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Swedish net exports are largely made up of goods that have been produced abroad
17/01/2018 -The authors of a new staff memo show that Sweden's current account surplus is no longer due to the traditional trade in goods. Instead, it is what is known as merchanting, the trade margin that arises between the purchase price and the sale...
Another perspective on financial stability risks
07/09/2021 -Macrofinancial conditions can be useful when forecasting future growth and its potential downside risks. This is one of the conclusions in a new staff memo where the authors apply the Growth-at-Risk (GaR) framework to study the relation between...
The negative policy rate – how has it affected market rates?
22/01/2019 -The negative policy rate has had a strong pass-through to bond market yields and lending rates to firms. Lending rates to households have also fallen, although the initial pass-through was weaker. To sum up, negative policy rates have contributed...
Market for corporate bonds still vulnerable
08/10/2020 -The corporate bond market has been hit particularly hard by the coronavirus pandemic in both Sweden and other countries. In this Staff Memo, the author provides a detailed picture of the events in March 2020 and onwards and highlights possible...
No significant increase in financially vulnerable firms during the first year of the pandemic
28/10/2021 -The total number of financially vulnerable firms did not increase significantly during the first year of the pandemic compared to 2019. This is shown in a new study by Cristina Cella of the Riksbank's Financial Stability Department. However,...
Slowdown in foreign trade worrying for Swedish economy
22/05/2020 -Global trade has increased rapidly since the early 1990s, thanks to technological developments and increasingly liberal trade regulations. But, after the great recession of 2008–2009, this development has come to a halt. A return to a global...
Drivers and implications of the strong growth in consumption loans
15/01/2018 -Over the last year, the growth rate of consumption loans has increased sharply, from less than 3 per cent per year in mid-2016 to above 8 per cent in recent months. This development may increase the vulnerability of households to disturbances in...
Staff Memo: Monetary-fiscal interactions when Ricardian equivalence fails
20/04/2026 -When Ricardian equivalence applies, the interaction between monetary and fiscal policy is limited. However, when the equivalence is broken, for example due to household liquidity constraints or fiscal dominance, a clear pattern emerges. Supply...
Higher growth leads to lower unemployment, but impact depends on labour market structure
28/11/2025 -When GDP rises, unemployment falls, with the strongest effect after about a year. A new analysis of all regions in Sweden for the years 2000-2023 shows that the classic so-called Okun’s law also applies at regional level. However, the analysis...
How does the green transition affect the neutral interest rate?
23/06/2025 -In a new staff memo, two economists at the Riksbank’s Monetary Policy Department analyse how the green transition can affect the neutral interest rate, in a model consisting of a green sector and a fossil-based sector, along with an...