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Önskad inflation - oönskade effekter? En analys av Riksbankens balansräkningsåtgärder

Strandberg, Fanny LU (2025) NEKN01 20251
Department of Economics
Abstract
This study examines how the Riksbank’s asset purchase program influenced the Swedish economy over time. The research question is: How have the Riksbank’s asset purchases affected key macroeconomic outcomes in Sweden? To address this, the analysis focused on inflation, unemployment, and housing prices, three central indicators of both monetary policy transmission and real economic impact. Two econometric models were estimated: a Structural Vector Autoregression (SVAR) and a Bayesian Time-Varying Parameter VAR (TVP-VAR), selected to account for both structural shifts and evolving dynamics in the policy environment. These models allowed for a nuanced investigation of how the effects of asset purchases may differ across periods and conditions.... (More)
This study examines how the Riksbank’s asset purchase program influenced the Swedish economy over time. The research question is: How have the Riksbank’s asset purchases affected key macroeconomic outcomes in Sweden? To address this, the analysis focused on inflation, unemployment, and housing prices, three central indicators of both monetary policy transmission and real economic impact. Two econometric models were estimated: a Structural Vector Autoregression (SVAR) and a Bayesian Time-Varying Parameter VAR (TVP-VAR), selected to account for both structural shifts and evolving dynamics in the policy environment. These models allowed for a nuanced investigation of how the effects of asset purchases may differ across periods and conditions. The findings suggested that the Riksbank’s asset purchases had a limited positive effect on inflation, a modest dampening effect on unemployment, and a more substantial upward effect on housing prices. Sweden’s case offered a distinct context, unlike many central banks, the Riksbank implemented large-scale asset purchases from 2015 onward without a financial crisis. This setting underscores the need to consider the broader macroeconomic environment when evaluating policy outcomes. Overall, the findings highlight the importance of temporal context and institutional settings in assessing the effectiveness and unintended consequences of unconventional monetary policy. (Less)
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author
Strandberg, Fanny LU
supervisor
organization
course
NEKN01 20251
year
type
H1 - Master's Degree (One Year)
subject
keywords
Quantitative Easing (QE), Unconventional Monetary Policy, SVAR, TVP-VAR, Sweden
language
Swedish
id
9200402
date added to LUP
2025-09-12 10:00:33
date last changed
2025-09-12 10:00:33
@misc{9200402,
  abstract     = {{This study examines how the Riksbank’s asset purchase program influenced the Swedish economy over time. The research question is: How have the Riksbank’s asset purchases affected key macroeconomic outcomes in Sweden? To address this, the analysis focused on inflation, unemployment, and housing prices, three central indicators of both monetary policy transmission and real economic impact. Two econometric models were estimated: a Structural Vector Autoregression (SVAR) and a Bayesian Time-Varying Parameter VAR (TVP-VAR), selected to account for both structural shifts and evolving dynamics in the policy environment. These models allowed for a nuanced investigation of how the effects of asset purchases may differ across periods and conditions. The findings suggested that the Riksbank’s asset purchases had a limited positive effect on inflation, a modest dampening effect on unemployment, and a more substantial upward effect on housing prices. Sweden’s case offered a distinct context, unlike many central banks, the Riksbank implemented large-scale asset purchases from 2015 onward without a financial crisis. This setting underscores the need to consider the broader macroeconomic environment when evaluating policy outcomes. Overall, the findings highlight the importance of temporal context and institutional settings in assessing the effectiveness and unintended consequences of unconventional monetary policy.}},
  author       = {{Strandberg, Fanny}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Önskad inflation - oönskade effekter? En analys av Riksbankens balansräkningsåtgärder}},
  year         = {{2025}},
}