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The reaction of asset prices to monetary policy is essential for investors andpolicymakers. However, previous research on the area in Sweden is limited, and there isno evidence of any impact on stock market prices from repo rate changes. This study estimates how stock market indices respond to repo rate changes, including different sector indices. The repo rate is the primary interest rate tool for the Swedish central bank. The utilised methodology is based on previous studies and follows a regression methodology. The paper's findings are that some sectoral stock market indices are affected by changes in repo rate. Bank and Financial sector indexes are positivelyaffected, while Health, Technology, Construction & Materials, Mid Cap, Small Cap,and Financial Services indices are negative. The result is estimated using two different variables for expectations of repo rate changes. The results are justified using a larger sample, including all monetary policy meetings. The results do only have a slight change in coefficients. This paper can be used to further investigate the impact of monetary policy on asset prices in Sweden.

This study investigates the effect of monetary policy, focusing on repo rate and the expansion of QE programs, on Mergers and Acquisitions activity in publicly listed companies on the Swedish Stock Exchange. The study also investigates whether there are significant relationships between companies’ acquisition activity, their solvency or liquidity ratios. Additionally, the observed firms are categorized into industries to enable examination of differences between industries. The thesis aims at expanding the knowledge of determinant factors in explaining M&A activity on the Swedish market. To adequately determine the influencing factors on activity, 27 years of data was collected on acquiring Swedish firms from the Eikon database. In addition, data for the calculations of solvency and liquidity ratios were gathered from the same database. Data for the monetary policy variables were gathered from the Swedish Central Bank. A deductive quantitative method was used to analyze the various relationships between the studied variables. The study concluded significant correlation between monetary policy and M&A activity, company solvency and M&A activity as well as corporate liquidity and M&A activity. The correlation was negative in all cases except for quantitative easing which opens up for an interesting discussion. Observed industries gave a mixed result in terms of significant relationships but the result also indicate that pro-cyclical industries tend to be more affected by monetary policy than non-cyclicals. All of the above-mentioned relationships are further discussed from the perspective of various theories that both agree and disagree with the findings of this study. The authors believe that these results will give stakeholders a more in-depth knowledge and understanding of M&A activity and M&As in general. This study contributes knowledge to enable more sustainable business administration and management of companies.

The reaction of asset prices to monetary policy is essential for investors andpolicymakers. However, previous research on the area in Sweden is limited, and there isno evidence of any impact on stock market prices from repo rate changes. This study estimates how stock market indices respond to repo rate changes, including different sector indices. The repo rate is the primary interest rate tool for the Swedish central bank. The utilised methodology is based on previous studies and follows a regression methodology. The paper's findings are that some sectoral stock market indices are affected by changes in repo rate. Bank and Financial sector indexes are positivelyaffected, while Health, Technology, Construction & Materials, Mid Cap, Small Cap,and Financial Services indices are negative. The result is estimated using two different variables for expectations of repo rate changes. The results are justified using a larger sample, including all monetary policy meetings. The results do only have a slight change in coefficients. This paper can be used to further investigate the impact of monetary policy on asset prices in Sweden.

This study investigates the effect of monetary policy, focusing on repo rate and the expansion of QE programs, on Mergers and Acquisitions activity in publicly listed companies on the Swedish Stock Exchange. The study also investigates whether there are significant relationships between companies’ acquisition activity, their solvency or liquidity ratios. Additionally, the observed firms are categorized into industries to enable examination of differences between industries. The thesis aims at expanding the knowledge of determinant factors in explaining M&A activity on the Swedish market. To adequately determine the influencing factors on activity, 27 years of data was collected on acquiring Swedish firms from the Eikon database. In addition, data for the calculations of solvency and liquidity ratios were gathered from the same database. Data for the monetary policy variables were gathered from the Swedish Central Bank. A deductive quantitative method was used to analyze the various relationships between the studied variables. The study concluded significant correlation between monetary policy and M&A activity, company solvency and M&A activity as well as corporate liquidity and M&A activity. The correlation was negative in all cases except for quantitative easing which opens up for an interesting discussion. Observed industries gave a mixed result in terms of significant relationships but the result also indicate that pro-cyclical industries tend to be more affected by monetary policy than non-cyclicals. All of the above-mentioned relationships are further discussed from the perspective of various theories that both agree and disagree with the findings of this study. The authors believe that these results will give stakeholders a more in-depth knowledge and understanding of M&A activity and M&As in general. This study contributes knowledge to enable more sustainable business administration and management of companies.

The aim of this thesis is to examine whether repo rates have any impact on private consumption in Sweden. After the financial crisis in 2008, the repo rates in some periods become negative. Whether negative repo rates have impact on private consumption is an additional analysis in the thesis. In the theoretical framework the IS-LM model and some explicit hypothesis are derived. In the empirical part, data for repo rate, income, inflation and saving in Sweden are collected from 1995 to 2019 with a time unit of quarterly data. With the collected data one multiple linear regression is estimated and one additional test where the same model is modified with a dummy variable that isolates the periods with negative repo rates. In line with the theoretical prediction, the first multiple linear regression result exhibits that the repo rate has statistically significant negative impact on private consumption. The second multiple linear regression with the dummy variable shows that the impact of negative repo rates is not different from positive repo rate. Limitations and shortcomings are discussed in the section limitations and weaknesses.

Between the years 2007 and 2019 Riksbanken, the Swedish central bank, have changed the repo rate 75 different times. This thesis will answer if these changes have an effect on the Swedish stock market for two specific sectors, the bank- and the real estate sector. With the use of the event study method to calculate the average abnormal return and cumulative average abnormal return. The objective of this paper is to find out whether a change has or has not had an effect on the Swedish stock market for the sectors. The results are significant for both sectors, when Riksbanken decides to decrease the repo rate, which says that there is an effect on our sectors’ stock prices. However, the results are only significant for the bank sector when it comes to increases in the repo rate.

The repo rate, which is the key interest rate, set by the central banks has been declining for many years and hitting zero in Sweden in late 2014. We analyse the effectiveness on the economy from a change in the repo rate, comparing two time periods with high and low repo rate environments. We use quarterly data on GDP and its components, between 1994 and 2019. For analysing the effectiveness, we use multiple Auto Regressive Distributed Lag (ARDL) modelling to compute a total of 12 models. In our findings, we saw that the effectiveness of a change in repo rate has been increased in the low repo rate environment, making it harder to increase the rate without harming the economy but also increasing the effect of a decrease in the repo rate. Also, we found that the investment component of GDP may exhibit extra high effectiveness in the low repo rate environment. This method of analysing the repo rates impact on the economy could be used for decision makers regarding monetary policies.

The repo rate, which is the key interest rate, set by the central banks has been declining for many years and hitting zero in Sweden in late 2014. We analyse the effectiveness on the economy from a change in the repo rate, comparing two time periods with high and low repo rate environments. We use quarterly data on GDP and its components, between 1994 and 2019. For analysing the effectiveness, we use multiple Auto Regressive Distributed Lag (ARDL) modelling to compute a total of 12 models. In our findings, we saw that the effectiveness of a change in repo rate has been increased in the low repo rate environment, making it harder to increase the rate without harming the economy but also increasing the effect of a decrease in the repo rate. Also, we found that the investment component of GDP may exhibit extra high effectiveness in the low repo rate environment. This method of analysing the repo rates impact on the economy could be used for decision makers regarding monetary policies.

