Regulatory Alerts2026-05-27
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New Issue of the Journal Monetary and Exchange Rate Policy
The Swedish Riksbank has published a new issue of its journal Monetary and Exchange Rate Policy featuring five articles on monetary policy preparation, predictability, and climate risks. The issue includes proposals for a checklist to ensure well-balanced policy, evidence from estimated reaction functions regarding predictability, and an English-language study on perceived monetary policy rules. Additionally, it summarizes a workshop on climate risks in commercial real estate and their implications for financial stability.
News
This issue of Monetary and Exchange Rate Policy contains four articles dealing with central issues in practical monetary policy – preparation and predictability. The articles reflect the Riksbank's work on transparency and predictability in monetary policy. This issue also contains a fifth article summarizing the lessons from a workshop held at the Riksbank on climate risks and commercial real estate.
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Published
2026-05-27
The articles in the first issue of the Riksbank's journal Monetary and Exchange Rate Policy are summarized below:
The Riksbank's goals, mandate, and the process behind a monetary policy decision
Maria Sjödin , advisor in the Monetary Policy Department, describes how the Riksbank's Board of Directors makes its monetary policy decisions. The article covers, among other things, changes in the preparation process in recent years that have their origins in lessons learned from the major macroeconomic disturbances of recent years, the transition to eight monetary policy meetings per year, and the new Riksbank Act. ( Article: The Riksbank's goals, mandate, and the process behind a monetary policy decision )
A checklist for well-balanced monetary policy – a proposal and an illustration
Jakob Almerud , Carl Andreas Claussen and Matilda Kilström , all working in the Monetary Policy Department, propose a checklist for well-balanced monetary policy. The checklist is based on seven overarching principles, such as that inflation should be stabilized at the target and that monetary policy should be flexible, robust, and predictable. The checklist aims to contribute to making monetary policy trade-offs in a systematic and transparent manner. The authors illustrate how the checklist can be used in practice with examples from a monetary policy preparation at the Riksbank. ( Article: A checklist for well-balanced monetary policy – a proposal and an illustration )
Has the Riksbank's monetary policy been predictable? Evidence from estimated reaction functions
Peter Gustafsson and Marianne Nessén , Monetary Policy Department, present new estimates of the Riksbank's reaction function based on real-time data. Using these estimates, they discuss how reaction functions can be used in the internal preparation of monetary policy decisions to promote the predictability of monetary policy. ( Article: Has the Riksbank's monetary policy been predictable? Evidence from estimated reaction functions )
Estimating perceived monetary policy rules for Sweden
Max Brès , Alexander Czarnota and Matilda Kilström , Monetary Policy Department, use expectations stated by professional forecasters in surveys and expectations from the pricing of financial instruments to estimate so-called "perceived" reaction functions. They use these to analyze how the Riksbank's monetary policy is perceived to react to economic developments. This article is published in English only. ( Article: Estimating perceived monetary policy rules for Sweden )
Climate risks and commercial real estate: lessons and challenges for strengthening financial stability
Kent Eriksson and Mark Sanctuary from KTH and Sustainable Finance Lab and Cristina Cella , Valentin Schubert and Ulf Söderström from the Riksbank summarize a workshop that the Riksbank organized together with Sustainable Finance Lab in November 2025. The theme of the workshop was how climate-related risks can be transmitted to the financial system via the commercial real estate market. The article summarizes the workshop's insights on how the resilience of the financial system can be improved through better data, better coordination of governance and policy measures, including stress tests, regulation, and preventive investments. ( Article: Climate risks and commercial real estate: lessons and challenges for strengthening financial stability )
Contact: Press Office 08-787 02 00
Updated 2026-05-27