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Lars Jonung. Photo.

Lars Jonung

Professor emeritus

Lars Jonung. Photo.

Knut wicksell's norm of price stabilization and Swedish monetary policy in the 1930's

Author

  • Lars Jonung

Summary, in English

This paper examines the conduct and the effects of Swedish monetary policy in the 1930's. Three major conclusions emerge from the study: (1) The conduct of monetary policy specifically the devaluation of the Swedish currency in 1931 and the subsequent program of price stabilization, had a major effect on the aggregative behavior of the Swedish economy in the 1930's. (2) The impact of the new fiscal policy was insignificant compared to the effects of monetary measures and international developments. (3) The framing of Swedish monetary policy in the 1930's was strongly influenced by Wicksell's norm of price stabilization and the recommendations of the old generation of monetary economists represented by Gustav Cassel and Eli Heckscher.

Department/s

  • Department of Economics

Publishing year

1979-10

Language

English

Pages

459-496

Publication/Series

The ICFAI Journal of Monetary Economics

Volume

5

Issue

4

Document type

Journal article

Topic

  • Economic History

Status

Published

ISBN/ISSN/Other

  • ISSN: 0972-9291