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Inflation Targeting and Leaning against the Wind
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Swedish Institute for Financial Research (SIFR), Sweden.
2014 (English)In: The International Journal of Central Banking, ISSN 1815-4654, E-ISSN 1815-7556, Vol. 10, no 2, 103-114 p.Article in journal (Refereed) Published
Abstract [en]

Should inflation targeting involve some leaning against the wind? Sweden provides a case study, since the Riksbank has been leaning against the wind since 2010, stating concerns about risks associated with the household debt-to-income ratio. The cost of this policy in terms of low inflation and high unemployment is high. According to the Riksbank's own analysis, the policy rate effect on household indebtedness is very small, and any effect on risks associated with household debt is miniscule. Indeed, much lower inflation than expected has increased households' debt burden and, if anything, increased such risks.

Place, publisher, year, edition, pages
2014. Vol. 10, no 2, 103-114 p.
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:su:diva-109057ISI: 000342792300006OAI: oai:DiVA.org:su-109057DiVA: diva2:762160
Note

AuthorCount:1;

Available from: 2014-11-10 Created: 2014-11-10 Last updated: 2017-12-05Bibliographically approved

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