Even if it’s all the time been challenges, the conclusion is that the repo-rate path favoured the Riksş bank’s work with monetary policy, both the internal analysis and external communication.
It shows an assessment of the repo-rate path that the Riksbank has made just in time for the tenth anniversary, according to a press release.
”We think that our repo-rate forecasts have worked well, they help us in designing monetary policy and facilitates the communication of our decisions. At the same time, has forecasting been challenging with the financial crisis and falling global interest rates, which made it difficult for both the Riksbank and other central banks to make accurate forecasts,” said Kerstin af Jochnick, first deputy governor, in a comment.
The experience of that make and publish the repo-rate forecast errors can be evaluated in two dimensions. The internal dimension has to do with the Riksş bank’s work with the help of the forecast for the development of the economy come to a suitable monetary policy, while the external dimension has to do with the communication of monetary policy.
In both dimensions has the experience been good. The riksbank’s internal work with the monetary policy decision has evolved and become better. The possibilities for an open discussion and evaluation of monetary policy externally, has also been improved by the Riksbank has published its own forecasts for the repo rate.
One of the challenges has meanwhile been reporänteprognoserna not have been particularly accurate. Another challenge is the differences that existed between the market interest rates and the Riksbank’s repo-rate forecasts.
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