New presentation: "Flexible Inflation Targeting in the Light of the Crisis," presentation at the Euro50 Group Meeting, Paris, November 19-20, 2009.
New lecture: "Monetary Policy," lecture at Stockholm School of Economics, November 9, 2009.
New speech: "Flexible Inflation Targeting: Lessons from the Financial Crisis," given at the workshop "Towards a New Framework for Monetary Policy? Lessons from the Crisis," organized by the De Nederlandsche Bank, Amsterdam, September 21, 2009.
New interview: Interview with Dow Jones and Wall Street Journal, July 22, 2009
New appointment: Affiliated Professor at the Institute for International Economis Studies, Stockholm University, from June 25, 2009.
New revision: "Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model" (with Malin Adolfson and Stefan Laséen, Sveriges Riksbank, and Jesper Lindé, Federal Reserve Board), June 2009.
New speech: "Theory Meets Practice: What Have I Learned Doing Inflation Targeting?" speech at the conference Inflation Targeting Twenty Years On, Norges Bank, June 11-12, 2009.
New panel presentation: "Monetary Policy at the ZLB in the Current Crisis," panel presentation at the conference on Quantitative Approaches to Monetary Policy in Open Economies, Federal Reserve Bank of Atlanta, May 15-16, 2009.
New publication: "Transparency under Flexible Inflation Targeting: Experiences and Challenges," Sveriges Riksbank Economic Review 1/2009, 5-44.
New speech: "Evaluating Monetary Policy," speech at Uppsala University, March 13, 2009.
New interview: SR International, Radio Sweden, February 18, 2009.
New speech: "Monetary Policy with a Zero Interest Rate," speech at SNS, Stockholm, February 17, 2009.
New risks of deflation and liquidity trap: Link to my work on the topicNew lecture: "Optimal Monetary Policy," keynote lecture at the Workshop on Optimal Monetary Policy, Norges Bank, November 21-22, 2008.
New lectures: The 2008 Lindahl Lectures: Monetary Policy in Theory and Practice, Uppsala University, October 28-30, 2008.
New discussion: "Comments on Marvin Goodfriend and Robert G. King, 'The Great Inflation Drift'," The Great Inflation Conference, Woodstock, VT, September 25-27, 2008.
New discussion: "Comments on Dale, Orphanides, and Österholm, 'Imperfect Central Bank Communication: Information versus Distraction," SNB Research Conference, September 19-20, 2008.
New written discussion: "Beyond Rational Expectations: Practical Policy Considerations -- Comment on Sims," discussion  at the 7th BIS Annual Conference, June 26-27, 2008
New presentation: "The Future of Inflation Targeting and the Present at the Riksbank," presentation at the conference on International Experience with the Conduct of Monetary Policy under Inflation Targeting, Bank of Canada, July 22-23, 2008.
New presentation: "Monetary Policy at the Riksbank and the Phillips Curve," presentation at the conference Understanding Inflation and the Implications for Monetary Policy, Federal Reserve Bank of Boston, June 2008.
New presentation: "Model Uncertainty and Monetary Policy at the Riksbank," presentation at the conference on Recognizing and Coping with Macroeconomic Model Uncertainty in Designing Monetary Policy, Bank of Korea, Seoul, May 26-27, 2008.
New paper: "Optimal Monetary Policy under Uncertainty: A Markov Jump-Linear-Quadratic Approach" (with Noah Williams, PrincetonUniversity), March 2008.
New paper: "Optimal Monetary Policy under Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach" (with Noah Williams, Princeton University), March 2008.
New presentation: "Modern Monetary Policy," presentation for Norwegian university teachers and students, Norges Bank, Oslo, March 6, 2008.
New presentation: "Flexible Inflation Targeting and the Latest Interest-Rate Decision" (in Swedish), presentation at the Central Confederation of Trade Unions (LO), Stockholm, February 27, 2008.
New presentation: "Flexible Inflation Targeting and the Interest-Rate Path," presentation at the Federal Reserve Bank of San Francisco, February 25, 2008.
New discussion: Discussion of Roel Beetsma, "A Survey of the Effects of Discretionary Fiscal Policy," presented at the conference on "Fiscal Policy and Labour Market Reforms" in Stockholm, January 29, 2008.
New paper: "What have economists learned about monetary policy over the past 50 years?," paper for the conference "Monetary Policy over Fifty Years" in Frankfurt am Main, September 21, 2007, on the occasion of the 50th anniversary of the Deutsche Bundesbank. Revised, January 2008.