The aim of this thesis is to examine whether repo rates have any impact on private consumption in Sweden. After the financial crisis in 2008, the repo rates in some periods become negative. Whether negative repo rates have impact on private consumption is an additional analysis in the thesis. In the theoretical framework the IS-LM model and some explicit hypothesis are derived. In the empirical part, data for repo rate, income, inflation and saving in Sweden are collected from 1995 to 2019 with a time unit of quarterly data. With the collected data one multiple linear regression is estimated and one additional test where the same model is modified with a dummy variable that isolates the periods with negative repo rates. In line with the theoretical prediction, the first multiple linear regression result exhibits that the repo rate has statistically significant negative impact on private consumption. The second multiple linear regression with the dummy variable shows that the impact of negative repo rates is not different from positive repo rate. Limitations and shortcomings are discussed in the section limitations and weaknesses.

Between the years 2007 and 2019 Riksbanken, the Swedish central bank, have changed the repo rate 75 different times. This thesis will answer if these changes have an effect on the Swedish stock market for two specific sectors, the bank- and the real estate sector. With the use of the event study method to calculate the average abnormal return and cumulative average abnormal return. The objective of this paper is to find out whether a change has or has not had an effect on the Swedish stock market for the sectors. The results are significant for both sectors, when Riksbanken decides to decrease the repo rate, which says that there is an effect on our sectors’ stock prices. However, the results are only significant for the bank sector when it comes to increases in the repo rate.

Sweden’s central bank implemented a negative interest rate policy (NIRP) in 2015, one year after adopting a zero-interest rate policy. Due to the monetary policy’s untested framework,experts are divided on the effectiveness of such a policy as well as its fortitude when faced with an economic recession. The lack of research on how the interest rate affects various economic metrics has left ample room for analysis and discussion on the subject. The aim ofthis thesis is to analyze how Sweden’s monetary policy has affected the flow of foreign directinvestments (FDI). Specifically, the paper will be focused on discovering the effect of theRiksbank’s negative repo rate policy on net FDI inflows between 2006 and 2017. Our quantitative analysis found no significant relationship between Sweden’s repo rate and itsFDI inflows. However, significance was found in the variables exchange rate, research and development expenditures, corporate taxes, and wages.

This thesis analyses if households’ confidence could be a significant variable to predicthouseholds’ debt growth in Sweden. Households’ debts have an important role in thefinancial system where the vulnerability of households’ debts has increased over time.To test whether households’ confidence is a significant variable for the prediction ofhouseholds’ debt growth in Sweden, an econometric model with the households’ debtchange as the dependent variable and the changes in the repo rate, unemployment, grossdomestic product and consumer confidence index as independent variables was used.Consumer confidence index was used as a proxy variable for households’ confidence.It was lagged by one time period in order to quantify if consumer confidence indexcould, with previous value, predict the households’ debt growth. The result showed thatthe households’ confidence was not significant to predict the households’ debt growth., Denna uppsats har analyserat om hushållens förtroende är en signifikant variabel för attförutse hushållens skuldtillväxt i Sverige. De svenska hushållens skulder har ensignifikant betydelse för den svenska ekonomin. Men sårbarheten för dessa skulder harökat med tiden. För att testa om hushållens förtroende är en signifikant variabel för attförutse hushållens skuldtillväxt i Sverige har en ekonometrisk modell med förändringeni hushållens skulder som en beroende variabel och förändringen i reporäntan,arbetslöshet, bruttonationalprodukten och konsumentförtroendeindex som oberoendevariabler. Konsumentförtroendeindex användes som en ersättare för att mäta hushållensförtroende används. Den var fördröjd med en tidsperiod för att kunna testa omhushållens föregående uppfattningar påverkade framtida skuldtillväxt för hushållen.Resultaten från regressionsanalysen antyder på att hushållens förtroende inte är ensignifikant variabel för att kunna förutse hushållens skuldtillväxt.

Purpose: The purpose of this study is to examine how changes in long and short interest rates as well as in the slope of the yield curve affect the stock returns of the four major Swedish banks; Svenska Handelsbanken, Nordea Bank, Swedbank, and Skandinaviska Enskilda Banken. Further, the aim of the research is to compare these findings to how the banks perceive that such changes affect their stock returns. The objective is thereof to detect differences and similarities between regressions and interviews, in order to contribute with insights to how the banks can handle their exposure to interest rate risk. Theoretical Framework: Previous research show that banks’ stock returns are affected by many factors, including cash flow news, interest rates, size of the business, and the macroeconomy as a whole. However, banks’ interest rate margins are set to market rates so these are more exposed to and affected by changes in interest rates, especially short ones, than are non-financial institutions. Furthermore, the low interest rate levels and forecasting errors that have been seen lately have contributed to greater uncertainty and higher risk exposures, making banks’ sensitivity increase. Methodology: A mixture of a qualitative and a quantitative methodology is used, where the former consists of interviewing the banks and the latter of regressions through secondary data from Thomson Reuters Eikon and the Riksbank. Conclusion: The major Swedish banks’ stock returns are generally affected by changes in short interest rates but not by changes in long interest rates, with the exception of Handelsbanken being impervious to all such changes. Swedbank’s stock returns are most sensitive than the other banks’ stock returns and it is the only bank affected by changes in the yield curve slope. However, the banks seem to perceive no crucial difference in how their stock returns are affected by changes in short interest rates and long interest rates, concluding that their perceptions o

Sweden’s central bank implemented a negative interest rate policy (NIRP) in 2015, one year after adopting a zero-interest rate policy. Due to the monetary policy’s untested framework,experts are divided on the effectiveness of such a policy as well as its fortitude when faced with an economic recession. The lack of research on how the interest rate affects various economic metrics has left ample room for analysis and discussion on the subject. The aim ofthis thesis is to analyze how Sweden’s monetary policy has affected the flow of foreign directinvestments (FDI). Specifically, the paper will be focused on discovering the effect of theRiksbank’s negative repo rate policy on net FDI inflows between 2006 and 2017. Our quantitative analysis found no significant relationship between Sweden’s repo rate and itsFDI inflows. However, significance was found in the variables exchange rate, research and development expenditures, corporate taxes, and wages.

