. “Inflation Targeting in an Open Economy: Strict or Flexible Inflation Targeting?” Public Lecture held at Victoria University of Wellington, New Zealand, November 18, 1997. RBNZ Discussion Paper No. G97/8. Victoria Economic Commentaries 15-1, March 1998.
  35. “Monetary Policy and Inflation Targeting,” NBER Reporter, Winter 1997/8, 5-8.
  36. “Inflationsmål i en öppen ekonomi: Strikt eller flexibelt inflationsmål?” (“Inflation Targeting in an Open Economy: Strict or Flexible Inflation Targeting?” in Swedish), Ekonomisk Debatt 26(6) (1998) 431-439.
  37. “Bristande transparens i ESCBs penningpolitiska strategi” (“Insufficient Transparency in ESCB’s Monetary Policy Stratetegy,” in Swedish), Europeisk Debatt Nr 3/98, December 1998.
  38. “Comment on Isard, Laxton and Eliasson, ‘Simple Monetary Policy Rules Under Model Uncertainty’,” in Peter Isard, Assaf Razin and Andrew Rose, eds. (1999), International Finance and Financial Crises: Essays in Honor of Robert P. Flood, International Monetary Fund, Washington, and Kluwer Academic Publishers, Boston, 251-257.
  39. “Response to Seitz and Tödter, ‘How the P* Model Rationalises Monetary Targeting – A Comment on Svensson’,” German Economic Review 2 (2001) 309-312.
  40. “Comment on Charles Wyplosz, ‘Do We Know How Low Inflation Should Be?”, in Why Price Stability? First ECB Central Banking Conference, ECB, Frankfurt, 2001.
  41. “How Japan Can Recover,” Personal View, Financial Times, September 25, 2001.
  42. “Comment on Michael Woodford, ‘Imperfect Common Knowledge and the Effects of Monetary Policy,’ in Philippe Aghion, Roman Frydman, Joseph Stiglitz and Michael Woodford, eds., Knowledge, Information and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps, Princeton University Press, 2003, 59-63.
  43. “Comments on Nancy Stokey, ‘Rules and Discretion’ after Twenty-Five Years,” NBER Macroeconomics Annual 2002, 54-62.
  44. “Liquidity Traps, Policy Rules for Inflation Targeting, and Eurosystem Monetary-Policy Strategy,” NBER Reporter, Winter 2002/2003.
  45. “Comment on Edward Nelson, ‘The Future of Monetary Aggregates in Monetary Policy Analysis’,” Carnegie-Rochester Conference on Public Policy, Pittsburgh, PA, Nov 22-23, 2002, Journal of Monetary Economics 50 (2003) 1061-1070.
  46. “Monetary Policy and Learning,” Federal Reserve Bank of Atlanta Economic Review, Third Quarter 2003, 11-16,
  47. “Sverige, valutaunionen och penningpolitiken” (“Sweden, the EMU, and Monetary Policy,” in Swedish), Ekonomisk Debatt 31(4) (2003) 50-52.
  48. “Interview: Lars Svensson,” interview in Central Banking, Vol. XIV, No. 2, November 2003, 51-59.
  49. “Reviews of Monetary Policy in New Zealand and Norway,” Newsletter, July 2004, Study Center Gerzensee, Switzerland.
  50. “Commentary” (on Laurence H. Meyer, “Practical Problems and Obstacles to Inflation Targeting”), Federal Reserve Bank of St. Louis Review 84(4) (July/August 2004) 161-164.
  51. “Comments on Bernanke, Reinhart, and Sack, ‘An Empirical Assessment of Monetary Policy Alternatives at the Zero Bound’,” Brookings Papers on Economic Activity 2004:2, 84-100.
  52. “Targeting Rules vs. Instrument Rules for Monetary Policy: What Is Wrong with McCallum and Nelson?” Federal Reserve Bank of St. Louis Review 87 (2005) 613-626.
