Forskning på Riksbanken

Målet med den ekonomiska forskning som bedrivs inom Riksbanken är att tillhandahålla en solid begreppsmässig och empirisk grund för politiska beslut. Högkvalitativ forskning är avgörande för att garantera att Riksbanken är väl förberedd att möta de utmaningar som hänger samman med att styra penningpolitiken och främja ett säkert och effektivt betalningssystem. En viktig uppgift för den ekonomiska forskningen är att tillhandahålla modeller, verktyg och analyser för att Riksbanken ska kunna fullgöra sina åligganden.

The Governance of Central Banks, August 31-September 1, 2006
(Texten finns endast på engelska)

Governments have granted central banks substantial independence over monetary policy but also as a byproduct over their other important functions.  Typically, central banks have multiple tasks, among others as regulated monopolists, financial industry regulators and deposit insurance agencies. These different roles raise different governance issues that interact in potentially complex ways. The institutional structure and the importance of good corporate governance as a means for central banks to attain their other objectives have received little attention and no generally accepted guidelines on optimal governance for central banks exist yet.

The objective of this conference is to foster debate about general principles that arguably should form the basis for the good governance of central banks and the desirable governance structures for central banks, to discuss the impact of these principles on the institutional structure of a central bank and the formulation of central bank law, and to explore common features and differences between central bank governance and corporate governance.

The conference is organized by Renée Adams , Franklin Allen, Claudio Borio, Lars Frisell, Marco Pagano, Torsten Persson, Kenneth Rogoff, Kasper Roszbach and Giancarlo Spagnolo. Alberto Alesina will give an invited lecture on the political economy and governance of central banks.

”Exploring interactions between real activity and the financial stance” (Texten finns endast på engelska)

In a recent article in the Journal of Financial Stability, April 2005, a number of plausible candidates for a measure of financial stability are examined. Aggregated bankruptcies in the entire Swedish business sector are found to be closely related to bank’s aggregated credit losses. Moreover, bankruptcies play a role in explaining the development in macro variables such as GDP, the inflation rate, nominal interest rates, and the real exchange rates. And vice versa, i.e., these macro variables are helpful in predicting aggregate bankruptcy rates in the economy, and can actually account even for extreme outcomes such as the Swedish banking crises in the early 90’s. The article goes on to demonstrate that effects of monetary policy on inflation and bankruptcy rates may well differ in different states of the world.