Purpose: The purpose of this study is to examine how changes in long and short interest rates as well as in the slope of the yield curve affect the stock returns of the four major Swedish banks; Svenska Handelsbanken, Nordea Bank, Swedbank, and Skandinaviska Enskilda Banken. Further, the aim of the research is to compare these findings to how the banks perceive that such changes affect their stock returns. The objective is thereof to detect differences and similarities between regressions and interviews, in order to contribute with insights to how the banks can handle their exposure to interest rate risk. Theoretical Framework: Previous research show that banks’ stock returns are affected by many factors, including cash flow news, interest rates, size of the business, and the macroeconomy as a whole. However, banks’ interest rate margins are set to market rates so these are more exposed to and affected by changes in interest rates, especially short ones, than are non-financial institutions. Furthermore, the low interest rate levels and forecasting errors that have been seen lately have contributed to greater uncertainty and higher risk exposures, making banks’ sensitivity increase. Methodology: A mixture of a qualitative and a quantitative methodology is used, where the former consists of interviewing the banks and the latter of regressions through secondary data from Thomson Reuters Eikon and the Riksbank. Conclusion: The major Swedish banks’ stock returns are generally affected by changes in short interest rates but not by changes in long interest rates, with the exception of Handelsbanken being impervious to all such changes. Swedbank’s stock returns are most sensitive than the other banks’ stock returns and it is the only bank affected by changes in the yield curve slope. However, the banks seem to perceive no crucial difference in how their stock returns are affected by changes in short interest rates and long interest rates, concluding that their perceptions o

This thesis analyses if households’ confidence could be a significant variable to predicthouseholds’ debt growth in Sweden. Households’ debts have an important role in thefinancial system where the vulnerability of households’ debts has increased over time.To test whether households’ confidence is a significant variable for the prediction ofhouseholds’ debt growth in Sweden, an econometric model with the households’ debtchange as the dependent variable and the changes in the repo rate, unemployment, grossdomestic product and consumer confidence index as independent variables was used.Consumer confidence index was used as a proxy variable for households’ confidence.It was lagged by one time period in order to quantify if consumer confidence indexcould, with previous value, predict the households’ debt growth. The result showed thatthe households’ confidence was not significant to predict the households’ debt growth., Denna uppsats har analyserat om hushållens förtroende är en signifikant variabel för attförutse hushållens skuldtillväxt i Sverige. De svenska hushållens skulder har ensignifikant betydelse för den svenska ekonomin. Men sårbarheten för dessa skulder harökat med tiden. För att testa om hushållens förtroende är en signifikant variabel för attförutse hushållens skuldtillväxt i Sverige har en ekonometrisk modell med förändringeni hushållens skulder som en beroende variabel och förändringen i reporäntan,arbetslöshet, bruttonationalprodukten och konsumentförtroendeindex som oberoendevariabler. Konsumentförtroendeindex användes som en ersättare för att mäta hushållensförtroende används. Den var fördröjd med en tidsperiod för att kunna testa omhushållens föregående uppfattningar påverkade framtida skuldtillväxt för hushållen.Resultaten från regressionsanalysen antyder på att hushållens förtroende inte är ensignifikant variabel för att kunna förutse hushållens skuldtillväxt.

Title: Interest Rate Sensitivity of Real Estate Companies’ Income Statements - A Study on the Swedish Market in a Low Rate Environment Seminar date: 11th of January 2018 Course: FEKH89, Bachelor Degree Project in Financial Management, Undergraduate Level Authors: Karl Ågren, Samuel Hammarling and Sebastian Lindeborg Advisor: Anamaria Cociorva Key words: Real estate companies, repo rate, income statement sensitivity, pricing of debt, mixed methods research Purpose: The purpose of this study is to empirically investigate the sensitivity of Swedish real estate companies’ income statements towards a 100 basis point increase in the Riksbank’s repo rate. Methodology: A mixed methods research approach is employed. Qualitative research and theory constitute the framework for this study, to later be validated against the findings from three multiple regressions. Theoretical perspectives: Robert C. Merton’s theory of pricing corporate debt is, together with the findings of this study’s qualitative research, used as framework for this study. Empirical foundation: The qualitative research of this study consists of semi-structured interviews with six market experts. The quantitative research is constituted by company data and macro data: The company data includes a sample of ten companies over a ten year period, amounting to 100 firm-years. The macro data constitutes 521 observations over a ten year period. Conclusions: The study can confirm the sensitivity of Swedish real estate companies’ income statement towards changes in the Riksbank’s repo rate. The findings imply that two items are affected, interest expenses and revaluation of properties. A hypothetical 100 basis point increase in repo rate implies, according to the results, a 212 basis point decrease in revaluation of properties and a 40 basis point increase in interest expenses. This study’s focus on income statements complements previous literature that largely focuses on real estate companies’ returns and probability

Title: Interest Rate Sensitivity of Real Estate Companies’ Income Statements - A Study on the Swedish Market in a Low Rate Environment Seminar date: 11th of January 2018 Course: FEKH89, Bachelor Degree Project in Financial Management, Undergraduate Level Authors: Karl Ågren, Samuel Hammarling and Sebastian Lindeborg Advisor: Anamaria Cociorva Key words: Real estate companies, repo rate, income statement sensitivity, pricing of debt, mixed methods research Purpose: The purpose of this study is to empirically investigate the sensitivity of Swedish real estate companies’ income statements towards a 100 basis point increase in the Riksbank’s repo rate. Methodology: A mixed methods research approach is employed. Qualitative research and theory constitute the framework for this study, to later be validated against the findings from three multiple regressions. Theoretical perspectives: Robert C. Merton’s theory of pricing corporate debt is, together with the findings of this study’s qualitative research, used as framework for this study. Empirical foundation: The qualitative research of this study consists of semi-structured interviews with six market experts. The quantitative research is constituted by company data and macro data: The company data includes a sample of ten companies over a ten year period, amounting to 100 firm-years. The macro data constitutes 521 observations over a ten year period. Conclusions: The study can confirm the sensitivity of Swedish real estate companies’ income statement towards changes in the Riksbank’s repo rate. The findings imply that two items are affected, interest expenses and revaluation of properties. A hypothetical 100 basis point increase in repo rate implies, according to the results, a 212 basis point decrease in revaluation of properties and a 40 basis point increase in interest expenses. This study’s focus on income statements complements previous literature that largely focuses on real estate companies’ returns and probability

This paper addresses the issue of risk aversion and asset allocation for investors under the current globally low repo rate climate, as we try to examine how the low rate affects investor decisions. As a proxy for investors we have sampled data from several mutual funds, consisting of 50 balanced mutual funds and 15 pension targeting funds, all registered in the United States. Our measures of reallocation within the funds are the beta-values and risk is measured through the funds variance. According to our hypothesis a low repo rate should affect the risk-free asset, lowering its yield. Investors on the market will therefore be inclined to reallocate their portfolios towards the market and away from the risk-free asset, thus taking on more risk. The hypothesis and reasoning in this paper is based on Markowitz assumptions of investors which are risk-averse and mean-variance optimizers, as well as the assumptions of Capital Asset Pricing Model that all investors act homogenous and facing the same risky portfolio and risk-free asset. The result of this paper indicates that a shift within investors risk aversion and asset allocation have occurred, but in a somewhat inconclusive way. The shift seems to depend on the funds' risk aversion and their willingness to change it when exposed to an increased market variance rather than as a direct response to a low risk-free rate. Rendering in the conclusion that the low repo rate affects risk aversion and asset allocation mostly through an increased variance.

