Scandinavian Working Papers in Economics

SSE/EFI Working Paper Series in Economics and Finance,
Stockholm School of Economics

No 290: Pioneering Price Level Targeting:The Swedish Experience 1931-1937

Claes Berg () and Lars Jonung ()
Additional contact information
Claes Berg: Sveriges Riksbank, Postal: SE-103 37 Stockholm, Sweden
Lars Jonung: Dept. of Economics, Stockholm School of Economics, Postal: P.O. Box 6501, SE-113 83 Stockholm, Sweden

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 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 stabilization; inflation targeting; monetary policy; Knut Wicksell; Sweden

JEL-codes: E31; E52; E58

30 pages, December 21, 1998

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