Conny Olovsson

Conny Olovsson


Monetary Policy Department
Research Division
Sveriges Riksbank
SE-103 37 Stockholm, Sweden

Phone + 46 8 787 04 33

Macroeconomics, international economics, climate economics, economic growth

Short bio

Conny Olovsson obtained his PhD from Stockholm University in 2004. Prior to joining the Research Department of Sveriges Riksbank in 2013, he was a postdoc at the Stockholm School of Economics (2004-2008), and a visiting researcher at the Institute for International Economic Studies in Stockholm (2008-2013).

Conny's research interests include public finance, asset pricing, economic growth and climate economics.


Conny Olovsson 's CV


Ph.D., Economics, Institute for International Economic Studies, Stockholm University, 2004
Master of Social Science, Stockholm University, 1998

Work in progress and working papers

Greenflation?, (with David Vestin), Sveriges Riksbank Working Paper Series No.420. SUERF Policy Brief here

Dynamic Macroeconomic Implications of Migration, (with Karl Walentin and Andreas Westermark). SUERF Policy Brief here 

On the effectiveness of climate policies, (with John Hassler, Per Krusell, and Michael Reiter)

International business cycles: quantifying the effects of a world market for oil, (with Johan Gars), Sveriges Riksbank Working Paper Series No. 340

Why do income and productivity differ in OECD countries?

The Climate and the Economy, preliminary, (with John Hassler and Per Krusell).

Publications in refereed journals

Finite Resources and the World Economy, (with John Hassler and Per Krusell), in Journal of International Economics, Volume 136, 2022

Suboptimal Climate Policy, (with John Hassler and Per Krusell), Journal of the European Economic Association, Vol.19 (6), December 2021.

Manufacturing Decline and House Price Volatility, (with Isaiah Hull, Karl Walentin, and Andreas Westermark), Review of Economic Dynamics Volume 45, 2022, VoxEU summary here

Directed technical change as a response to natural-resource scarcity, (with John Hassler and Per Krusell), Journal of Political Economy 129 (11), November 2021.

Fuel for economic growth?, (with Johan Gars), Journal of Economic Theory, Volume 184, November 2019.

Oil prices in a general equilibrium model with precautionary demand for oil, Review of Economic Dynamics, Volume 32, April 2019, Pages 1-17.

The Consequences of Uncertainty: Climate Sensitivity and Economic Sensitivity to the Climate (With John Hassler and Per Krusell), Annual Review of Economics, Vol. 10, 2018, pp. 189–205.

Optimal taxation with home production, Journal of Monetary Economics, Volume 70, March 2015, PP. 39–50

How does a pay-as-you-go system affect asset returns and the equity premium? Review of Economic Dynamics, Vol 17, No.1, January 2014, pp. 131–149.

Quantifying the risk-sharing welfare gains of social security, Journal of Monetary Economics, Vol 57:3, 2010. Appendix with a sensitivity analysis.

Oil Monopoly and the Climate, (with John Hassler, Per Krusell). American Economic Review: Papers and Proceedings, Vol. 100, No.2, May 2010. pp: 460-464.

Why do Europeans Work so Little? International Economic Review, Vol 50, Nr.1, February 2009, pp.39-61. Working paper here. Appendix with a sensitivity analysis

Essays on Dynamic Macroeconomics, Institute for International Economic Studies Monograph Series No. 48, Stockholm university, 2004.

Other publications

Sustainability in “Macroeconomics” (Eds. M. Azzimonti, P. Krusell, A. McKay, and T. Mukoyama), joint with John Hassler and Per Krusell

The Macroeconomics of Climate Change: Starting Points, Tentative Results, and a Way Forward, with John Hassler and Per Krusell, Peterson Institute of International Economics, 2023

Financial Markets and Green Innovation, (with Philippe Aghion, Lena Boneva, Johannes Breckenfelder, Luc Laeven, Alexander Popov, and Elena Rancoita), ECB Working Paper No. 2022/2686. ECB blog post here 

Global warming from an economic perspective Penning- och valutapolitik, Nr 1, Riksbanken 2020

Is Climate Change Relevant for Central Banks? Ekonomiska kommentarer, Sveriges riksbank 14 november 2018

Bör varor och tjänster beskattas lika? (with Paul Klein), Ekonomisk Debatt 3, 2015. Awarded with the Myrdal prize for best essay in Ekonomisk Debatt in 2015.

Ett EU-perspektiv på pensionerna, Socialföräkringsrapport 2013:4

Klimatpolitik och teknologisk utveckling, (with Ulrika Stavlöt) in Nationalekonomi för miljöintresserade, Fores förlag.

Comment on the "Green paper towards adequate, sustainable and safe European pension systems", European Policy Analysis, ISSUE 2011:5epa,
Swedish Institute for European Policy Studies.

Överskottsmålet och finansieringen av den framtida välfärden
(Report to the Swedish Ministry of Finance, June 2008).


American Economic Review, American Economic Journal:
Macroeconomics, American Economic Journal: Economic Policy, Economic Inquiry,
Economica, Economic Inquiry, Economic, Journal, Economic Letters, European
Economic Review, EJPE, International Economic Review, Journal of Comparative
Economics, Journal of Economic Dynamics and Control, Journal of Economic
Theory, Journal of the European Economic Association, Journal of Applied
Econometrics, Journal of Political Economy, Journal of Public Economic Theory,
Macroeconomic Dynamics, Princeton University Press, Oxford Economic Papers,
Review of Economic Dynamics, Review of Economic Studies, Scandinavian Journal of Economics, the B.E. Journals of Macroeconomics, The Manchester School,
Quantitative Economics.


  • Mathematics 2 (First year Ph.D. course), Stockholm University
  • The climate and the economy (master course), Stockholm University
  • The climate and the economy (Second year Ph.D. course), Stockholm University
  • Quantitative methods in macroeconomics (Second year Ph.D. course), Stockholm School of Economics
  • Advanced Topics in Micro & Gen. Equilibrium Theory (Undergraduate), Stockholm School of Economics
  • Sveriges näringsliv i historisk och internationell belysning: supervisor of undergraduate theses, Stockholm School of Economics.
  • Advanced Macroeconomics: Teaching Assistant, Stockholm University.
  • Basic course in Macroeconomics with applications: Teaching Assistant, Stockholm University
  • Economic theory with applications (micro): Teaching Assistant, Stockholm University


“The CO2 market failure: it’s free to emit but has costly consequences” 
  LSE Business Review, October15, 2020

”Den svenska miljöskatten kan rädda jordklotet”, Interview by Göteborgsposten, January 28, 2020

“Sätt finans- och miljöministrarna I samma rum”, Interview by Dagens Industri,
 April 20, 2019

”Klimatpanik är det största klimathotet”, SVT Opinion, Mars 27 2019

”Riksbanken ser klimatrisker för svensk penningpolitik”, Interview by Dagens Nyheter, November 16, 2018

“Manufacturing decline reduces house price volatility”, VoxEU, August 23, 2018

”Skattekilarna sänker BNP med 250 miljarder”, Dagens Industri, June 19, 2004