GDP is calculated as the total of the current quarter and the three previous quarters. For any quarter(s) that GDP has not yet been published, the most recently-published GDP statistics are used. Sources: Bank of England, Federal Reserve, Macrobond and the Riksbank  Figure 12. Government bonds, municipal bonds, mortgage bonds and corporate bonds over time Nominal amounts, SEK billion 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0  13  14  15  16  17  18  Central government  MFI, covered  Municipality and Kommuninvest  Non-financial corporations  19  20  Note. Securities debt in different sectors. MFIs (monetary financial institutions) include banks, mortgage institutions and finance companies. The series for municipalities’ securities debt refers to individual municipalities’ and regions’ borrowing and the borrowing through Kommuninvest i Sverige AB. The statistics refer to securities debt in SEK and foreign currencies. Sources: Statistics Sweden and the Riksbank  34 [35]  Figure 13. Central banks’ government bond purchases in relation to GDP in Sweden, the euro area, USA, UK and Japan Per cent of GDP 100 80 60 40 20 0  The Riksbank  ECB  Federal Reserve  Bank of England  Bank of Japan  Note. Nominal holdings as of 31 March 2021. Striped bars represent the Riksbank’s purchases of municipal bonds. Sources: Macrobond and national central banks  Figure 14.
Andrew G Haldane: Central bank psychology Speech by Mr Andrew G Haldane, Executive Director and Chief Economist of the Bank of England, at the “Leadership: stress and hubris conference”, hosted by the Royal Society of Medicine, London, 17 November 2014. *  *  *  The views are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like in particular to thank Rashmi Harimohan, Jeremy Franklin, Michael McMahon and Nick Mclaren for assistance in preparing the text. I would also like to thank John Barrdear, Rob Elder, Bob Gilhooly, Chris Hackworth, Jeremy Harrison and Gareth Ramsay for their comments and contributions. 13 September 2007 will be seen as a red letter day in financial history. It was the date news broke of Northern Rock seeking emergency liquidity from the Bank of England, prompting the first run on a UK bank in over a century. It also fired the starting gun on what subsequently became known as “The Great Recession”. That very day, the Bank hosted a conference. In a painful irony, its theme was “The Great Moderation”. The Great Moderation described the long-period of pre-crisis macro-economic calm, with stable growth, stable inflation and stable banks. 1 This view held that central banks, while not eliminating boom and bust, had moderated macro-economic undulations. It also held that financial innovation, while not eliminating risk, had scattered it to the four winds. As Great Recession abruptly replaced Great Moderation, it was clear a grave analytical and policy error had been made.