Bean, C., M. Paustian, A. Penalver and T. Taylor (2011), “Monetary Policy After the Fall”, in Macroeconomic Challenges: The Decade Ahead, pp. 267–328, Federal Reserve Bank of Kansas City. Bernanke, Ben (2010), AER Papers and Proceedings [speech at AEA meeting, January 2010] Bernanke, Ben (2011), ”The Effects of the Great Recession on Central Bank Doctrine and Practice”, speech at the Federal Reserve Bank of Boston 56th Economic Conference, 18 October 2011. Calmfors, Lars (2012), “Riksbanken måste bli tydligare (The Riksbank must be clearer), column in the Swedish newspaper Dagens Nyheter on 13 September. Claussen, Carl Andreas, Magnus Jonsson and Björn Lagerwall (2011), “A macroeconomic analysis of housing prices in Sweden”, in Sveriges Riksbank (2011), pp. 67–95. Englund, Peter (2011), “Swedish house prices in an international perspective”, in Sveriges Riksbank (2011), pp. 23–65. Finansinspektionen (2012),”The Swedish Mortgage Market”, 13 March 2012. Ingves, Stefan (2012), “Stora risker med alltför låg ränta”(major risks with an overly low interest rate), Svenska Dagbladet newspaper, 18 October. Isaksen, Jacob, Paul Lassenius Kramp, Louise Funch Sørensen and Søren Vester Sørensen (2011), ” Household Balance Sheets and Debt – an International Country Study”, Danmarks Nationalbank Monetary Review, 4th Quarter 2011, Part 2, pp. 39–81. Jansson, Per (2012), ”My view on inflation targeting”, speech at Karlstad University, 11 October. National Institute of Economic Research (2012), The Swedish Economy, August 2012. Mishkin, Frederic S. (2011), ”Monetary Policy Strategy: Lessons from the Crisis”, NBER Working Paper No. 16755. 14  BIS central bankers’ speeches  Qvigstad, Jan F. (2005), “When Does an Interest Rate Path ‘Look Good’?

9  According to the Sveriges Riksbank Act, “[t]he objective for monetary policy is to maintain price stability”, According to Government Bill 1997/98:40, “[a]s an authority under the Riksdag, the Riksbank, without prejudice to the price stability market, should furthermore support the goals of general economic policy with a view to maintaining a sustainable rate of growth and high employment”. (My italics.) I interprete “high employment” as “highest sustainable employment”. 10  One exception is when average inflation deviates from average inflation expectations for a long period of time. Then average inflation below inflation expectations will increase average unemployment, see Svensson (2012a). 11  According to Englund’s (2011) article on the development of housing prices and explanations for this in the Riksbank’s inquiry into the risks in the housing markets, monetary policy plays no role here and real housing prices are explained by real quantities. In the general equilibrium model for housing prices calculated using Swedish data by Walentin and Sellin (2010) and which is also used by Claussen, Jonsson and Lagerwall (2011), monetary policy has no long-run effect on housing prices or household debt. 4  BIS central bankers’ speeches  economic costs. Examples of such measures include the loan-to-value cap, regulations on deductions for mortgage rates, taxes, capital adequacy requirements, risk weights and so on. Keeping an eye on risks related to household debt is a task for the policy area known as macroprudential policy. As yet, there is no fully-developed framework for macroprudential policy in Sweden.