  53. “The Role of Science in Best-Practice Monetary Policy: In Honor of Otmar Issing,” in Monetary Policy: A Journey from Theory to Practice, an ECB Colloqium held in honor of Otmar Issing, European Central Bank, 2007.
  54. “Inflation Targeting,” in The New Palgrave Dictionary of Economics, 2nd edition, edited by Larry Blum and Steven Durlauf, Palgrave McMillan, 2008.
  55. “Comment on Jeffrey Frankel, ‘Commodity Prices and Monetary Policy’,” in Campbell, John Y. (ed.), Asset Prices and Monetary Policy, University of Chicago Press, 2008.
  56. “Utmaningar för Riksbanken – penningpolitik och finansiell stabilitet,” (“Challenges for the Riksbank – monetary policy and financial stability,” in Swedish), Ekonomisk Debatt nr 5 2012, årgång 40, 17-29.
  57. “Comments on Gerlach, Stefan, and Thomas Jordan, ‘Tactics and Strategy in Monetary Policy: Benjamin Friedman’s Thinking and the Swiss National Bank’,” given at Recent Developments in Monetary Policy, Fiscal Policy, and Financial System Design: A Conference Honoring Benjamin M. FriedmanInternational Journal of Central Banking 8, Supplement 1 (2012) 57-63.
  58. “Comment on Michael Woodford, ‘Inflation Targeting and Financial Stability’,” Sveriges Riksbank Economic Review 2012:1, 33-39.
  59. “Comment on Marvin Goodfriend and Robert G. King, ‘The Great Inflation Drift’,” in Bordo, Michael D. and Athanasios Orphanides, eds., The Great Inflation: The Rebirth of Modern Central Banking, University of Chicago Press, 2013, 209-213.
  60. “Discussion of Athanasios Orphanides and Volker Wieland ‘Complexity and Monetary Policy’,” International Journal of Central Banking 9, Supplement 1 (2013) 205-218.
  61. “Comment on Olivier Jeanne, ‘Capital Account Policies and the Real Exchange Rate’,” in Giavazzi, Francesco, and Kenneth D. West (eds.), International Seminar on Macroeconomics 2012, National Bureau of Economic Research, University of Chicago Press, 2013, 49-54.
  62. “De senaste årens penningpolitik – ‘leaning against the wind’ ” (“Monetary policy during the last few years – leaning against the wind,” in Swedish), Ekonomisk Debatt 3/2014, 6-24.
  63. “Comment on Chung, Herbst, and Kiley, ‘Effective Monetary Policy Strategies in New Keynesian Models: A Re-examination’,” NBER Macro Annual 2014, forthcoming.
  64. “Riksbanken, måluppfyllelsen och den demokratiska kontrollen” (“The Riksbank, the target achievement, and the democratic control,” in Swedish), Ekonomisk Debatt 4/2014, 54-66.
  65. “Penningpolitik och full sysselsättning” (“Monetary policy and full employment,” in Swedish), report to LO, The Swedish Trade Union Confederation, December 2014.
  66. “Felaktig beskrivning av debatten om bostadspriserna, skulderna och penningpolitiken” (“Erroneous description of the debate about housing prices, debt, and monetary policy,” in Swedish), Ekonomisk Debatt 1/2015, 49-51.
  67. Comment on “Inflation targeting does not anchor inflation expectations: Evidence from firms in New Zeland” by Saten Kumar, Hassan Afrouzi, Olivier Coibion, and Yuriy Gorodnichenko, Brookings Papers on Economic Activity, Fall 2015, 212-219.
  68. Comment on “Rules versus Discretion: A Reconsideration,” by Narayana Kocherlakota, Brookings Papers on Economic Activity, Fall 2016, 41-48.
  69. “Amorteringskraven: Felaktiga grunder och negativa effekter [Amortization Requirements: Wrong Reasons and Negative Effects],” report to the Stockholm Chamber of Commerce, May 2019.

