The browser you are using is not supported by this website. All versions of Internet Explorer are no longer supported, either by us or Microsoft (read more here: https://www.microsoft.com/en-us/microsoft-365/windows/end-of-ie-support).

Please use a modern browser to fully experience our website, such as the newest versions of Edge, Chrome, Firefox or Safari etc.

Lars Jonung. Photo.

Lars Jonung

Professor emeritus

Lars Jonung. Photo.

Pioneering price level targeting : The Swedish experience 1931-1937*

Author

  • Claes Berg
  • Lars Jonung

Summary, in English

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.

Publishing year

1999-06

Language

English

Pages

525-551

Publication/Series

The ICFAI Journal of Monetary Economics

Volume

43

Issue

3

Document type

Journal article

Topic

  • Economic History

Keywords

  • price level stabilization
  • inflation targeting
  • monetary policy
  • Knut Wicksell
  • Sweden
  • E52
  • E58
  • E31

Status

Published

ISBN/ISSN/Other

  • ISSN: 0972-9291