An economic commentary, published by Sweden's Sveriges Riksbank, has defended the central bank's record, saying persistently below-target inflation is caused partly by factors outside the Riksbanks's control, and the link between tight policy and high unemployment may be weaker than many suggest.

The report, Inflation, Unemployment and Monetary Policy, by Riksbank economists Ulf Söderström and Anders Vredin, points out that low inflation is partly the result of the choice of inflation measure