Unpublished Research

  1. “Price Uncertainty, Sequential Trade and Intertemporal Pareto Efficiency,” IIES Seminar Paper No. 87, October 1977.
  2. “Structural Differences and Macroeconomic Adjustment to Oil Price Changes: a Three-Country Approach” (with Nancy P. Marion, Dartmouth College), IIES Seminar Paper No. 248, April 1983. Revision of NBER Working Paper No. 839, January 1982.
  3. “Two New Tests on the Effects of International Trade” (with Carl Hamilton, IIES), February 1983. Revised version of part of IIES Seminar Paper No. 209, June 1982.
  4. “Time Consistency of Fiscal and Monetary Policy: A reply,” (with Mats Persson and Torsten Persson, IIES), IIES Seminar Paper No. 427, January 1989.
  5. “The Credibility of Nordic Exchange Rate Bands: 1987-1991” (with Sami Geadah and Tapio Saavalainen, IMF), IMF Working Paper No. 92/3, January 1992.
  6. “Term, Inflation, and Foreign Exchange Risk Premia: A Unified Treatment,” IIES Seminar Paper No. 548, October 1993 (NBER Working Paper No. 4544, November 1993).
  7. “The Simplest Test of Inflation Target credibility,” IIES Seminar Paper No. 560, December 1993 (NBER Working Paper No. 4604, December 1993).
  8. “Estimating and Interpreting Forward Interest Rates: Sweden 1992-94,” IIES Seminar Paper No. 579, August 1994 (NBER Working Paper No. 4871, IMF Working Paper WP/94/114).
  9. “Inflation Targets” (with Leonardo Leiderman, Tel-Aviv University), presented at the conference “What Monetary Policy for the European Central Bank?” organized by CEPR and the Dresden Bank AG, Frankfurt, June 9-10, 1995.
  10. “Robust Control Made Simple: Lecture Notes,” February 2007.
  11. “Independent Review of the Operation of Monetary Policy in New Zealand: Report to the Minister of Finance,” February 2001,
  12. “Requiem for Forecast-Based Instrument Rules,” April 2001.
  13. “An Independent Review of Monetary Policy and Institutions in Norway” (with Kjetil Houg (Alfred Berg), Haakon Solheim (Norwegian School of Management BI) and Erling Steigum (Norwegian School of Management BI)), Norges Bank Watch 2002, Centre for Monetary Economics, Norwegian School of Management BI, September 2002,
  14. “The Magic of the Exchange Rate: Optimal Escape from a Liquidity Trap in Small and Large Open Economies,” July 2004.
  15. “Monetary Policy with Model Uncertainty: Distribution Forecast Targeting” (with Noah Williams, Princeton University), May 2007.
  16. “Bayesian and Adaptive Optimal Policy under Model Uncertainty” (with Noah Williams, Princeton University), September 2007.
  17. “The Effect of Housing Prices of Changes in Mortgage Rates and Taxes,” December 2013.
  18. “‘Leaning against the wind’ increases (not reduces) the household debt-to-GDP ratio,” November 2013.
  19. “Resilience, Debt, and Net Worth: Has Resilience Increased with Higher Debt-to-Income Ratios?” January 2014.
  20. Why Leaning Against the Wind Is the Wrong Monetary Policy for Sweden, presented at the NBER 25th Annual East Asian Seminar on Economics, Unconventional Monetary Policy, Tokyo, June 20-21, 2014.
  21. “Amortization Requirements May Increase Household Debt : A Simple Example,” IMF Working Paper No. 16/83, April 2016.
  22. “How Robust Is the Result that the Cost of ‘Leaning Against the Wind’ Exceeds the Benefit? Response to Adrian and Liang,” CEPR Discussion Paper DP11744, January 2017.
  23. “Leaning Against the Wind: The Role of Different Assumptions About the Costs,” August 2017, CEPR Discussion Paper 12249, NBER Working Paper No. 23745.
  24. “Amortization Requirements Benefit Well-Off and Hurt Liquidity-Constrained Housing Buyers,” February 2018.
  25. “Housing Prices, Household Debt, and Macroeconomic Risk: Problems of Macroprudential Policy I,” December 2019.
  26. “Amortization Requirements, Distortions, and Household Resilience:  Problems of Macroprudential Policy II,” November 2019.
  27. “Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in Australia,” April 2021.
  28. “Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in the UK,” April 2021.
  29. “Are Swedish House Prices Too High?”, September 2022.

