Seminar Papers, Institute for International Economic Studies, Stockholm University
Pioneering Price Level Targeting: The Swedish Experience 1931-1937
() and Lars Jonung
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.
Keywords: price level targeting; (follow links to similar papers)
JEL-Codes: E52; (follow links to similar papers)
51 pages, December 21, 1998
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