8 See Anderton, R., Aranki, T., Bonthuis, B. and Jarvis, V. (2014), “Disaggregating Okun’s law − Decomposing the  impact of the expenditure components of GDP on euro area unemployment”, Working Paper Series, No 1747, ECB, December. 9 5/6  BIS central bankers' speeches  9 The fiscal stance is measured as the change in the cyclically adjusted primary balance net of government  assistance to the financial sector. 10 See Knotek, E. S. and Zaman, S. (2014), “On the Relationships between Wages, Prices, and Economic Activity”,  Economic Commentary, August; Bidder, R. (2015), “Are Wages Useful in Forecasting Price Inflation?”, FRBSF Economic Letter. 11 Bobeica, E., Ciccarelli, M. and Vansteenkiste, I. (2019), “The link between labor cost and price inflation in the  euro area”, Working Paper Series, No 2235, ECB, February. 12 Bobeica et al., op. cit. 13 See Head, A., Kumar, A., and Lapham, B. (2010), “Market Power, Price Adjustment, and Inflation”, International  Economic Review, 51(1):73–98; and Taylor, J. (2000), “Low Inflation, Pass-Through and the Pricing Power of Firms”, European Economic Review, 44:1389–1408. 14 Bobeica et al., op. cit. 15 See Hahn, E. and O’Brien, D. (2018), “Monitoring the exchange rate pass through to inflation”, Box 3 in Economic  Bulletin, Issue 4, ECB. 16 See Koester, G. and Guillochon, J. (2018), “Recent developments in the wage drift in the euro area”, Economic  Bulletin, Issue 8, ECB. 17 Andersson, M., Kok, C., Mirza, H., More, C. and Mosthaf, J.
Urban Bäckström: The Swedish economy Speech by Mr Urban Bäckström, Governor of the Sveriges Riksbank and Chairman of the Board of Directors and President of the Bank for International Settlements, to the Swedish Shareholders’ Association, Örebro, 30 October 2001 *  *  *  First a word of thanks for the invitation to come to Örebro and discuss matters to do with the Swedish economy with you. It is now a fortnight since the Riksbank presented this year’s third Inflation Report. Some more statistics have been published in the meanwhile but the information they contain does not point to anything particularly new. So today one can hardly arrive at an assessment of economic developments in Sweden one to two years ahead that differs all that much from the picture outlined in the Report. Those of you who want to know more about our assessment should consult the Riksbank’s website, www.riksbank.se. The whole Report can be downloaded, as can all the figures on which the tables and charts are based. Diagram 1:  The ”new economy” concept in Swedish media. (Number of hits) 250  217  200 150  87  100 50  26  8  0 1998  1999  2000  2001 Jan.Oct. Sources: Mediearkivet and Presstext. There are, however, a couple of questions concerning the Swedish economy and the outlook in the somewhat longer term that I should like to dwell on here today.