##ccioni et al. ( 2021 ), the ecb ( european central bank ) ’ s price stability framework : past experience, and current and future challenges [ https : / / www. ecb. europa. eu / pub / pdf / scpops / ecb. op269 ~ 3f2619ac7a. en. pdf? 217b41c0e8888c1e237932190d594ff9 ], occasional paper series 269, european central bank. 2. for a comprehensive analysis, see european commission ( 2023 ), european economic forecast [ https : / / economy - finance. ec. europa. eu / system / files / 2023 - 05 / ip200 _ en _ 1. pdf ], institutional paper 200, may 2023, pp. 29 - 31 and hansen et al. ( 2023 ), euro area inflation after the pandemic and energy shock : import prices, profits and wages [ https : / / papers. ssrn. com / sol3 / delivery. cfm / wpi2023131. pdf? abstractid = 4493911 & mirid = 1 ], imf ( international monetary fund ) working paper no 2023 / 131. 3. see weber and wasner ( 2022 ), sellers ’ inflation, profits and conflict : why can large firms hike prices in an emergency?, review of keynesian economics, vol. 11 ( 2 ), pp. 183 - 213. in the popular debate, this phenomenon has also been dubbed “ greedflation ”. for a critical account of this debate, see the economist ( 2023 ), “ greedflation ” is a nonsense idea [ https : / / www. economist. com / leaders / 2023 / 07 / 06 / greedflation - is - a - nonsense - idea ], 6 july 2023. 4. bilbiie and kanzig ( 2023 ) show, with a range of new keynesian models, that the “ greed narrative ” seems incompatible with workhorse macroeconomic theories. see bilbiie and kanzig ( 2023 ), greed? profits, inflation, and aggregate demand [ https : / / www. nber. org / system / files / working _ papers / w31618 / w31618. pdf ], nber ( national bureau of economic research ) working paper no 31618, september

soon seemed most appropriate was to move away from the system of reference rates based primarily on banks'judgements and instead calculate and publish new, fully transaction - based, reference rates. 3 among other things, international bodies such as the financial stability board ( fsb ) and the international organization of securities commissions ( iosco ), have issued recommendations and principles to make reference rates more based on actual transactions in the market. this can be achieved by focusing on the shortest maturities at which most transactions occur, and by broadening the base for the reference rate by including more transactions than those between the panel banks. as i shall discuss later, this data can also be used to replace longer - term reference rates. examples of such fully transaction - based reference rates now published by central banks are the bank of england's sonia, the european central bank's €str new york fed ’ s sofr and norges bank ’ s nowa. in denmark, nationalbanken will soon start publishing destr. in some cases, it has also been decided that the new, transaction - based reference rates will replace the traditional interbank rates. for example, the family of reference rates most widely used globally, libor, will be phased out. in the euro area, switzerland and norway, interbank rates for the shortest maturities are being phased out. 2 this means that enormous contract values need to be migrated, in many different types of contract. this also affects swedish participants that have entered into contracts with libor as the reference rate. with regard to other currencies, the new and the old reference rates will exist side by side ; but in these jurisdictions, too, there is a clear ambition to use the transaction - based reference rates to an increasing extent. therefore, in our eyes, and in the eyes of many other leading central banks, transaction - based interest rates appear to be the way forward to create more reliable reference rates. swestr – the riksbank's response to the shortcomings in stibor it is in this context that the riksbank has undertaken to calculate and publish a fully transaction - based reference rate, swestr ( swedish krona short - term rate ). the test period for swestr ended at the beginning of september, and swestr can now be used in financial contracts. the riksbank calculates swestr based on transactions in swedish kronor that are made in the money market from the current business