Stefan Laséen

Education

Ph.D., Uppsala University, 2001

Positions

Sveriges Riksbank, Monetary Policy Department, Front office, Economic policy Analysis, Monetary policy strategy, Research
Senior Advisor, 2016 –

International Monetary Fund, Strategy, Policy and Review Department
Senior Economist, 2014 – 2016

Sveriges Riksbank, Monetary Policy Department
Advisor, 2006 – 2013, Senior Economist, 2003 – 2006, Economist, 2001 – 2003.

Other positions and activities

Visiting Scholar, Banque de France, September 2025.

Acting Head Economic Policy Analysis Division, Monetary Policy Department, August – November 2024.

Visitor, International Monetary Fund, Research Department, December 2019, September 2018 and Monetary and Capital Markets Department April 2024, December 2024.

Technical Assistance: Bank of Albania, May 2012.

Visiting Scholar, Research Department, The Federal Reserve Bank of Boston, January 2005 – July 2005.

Technical Assistance: Central Bank of Sri Lanka, January 2003.

Publications in refereed journals

Poirson, Hélène, Nathan Porter, Ghada Fayad, Itai Agur, Ran Bi, Jiaqian Chen, Johannes Eugster, Stefan Laséen, Jeta Menkulasi, Kenji Moriyama, Céline Rochon, Katsiaryna Svirydzenka, Camilo Tovar, Zhongxia Zhang, Aleksandra Zdzienicka, (2021), "Managing External Volatility: Policy Frameworks in Non‐Reserve Issuing Economies", Journal of Financial Crises, Vol. 4, pages 60‐98.

Laséen, Stefan and Andrea Pescatori (2020), “Financial stability and interest‐rate policy: A quantitative assessment of costs and benefits”, Canadian Journal of Economics/Revue canadienne d'économique, vol 53, pages 1246‐1273.

Adolfson, Malin, Stefan Laséen, Marco Ratto and Jesper Lindé (2019), “Identification Versus Misspecification in New Keynesian Monetary Policy Models”, European Economic Review, Elsevier, vol. 113(C), pages 225‐246.

Laséen, Stefan, Andrea Pescatori and Jarkko Turunen (2017), "Systemic risk: A new tradeoff for monetary policy?, " Journal of Financial Stability, Elsevier, vol. 32(C), pages 70‐85.

Adolfson, Malin, Stefan Laséen, Jesper Lindé and Lars E.O. Svensson (2014), "Monetary Policy Trade‐Offs in an Estimated Open‐Economy DSGE Model," Journal of Economic Dynamics and Control, Elsevier, vol. 42, pages 33‐49, May.

Laséen, Stefan and Lars E.O. Svensson (2011), "Anticipated Alternative Policy Rate Paths in Policy Simulations," International Journal of Central Banking, 7(3), pages 1‐35, September.

Adolfson, Malin, Stefan Laséen, Jesper Lindé and Lars E.O. Svensson (2011)," Optimal Monetary Policy in an Operational Medium‐Sized DSGE Model," Journal of Money, Credit and Banking, 43, pages 1287‐1331, October.

Adolfson, Malin, Stefan Laséen, Jesper Lindé and Mattias Villani (2008), "Evaluating an estimated new Keynesian small open economy model," Journal of Economic Dynamics and Control, Elsevier, vol. 32(8), pages 2690‐2721, August.

Adolfson, Malin, Stefan Laséen, Jesper Lindé and Mattias Villani (2008), "Empirical Properties of Closed‐ And Open‐Economy DSGE Models of The Euro Area," Macroeconomic Dynamics, Cambridge University Press, vol. 12(S1), pages 2‐19, April.

Adolfson, Malin, Stefan Laséen, Jesper Lindé and Mattias Villani (2007), "Bayesian estimation of an open economy DSGE model with incomplete pass‐through," Journal of International Economics, Elsevier, vol. 72(2), pages 481‐511, July.

Jordahl, Henrik and Stefan Laséen (2005), "Central bank conservatism and labor market regulation," European Journal of Political Economy, Elsevier, vol. 21(2), pages 345‐363, June.

Adolfson, Malin, Stefan Laséen, Jesper Lindé and Mattias Villani (2005), "The Role of Sticky Prices in an Open Economy DSGE Model: A Bayesian Investigation," Journal of the European Economic Association, MIT Press, vol. 3(2‐3), pages 444‐457, 04/05.