This paper addresses the issue of risk aversion and asset allocation for investors under the current globally low repo rate climate, as we try to examine how the low rate affects investor decisions. As a proxy for investors we have sampled data from several mutual funds, consisting of 50 balanced mutual funds and 15 pension targeting funds, all registered in the United States. Our measures of reallocation within the funds are the beta-values and risk is measured through the funds variance. According to our hypothesis a low repo rate should affect the risk-free asset, lowering its yield. Investors on the market will therefore be inclined to reallocate their portfolios towards the market and away from the risk-free asset, thus taking on more risk. The hypothesis and reasoning in this paper is based on Markowitz assumptions of investors which are risk-averse and mean-variance optimizers, as well as the assumptions of Capital Asset Pricing Model that all investors act homogenous and facing the same risky portfolio and risk-free asset. The result of this paper indicates that a shift within investors risk aversion and asset allocation have occurred, but in a somewhat inconclusive way. The shift seems to depend on the funds' risk aversion and their willingness to change it when exposed to an increased market variance rather than as a direct response to a low risk-free rate. Rendering in the conclusion that the low repo rate affects risk aversion and asset allocation mostly through an increased variance.

Bakgrund: I november 2014 beslutade Riksbanken att ta steget mot en nollränta och i februari 2015 gick Riksbanken ut med ytterligare en sänkning till -0,10 procent. På så vis fick Sverige för första gången en negativ reporänta. Enligt makroekonomisk teori ska en sänkning av reporäntan stimulera konsumtion och investeringar i ekonomin. Huruvida reporäntan och dess räntesänkningar skapar förutsättningar för företag att investera är ett aktuellt och viktigt forskningsområde. Forskningen i ämnet är tunn på den svenska marknaden och således är forskningsbidraget från denna studie av betydelse.Syfte: Syftet med studien är att undersöka och analysera hur förändringar i reporänta, makro-ekonomiska faktorer samt finansiella indikatorer påverkar investeringar hos svenska företag.Genomförande: Studien bygger på en kvantitativ metod. En Vector Autoregressive model har skapats för att redogöra hur reporäntan, de makroekonomiska faktorerna och de finansiella indikatorerna påverkar företagens investeringar. För att möjliggöra en analys av dessa effekter har impulse response functions skattats i modellen. På så vis undersöks det hur en isolerad enhetsökning i de valda variablerna påverkar företagens investeringar över flera tidsperioder. För att genomföra en mer omfattande analys skattas tre modeller där den första tar hänsyn till både makroekonomiska faktorer och finansiella indikatorer. Den andra modellen exkluderar de finansiella indikatorerna och den tredje modellen speglar reporäntans utveckling i två olika tidsperioder.Resultat: Företagens investeringar påverkas av flertalet faktorer. En enhetsökning av utlåningsräntan, växelkursen och företagens inflationsförväntningar uppvisar ett signifikant negativt samband. En enhetsökning av BNP-tillväxten visar däremot ett signifikant positivt samband. Reporäntan visar ingen direkt effekt på investeringar i de första två modellerna. Däremot uppvisar reporäntan skillnader i den tredje modellen, där ett negativt samband förekommer i den, Background: The central bank of Sweden decided in November 2014 to set the repo rate close to zero. Further they decided to lower the repo rate to -0,10 percent in February 2015. In regard to this, Sweden had a negative repo rate for the first time. According to macroeconomic theory a decrease in the repo rate is performed to stimulate an economy’s investments and consumptions. Whether or not a decrease in interest rates gives greater incentives for firms to invest is a topical subject and an important field of research. In addition to this, the existing research on the Swedish market is insufficient within this field, which gives us further motives to conduct this study.Aim: The purpose of this study is to examine and analyse how changes in the repo rate, macroeconomic factors and financial indicators affects investments of Swedish firms.Completion: The study is conducted with a quantitative approach. A Vector Autoregressive model is created in order to examine the impact of changes in the repo rate, the macroeconomic factors and the financial indicators on firms’ investments. Impulse response functions are estimated to allow a further analysis of these effects. Hence, it is conceivable to examine how one isolated unit-increase in a specific variable affects firms’ investment through several time periods. Furthermore, we estimate three models, one which includes both macroeconomic variables and financial indicators and another which excludes the financial indicators. The last model reflects the repo rate’s impact on investments in two separate time periods.Result: Investments of firms are affected by numerous of factors. One unit-increase of the lending rate, the exchange rate and firms’ expectations of inflation exhibit a negative relation to investments. Furthermore, one unit-increase in GDP-growth tends to increase investments. However, the repo rate has no impact on investments in the first two models. In spite of this, evidence from the third model indicates t

This study is among the first to provide insight into the assessment of the Swedish central bank’s (Riksbank) three unconventional monetary policies (UMPs) and their influence on Swedish commercial banks. The three UMPs include forward guidance (FG), quantitative easing (QE) and negative interest rate policy (repo rate). Riksbank introduced the UMPs in order to revive inflation and support Sweden’s economic recovery. The banks’ ability to certainly forecast their operations is highly dependent on the communication availed by the Riksbank on its expected future monetary policies through FG. QE is paramount because this is when commercial banks sell government bonds to the Riksbank. Repo rate determines interest rates set by banks. Four indicators (uncertainty, government bond yields, bank interest rates, borrowing and lending) were used in this study to investigate the perception of the commercial banks on the three UMPs. There are limited studies on Swedish banks’ perception of the UMPs which leaves a research gap in this area.Previous studies indicate that dominant banks in terms of asset shares and deposits are more sensitive to monetary policy shocks. The four dominant commercial banks studied include: Nordea, Handelsbanken, Swedbank and Skandinaviska Enskilda Banken. This thesis considers the evidence of the results from previous empirical studies. Empirical material for this study was collected through semi-structured interviews from respondents by the Riksbank and the four commercial banks. A deductive approach was used to interpret the information collected.Our results presents various perceptions of the dominant commercial banks on the three UMPs in relation to the four indicators. Some commercial banks perceived the increased transparency and clarity during the increased FG to have reduced their uncertainty. Other banks perceived that FG had increased their uncertainty. They questioned the credibility of the FG since they could not predict Riksbank’s moneta

Author: Martin Karlsson & Sebastian Dahlén, students at Karlstad Business School. Keywords: Bank, repo rate, changes, variable mortgage rate, margins, relationship, competition. Problem formulation: How do banks differ in behavior for increases and decreases of the repo rate. Purpose: The paper aims to examine how banks differ in their response to a decrease and increase in the repo rate. Two periods between 2002-2006 and 2010-2014 were studied to compare the competition on the bank market historically. Background: This segment gives a basic understanding on the bank market, interest rates and loans. Method: The study is a quantitative study of data for the floating mortgage rate over two time periods using regressions models. Articles, literature and reports form the basis of the theory segment. Theory: The paper gives a theoretical understanding on how pricing works on the banking market focusing on oligopoly theory. Empirical data: The data sample is based on secondary data retrieved from the banks’ official web sites. Analysis: The results are analyzed in a separate segment to give a better overview. iv Conclusion: The results show a correlation between the banks mortgage rate and the repo rate. The banks responses to decrease and increases of the repo rate differed for the years 2002-2006 and 2010-2014. For the first period banks were keener on decreasing their mortgage rates than increasing. The opposite relationship was found in the second period.

