Working Paper Series

From Sveriges Riksbank (Central Bank of Sweden)
Sveriges Riksbank, SE-103 37 Stockholm, Sweden.
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142: Capital Charges under Basel II: Corporate Credit Risk Modelling and the Macro Economy

Kenneth Carling, Tor Jacobson, Jesper Lindé and Kasper Roszbach

141: Inflation Targeting and the Dynamics of the Transmission Mechanism

Hans Dillén

140: Can a Calibrated New-Keynesian Model of Monetary Policy Fit the Facts?

Ulf Söderström, Paul Söderlind and Anders Vredin

139: How Important Is Precommitment for Monetary Policy?

Richard Dennis and Ulf Söderström

138: Finding Good Predictors for Inflation: A Bayesian Model Averaging Approach

Tor Jacobson and Sune Karlsson

137: Financial Instability and Monetary Policy: The Swedish Evidence

U. Michael Bergman and Jan Hansen

136: Incomplete Exchange Rate Pass-Through and Simple Monetary Policy Rules

Malin Adolfson

135: Implications of Exchange Rate Objectives under Incomplete Exchange Rate Pass-Through

Malin Adolfson

134: Identifying the Effects of Monetary Policy Shocks in an Open Economy

Tor Jacobson, Per Jansson, Anders Vredin and Anders Warne

133: Evaluation of exchange rate forecasts for the krona’s nominal effective exchange rate

Henrik Degrér, Jan Hansen and Peter Sellin

132: Monetary Policy Signaling and Movements in the Swedish Term Structure of Interest Rates

Malin Andersson, Hans Dillén and Peter Sellin

131: Diversification and Delegation in Firms

Vittoria Cerasi and Sonja Daltung

130: The Empirical Relevance of Simple Forward- and Backward-looking Models: A View from a Dynamic General Equilibrium Model

Jesper Lindé

129: Estimating New-Keynesian Phillips Curves: A Full Information Maximum Likelihood Approach

Jesper Lindé

128: Micro Foundations of Macroeconomic Price Adjustment: Survey Evidence from Swedish Firms

Mikael Apel, Richard Friberg and Kerstin Hallsten

127: Monetary Policy with Incomplete Exchange Rate Pass-Through

Malin Adolfson

126: Interoperability and Network Externalities in Electronic Payments

Gabriela Guibourg

125: An Alternative Explanation of the Price Puzzle

Paolo Giordani

124: Is the Short-run Phillips Curve Nonlinear? Empirical Evidence for Australia, Sweden and the United States

Ann-Charlotte Eliasson

123: Targeting Inflation with a Prominent Role for Money

Ulf Söderström

122: Simple Monetary Policy Rules and Exchange Rate Uncertainty

Kai Leitemo and Ulf Söderström

121: What Have We Learned from Empirical Tests of the Monetary Transmission Effect

Stefan Norrbin

120: Forecast-based Monetary Policy in Sweden 1992-1998: A View from Within

Per Jansson and Anders Vredin

119: Average Inflation Targeting

Marianne Nessen and David Vestin

118: Causality and Regime Inference in a Markov Switching VAR

Anders Warne

117: Supply Shocks and Real Exchange Rates

Annika Alexius

116: Qualitative Survey Responses and Production over the Business Cycle

Tomas Lindström

115: UIP for Short Investments in Long-Term Bonds

Annika Alexius

114: Monetary Policy Analysis in Backward-Looking Models

Jesper Lindé

113: Testing for the Lucas Critique: A Quantitative Investigation

Jesper Lindé

112: Financial Variables and the Conduct of Monetary Policy

Charles Goodhart and Boris Hofmann

111: Estimating the Implied Distribution of the Future Short-Term Interest Rate Using the Longstaff-Schwartz Model

Peter Hördahl

110: Core Inflation and Monetary Policy

Marianne Nessen and Ulf Söderström

109: An Alternative Interpretation of the Recent U.S. Inflation Performance

Mikael Apel and Per Jansson

108: An Expectations-Augmented Phillips Curve in an Open Economy

Kerstin Hallsten

107: Unemployment and Inflation Regimes

Anders Vredin and Anders Warne

106: Price-level Targeting versus Inflation Targeting in a Forward-looking Model

David Vestin

105: Conducting Monetary Policy with a Collegial Board: The New Swedish Legislation One Year On

