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The first practical guide to inflation targeting

Jonung, Lars - 2023

When Sweden left the gold standard on September 27, 1931, the Swedish government declared that the aim of monetary … policy should be to stabilize the domestic purchasing power of the Swedish currency, the krona. With this step, price level … targeting officially became for the first time the goal for a central bank. Soon after, the Riksbank (Bank of Sweden) sent a …

Persistent link: https://www.econbiz.de/10014551682

Open mouth operations: Monetary policy by threats and arguments : the monthly meetings between the Riksbank and the commercial banks, 1956-73

Jonung, Lars - 2023

After World War II and prior to the financial deregulation of the 1980s, monetary policy in Sweden as well as in other …

Persistent link: https://www.econbiz.de/10014551738

Reforming the Fiscal Framework. The Case of Sweden 1973-2013

Jonung, Lars - 2014

This paper explores the evolution of Swedish fiscal policy from one extreme approach to another one in less than four decades. After the demise of the Bretton Woods-system in the early 1970s, Swedish fiscal policy was based on a Keynesian approach with the goal to stabilize the business cycle...

Persistent link: https://www.econbiz.de/10013208694

The Swedish Experience of Fiscal Reform: Lessons for Portugal

Jonung, Lars - 2014

that gradually emerged in Sweden after the deep economic crisis of the early 1990s. By now, Swedish public finances stand … out among the strongest in Europe. Recent Swedish macroeconomic performance has been impressive. As Sweden and Portugal … are small open economies in the periphery of Europe, Sweden may serve as a fiscal model for Portugal. Policy lessons are …

Persistent link: https://www.econbiz.de/10013208695

The Return of the Original Phillips curve? An Assessment of Lars E. O. Svensson's Critique of the Riksbank's Inflation Targeting, 1997-2012

Andersson, Fredrik N. G.; Jonung, Lars - 2015

We assess Lars E O Svensson's prominent critique of the Swedish Riksbank. We reject his two major claims: first that the Riksbank has anchored inflation expectations at the 2 percent inflation target, and second, that the original version of the Phillips curve, based constant inflation...

Persistent link: https://www.econbiz.de/10013208696

How Tolerant Should Inflation-Targeting Central Banks Be? Selecting the Proper Tolerance Band - Lessons from Sweden

Andersson, Fredrik N. G.; Jonung, Lars - 2017

Should an inflation-targeting central bank have an explicit tolerance band around its inflation target? This paper provides an answer derived from the Swedish experience. The Riksbank is exceptional in the sense that it first adopted and later abolished an explicit band and is currently...

Persistent link: https://www.econbiz.de/10013208782

Lessons for Iceland from the Monetary Policy of Sweden

Andersson, Fredrik N. G.; Jonung, Lars - 2018

The purpose of this report is to derive lessons from inflation targeting in Sweden for the choice of the future … integration. In other words, the Riksbank has behaved as if Sweden had a fixed exchange rate to the euro. Our analysis clearly … currency board would provide exchange rate and price stability. A currency board would require domestic reforms to enhance …

Persistent link: https://www.econbiz.de/10013208816

The Swedish Fiscal Framework – The Most Successful One in the EU?

Andersson, Fredrik N. G.; Jonung, Lars - 2019

This paper discusses the history and future of the Swedish fiscal framework. First, we claim that the fiscal framework has contributed to a sharp decline in the debt-to-GDP ratio, from one of the highest to one of the lowest in the European Union. Next, we focus on the future. Despite its...

Persistent link: https://www.econbiz.de/10013208847

The Tyranny of the Tenths. The Rise and Gradual Fall of Forward Guidance in Sweden 2007-2018

Andersson, Fredrik N. G.; Jonung, Lars - 2019

This paper examines the Swedish experience of forward guidance 2007-2018. We focus on three interrelated issues: first, the effects of forward guidance on the discussion within the Board of Directors of the Riksbank, second, on the communication between the Riksbank and the public, and third, on...

Persistent link: https://www.econbiz.de/10013208855

"Too Bad to Be True". Swedish Economists on Keynes's 'The Economic Consequences of the Peace, 1919-1929'

Carlson, Benny; Jonung, Lars - 2019

This paper examines the response of five prominent Swedish economists, David Davidson, Gustav Cassel, Eli Heckscher, Knut Wicksell and Bertil Ohlin, to John Maynard Keynes's "The Economic Consequences of the Peace" and to the German reparations in the 1920s. When Keynes's book appeared, Davidson...

Persistent link: https://www.econbiz.de/10013208857