Den 18 februari i år fick Sverige en negativ reporänta. Ett historiskt ögonblick i Sveriges ekonomiska historia. I detta arbete har vi valt att fokusera på hur den kommersiella fastighetsmarknaden kommer att påverkas av denna händelse. Den kommersiella fastighetsmarknadens rörelse är inte beroende av enbart en variabel utan av flera. Som i sin tur är mer eller mindre beroende av varandra. BNP och reporäntan är två av dessa variabler som påverkar den studerade marknaden. I arbetet valdes fyra scenarion ut där BNP och reporäntan befann sig i olika lägen under 2000-talet. Dessa fyra scenarion leder fram till en diskussion angående ett eventuellt samband mellan de olika faktorerna och makrofaktorernas rörelse. Vi studerar även om vi på grund av detta eventuella samband kan förutsäga framtiden. Den framtid som förväntas kantas av en sjunkande negativ reporänta och en växande ekonomisk tillväxt. Efter att ha genomfört studien kan vi utläsa ett samband mellan våra utvalda makrofaktorer och den kommersiella fastighetsmarknaden. Ett tydligt mönster, vid en sammanställning av resultaten från våra scenarion, har inte hittats och kan därför inte användas i en argumentation kring följden av reporäntans nu negativa värde. Resonemanget förs dock kring att den negativa reporäntan och dagens ekonomiska tillväxt kommer påverka den kommersiella fastighetsmarknaden positivt snarare än negativt., On 18th of February this year, the Swedish central bank set a negative repo rate. This was a historic moment in Sweden's economic history. In this paper, we have chosen to focus on how the commercial property market will be affected by this event. The commercial property market movements is not dependent on only one variable, but a set of dependent and independent variables. GDP and the repo rate are two variables that affect the studied market. In this essay, four different scenarios were chosen where GDP and the repo rate were in different positions during the 2000s. These four scenarios lead to a discussion about a possible relationship between the commercial property market- and the macro factors movement. The paper also discusses if the future can be predicted, because of a possible relationship. The future that is expected to consist of a sinking negative repo rate and an economic growth. After conducting the study, the paper concludes that there is a strong connection between our selected macro factors and the commercial property market. Although, a clear pattern, after a summary of the results of our scenarios, has not been found and therefore cannot be used in an argument about the result of the negative repo rate. The conclusion is, however, that the negative repo rate and today's economic growth will affect the commercial property market positively rather than negatively

Uppsatsens syfte är att fastställa hur reporäntebeslut påverkar fastighetsaktiemarknaden. Vi har undersökt 67 tidsintervall på tio dagar där annonseringen av reporäntebesluten utgör mittpunktenerna och har följaktligen läst av reporäntans kortsiktiga effekt på fastighetsaktier. Målet är att kunna ge en förklaring till marknadens reaktioner och att bilda en hypotes kring frågeställningen. Vi har genomfört en eventstudie där vi delvis replikerat tidigare studier som redogjort för styrräntans effekt på aktiemarknaden. Vidare har vi utgått från ett kvantitativt perspektiv. Respondenterna har representerats av fondförvaltare med goda kunskaper om fastighetsaktier. All empiri grundar sig på sekundärdata och material från gjorda intervjuer. Sammanställningen av våra resultat visade ett negativt samband mellan reporäntan och fastighetsaktier när en förändring av reporäntan ägde rum. Den kortsiktiga påverkan kan således härledas till vad flera studier tidigare redogjort för. Resultatet argumenterar för en ineffektiv marknad med hjälp av effekten på en förändrad styrränta, men motsätter sig samtidigt den slutsatsen i och med den effekt som förekom vid beslut om oförändrad reporänta. Bakomliggande faktorer till resultatet har inte kunnat fastställas men vi har bland annat redogjort för ett förändrat avkastningskrav hos investerarna samt en förändrad räntekostnad hos fastighetsbolagen, till följd av en reporänteförändring., The purpose of the study was to establish how the repo rate influences the real estate stock market. We have reviewed a time interval of ten days where the middle point is defined by the time of a decision. Consequently, we have reported the short-term effect on shares in the real estate business. Our goal was to be able to present an explanation to the reactions of the market and to form a theory surrounding the initial problem. We have implemented an event study where we partially have been replicating previous studies reported on the effect of the repo rate on the stock market. Furthermore, we have started from a quantitative perspective. The respondents have been represented by fund managers favoured with great knowledge in real estate. All the empirics are based on secondary data and material from the performed interviews. The compilation of our results showed a negative relationship between the repo rate and the stocks in real estate once a change in the repo rate took place. We were able to deduce our results about short term influence to previous reports. The results do not add up with the efficient market hypothesis when a change has taken place in the repo rate. Though, the effect of an unchanged repo rate suggests there is an efficient market. We have not been able to determine the elements behind the effects, although we have thoroughly reviewed elements such as a change in investor’s required rate of return as well as a change in the interest expenses, due to a change in the repo rate.

Den 18 februari i år fick Sverige en negativ reporänta. Ett historiskt ögonblick i Sveriges ekonomiska historia. I detta arbete har vi valt att fokusera på hur den kommersiella fastighetsmarknaden kommer att påverkas av denna händelse. Den kommersiella fastighetsmarknadens rörelse är inte beroende av enbart en variabel utan av flera. Som i sin tur är mer eller mindre beroende av varandra. BNP och reporäntan är två av dessa variabler som påverkar den studerade marknaden. I arbetet valdes fyra scenarion ut där BNP och reporäntan befann sig i olika lägen under 2000-talet. Dessa fyra scenarion leder fram till en diskussion angående ett eventuellt samband mellan de olika faktorerna och makrofaktorernas rörelse. Vi studerar även om vi på grund av detta eventuella samband kan förutsäga framtiden. Den framtid som förväntas kantas av en sjunkande negativ reporänta och en växande ekonomisk tillväxt. Efter att ha genomfört studien kan vi utläsa ett samband mellan våra utvalda makrofaktorer och den kommersiella fastighetsmarknaden. Ett tydligt mönster, vid en sammanställning av resultaten från våra scenarion, har inte hittats och kan därför inte användas i en argumentation kring följden av reporäntans nu negativa värde. Resonemanget förs dock kring att den negativa reporäntan och dagens ekonomiska tillväxt kommer påverka den kommersiella fastighetsmarknaden positivt snarare än negativt., On 18th of February this year, the Swedish central bank set a negative repo rate. This was a historic moment in Sweden's economic history. In this paper, we have chosen to focus on how the commercial property market will be affected by this event. The commercial property market movements is not dependent on only one variable, but a set of dependent and independent variables. GDP and the repo rate are two variables that affect the studied market. In this essay, four different scenarios were chosen where GDP and the repo rate were in different positions during the 2000s. These four scenarios lead to a discussion about a possible relationship between the commercial property market- and the macro factors movement. The paper also discusses if the future can be predicted, because of a possible relationship. The future that is expected to consist of a sinking negative repo rate and an economic growth. After conducting the study, the paper concludes that there is a strong connection between our selected macro factors and the commercial property market. Although, a clear pattern, after a summary of the results of our scenarios, has not been found and therefore cannot be used in an argument about the result of the negative repo rate. The conclusion is, however, that the negative repo rate and today's economic growth will affect the commercial property market positively rather than negatively