New lecture: "Monetary Policy," lecture at Stockholm School of Economics, November 29, 2007.
New paper: "Current Account Dynamics and Monetary Policy" (with Andrea Ferrero, Federal Reserve Bank of New York, and Mark Gertler, New York University), September 2007.
New speech: "What have economists learned about monetary policy over the past 50 years?," speech at the conference "Monetary Policy over Fifty Years" in Frankfurt am Main, September 21, 2007, on the occasion of the 50th anniversary of the Deutsche Bundesbank.
New presentation: "Recent and Prospective Developments of Monetary Policy," presentation at the conference on Inflation Targeting, Central Bank Independence and Transparency, June 15-16, 2007, Cambridge, UK; the Czech National Bank, June 28, 2007; and the Riksbank, September, 14, 2007.
New speech: "Monetary Policy and the Interest Rate Path," speech at the Danske Bank, Stockholm, August 22, 2007.
New presentation: "Modern Monetary Policy Regimes: Mandate, Independence, and Accountability," presentation at the ECPRD Meeting on Parliaments and Central Banks: A Vital Relationship, Stockholm, June 8-9, 2007.
New revision: "Bayesian and Adaptive Optimal Policy under Model Uncertainty" (with Noah Williams, Princeton University), September 2007.
New Matlab programs: Matlab programs for "Monetary Policy with Model Uncertainty: Distribution Forecast Targeting" (with Noah Williams, Princeton University), May 2007.
New appointment: Deputy Governor and Member of the Executive Board of the Riksbank.
New revision: "Monetary Policy with Model Uncertainty: Distribution Forecast Targeting" (with Noah Williams, Princeton University), May 2007.  
New dictionary entry: "Inflation Targeting," May 2007, for The New Palgrave Dictionary of Economics, 2nd edition.
New publication: "Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank" (with Olivier Jeanne, IMF), American Economic Review 97 (2007) 474-490.
New publication: "Optimal Inflation Targeting: Further Developments of Inflation Targeting," in Mishkin, Frederic, and Klaus Schmidt-Hebbel (eds.) (2007), Monetary Policy under Inflation Targeting, Banco Central de Chile, 187-225.
New publication: "The Instrument-Rate Projection under Inflation Targeting: The Norwegian Example," in Stability and Economic Growth: The Role of Central Banks, Banco de Mexico, 2006, 175-198.
New paper: "Bayesian and Adaptive Optimal Policy under Model Uncertainty" (with Noah Williams, Princeton University), November 2006.
New comment: "Comment on Jeffrey Frankel, 'Commodity Prices and Monetary Policy'," in Campbell, John Y. (ed.), Asset Prices and Monetary Policy, forthcoming.
New presentation: "The Role of Science in Best-Practice Monetary Policy: In Honor of Otmar Issing," presented at the conference Monetary Policy: A Journey from Theory to Practice: An ECB Colloquium Held in Honour of Otmar Issing, Frankfurt, March 16-17, 2006.
Revised lecture notes: "Optimization under Commitment and Discretion, the Recursive Saddlepoint Method, and Targeting Rules and Instrument Rules," March 2006.
New revision: "Monetary Policy and Japan’s Liquidity Trap," January 2006.
New interview: "The Riksbank Should Learn from Norway" (in Swedish), Dagens Industri, January 14, 2006.
New comments: "Comments on 'Grading the Federal Open Market Committee’s Communications' by Vincent Reinhart and Brian Sack," presented at the ASSA meeting, Boston, January 7, 2006.
New comments: "Monetary-Policy Challenges: Monetary-Policy Responses to Oil-Price Changes,'' presented at the meeting of the Bellagio Group of the G10, Washington, DC, January 13-14, 2006.
New publication: "Time Consistency of Fiscal and Monetary Policy: A Solution" (with Mats Persson and Torsten Persson, Institute for International Economic Studies), Econometrica 74 (2006) 193-212.
New publication: "Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con,"  American Economic Review 96 (2006) 448-451.
New publication: "Optimal Policy Projections" (with Robert J. Tetlow, Federal Reserve Board), International Journal of Central Banking 1(3) (2005) 177-207.
New revision: "Monetary Policy with Model Uncertainty: Distribution Forecast Targeting" (with Noah Williams, Princeton University), September 2005.
