The Riksbank purchase government bonds with the aim of making monetary policy more expansionary and supporting a development whereby inflation returns to the target of 2 per cent. Our analysis shows to what extent the purchases have had an effect on interest rates, exchange rates and asset prices. Our assessment is that the purchases have contributed to making Swedish interest rates lower than they otherwise would have been. This has contributed to reducing the interest rate differential in relation to other countries and led to the krona being at a weaker level than it otherwise would have been. Seen in relation to the value of the bonds the Riksbank has purchased, the effects are in line with those observed in other countries.