Ulf Söderström

Ulf Söderström

Head of Research

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

Web page: http://sites.google.com/site/ulfcsoderstrom/

Phone + 46 8 787 08 29
E-mail ulf.soderstrom@riksbank.se

Monetary policy, inflation targeting, monetary economics

Short bio

Ulf Söderström obtained his PhD from the Stockholm School of Economics in 1999. After spending four years at the Research Department of Sveriges Riksbank (the central bank of Sweden), he joined the Department of Economics at Bocconi University in Milan and the Innocenzo Gasparini Institute for Economic Research (IGIER) in September 2003.

In September 2008 he returned to Sveriges Riksbank and the Research Division. In March 2011 he became head of the Modelling Division at the Monetary Policy Department, and he was promoted Deputy Head of the Monetary Policy Department from December 2014. Since November 2019 he is Head of Research at the Riksbank.

Ulf's research interests include the formulation of monetary policy in closed and open economies; the effects of model uncertainty on monetary policy; and the relationship between monetary policy and the term structure of interest rates. He is a Research Fellow at the Centre for Economic Policy Research (CEPR), and was Associate Editor of the Scandinavian Journal of Economics from 2008 to 2019. He has published articles in several leading journals, including the American Economic Review, the Journal of Monetary Economics, and the Journal of Money, Credit, and Banking.


Download Ulf Söderström's CV


  • Ph.D., Economics, Stockholm School of Economics, 1999 (Awarded docent title in 2003)
  • M.Sc., Economics and Business Administration, Stockholm School of Economics, 1993

Publications in refereed journals

“The role of money in monetary policy at the lower bound” (with Roberto Billi and Carl E. Walsh), Journal of Money, Credit and Banking 55 (4), June 2023, 681-716.

"The dynamic behavior of the real exchange rate in sticky price models: Comment" (with Jens Iversen), American Economic Review 104 (3), March 2014, 1072-1089.

"Monetary policy in an estimated open economy model with imperfect pass-through" (with Jesper Lindé and Marianne Nessén), International Journal of Finance and Economics 14 (4), October 2009, 301-333.

"Methods for robust control'' (with Richard Dennis and Kai Leitemo), Journal of Economic Dynamics and Control 33 (8), August 2009, 1604-1616.

"Robust monetary policy in a small open economy" (with Kai Leitemo), Journal of Economic Dynamics and Control 32 (10), October 2008, 3218-3252.

"Monetary policy under uncertainty in an estimated model with labor market frictions" (with Luca Sala and Antonella Trigari), Journal of Monetary Economics 55 (5), July 2008, 983-1006.

"Robust monetary policy in the New Keynesian framework" (with Kai Leitemo), Macroeconomic Dynamics 12 (S1), April 2008, 126-135.

"How important is precommitment for monetary policy?" (with Richard Dennis), Journal of Money, Credit, and Banking 38 (4), June 2006, 847-872.

"Targeting inflation with a role for money," Economica 72 (288), November 2005, 577-596.

"New-Keynesian models and monetary policy: A reexamination of the stylized facts" (with Paul Söderlind and Anders Vredin), Scandinavian Journal of Economics 107 (3), September 2005, 521-546.

"Dynamic Taylor rules and the predictability of interest rates" (with Paul Söderlind and Anders Vredin), Macroeconomic Dynamics 9 (3), June 2005, 412-428.

"Simple monetary policy rules and exchange rate uncertainty" (with Kai Leitemo), Journal of International Money and Finance 24 (3), April 2005, 481-507.

"Monetary policy with uncertain parameters," Scandinavian Journal of Economics 104 (1), March 2002, 125-145.

"Monetary policy and market interest rates" (with Tore Ellingsen), American Economic Review 91 (5), December 2001, 1594-1607.

"Core inflation and monetary policy" (with Marianne Nessén), International Finance 4 (3), Winter 2001, 401-439.

"Predicting monetary policy with federal funds futures prices,'' Journal of Futures Markets 21 (4), April 2001, 377-391.

"Explaining devaluation expectations in the EMS" (with Alexis Stenfors), Finnish Economic Papers 8 (2), Autumn 1995, 63-81.

Other publications

“How much is inflation affected by monetary policy?” (with Stefan Laséen and Jesper Lindé), Economic Commentaries No. 13, 2022, Sveriges Riksbank.

”Forecasts and monetary policy” (with Christina Nyman), Economic Commentaries No. 6, 2016, Sveriges Riksbank.

"Svensk penningpolitik" (”Swedish Monetary Policy” with David Vestin), in Marknad och politik, 12th edition, edited by Lars Hultkrantz and Pär Österholm, Studentlitteratur, 2017.

