The latest issue of the Riksbank’s journal, Monetary and Currency Policy 2023 no. 1, includes two lengthy articles that demonstrate the breadth of topics that can be addressed in the journal. The first article discusses the Swedish electricity market and the significant movements in electricity prices over the past year that have highlighted the functioning of the market. The second article reports on an extensive archival project on an exciting period in Swedish monetary policy history.
The Swedish Electricity Market – Today and Tomorrow Pär Holmberg and Thomas Tangerås, both affiliated with the Institute for Economic Research, describe the Swedish electricity market, how it operates today, and with a view to the future. At the Riksbank, interest in the functioning of the electricity market increased when electricity prices rose sharply towards the end of 2021, one of the most important reasons why inflation in Sweden rose rapidly and unexpectedly. The article provides an overview that may also be of interest to the wider public.
Open Mouth Operations: Monetary Policy by Threats and Argument Lars Jonung, Professor Emeritus at Lund University, describes the protocols from weekly meetings between the Riksbank and the leadership of the Bank Association during the years 1956-1973. The review provides insight into how monetary policy was conducted in Sweden during this period, which was strongly influenced by extensive credit market regulations, and when the current monetary policy tools were not available in the same way as today.
This issue of the Riksbank’s journal provides valuable insights into current and historical monetary and currency policies that are relevant to researchers, policymakers, and the broader public.