Uppsatsens syfte är att fastställa hur reporäntebeslut påverkar fastighetsaktiemarknaden. Vi har undersökt 67 tidsintervall på tio dagar där annonseringen av reporäntebesluten utgör mittpunktenerna och har följaktligen läst av reporäntans kortsiktiga effekt på fastighetsaktier. Målet är att kunna ge en förklaring till marknadens reaktioner och att bilda en hypotes kring frågeställningen. Vi har genomfört en eventstudie där vi delvis replikerat tidigare studier som redogjort för styrräntans effekt på aktiemarknaden. Vidare har vi utgått från ett kvantitativt perspektiv. Respondenterna har representerats av fondförvaltare med goda kunskaper om fastighetsaktier. All empiri grundar sig på sekundärdata och material från gjorda intervjuer. Sammanställningen av våra resultat visade ett negativt samband mellan reporäntan och fastighetsaktier när en förändring av reporäntan ägde rum. Den kortsiktiga påverkan kan således härledas till vad flera studier tidigare redogjort för. Resultatet argumenterar för en ineffektiv marknad med hjälp av effekten på en förändrad styrränta, men motsätter sig samtidigt den slutsatsen i och med den effekt som förekom vid beslut om oförändrad reporänta. Bakomliggande faktorer till resultatet har inte kunnat fastställas men vi har bland annat redogjort för ett förändrat avkastningskrav hos investerarna samt en förändrad räntekostnad hos fastighetsbolagen, till följd av en reporänteförändring., The purpose of the study was to establish how the repo rate influences the real estate stock market. We have reviewed a time interval of ten days where the middle point is defined by the time of a decision. Consequently, we have reported the short-term effect on shares in the real estate business. Our goal was to be able to present an explanation to the reactions of the market and to form a theory surrounding the initial problem. We have implemented an event study where we partially have been replicating previous studies reported on the effect of the repo rate on the stock market. Furthermore, we have started from a quantitative perspective. The respondents have been represented by fund managers favoured with great knowledge in real estate. All the empirics are based on secondary data and material from the performed interviews. The compilation of our results showed a negative relationship between the repo rate and the stocks in real estate once a change in the repo rate took place. We were able to deduce our results about short term influence to previous reports. The results do not add up with the efficient market hypothesis when a change has taken place in the repo rate. Though, the effect of an unchanged repo rate suggests there is an efficient market. We have not been able to determine the elements behind the effects, although we have thoroughly reviewed elements such as a change in investor’s required rate of return as well as a change in the interest expenses, due to a change in the repo rate.

Author: Martin Karlsson & Sebastian Dahlén, students at Karlstad Business School. Keywords: Bank, repo rate, changes, variable mortgage rate, margins, relationship, competition. Problem formulation: How do banks differ in behavior for increases and decreases of the repo rate. Purpose: The paper aims to examine how banks differ in their response to a decrease and increase in the repo rate. Two periods between 2002-2006 and 2010-2014 were studied to compare the competition on the bank market historically. Background: This segment gives a basic understanding on the bank market, interest rates and loans. Method: The study is a quantitative study of data for the floating mortgage rate over two time periods using regressions models. Articles, literature and reports form the basis of the theory segment. Theory: The paper gives a theoretical understanding on how pricing works on the banking market focusing on oligopoly theory. Empirical data: The data sample is based on secondary data retrieved from the banks’ official web sites. Analysis: The results are analyzed in a separate segment to give a better overview. iv Conclusion: The results show a correlation between the banks mortgage rate and the repo rate. The banks responses to decrease and increases of the repo rate differed for the years 2002-2006 and 2010-2014. For the first period banks were keener on decreasing their mortgage rates than increasing. The opposite relationship was found in the second period.

Bakgrund: I november 2014 beslutade Riksbanken att ta steget mot en nollränta och i februari 2015 gick Riksbanken ut med ytterligare en sänkning till -0,10 procent. På så vis fick Sverige för första gången en negativ reporänta. Enligt makroekonomisk teori ska en sänkning av reporäntan stimulera konsumtion och investeringar i ekonomin. Huruvida reporäntan och dess räntesänkningar skapar förutsättningar för företag att investera är ett aktuellt och viktigt forskningsområde. Forskningen i ämnet är tunn på den svenska marknaden och således är forskningsbidraget från denna studie av betydelse.Syfte: Syftet med studien är att undersöka och analysera hur förändringar i reporänta, makro-ekonomiska faktorer samt finansiella indikatorer påverkar investeringar hos svenska företag.Genomförande: Studien bygger på en kvantitativ metod. En Vector Autoregressive model har skapats för att redogöra hur reporäntan, de makroekonomiska faktorerna och de finansiella indikatorerna påverkar företagens investeringar. För att möjliggöra en analys av dessa effekter har impulse response functions skattats i modellen. På så vis undersöks det hur en isolerad enhetsökning i de valda variablerna påverkar företagens investeringar över flera tidsperioder. För att genomföra en mer omfattande analys skattas tre modeller där den första tar hänsyn till både makroekonomiska faktorer och finansiella indikatorer. Den andra modellen exkluderar de finansiella indikatorerna och den tredje modellen speglar reporäntans utveckling i två olika tidsperioder.Resultat: Företagens investeringar påverkas av flertalet faktorer. En enhetsökning av utlåningsräntan, växelkursen och företagens inflationsförväntningar uppvisar ett signifikant negativt samband. En enhetsökning av BNP-tillväxten visar däremot ett signifikant positivt samband. Reporäntan visar ingen direkt effekt på investeringar i de första två modellerna. Däremot uppvisar reporäntan skillnader i den tredje modellen, där ett negativt samband förekommer i den, Background: The central bank of Sweden decided in November 2014 to set the repo rate close to zero. Further they decided to lower the repo rate to -0,10 percent in February 2015. In regard to this, Sweden had a negative repo rate for the first time. According to macroeconomic theory a decrease in the repo rate is performed to stimulate an economy’s investments and consumptions. Whether or not a decrease in interest rates gives greater incentives for firms to invest is a topical subject and an important field of research. In addition to this, the existing research on the Swedish market is insufficient within this field, which gives us further motives to conduct this study.Aim: The purpose of this study is to examine and analyse how changes in the repo rate, macroeconomic factors and financial indicators affects investments of Swedish firms.Completion: The study is conducted with a quantitative approach. A Vector Autoregressive model is created in order to examine the impact of changes in the repo rate, the macroeconomic factors and the financial indicators on firms’ investments. Impulse response functions are estimated to allow a further analysis of these effects. Hence, it is conceivable to examine how one isolated unit-increase in a specific variable affects firms’ investment through several time periods. Furthermore, we estimate three models, one which includes both macroeconomic variables and financial indicators and another which excludes the financial indicators. The last model reflects the repo rate’s impact on investments in two separate time periods.Result: Investments of firms are affected by numerous of factors. One unit-increase of the lending rate, the exchange rate and firms’ expectations of inflation exhibit a negative relation to investments. Furthermore, one unit-increase in GDP-growth tends to increase investments. However, the repo rate has no impact on investments in the first two models. In spite of this, evidence from the third model indicates t

