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Conducting Monetary Policy with a Collegial Board: The New Swedish Legislation One Year On

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Author Info

  • Berg, Claes

    ()
    (Monetary Policy Department, Central Bank of Sweden)

  • Lindberg, Hans

    ()
    (Monetary Policy Department, Central Bank of Sweden)

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    Abstract

    In this paper we discuss the recent experience of conducting monetary policy with a collegial board according to the Riksbank act. Interest rate decisions are normally taken with the aim to bring inflation in line with the 2 per cent inflation target one to two years ahead. When there are dissenting views in the Executive Board, the majority rule serves as a formal aggregation rule. Disagreements on the inflation outlook have occurred due to different opinions on the relation between growth and inflation, the current state of the economy and the future outlook for exogenous determinants of inflation. By publishing inflation reports and minutes from meetings with the Executive Board, good incentives are provided to both the staff and the Executive Board to do their best and it also ensures accountability on the part of the Executive Board for achievement of the price stability objective.

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    Bibliographic Info

    Paper provided by Sveriges Riksbank (Central Bank of Sweden) in its series Working Paper Series with number 105.

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    Length: 18 pages
    Date of creation: 01 Mar 2000
    Date of revision:
    Handle: RePEc:hhs:rbnkwp:0105

    Contact details of provider:
    Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
    Phone: 08 - 787 00 00
    Fax: 08-21 05 31
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    Web page: http://www.riksbank.com/
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    Related research

    Keywords: Monetary policy; Collective decision making;

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    Cited by:
    1. Andersson, Malin & Dillén, Hans & Sellin, Peter, 2001. "Monetary Policy Signaling and Movements in the Swedish Term Structure of Interest Rates," Working Paper Series 132, Sveriges Riksbank (Central Bank of Sweden), revised 01 Jan 2004.
    2. Gerlach-Kristen, Petra, 2006. "Monetary policy committees and interest rate setting," European Economic Review, Elsevier, vol. 50(2), pages 487-507, February.
    3. Andersson, Malin & Dillen, Hans & Sellin, Peter, 2006. "Monetary policy signaling and movements in the term structure of interest rates," Journal of Monetary Economics, Elsevier, vol. 53(8), pages 1815-1855, November.

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