should monetary policy react during such transition? Using a New-Keynesian model with an energy and a goods sector, we show … wages and goods prices are rigid, a flexible energy price and a monetary policy rule that sees through energy-price changes … aggressive and/or monetary policy ill suited. During the green transition, it is optimal for monetary policy to see through the …

Though unconventional monetary policy is still new, already there is a conventional wisdom that the impact of monetary … policy is related to the composition of the asset mix. This turns out to be incomplete and potentially misleading. In this …

We construct and make available a new monetary policy event study database with high-frequency financial market … macroeconomic effects of monetary policy shocks in Sweden. A temporary, unexpected policy rate tightening induces an immediate and … only of pure monetary policy shocks, but could also reflect market participants' updates concerning the central bank …

’s Executive Board, the monetary policy committee (MPC) of the Swedish central bank. The questions cover a number of issues … discussed in the growing literature on monetary policy making by committees. The paper thus relates research to the views of … Riksbank MPC to be slightly too large, that it is very common that members have decided before the policy meeting how they will …

In this paper, I use high-frequency financial market estimates to identify the monetary policy shock in a non … monetary policy has strong and significant delayed effects on real activity. I also obtain stock market responses that are … compatible with the efficient market hypothesis and find that consumer prices react very little to monetary policy. …

zero lower bound on nominal policy rates. First, I study the performance of optimal discretionary policies. I find that … policy rules and the role of smoothing in the rules. With smoothing, a Taylor-type rule performs as well as a nominal GDP … using policy rate smoothing to anchor inflation firmly. …

Continuos credibility effects are incorporated into a simple model of optimal monetary policy. The resulting model … provides explanations for a number of "folk theorems" about credibility in monetary policy. A central bank with low initial … credibility pursues a more restrictive policy than a central bank with high initial credibility. It accommodates shocks less and …

unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more … expansionary policy than a high-credibility bank, in the sense that it induces higher inflation, but a less expansionary policy in … and credibility more sensitive to its actions. This has a moderating influence on the bank's policy, and induces the bank …

This paper specifies a new convenient algorithm to construct policy projections conditional on alternative anticipated … policy-rate paths in linearized dynamic stochastic general equilibrium (DSGE) models, such as Ramses, the Riksbank's main … DSGE model. Such projections with anticipated policy-rate paths correspond to situations where the central bank …