This study is among the first to provide insight into the assessment of the Swedish central bank’s (Riksbank) three unconventional monetary policies (UMPs) and their influence on Swedish commercial banks. The three UMPs include forward guidance (FG), quantitative easing (QE) and negative interest rate policy (repo rate). Riksbank introduced the UMPs in order to revive inflation and support Sweden’s economic recovery. The banks’ ability to certainly forecast their operations is highly dependent on the communication availed by the Riksbank on its expected future monetary policies through FG. QE is paramount because this is when commercial banks sell government bonds to the Riksbank. Repo rate determines interest rates set by banks. Four indicators (uncertainty, government bond yields, bank interest rates, borrowing and lending) were used in this study to investigate the perception of the commercial banks on the three UMPs. There are limited studies on Swedish banks’ perception of the UMPs which leaves a research gap in this area.Previous studies indicate that dominant banks in terms of asset shares and deposits are more sensitive to monetary policy shocks. The four dominant commercial banks studied include: Nordea, Handelsbanken, Swedbank and Skandinaviska Enskilda Banken. This thesis considers the evidence of the results from previous empirical studies. Empirical material for this study was collected through semi-structured interviews from respondents by the Riksbank and the four commercial banks. A deductive approach was used to interpret the information collected.Our results presents various perceptions of the dominant commercial banks on the three UMPs in relation to the four indicators. Some commercial banks perceived the increased transparency and clarity during the increased FG to have reduced their uncertainty. Other banks perceived that FG had increased their uncertainty. They questioned the credibility of the FG since they could not predict Riksbank’s moneta

Price trends on the Swedish housing market has risen sharply in recent decades and is at the moment up to the highest price level ever. The sharp price movements have opened up for discussion about a possible housing bubble. To prevent this the Riksbank can change the repo rate, which in turn aects the lenders' lending rates. Finansinspektionen introduced in autumn 2010, a mortgage cap which means that the house will be mortgaged to a maximum of 85 percent of its market value. The purpose of this was to cool the housing market and prevent the unsustainable development of household debt. The purpose of this study is to examine in particular the repo rates and the mortgage caps eect on house prices in Sweden. Although other variables that aect supply and demand in the housing market from a macroeconomic perspective will be included in the model, such as GDP, unemployment and the nancial crisis of 2008. This study has been done by using a quantitative analysis, consisting of time series analysis. The results conrm all the investigated variables expected impact on house prices. As for the repo rate and the mortgage cap the results showed that these have a negative eect on house prices in Sweden., Prisutvecklingen pa den Svenska bostadsmarknaden har stigit kraftigt under de senaste decennierna och ar just nu uppe i den hogsta prisnivan nagonsin. Den kraftiga prisutvecklingen har oppnat for diskussion om en eventuell bostadsbubbla. For att motverka detta kan Riksbanken andra reporantan som i sin tur paverkar kreditgivarnas utlaningsranta. Finansinspektionen inforde under hosten 2010 ett bolanetak som innebar att bostaden hogst ska belanas till 85 procent av marknadsvardet. Detta for att kyla bostadsmarknaden och motverka den ohallbara utvecklingen av hushallens skuldsattning. Syftet med denna studie ar att framforallt undersoka reporantans och bolanetakets eekt pa smahuspriser i Sverige. Aven andra variabler som paverkar utbudet och efterfragan pa bostadsmarknaden ur ett makroekonomiskt perspektiv kommer att inga i modellen, till exempel BNP, arbetsloshet och nanskrisen 2008. Detta genomfors med hjalp av en kvantitativ analys, bestaende av tidsserieanalys. Resultatet bekraftar alla undersokta variablers vantade eekter pa smahuspriser. Vad galler reporantan och bolanetaket sa visade resultatet pa att dessa har negativ eekt pa smahuspriser i Sverige.

Price trends on the Swedish housing market has risen sharply in recent decades and is at the moment up to the highest price level ever. The sharp price movements have opened up for discussion about a possible housing bubble. To prevent this the Riksbank can change the repo rate, which in turn aects the lenders' lending rates. Finansinspektionen introduced in autumn 2010, a mortgage cap which means that the house will be mortgaged to a maximum of 85 percent of its market value. The purpose of this was to cool the housing market and prevent the unsustainable development of household debt. The purpose of this study is to examine in particular the repo rates and the mortgage caps eect on house prices in Sweden. Although other variables that aect supply and demand in the housing market from a macroeconomic perspective will be included in the model, such as GDP, unemployment and the nancial crisis of 2008. This study has been done by using a quantitative analysis, consisting of time series analysis. The results conrm all the investigated variables expected impact on house prices. As for the repo rate and the mortgage cap the results showed that these have a negative eect on house prices in Sweden., Prisutvecklingen pa den Svenska bostadsmarknaden har stigit kraftigt under de senaste decennierna och ar just nu uppe i den hogsta prisnivan nagonsin. Den kraftiga prisutvecklingen har oppnat for diskussion om en eventuell bostadsbubbla. For att motverka detta kan Riksbanken andra reporantan som i sin tur paverkar kreditgivarnas utlaningsranta. Finansinspektionen inforde under hosten 2010 ett bolanetak som innebar att bostaden hogst ska belanas till 85 procent av marknadsvardet. Detta for att kyla bostadsmarknaden och motverka den ohallbara utvecklingen av hushallens skuldsattning. Syftet med denna studie ar att framforallt undersoka reporantans och bolanetakets eekt pa smahuspriser i Sverige. Aven andra variabler som paverkar utbudet och efterfragan pa bostadsmarknaden ur ett makroekonomiskt perspektiv kommer att inga i modellen, till exempel BNP, arbetsloshet och nanskrisen 2008. Detta genomfors med hjalp av en kvantitativ analys, bestaende av tidsserieanalys. Resultatet bekraftar alla undersokta variablers vantade eekter pa smahuspriser. Vad galler reporantan och bolanetaket sa visade resultatet pa att dessa har negativ eekt pa smahuspriser i Sverige.