Honors, awards and memberships

  1. The Erik Lindahl Award, 1980.
  2. The Jan Wallander Award for International Scientific Publications, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990, 1992.
  3. Research Associate, Rochester Center for Economic Research, 1985-.
  4. Research Fellow, Centre for Economic Policy Research, London, 1986-.
  5. Research Associate, National Bureau of Economic Research, Cambridge, MA, 1987-. Program affiliation: Asset Pricing, International Finance and Macroeconomics, and Monetary Economics.
  6. Member of the Royal Swedish Academy of Sciences, 1989-.
  7. The Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences: Associate Member 1986, Secretary 1988-1992, Member 1993-2002, Chair 1999-2001.
  8. Fellow of the Econometric Society, 1990-.
  9. Advisor (vetenskaplig rådgivare) to Sveriges Riksbank (the central bank of Sweden), 1990-2007.
  10. The Torsten and Ragnar Söderberg Foundations’ Prize 1991, for outstanding research in international economics.
  11. Member of Academia Europaea, 1992-.
  12. The Alfred Marshall Lecture, Eighth Annual Congress, European Economic Association, Helsinki, 1993: “Fixed exchange rates as a means to price stability: What have we learned?” European Economic Review 38 (1994) 447-468.
  13. Member of the selection committee for the 1994 Hicks Tinbergen medal.
  14. Member of the Council of the European Economic Association, 1997-2001.
  15. Foreign Member of the Finnish Academy of Science and Letters, 1998-.
  16. Honorary Member of the Latin American and Caribbean Economic Association (LACEA), 1999-.
  17. Foreign Honorary Member of the American Academy of Arts and Sciences, 2000-.
  18. Appointed to conduct the Independent Review of Monetary Policy in New Zealand, May 2000.
  19. Member of Panel of Economic and Monetary Experts of the Committee for Economic and Monetary Affairs of the European Parliament, 2000-2005.
  20. The Frank D. Graham Memorial Lecture, Princeton University, April 5, 2001: “The Foolproof Way of Escaping from a Liquidity Trap: Is It Really, and Can It Help Japan?”
  21. Faculty Research Associate, International Economics Section, Princeton University, 2001-.
  22. Member of Interdepartmental Committee, Bendheim Center for Finance, Princeton University, 2001-.
  23. Chair of the Committee for the Independent Review of Monetary Policy and Institutions in Norway, Norges Bank Watch 2002, 2002.
  24. Member of the Economic Advisory Panel of the Federal Reserve Bank of New York, 2002-2007.
  25. Affiliated Faculty, Princeton Program in Political Economy, Princeton University, 2003-.
  26. Fellow of the European Economic Association, 2004-.
  27. Member of the Monetary Policy Advisory Panel of the Federal Reserve Bank of New York, 2004-2007.
  28. The Lindahl Lectures, Uppsala University, October 28-30, 2008: “Monetary Policy in Theory and Practice.”
  29. Foreign Honorary Member of the American Economic Association, 2012-.
  30. The Great Gold Medal of the Royal Swedish Academy of Engineering Sciences, 2012.
  31. Member of the Board of Trustees of SNS, the Centre for Business and Policy Studies (ledamot i SNS Förtroenderåd), 2014-.
  32. Member of the Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) from April 2019.

Other activities

  1. Associate Editor, Scandinavian Journal of Economics (1984-1994), Journal of International Economics (1985-90, 1995-1998), International Economic Review (1985-1999), Macroeconomic Dynamics (1997-1999), and International Journal of Central Banking (2004-).
  2. Referee for American Economic Review, Bank of Sweden Tercentenary Foundation, Canadian Journal of EconomicsEconomic Journal, Economics LettersEuropean Economic ReviewInternational Economic ReviewJournal of Economic TheoryJournal of International Economics, Journal of International Money and Finance, Journal of Monetary EconomicsJournal of Money, Credit and Banking, Journal of Political Economy, National Science Foundation, Quarterly Journal of Economics, Review of Economic Studies, and Scandinavian Journal of Economics.
  3. Consultant to the Swedish Ministry of Finance, 1985-1987.
  4. Consultant to the World Bank, Washington, DC, 1987-1988.
  5. Consultant to the Ministry of Finance, National Institute for Economic Research (Konjunkturinstitutet), and the Economic Council (Ekonomiska Rådet), Stockholm, 1988-1990, 1993-1994.


Supplied on request.