| 31. |
- Andersson, Fredrik N G, et al.
(författare)
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Frivillig distansering bättre än tvång
- 2021
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Ingår i: Dagens Industri. - 0346-640X.
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Tidskriftsartikel (populärvet., debatt m.m.)abstract
- Det finns i princip två vägar för att öka den sociala och dämpa smittspridningen: antingen en strategi byggd på tvång eller att ansvarstagande medborgare av fri vilja anpassar sitt beteende. Frihet under ansvar har visat sig fungera bra, skriver nationalekonomerna Fredrik NG Andersson och Lars Jonung.
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| 32. |
- Andersson, Fredrik N G, et al.
(författare)
-
Fyra missförstånd om överskottsmålet
- 2019
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Ingår i: Svenska Dagbladet. - 1101-2412.
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Tidskriftsartikel (populärvet., debatt m.m.)abstract
- Vi bör hålla fast vid dagens överskottsmål ett tag till. Först när vi kommit ned till 25 procents offentlig skuld kan vi våga överge överskottsmålet, skriver ekonomerna Fredrik N G Andersson och Lars Jonung, Lunds universitet.
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| 33. |
- Andersson, Fredrik N G, et al.
(författare)
-
GDP, not the Bond Yield, should Remain the Anchor of the EU Fiscal Framework
- 2022
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Declining bond yields and rising public debts have caused many economists to suggest raising the debt ceiling in the EU’s Stability and Growth Pact. Implicitly, they argue for replacing GDP as the anchor with the bond yield. We discuss the risks of such a shift. While such a change would provide short-term relief to highly indebted EU member states, it is based on the expectation that bond yields will remain low for the foreseeable future. The historical record, however, suggests that prolonged periods of low real bond yields are eventually replaced by periods of high real bond yields. And this phase may have already started. From a long-term sustainability perspective, we conclude that GDP serves as a better long-term anchor for the EU fiscal framework than the bond rate.
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| 34. |
- Andersson, Fredrik N G, et al.
(författare)
-
How Tolerant Should Inflation-Targeting Central Banks Be? Selecting the Proper Tolerance Band : Lessons from Sweden
- 2017
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Should an inflation-targeting central bank have an explicit tolerance band around its inflation target? This paper provides an answer derived from the Swedish experience. The Riksbank is exceptional in the sense that it first adopted and later abolished an explicit band and is currently considering bringing it back. We conclude that the band should be explicit for several reasons. Most important, an inflation-targeting central bank should be open and transparent to the public regarding its actual ability to control inflation. We discuss how a numerical measure of the proper width of the band can be constructed to foster communication and credibility.
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| 35. |
- Andersson, Fredrik N G, et al.
(författare)
-
Hur stor är en rimlig statsskuld för Sverige?
- 2016
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Ingår i: Ekonomisk Debatt. - 0345-2646. ; 44:4, s. 82-87
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Hur stor bör den svenska statsskulden vara? I dag finns en livlig debatt kring frågan, knuten till överskottsmålets vara eller inte vara. Den ekonomiska litteraturen ger inget klart svar. Storleken på den ”optimala” eller lämpliga statsskulden beror på både vilken teori eller riktlinje som är utgångspunkten och vilken empirisk metod som används. Vi argumenterar för att statsskulden mätt som Maastrichtskulden bör uppgå till mellan 20 och 30 procent av BNP. Denna nivå på statsskulden ger Sverige ett handlingsutrymme för att hantera en större framtida ekonomisk kris.
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| 36. |
- Andersson, Fredrik N G, et al.
(författare)
-
Iceland should replace its central bank with a currency board
- 2018
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Since its independence in 1918, Iceland has tried a number of monetary regimes. They have all failed to provide monetary stability. Iceland is too small to conduct an independent monetary policy. What should Iceland do? We arrive at the conclusion that a currency board with the euro as the reserve currency is the best choice. A currency board delivers monetary stability through exchange rate stability. In contrast, a flexible exchange rate for Iceland serves as a chock amplifier. However, a currency board requires domestic reforms preferably before it is established to enhance price and wage flexibility as well as proper regulations of the financial system to minimize the risk of future financial crises.
