New issue of the Riksbank’s journal Economic Review
News This issue of Sveriges Riksbank Economic Review contains four articles dealing with key issues in practical monetary policy – the internal preparations and predictability. The articles reflect the Riksbank’s on-going work with transparency and predictability in monetary policy. This issue also includes a fifth article summarising the lessons learned from a workshop held at the Riksbank on climate risks and commercial property.
The articles in this year’s first edition of the Riksbank’s journal Economic Review are summarized below:
The Riksbank’s objectives, mandate and the process behind a monetary policy decision
Maria Sjödin, adviser in the Monetary Policy Department, describes how the Executive Board of the Riksbank reaches its monetary policy decisions. The article discusses, among other things, changes in the preparation of monetary policy in recent years, stemming from lessons learnt from the major macroeconomic shocks of the past few years, the transition to eight monetary policy meetings per year and the new Sveriges Riksbank Act. (Article:The Riksbank’s objectives, mandate and the process behind a monetary policy decision)
A checklist for a well-balanced monetary policy – a proposal and an illustration
Jakob Almerud, Carl Andreas Claussen and Matilda Kilström, all at the Monetary Policy Department, propose a checklist for a well-balanced monetary policy. The checklist is based on seven overarching principles, such as stabilising inflation at the target and keeping monetary policy flexible, robust and predictable. The checklist aims to help ensure that monetary policy trade-offs are made in a systematic and transparent manner. The authors illustrate how the checklist can be used in practice through examples from a monetary policy drafting process at the Riksbank. (Article: A checklist for a well-balanced monetary policy – a proposal and an illustration)
Has Riksbank monetary policy been predictable? Evidence from estimated reaction functions
Peter Gustafsson and Marianne Nessén, both at the Monetary Policy Department, report on new estimates of the Riksbank's reaction function based on real-time data. Using these estimates, they discuss how reaction functions can be used in the internal preparation of monetary policy decisions to help improve the predictability of monetary policy. (Article: Has Riksbank monetary policy been predictable? Evidence from estimated reaction functions)
Estimating perceived monetary policy rules for Sweden
Max Brès, Alexander Czarnota and Matilda Kilström, all at the Monetary Policy Department, use expectations provided by professional forecasters in surveys, as well as expectations from the pricing of financial instruments, to estimate so-called ‘‘perceived’’ reaction functions. They use these to analyse how the Riksbank's monetary policy is perceived to respond to economic developments. This article is published in English only. (Article: Estimating perceived monetary policy rules for Sweden)
Climate risks and commercial property: lessons and challenges to strengthen financial stability
Kent Eriksson and Mark Sanctuary from the Royal Institute of Technology and the Sustainable Finance Lab and Cristina Cella, Valentin Schubert and Ulf Söderström from the Riksbank summarise a workshop that the Riksbank organised together with the Sustainable Finance Lab in November 2025. The theme of the workshop was how climate-related risks can be transferred to the financial system via the commercial property market. The article summarises the workshop's insights on how to improve the resilience of the financial system through better data, better coordination of governance and policy measures, including stress tests, regulation and proactive investment. (Article: Climate risks and commercial property: lessons and challenges to strengthen financial stability)