Pioneering price level targeting: The Swedish experience 1931-1937

• 成果类型: Article; Proceedings Paper
• 署名作者: Berg, C; Jonung, L
• 署名单位: Sveriges Riksbank; Stockholm School of Economics
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(99)00004-5
• 发表日期: 1999
• 页码: 525-551
• 关键词: price level stabilization; inflation targeting; monetary policy; Knut Wicksell; sweden

摘要

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. (C) 1999 Elsevier Science B.V. All rights reserved.