New publication: "Targeting Rules vs. Instrument Rules for Monetary Policy: What Is Wrong with McCallum and Nelson?" Federal Reserve Bank of St. Louis Review 87 (2005) 613-626.
New discussion: "Discussion of Faruqee, Laxton, Muir, and Pesenti, 'Smooth Landing or Crash? Model-based Scenarios of Global Current Account Rebalancing'," presented at the NBER Conference on G7 Current Account Imbalances, Newport, RI, June 2005.
New presentation: "Monetary Policy and Central Bank Communication," at the conference "ECB and Its Watchers," Frankfurt, June 3, 2005.
New publication: "Monetary Policy with Judgment: Forecast Targeting," International Journal of Central Banking, premier issue, May 2005.
New journal: International Journal of Central Banking.
New briefing paper: "Oil Prices and ECB Monetary Policy," January 2005.
New comment: "Comment on Brock and Durlauf, 'Local Robustness Analysis: Theory and Applications'," January 2005.
New speech by Ben Bernanke, "The Logic of Monetary Policy," Federal Reserve Board, December 2004, discusses forecast targeting (called "forecast-based policies") and simple instrument rules (called "simple feedback policies") with reference to my paper "Monetary Policy with Judgment: Forecast Targeting".
New comment: "Comments on Bernanke, Reinhart, and Sack, 'An Empirical Assessment of Monetary Policy Alternatives at the Zero Bound," Revised November 2004.
New paper: "Monetary Policy with Judgment: Forecast Targeting," September 2004.
New summary: "Reviews of Monetary Policy in New Zealand and Norway," Study Center Gerzensee, Switzerland, July 2004.
New revision: "Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank" (with Olivier Jeanne, IMF), July 2004.
New paper: "The Magic of the Exchange Rate: Optimal Escape from a Liquidity Trap in Small and Large Open Economies," Version 1.2, July 2004. 
New lecture notes: "Optimization under Commitment and Discretion, and Targeting Rules and Instrument Rules," with compact definitions of targeting rules and instrument rules, May 2004.
New comments: "Comments on Mishkin, Frederic M., 'Can Inflation Targeting Work in Emerging Market Countries'," Festschrift in Honor of Guillermo A. Calvo, IMF, Washington, DC, April 15 and 16, 2004.
New briefing paper: "Asset Prices and ECB Monetary Policy," April 2004.
New seminar presentation: "Flexible Inflation Targeting: Principles and Possible Improvements," seminar at Norges Bank (Bank of Norway), Oslo, on March 25, 2004 (shorter version presented at Conference on Monetary Policy, Norges Bank, March 26, 2004).
New written-up discussion of Vitor Gaspar and Frank Smets, "Monetary Policy, Price Stability and Output Gap Stabilization," and Justin Wolfers, "Is Business Cycle Volatility Costly? Evidence from Surveys of Subjective Wellbeing," at the conference "Stabilizing the Economy: What Roles for Fiscal and Monetary Policy?," July 11, 2002, New York.
New briefing paper: "The Euro Appreciation and ECB Monetary Policy," February 2004.
New comments: "Challenges for Monetary Policy,'' presented at the meeting of the Bellagio Group of the G10, Brussels, January 26-27, 2004.
New publication: "Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others," Journal of Economic Perspectives 17-4 (Fall 2003) 145-166.
New interview: "Interview: Lars Svensson," Central Banking, Vol. XIV, No. 2, November 2003, 51-59.
New publication: "Money and Inflation in the Euro Area: A Case for Monetary Indicators?" (with Stefan Gerlach, Hong Kong Monetary Authority), Journal of Monetary Economics 50 (2003) 1649-1672.
New revision: "Optimal Policy with Low-Probability Extreme Events," version 2.3, May 2004.
New publication: "Monetary Policy and Learning," Federal Reserve Bank of Atlanta Economic Review, Third Quarter 2003, 11-16.
New comments: "Comments on Laurence H. Meyer, 'Practical Problems and Obstacles to Inflation Targeting'," presented at Inflation Targeting: Prospects and Problems, the Twenty-Eighth Annual Economic Policy Conference, Federal Reserve Bank of St. Louis, October 16-17, 2003.
Sabbatical: I was on sabbatical during the academic year 2003-2004; during Nov 5-Jan 30, I visited the Bank of England, London, as a Houblon-Norman Fellow; during Aug 25-Oct 31, I visited the IMF, Washington, DC, as as a Visiting Scholar at the Research Department.
