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Pioneering Price Level Targeting: The Swedish Experience 1931-1937

Author

Listed:
  • Berg, Claes

    (Sveriges Riksbank)

  • Jonung, Lars

    (Stockholm School of Economics)

Abstract
In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted such an explicit price level target. Starting from the issues and concepts familiar from research and policy experience in the 1990s of inflation targeting - as contrasted to price level targeting - this paper examines the evolution of the Swedish price level targeting in the 1930s. We bring out a number of similarities and differences between price stabilization in the 1930s and in the 1990s.

Suggested Citation

  • Berg, Claes & Jonung, Lars, 1998. "Pioneering Price Level Targeting: The Swedish Experience 1931-1937," Seminar Papers 642, Stockholm University, Institute for International Economic Studies.
    • Handle: RePEc:hhs:iiessp:0642
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    price level targeting;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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