English, Article edition: A pioneer of a new monetary policy? Sweden's price-level targeting of the 1930s revisited STRAUMANN, TOBIAS; WOITEK, ULRICH

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Physical Description
  • article
Language
  • English

Edition details

Title
  • A pioneer of a new monetary policy? Sweden's price-level targeting of the 1930s revisited
Author
  • STRAUMANN, TOBIAS
  • WOITEK, ULRICH
Physical Description
  • article
Notes
  • The article re-examines Sweden's price-level targeting during the 1930s which is regarded as a precursor of today's inflation targeting. According to conventional wisdom, the Riksbank was the first central bank to adopt price-level targeting, although in practice giving priority to exchange-rate stabilisation. Based on Bayesian econometric techniques and the evaluation of new archival sources, we come to the conclusion that defending a fixed exchange rate is hard to reconcile with the claim of adopting price-level targeting. This finding has implications for the prevailing view of the 1930s as a decade of great policy innovations.
  • RePEc:cup:ereveh:v:13:y:2009:i:02:p:251-282_00
Language
  • English
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