Lundvall, H. (2020) “What is driving the global trend towards lower real interest rates?”, Sveriges Riksbank Economic Review, 2020:1. Nessén, M. (2016), “Commentary: The case for unencumbering interest rate policy at the zero bound”, Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole 2016. Rajan, R. (2005), “Has financial development made the world riskier?”, in The Greenspan Era: Lessons for the Future, A symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming. Final report of the Riksbank Committee (2020), "A new Sveriges Riksbank Act", SOU 2019:46. Smets, F. (2013), “Financial stability and monetary policy: How closely interlinked?”, Sveriges Riksbank Economic Review, 2013:3. Stein, J. (2013), ”Overheating in Credit Markets: Origins, Measurement and Policy Responses,” speech at the Board of Governors of the Federal Reserve System. Stock, J. and M. Watson (2002), “Has the business cycle changed and why?”, NBER Macroeconomics Annual, Vol. 17. Svensson, L. (2012), ”Utmaningar för Riksbanken − penningpolitik och finansiell stabilitet”, (Challenges for the Riksbank − monetary policy and financial stability), Ekonomisk debatt, no. 12. Svensson, L. (2014), “Inflation targeting and leaning against the wind”, International Journal of Central Banking, June 2014. Svensson, L. (2017), “Cost-benefit analysis of leaning against the wind”, Journal of Monetary Economics, Vol. 90. Woodford, M. (2012), “Monetary policy and financial stability”, Sveriges Riksbank Economic Review, 2012:1. 27 [30]  Figure 1. CPIF and CPIF excluding energy and forecasts Per cent  Note. Annual percentage change. Sources: Statistics Sweden and the Riksbank. Figure 2. Long-term inflation expectations Per cent  Note.

Villy Bergström: The Riksbank’s role in the economy Speech by Mr Villy Bergström, Deputy Governor of the Sveriges Riksbank, to the Swedish Shareholders Association, Jönköping, 28 February 2001. *  *  *  Some time ago, the British journal The Economist wrote that the world’s central banks were now at the height of their power. It is easy to get that impression when you see the enormous amount of interest devoted to the central banks in the daily press, the broadcasting media and economic journals. This applies to the Riksbank in Sweden, to the European Central Bank – the ECB – and, especially to the U.S. central bank, the Federal Reserve with Alan Greenspan in the foreground. During the autumn electoral campaign in the United States, a number of newspapers put forward the view that it would not make any difference whether Al Gore or George Bush was elected as President - it was in any case Greenspan who was in control. When Greenspan surprisingly cut the American instrumental rate by 0.5% in January between two ordinary monetary policy meetings of the Federal Reserve’s decision-making body, the decision was applauded with headlines such as “Greenspan saves the world again”. This type of statement is simply ridiculous. The importance of monetary policy cannot be compared with the Government’s general policies or with the office of President. However, things have gone so far that the central bank is regarded as a second government in many countries. These comparisons are, of course, unreasonable.