Adolfson, Malin, Stefan Laséen, Jesper Lindé and Mattias Villani (2005), "Are Constant Interest Rate Forecasts Modest Policy Interventions? Evidence from a Dynamic Open‐Economy Model," International Finance, Blackwell Publishing, vol. 8(3), pages 509‐544, December.

Carlsson Mikael and Stefan Laséen (2005), "Capital Adjustment Patterns In Swedish Manufacturing Firms: What Model Do They Suggest?" Economic Journal, Royal Economic Society, vol. 115(506), pages 969‐986, October.

Laséen, Stefan (2003), "How High is the Private Gain from Wage Indexation?", Scandinavian Journal of Economics, Blackwell Publishing, vol. 105(2), pages 247‐254, 06.

Other publications

Laséen, Stefan and Ruth-Aida Nahum (2025), “The relationship between growth and unemployment at the regional level – what do Swedish data tell us about cyclical and structural factors?”, Staff memo, Sveriges Riksbank.

Laséen, Stefan (2025), “How do Swedish banks change their listed mortgage rates when the Riksbank changes the policy rate?”, Staff memo, Sveriges Riksbank.

Laséen, Stefan, Marianne Nessén and Ulf Söderström (2025), ”The quest for nominal stability: lessons from three decades of inflation Targeting”, Sveriges Riksbank Economic Review 2025:1.

Kolasa, Marcin, Stefan Laséen and Jesper Linde (2025), ”Unconventional Monetary Policies in Small Open Economies”, CEPR Discussion Paper No. 20223. CEPR Press, Paris & London.

Armelius, Hanna, Stefan Laséen and Stefania Mammos (2024), ”A surprising pattern is hidden behind the trend in long‐term interest rates”, Sveriges Riksbank Economic Commentaries, no. 7.

Håkansson, Christina and Stefan Laséen (2024), “Cruising to victory or a dead heat? Central Bank Championships in forecasting ability 2021 and 2022”, Sveriges Riksbank Economic Commentaries, no. 1.

Laséen, Stefan and Charlie Nilsson (2024), “Does inflation rise when the policy rate is raised?”, Staff memo, Sveriges Riksbank.

Laséen, Stefan (2023), “Central bank asset purchases: Insights from quantitative easing auctions of government bonds”, Sveriges Riksbank Working Paper Series.

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

Laséen, Stefan (2022), “Household Debt and Monetary Policy: A Regional Perspective”, Staff memo, Sveriges Riksbank.

Laséen, Stefan (2021), “How lasting are the economic consequences of pandemics? 220 years of Swedish experiences”, Sveriges Riksbank Economic Review.

De Rezende, Rafael and Stefan Laséen (2018), "Monetary Policy Transmission and Spillovers in an Open Economy during Normal and Negative Interest Rate Periods," memo, Sveriges Riksbank.

Iversen, Jens, Stefan Laséen, Henrik Lundvall and Ulf Söderström, (2016),"Real‐Time Forecasting for Monetary Policy Analysis: The Case of Sveriges Riksbank," CEPR Discussion Papers 11203, C.E.P.R. Discussion Papers.

Balakrishnan, Ravi, Stefan Laséen and Andrea Pescatori (2016),"U.S. Dollar Dynamics; How Important Are Policy Divergence and FX Risk Premiums?", IMF Working Papers 16/125, International Monetary Fund.

Stefan Laséen and Marzie Taheri Sanjani, (2016),"Did the Global Financial Crisis Break the U.S. Phillips Curve?", IMF Working Papers 16/126, International Monetary Fund.

Zdzienicka, Aleksandra, Sally Chen, Federico Diaz Kalan, Stefan Laséen and Katsiaryna Svirydzenka, (2015),"Effects of Monetary and Macroprudential Policies on Financial Conditions; Evidence from the United States," IMF Working Papers 15/288, International Monetary Fund.

Laséen, Stefan and Ingvar Strid (2013), "Debt Dynamics and Monetary Policy: A Note," Working Paper Series 283, Sveriges Riksbank.

Adolfson, Malin, Stefan Laséen, Lawrence Christiano, Mathias Trabandt & Karl Walentin, 2013. “Ramses II – Model Description”, Occasional Paper Series No. 12, Sveriges Riksbank.

Adolfson, Malin, Stefan Laséen, Jesper Lindé and Mattias Villani (2007), “RAMSES – a new general equilibrium model for monetary policy analysis”, Sveriges Riksbank Economic Review 2, 5‐40.

Laséen, Stefan (2001), Macroeconomic Fluctuations and Microeconomic Adjustments: Wages, Capital, and Labor Market Policy. Economic Studies 59, Department of Economics, Uppsala University.