Bad MAF rarely throws codes and it would be my first guess...but since we're guessing, I would work cheap to expensive and stop when. The problem goes away. So, start with new plugs.
Then clean the ETM.
Then try a MAF. Get a Bosch off Amazon. Volvo wants some crazy price.
A bad MAF can cause exactly what you describe. It's drive by wire, so the throttle won't open more than the computer thinks it needs to and the injectors won't put in more fuel than the MAF measurement determines.
But that's a guess...and I hate guessing...
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