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A pioneer of a new monetary policy? Sweden's price-level targeting of the 1930s revisited

  • STRAUMANN, TOBIAS
  • WOITEK, ULRICH

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.

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Article provided by Cambridge University Press in its journal European Review of Economic History.

Volume (Year): 13 (2009)
Issue (Month): 02 (August)
Pages: 251-282

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Handle: RePEc:cup:ereveh:v:13:y:2009:i:02:p:251-282_00
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