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Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 457
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
Are central bank losses inflationary? We address this question at two levels. First, we revisit the theory and show that central bank losses constrain the conduct of monetary policy and are indeed inflationary provided the central bank is (a) not automatically recapitalized by the government and (b) concerned about its net worth. Second, we collect 350 years of data on the world's oldest central bank, the Sveriges Riksbank. We construct a time series for its return on assets and a narrative measure of profitability shocks. We find that inflation increases strongly and persistently in response to exogenous declines in central bank profits.
Schlagwörter: 
Inflation
Central Banks
Central Bank Profitability
Central Bank Losses
Sveriges Riksbank
JEL: 
E52
E58
N13
N14
Dokumentart: 
Working Paper
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