The aim of this study is to analyze how the monetary policy of the Swedish Riksbank has influenced household consumption in Sweden during the period 2010–2023. The study adopts a quantitative approach using econometric time series analysis, where key macroeconomic variables such as GDP, inflation (KPIF), short- and long-term interest rates, and unemployment are examined in relation to consumption developments.

Stationarity was tested using the Augmented Dickey-Fuller (ADF) test. As several variables exhibited non-stationarity, the Engle-Granger two-step method was applied to investigate cointegration. The results indicate that consumption is cointegrated with variables such as GDP and interest rates, which justified the use of an error correction model (ECM) to capture both short- and long-term relationships. A dummy variable for the second quarter of 2020 was included in some models to control for structural effects related to the COVID-19 pandemic.

The findings show that consumption is positively affected by GDP and inflation, while the effects of interest rates vary depending on model specification. The impact of the pandemic was significant during the early stages of the crisis, highlighting the importance of accounting for external shocks in economic analyses. The study contributes to a better understanding of how monetary policy measures operate through long-term transmission mechanisms and provides a basis for further research on how different household groups respond to monetary policy.