New Briefing Paper: "The Risks of Deflation and the Effectiveness of Monetary Policy in the Euro Area," August 2003.
New book: Michael Woodford's landmark book, Interest Rates and Prices: Foundations of a Theory of Monetary Policy, has just been published by Princeton University Press.
New publication: "What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Journal of Economic Literature 41 (2003) 426-477.
Discussion of Francesco Lippi and Stefano Neri, "Information Variables for Monetary Policy in a Small Structural Model of the Euro Area," Workshop on  Small Structural Models for Monetary Policy Analysis: Progress, Puzzles, and Opportunities, Sveriges Riksbank, Stockholm, June 6-7, 2003.
New Briefing Paper: "In the Right Direction, But Not Enough: The Modification of the Monetary-Policy Strategy of the ECB," May 2003.
New search function added for this site; see Search at the top and bottom of each page.
New debate piece: "Sverige, valutaunionen och penningpolitiken" ("Sweden, the EMU, and Monetary Policy," in Swedish), Ekonomisk Debatt 31-4 (2003) 50-52.
New discussion: "Comment on Jeffery D. Amato and Hyun Song Shin, 'Public and Private Information in Monetary Policy Models'," revised June 2003, presented at the conference "Monetary Stability, Financial Stability and the Business Cycle," BIS, Basel, Mar 28-29, 2003.
New speech: "Monetary Policy and Learning," speech at the conference on Monetary Policy and Learning, sponsored by the Federal Reserve Bank of Atlanta, Atlanta, Mar 21-22, 2003. 
New written discussion: "Comment on Edward Nelson, 'The Future of Monetary Aggregates in Monetary Policy Analysis'," Carnegie-Rochester Conference on Public Policy, Pittsburgh, PA, Nov 22-23, 2002, Journal of Monetary Economics, forthcoming.  
Discussion of Alan J. Auerbach and Maurice Obstfeld, "The Case for Open-Market Purchases in a Liquidity Trap," FRBSF and SIEPR Conference on Finance and Macroeconomics, San Francisco, Feb 28-Mar 1, 2003.
New acceptance: "Money and Inflation in the Euro Area: A Case for Monetary Indicators?" (with Stefan Gerlach, Hong Kong Monetary Authority), Journal of Monetary Economics, forthcoming.
New revision: "Implementing Optimal Policy through Inflation-Forecast Targeting" (with Michael Woodford), Version 2.6, Apr 2003, in Bernanke, Ben S., and Michael Woodford, eds., The Inflation-Targeting Debate, University of Chicago Press, Chicago, forthcoming.
New Briefing Paper: "How Should the Eurosystem Reform Its Monetary Strategy?" Feb 2003.
New paper: "Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others," Feb 2003, for Journal of Economic Perspectives.
Discussion of Guenther W. Beck and Volker Wieland, "Learning, Stabilization and Credibility: Optimal Monetary Policy in a Changing Economy," AEA Annual Meeting, Washington, Jan 4, 2003.
Discussion of Frank Smets and Raf Wouters, "Output Gaps: Theory versus Practice," AEA Annual Meeting, Washington, Jan 4, 2003. 
Discussion of George W. Evans and Seppo Honkapohja, "Monetary Policy, Expectations and Commitment," AEA Annual Meeting, Washington, Jan 5, 2003. 
New research summary: "Liquidity Traps, Policy Rules for Inflation Targeting, and Eurosystem Monetary-Policy Strategy," NBER Reporter, Winter 2002/2003.
New revision and acceptance: "What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Version 3.1, Jan 2003, Journal of Economic Literature, forthcoming.  This revision now includes a discussion of the proposal that instrument rules, like the Taylor rule, are not meant to be followed mechanically but to be mere "guidelines" for monetary policy. The proposal is found to be too vague to be operational.   
Talk at the Hong Kong Institute for Monetary Research, Hong Kong Monetary Authority, "Escaping from Deflation and a Liquidity Trap," Dec 17, 2002. 
Discussion of Edward Nelson, “The Future of Monetary Aggregates in Monetary Policy Analysis,” Carnegie-Rochester Conference on Public Policy, Pittsburgh, PA, Nov 22-23, 2002. 