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| 37. |
- Andersson, Fredrik N G, et al.
(författare)
-
Iceland Should Replace Its Central Bank with a Currency Board.
- 2019
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Ingår i: The 2008 Global Financial Crisis in Retrospect. : Causes of the Crisis and National Regulatory Responses - Causes of the Crisis and National Regulatory Responses. ; , s. 349-349
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Bokkapitel (refereegranskat)abstract
- In this contribution, we discuss the menu of policy regimes available for Iceland. Each regime is evaluated against the characteristics of the Icelandic economy. We start with a short description of the Icelandic economy. We then examine the costs and benefts of alternative monetary regimes. We conclude that no regime Iceland has tried since attaining full sovereignty in 1918 has provided economic and financial stability in the long run. We reach the conclusion that Icelandshould follow the example of some other small economies and microstates and settle on a currency board, in this case with the euro as the anchor currency. To ensure the sustainability of the currency board, we recommend additional reforms of the labour market and of the fiscal framework of Iceland.
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| 38. |
- Andersson, Fredrik N G, et al.
(författare)
-
Krasch, boom, krasch? Den svenska kreditcykeln
- 2015
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Ingår i: Ekonomisk Debatt. - 0345-2646. ; 43:8, s. 17-31
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Tidskriftsartikel (populärvet., debatt m.m.)abstract
- Finanskrisen 2008 har väckt starkt intresse för kreditvolymens och skuldsättningens roll i samhällsekonomin. Här kartlägger vi framväxten av en svensk kreditcykel. Den har längre varaktighet och större svängningar än den traditionella konjunkturcykeln samt en nära koppling till den internationella kreditcykeln. Långvarig och hög tillväxt i kreditvolymen i förhållande till den reala tillväxten leder till finansiella obalanser. Därmed ökar risken för abrupt korrigering, i värsta fall för en ny finansiell kris. För att minska risken krävs en omläggning av den ekonomiska politiken med målet att dämpa kreditexpansionen. Denna måste vara väl avvägd så att den inte i sig utlöser nästa krasch.
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| 39. |
- Andersson, Fredrik N G, et al.
(författare)
-
Lessons for Iceland from the Monetary Policy of Sweden
- 2018
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- The purpose of this report is to derive lessons from inflation targeting in Sweden for the choice of the future monetary policy regime of Iceland. Swedish inflation targeting has been a success in terms of reducing inflation and inflation volatility, but real economic volatility is not lower compared to previous periods. In addition, financial imbalances have grown rapidly. A key lesson is that the Riksbank has closely shadowed the policy of the European Central Bank due to financial integration. In other words, the Riksbank has behaved as if Sweden had a fixed exchange rate to the euro. Our analysis clearly indicates that a small economy cannot pursue an independent monetary policy from the rest of the world in a financially integrated world. Consequently, we suggest a fixed exchange rate arrangement for Iceland, preferably through a currency board. A currency board would provide exchange rate and price stability. A currency board would require domestic reforms to enhance price and wage flexibility as well as proper regulations on the financial system to minimize the risk of future banking crises.
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| 40. |
- Andersson, Fredrik N G, et al.
(författare)
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Lessons from the Swedish experience with negative central bank rates.
- 2020
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Ingår i: Cato Journal. - 0273-3072. ; 40:3
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Tidskriftsartikel (refereegranskat)abstract
- Negative interest rates were once seen as impossible outside the realm of economic theory. However, several central banks have recently adopted negative policy rates. The Federal Reserve is coming under increasing pressure to follow suit in the wake of the coronavirus crisis. This paper investigates the actual effects of negative interest rates using the Swedish experience from 2015 to 2019. The Swedish Riksbank was one of the first central banks to introduce a negative interest rate in 2015 and the first central bank to abandon a negative rate in 2019. We find that negative rates had a modest effect on consumer price inflation due to globalization, but significant effects on the exchange rate and domestic asset prices, thus fostering financial imbalances. We conclude by discussing the implications of our results for larger economies such as the United States. Our view is that the lesson from Sweden is clear: a negative central bank polity rate is not a panacea.
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