Sveriges Riksbanks penningpolitik sedan 1990-talets början : En granskning utifrån den österrikiska skolans synsätt

Sammanfattning: The purpose of this thesis is to examine the monetary policy of the Swedish central bank, Riksbanken, from the perspective of the Austrian School of Economics. The thesis starts with a description of the actions of Riksbanken, its objectives of the monetary policy and what tools are used to achieve those objectives. The thesis continues with an analysis of possible consequences for the Swedish business cycles that the monetary policy of Riksbanken may have caused. The theory that is used to answer the research question is Austrian economic theory and primarily Austrian Business Cycle Theory. A review of relevant theory is made, and an examination of relevant macroeconomic factors is produced. The examination shows that the factors have changed over time according to the prediction of the Austrian School of Economics. The Riksbank's monetary policy decisions have been affected by concerns about the household indebtedness. This concern is in line with the warnings of the Austrian school. The Riksbank has, on the other hand, not considered the Austrian schools' fears of malinvestment and artificial boom in its monetary policy decisions. The conclusion of the essay is that the monetary policy of Riksbanken may contribute to strengthening business cycles, according with the perspective of the Austrian School of Economics. If the inflation prognosis’s from Riksbanken would have been correct, they probably had exercised a more aggressive monetary policy, primary by lowering the interest rate. It would have increased the variations of the business cycles trough increasing the gap between the natural interest rate and the market rate.