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The Monetary Policy Department (APP) produces the material the Executive Board needs to make monetary policy decisions. The department also compiles the statistics on financial markets and economic developments that are required for this purpose and to meet international requirements of central banks’ statistical production in general. If the Executive Board decides that the Riksbank shall change the interest rate, APP implements the decision.
APP produces several different background reports for the Executive Board. The most important is a forecast of how inflation and economic activity will develop in Sweden and abroad. As the economy is fairly complex, simplified relationships are used – economic and statistical models with good forecasting capabilities.
These forecasts form the basis of the assessments that the Riksbank finally presents in the Monetary Policy Report. The department also produces draft texts for in-depth articles in the Monetary Policy Report with the aim of highlighting and providing more in-depth analysis of certain issues of importance. In addition, the department writes the minutes of the Executive Board’s monetary policy meetings and provides draft texts for the speeches held by members of the Board.
In the statistics field, the department is responsible for Sweden’s balance of payments and money and banking statistics. Statistics Sweden produces and publishes the statistics, but the Riksbank is responsible for their quality and development as well as international cooperation on these issues.
Organisation
Per Jansson is the Head of the Department and Jesper Hansson, Marianne Nessén and Tor Jacobson are Deputy Heads. In addition to a staff of advisers and secretaries, the department consists of seven divisions:
- The Division for Economic Policy Analysis
- The Division for Market Analysis and Operations
- The Research Division
- The Modelling Division
- The Forecast Division
- The Statistics Division
- The Applied Research Division