New issue of the Riksbank's journal Economic Review
The Riksbank’s journal Economic Review discusses subjects related to central banking. This year’s first issue of Sveriges Riksbank Economic Review contains the following articles:
"The Riksbank’s communication of macroeconomic uncertainty" by David Kjellberg and Mattias Villani
When the forecasts of GDP growth, inflation and the repo rate are presented in Sveriges Riksbank’s Monetary Policy Report they are supplemented by associated forecast intervals. In that way the Riksbank emphasizes that forecasts are always uncertain. This article describes in detail how Sveriges Riksbank uses historical forecast errors to calculate these intervals. We propose a number of potential improvements to the current method, including how to handle the repo rate having a lower bound, and how time variation can be introduced in the interval width to automatically adjusts for temporary fluctuations in macro-economic uncertainty.
"Ten years as an independent central bank"
On 11 September 2009, the Riksbank arranged a conference to mark the fact that it became formally independent ten years ago. At the conference, three papers were presented and commented on by selected individuals. These papers and comments are presented below.
"Policicy expectations and policy evaluations: The role of transparency and communication" by Lars E.O. Svensson, Deputy Governor of the Riksbank
Comments: Jan F. Qvigstad, Deputy Governor of Norges Bank
"The Executive Board of the Riksbank and its work on monetary policy – experiences from the first ten years" by Mikael Apel, Carl Andreas Claussen and Petra Lennartsdotter of the Riksbank’s Monetary Policy Department
Comments: Lars Heikensten, member of the European Court of
Auditors and former Governor of the Riksbank
"How has the Riksbank managed the financial crisis?" by Johan Molin of the Riksbank’s Financial Stability Department
Comments: Peter Englund, Professor, Stockholm School of Economics