Utvecklingen inom förmedling av bostäder har gått snabbt sedan internet blev en del av vår vardag. Idag vänder vi oss online för att hitta vår nya bostad och detta ger möjligheten att följa bostadsmarknaden på ett helt nytt sätt. Denna uppsats undersöker relationen mellan Sveriges bostadsköpares sökbeteende på Sveriges utan tvekan största bostadssöksajt Hemnet och Riksbankens räntebesked. Genom att analysera det totala antalet sökningar gjorda på bostadsrätter, hus och fritidshus vid av Riksbanken rapporterade räntehöjningar, räntesänkningar samt en lämnad oförändrad reporänta försöker författarna se om sökbeteendet ändras. Sökbeteendet fyller funktionen av en ny möjlig indikator för efterfrågan på den Svenska bostadsmarknaden. Den statistik som undersöks sträcker sig från tidsperioden april 2011 till april 2013. Resultatet av studien visar att Riksbankens räntebeslut, oavsett karaktär, inte ger någon effekt på antalet sökningar. Vad som istället kan observeras är att det finns en stark veckovis trend där måndagar är den dag med absolut flest sökningar. Antalet sökningar avtar sedan varje dag fram tills en form av botten på lördagen för att sedan ta ett kliv uppåt på söndag. De som söker bostad i Sverige påverkas inte av små, kortsiktiga ränteförändringar. Med en historiskt låg ränta samt en långsiktig planering av bostadsköp är det troligt att ränteförändringarna under denna period inte har någon inverkan på viljan att söka bostad. Sett till ränteration, förhållandet mellan ränteutgift och disponibel inkomst, finns även där utrymme för högre räntebetalningar. Uppsatsen har använt en ny metod att analysera efterfrågan på bostadsmarknaden. Den bidrar, The development of how we are marketing homes for sale has been rapid since the Internet became part of our daily lives. Today, we turn online to find our new home and this gives the opportunity to follow the housing market in a whole new way. This paper examines the relationship between search behavior on housing at Hemnet, Sweden's biggest online marketplace for homes, and the announcements of interest rate change by the Riksbank. By analyzing the total number of searches done on condominiums, villas and cottages at an by the Riksbank reported increased, decreased and unchanged interest rate, the authors will observe if there is a change in the search behavior. These types of search behavior for houses can work as a new indicator of demand in the Swedish housing market. The statistics that are examined range from April 2011 to April 2013. The results of the study show that the Riksbank's interest rate decisions, regardless of character, have no effect on the number of searches. What on the other hand is observed is that there is a strong weekly trend in the data. Monday is the day with the most searches. The searches then decreases each day until they bottom out on Saturday to later take a step up on Sundays. Those who are looking for housing in Sweden stay unaffected by small, short-term changes of interest. With historically low interest rates and long-term planning of home purchases, it is likely that changes in interest rates during this period has no effect on the willingness to search for housing. The interest ratio, the ratio of interest expenditure and disposable income, can also explain that people are still able to handle higher interest payments. The paper has used a new method to analyze the demand for housing. It provides inspiration for further research in a topic that has great potential.

Utvecklingen inom förmedling av bostäder har gått snabbt sedan internet blev en del av vår vardag. Idag vänder vi oss online för att hitta vår nya bostad och detta ger möjligheten att följa bostadsmarknaden på ett helt nytt sätt. Denna uppsats undersöker relationen mellan Sveriges bostadsköpares sökbeteende på Sveriges utan tvekan största bostadssöksajt Hemnet och Riksbankens räntebesked. Genom att analysera det totala antalet sökningar gjorda på bostadsrätter, hus och fritidshus vid av Riksbanken rapporterade räntehöjningar, räntesänkningar samt en lämnad oförändrad reporänta försöker författarna se om sökbeteendet ändras. Sökbeteendet fyller funktionen av en ny möjlig indikator för efterfrågan på den Svenska bostadsmarknaden. Den statistik som undersöks sträcker sig från tidsperioden april 2011 till april 2013. Resultatet av studien visar att Riksbankens räntebeslut, oavsett karaktär, inte ger någon effekt på antalet sökningar. Vad som istället kan observeras är att det finns en stark veckovis trend där måndagar är den dag med absolut flest sökningar. Antalet sökningar avtar sedan varje dag fram tills en form av botten på lördagen för att sedan ta ett kliv uppåt på söndag. De som söker bostad i Sverige påverkas inte av små, kortsiktiga ränteförändringar. Med en historiskt låg ränta samt en långsiktig planering av bostadsköp är det troligt att ränteförändringarna under denna period inte har någon inverkan på viljan att söka bostad. Sett till ränteration, förhållandet mellan ränteutgift och disponibel inkomst, finns även där utrymme för högre räntebetalningar. Uppsatsen har använt en ny metod att analysera efterfrågan på bostadsmarknaden. Den bidrar, The development of how we are marketing homes for sale has been rapid since the Internet became part of our daily lives. Today, we turn online to find our new home and this gives the opportunity to follow the housing market in a whole new way. This paper examines the relationship between search behavior on housing at Hemnet, Sweden's biggest online marketplace for homes, and the announcements of interest rate change by the Riksbank. By analyzing the total number of searches done on condominiums, villas and cottages at an by the Riksbank reported increased, decreased and unchanged interest rate, the authors will observe if there is a change in the search behavior. These types of search behavior for houses can work as a new indicator of demand in the Swedish housing market. The statistics that are examined range from April 2011 to April 2013. The results of the study show that the Riksbank's interest rate decisions, regardless of character, have no effect on the number of searches. What on the other hand is observed is that there is a strong weekly trend in the data. Monday is the day with the most searches. The searches then decreases each day until they bottom out on Saturday to later take a step up on Sundays. Those who are looking for housing in Sweden stay unaffected by small, short-term changes of interest. With historically low interest rates and long-term planning of home purchases, it is likely that changes in interest rates during this period has no effect on the willingness to search for housing. The interest ratio, the ratio of interest expenditure and disposable income, can also explain that people are still able to handle higher interest payments. The paper has used a new method to analyze the demand for housing. It provides inspiration for further research in a topic that has great potential.

Diplomová práce ukazuje, jaké existují možné mechanismy, prostřednictvím kterých provádí centrální banky měnovou politiku a také jejich různé modifikace. Je zde popsáno, co to vůbec monetární politika je, jaké jsou její cíle, režimy a nástroje. Jsou zde také popsány základní sazby, které využívají významné světové centrální banky, jako FED, ECB či BoE. Je zde ukázáno, jaký je jejich vývoj v porovnání s vývojem hlavní úrokové sazby České národní banky, 2T repo sazby. Pozornost je zde zaměřena zejména na to, jak změny této sazby ovlivní v první řadě výši mezibankovních sazeb, dále potom výši klientských úrokových sazeb a nakonec to, do jaké míry mají vliv na výši vkladů a úvěrů přijatých a poskytnutých českými bankami., The diploma work shows the possible existing mechanisms by which the central banks' monetary policy is being executed and also their various modifications. There is described what the monetary policy is, what are its goals, procedures and tools. There are also described the basic rates, used by the world's major central banks like FED, ECB and BoE. There is shown what are their progression in comparison with the Czech National Bank's key interest rate, 2T repo rate. Attention in the work is focused mainly on the influence of this rate's change on the level of interbank rates at first, then the level of client interest rates and finally, how much they will affect the amount of deposits and loans provided by Czech banks., Ústav ekonomie, Studentce byly položeny následující otázky: 1. Vysvětlete v čem spočívají hlavní rozdíly u jednotlivých transmisních mechanismů. 2. V závěru práce docházíte k tomu, že hlavní úroková sazba je na svém minimu. Jaká je současná výše 2T repo sazby a co vedlo ČNB ke změně této sazby 6. 5. 2010? 3. Jaký je obsahový rozdíl mezi kategoriemi přímých a nepřímých nástrojů monetární politiky? 4. V práci byl prokázán vztah mezi základní 2T repo sazbou a klientskými úrokovými sazbami. Jaká je však citlivost reakce klientských úrokových sazeb na změnu (zvýšení nebo snížení) 2T repo sazby?, Dokončená práce s úspěšnou obhajobou