Claes Berg and Hans Lindberg

104: Empirical Estimation and the Quarterly Projection Model: An Example Focusing on the External Sector

Robert Amano, Don Coletti and Stephen Murchison

103: Optimal Horizons for Inflation Targeting

Nicoletta Batini and Edward Nelson

102: A Bivariate Distribution for Inflation and Output Forecasts

Mårten Blix and Peter Sellin

101: Wage Effects of Mobility, Unemployment Benefits and Benefit Financing

Hans Lindblad

100: Inflation Forecast Targeting: The Swedish Experience

Claes Berg

99: Medium-Term Forecasts of Potential GDP and Inflation Using Age Structure Information

Thomas Lindh

98: Targeting Inflation over the Short, Medium and Long Term

Marianne Nessen

97: Bayesian Prediction with a Cointegrated Vector Autoregression

Mattias Villani

96: Swedish Export Price Determination: Pricing to Market Shares?

Malin Adolfson

95: Investment in Swedish Manufacturing: Analysis and Forecasts

Bengt Assarsson, Claes Berg and Per Jansson

94: Uncertainty about Length of the Monetary Policy Transmission Lag: Implications for Monetary Policy

Yuong Ha

93: The Quest for Prosperity Without Inflation

Athanasios Orphanides

92: Eurosystem Monetary Targeting: Lessons from U.S. Data

Glenn Rudebusch and Lars Svensson

91: Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability

Lars Svensson

90: Sources of Real Exchange Rate Fluctuations in the Nordic Countries

Annika Alexius

89: External Economies at the Firm Level: Evidence from Swedish Manufacturing

Tomas Lindström

88: GARCH, Implied Volatilities and Implied Distributions: An Evaluation for Forecasting Purposes

Javiera Aguilar

87: Retail Price Levels and Concentrations of Wholesalers, Retailers and Hypermarkets

Marcus Asplund and Richard Friberg

86: The Informational Advantage of Foreign Investors: An Empirical Study of the Swedish Bond Market

Patrik Säfvenblad

85: Predicting monetary policy using federal funds future prices

Ulf Söderström

84: Should central banks be more aggressive?

Ulf Söderström

83: Monetary policy with uncertain parameters

Ulf Söderström

82: Are There Price Bubbles in the Swedish Equity Market?

Stefan Nydahl and Peter Sellin

81: Exchange Rate Exposure, Foreign Involvement and Currency Hedging of Firms - Some Swedish Evidence

Stefan Nydahl

80: A Parametric Approach for Estimating Core Inflation and Interpreting the Inflation Process

Mikael Apel and Per Jansson

79: Agency Costs, Credit Constraints and Corporate Investment

Sten Hansen

78: Why Central Banks Announce Their Objectives: Monetary Policy with Discretionary Signalling

Stefan Palmqvist

77: A VAR Model for Monetary Policy Analysis in a Small Open Economy

Tor Jacobson, Per Jansson, Anders Vredin and Anders Warne

76: Forecasting Swedish Inflation With a Markov Switching VAR

Mårten Blix

75: World-Wide Purchasing Power Parity

Tor Jacobson and Marianne Nessen

74: A Theory-Consistent System Approach for Estimating Potential Output and the NAIRU

Mikael Apel and Per Jansson

73: Bank Loans and the Transmission Mechanism of Monetary Policy

Kerstin Hallsten

72: Monetary Policy and the Stock Market: Theory and Empirical Evidence

Peter Sellin

71: The Policy Mix in a Two-tier Monetary Union with Constraints on Stabilization Policy

Christian Bredvad Nilsson

70: Duration of Consumer Loans and Bank Lending Policy: Dormancy Versus Default Risk

Kenneth Carling, Tor Jacobson and Kasper Roszbach

69: Growth, Savings, Financial Markets and Markov Switching Regimes

Tor Jacobson, Thomas Lindh and Anders Warne

68: Bank Lending Policy, Credit Scoring and Value at Risk

Tor Jacobson and Kasper Roszbach