"Structural and cyclical forces in the labor market during the Great Recession: Cross-country evidence" (with Luca Sala and Antonella Trigari), in NBER International Seminar on Macroeconomics 2012, edited by Francesco Giavazzi and Kenneth West, University of Chicago Press, 2013.

"Two decades of inflation targeting: Main lessons and remaining challenges" (with Claes Berg, Kerstin Hallsten, and Virginia Queijo von Heideken), Sveriges Riksbank Economic Review 3, 2013, 4-28.

"Inflation, unemployment and monetary policy --– New research findings" (with Gabriela Guibourg and Christian Nilsson), Sveriges Riksbank Economic Review 2, 2013, 6-21.

"Inflation, unemployment and monetary policy" (with Anders Vredin), Economic Commentaries No. 1, 2013, Sveriges Riksbank.

"Monetary policy when the interest rate is zero" (with Andreas Westermark), Sveriges Riksbank Economic Review 2, 2009, 5-30.

"The monetary transmission mechanism" (with Elisabeth Hopkins and Jesper Lindé), Sveriges Riksbank Economic Review 2, 2009, 31-50.

"The transmission mechanism and the financial crisis" (with Elisabeth Hopkins and Jesper Lindé), Sveriges Riksbank Economic Review 2, 2009, 51-71.

"Re-evaluating Swedish membership in EMU: Evidence from an estimated model," in Europe and the Euro, edited by Alberto Alesina and Francesco Giavazzi, National Bureau of Economic Research and University of Chicago Press, 2010.

"Inflation target transparency and the macroeconomy" (with Martin Melecky and Diego Rodriguez Palenzuela), in Monetary Policy under Uncertainty and Learning, edited by Klaus Schmidt-Hebbel and Carl E. Walsh, Series on Central Banking, Analysis, and Economic Policies, Volume XIII, Central Bank of Chile, 2009.

Norges Bank Watch 2007: An Independent Review of Monetary Policymaking in Norway (with Marvin Goodfriend and Knut Anton Mork), Norges Bank Watch Report Series No. 8, Centre for Monetary Economics, BI Norwegian School of Management, 2007.

"How does the inflation target affect the economy?" (with Malin Adolfson), Sveriges Riksbank Economic Review 1, 2003, 50-75.

"The conquest of American inflation: A summary" (with Thomas J. Sargent), Sveriges Riksbank Economic Review 3, 2000, 12-45.

"The conquest of inflation--An introduction to Sargent's analysis" (with Anders Vredin), Sveriges Riksbank Economic Review 3, 2000, 5-11.

"Different ways of conducting inflation targeting--Theory and practice" (with Mikael Apel, Marianne Nessén and Anders Vredin), Sveriges Riksbank Quarterly Review 4, 1999, 13-42.

Unpublished working papers

"The output gap, the labor wedge, and the dynamic behavior of hours'' (with Luca Sala and Antonella Trigari), Working Paper No. 246, Sveriges Riksbank, September 2010.

"Monetary policy in a small open economy with a preference for robustness'' (with Richard Dennis and Kai Leitemo), Working Paper No. 316, IGIER, Bocconi University, December 2006 (revised April 2009).

"The predictive power of the yield spread: Further evidence and a structural interpretation'' (with Carlo A. Favero and Iryna Kaminska), Working Paper No. 280, IGIER, Bocconi University, January 2005 (revised March 2005).

"Why are long rates sensitive to monetary policy?'' (with Tore Ellingsen), Working Paper No. 256, IGIER, Bocconi University, March 2004 (revised May 2005).

"Should central banks be more aggressive?'', Working Paper in Economics and Finance No. 309, Stockholm School of Economics, March 1999 (revised August 2000).


American Economic Review; B.E. Journals in Macroeconomics; Czech National Bank Working Paper Series; Economic Modelling; Economica; Empirica; European Central Bank Working Paper Series; European Journal of Political Economy; German Economic Review; Giornale degli Economisti; International Finance; International Journal of Central Banking; Journal of Applied Econometrics; Journal of Business and Economic Statistics; Journal of Economic Dynamics and Control; Journal of Economics and Business; Journal of Futures Markets; Journal of the European Economic Association; Journal of Macroeconomics; Journal of Money, Credit, and Banking; Journal of Political Economy; Macroeconomic Dynamics; Manchester School; Oxford Economic Papers; Quarterly Review of Economics and Finance; Review of Economic Studies; Review of Economics and Statistics; Scandinavian Journal of Economics; Scottish Journal of Political Economy.