amounts to sek 500 billion in total, which is more than the sum of all the loans currently taken out by small and medium - sized enterprises put together. added to this are new asset purchases of up to sek 300 billion, almost doubling the riksbank ’ s bond holdings. the riksbank also has the possibility to, via an agreement with the us federal reserve, lend us dollars corresponding to sek 600 billion. this is more than the total value of the riksbank ’ s gold and currency reserves. with these measures, therefore, the riksbank has the possibility of supplying at least sek 1, 400 billion to the banking system to ensure corporate money does not run out and to mitigate the effects on output and employment. added to this, there is also the possibility to borrow unlimited amounts of money on a weekly basis if necessary. at the same time, it is worth remembering that our measures come on top of the generous and enormous efforts currently being made by the central banks in the world ’ s major economies. going forward, it will be extremely important to monitor developments in the economy, both to evaluate the measures we have implemented and to see whether more needs to be done. the riksbank will follow developments via many information sources. we follow indicators of how the real economy is developing in the very short term and we are working to identify more indicators that can provide additional information about different parts of the economy. naturally, we will also closely follow the extent to which our programme of corporate lending is being used. as always, we are closely monitoring developments on financial markets and we are talking to market participants, banks and companies. we also have a close dialogue with other authorities and with central banks in other countries. if i may conclude with a personal reflection. as i mentioned earlier, this is the third major crisis in the swedish economy that i have been involved in dealing with. the first was the crisis in the early 1990s as head of the swedish bank support authority, colloquially known as the “ banking er ”, which was responsible for the state ’ s support measures to banks. then, it was a question of guaranteeing the solvency of banks. the second was the financial crisis in 2008 ‒ 2009 when the riksbank took action and basically guaranteed to supply the banking system with all the liquidity required to ensure it continued to work. i now have reason to say this for the second time as governor of the riksbank. but the crisis this time

vast array of information we have at our disposal. of course, that includes the standard econometric toolkit. but we have also been increasingly relying on text analytics and machine learning. 1 / 3 bis - central bankers'speeches as a result, this conference is highly relevant for us at the federal reserve, and likely those at other central banks as well. more timely and accurate information and improved methodological techniques permit federal reserve staff to produce better estimates of the evolving economic outlook, which allows policymakers to make moreinformed decisions. it is reassuring to know that the use of these nontraditional data and techniques for academic research and for policy is no longer in its infancy. the breadth and depth of studies captured in the agenda display the material inroads of these data and methods into economic research. i am pleased to see colleagues and important contributors to this field on the conference program. jed kolko, julapa jagtiani, arthur turrell, and hal varian will discuss issues related to the opportunities and challenges for government and privatesector institutions in response to nontraditional data, machine learning, and artificial intelligence. similarly, an academic panel with jesus fernandez - villaverde, sydney ludvigson, stephen hansen, and chiara farronato will discuss how these data and methods have helped push the research frontier in subjects ranging from macroeconomic modeling to online markets. as i noted in recent remarks, there has been a surge in excitement and trepidation about generative ai. 3 the range of social effects from this new technology could be broad. jack clark, one of the co - founders of anthropic, will soon offer a keynote, and i am sure we are all looking forward to hearing his insights on the practical applications of this new ai technology and the potential use cases for economic research and policymaking. i am especially interested in seeing progress on " explainable ai, " which can bridge the divide between the technical sphere and users. i am looking forward to any discussions on this area. these generative ai tools could also have implications closer to home, as they may influence how we conduct central bank communications. there is a growing literature that uses natural language processing techniques to discern how communications by central bankers are perceived by the news media, and, in turn, how that influences financial markets. the presentations by christopher neely, clara vega, xin zhang, and xu zhang will discuss the state of the art on this subject, which