New issue of the Riksbank’s journal Economic Review

News Over the past three years, the Riksbank has implemented changes in its operational framework for the implementation of monetary policy to make it simpler, more transparent and more automatic. This issue of Sveriges Riksbank Economic Review contains three articles that explain in different ways what an operational framework for monetary policy is, what tasks it is designed to carry out and what it looks like in different countries. Our hope is that the articles can provide both an introduction and a more in-depth knowledge of this area, which rarely receives as much attention as monetary policy analysis and communication. Knowledge of operational frameworks is a prerequisite for understanding how monetary policy is conducted in practice.

The articles in this year's second edition of the Riksbank's journal Economic Review no. 2 are summarized below:

How is monetary policy implemented in practice?

Anders Vredin and Per Åsberg Sommar provide an introduction to how monetary policy is implemented in practice. This means that they explain what measures central banks take, and with whom, to ensure that decided levels of policy rates actually spread to other interest rates and the economy as a whole. [Article]

The Riksbank's monetary policy operational framework after the 2019-2022 reform

Denise Hansson and Ingrid Wallin Johansson provide a detailed description of the Riksbank's operational framework for monetary policy. They describe the fundamental building blocks of the operational framework, i.e. the different instruments, which collateral is accepted and the counterparties. [Article]

Central banks’ operational frameworks – an international perspective and comparison

Denise Hansson and Ingrid Wallin Johansson describe some basic models for operational frameworks for monetary policy. They then describe in detail the operational frameworks of fourteen different central banks. [Article]

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Updated 19/12/2023