Discussion of Maurice Obstfeld, Jay C. Shambaugh and Alan M. Taylor, "The Trilemma in History: Tradeoffs amonge Exchange Rates, Monetary Policies, and Capital Mobility," NBER International Finance and Macro Program Meeting, Cambridge, MA, Oct 18, 2002.
The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 2002 is shared between Daniel Kahneman, Princeton University, and Vernon L. Smith, George Mason University.
New Briefing Paper: "A Good Thing Could Happen at the ECB: An Improvement of the Eurosystem's Definition of Price Stability," Sep 2002.
Norges Bank Watch 2002 released: "An Independent Review of Monetary Policy and Institutions in Norway," Sep 2002.
New revision: "Monetary Policy and Real Stabilization", Sep 2002, in Rethinking Stabilization Policy, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, forthcoming.
New revision and acceptance: "Indicator Variables for Optimal Policy," (with Michael Woodford), July 2002,  Journal of Monetary Economics, forthcoming.  
Discussion of Vitor Gaspar and Frank Smets, "Monetary Policy, Price Stability and Output Gap Stabilization," and Justin Wolfers, "Is Business Cycle Volatility Costly? Evidence from Surveys of Subjective Wellbeing," at the conference "Stabilizing the Economy: What Roles for Fiscal and Monetary Policy?," July 11, 2002, New York.
Talk at the Nordic Central Bank Meeting, "Possible Improvements of the Eurosystem's Monetary Policy Regime," Mariehamn, Åland, June 25, 2002.
New discussion written up: "Comments on Nancy Stokey, 'Rules and Discretion' after Twenty-Five Years," 17th Annual Conference on Macroeconomics, NBER, Cambridge, MA, Apr 5-6, 2002.
New paper: "Optimal Policy with Partial Information in a Forward-Looking Model: Certainty-Equivalence Redux," (with Michael Woodford, Princeton University), June 2002.
New revision and acceptance: "Indicator Variables for Optimal Policy under Asymmetric Information," (with Michael Woodford, Princeton University), June 2002, Journal of Economic Dynamics and Control, forthcoming.   
Discussion of Sebastian Edwards and Igal Magendzo, "A Currency of One's Own? An Empirical Invistigation on Dollarization and Independent Currency Unions" at the Sveriges Riksbank and IIES Conference on Monetary Policy and Financial Markets in an Enlarged EU, Stockholm, May 17-18, 2002.
New briefing paper: "A Reform of the Eurosystem's Monetary-Policy Strategy Is Increasingly Urgent," May 2002.
New revision: "Money and Inflation in the Euro Area: A Case for Monetary Indicators?" (with Stefan Gerlach, Hong Kong Monetary Authority), April 2002. The predictive performance of the output gap has improved,  most likely because of better estimation methods.
Discussion of Frank Smets and Rafael Wouters, "Monetary Policy in an Estimated SDGE Model of the Euro Area," at the conference "Macroeconomic Models for Monetary Policy," Federal Reserve Bank of San Francisco, Mar 1-2, 2002.
New interview: "Bordering on Abuse," (in Swedish) in Dagens Industri, February 15, 2002, on the Riksbank's Governing Board's plan to obey,  against the Executive Board's recommendation, the Government's request to hand over 20 bn kronor ($2 bn) of the Riksbank's capital to the Government in order to contribute to the Government's budget.  
New organization: This page no longer has separate headings for unpublished and published/forthcoming work. For a list of published or forthcoming work, see CV.
New briefing paper: "Sweden and the Euro," Jan 2002. 
Comment on two recent articles on Japan in The Economist and Financial Times (and on some newsletters of various investment banks).
Discussion of Athanasios Orphanides and John C. Williams, "Imperfect Knowledge, Inflation Expectations, and Monetary Policy," Econometric Society North American Winter Meeting, Atlanta, Jan 4-6, 2002. 
Discussion of Thomas Laubach and John C. Williams, "Measuring the Natural Interest Rate," American Economic Association Annual Meeting, Atlanta, Jan 4-6, 2002. 
New paper: "The Inflation Forecast and the Loss Function," Version 1.1, Dec 2001.
New page: Japan and the foolproof way.  
New paper: "Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?" Dec 2001, European Economic Review, forthcoming. 
New revision: "What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Version 2.05, November 2001.
Old paper made easily available: "Term, Inflation, and Foreign Exchange Risk Premia: A Unified Treatment," November 1993.  

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Updated januari 04, 2011 .
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