OVERVALUED: SWEDISH MONETARY POLICY IN THE 1930s

被引：4

作者：

Rathke, Alexander ^{[1
]}

Straumann, Tobias

Woitek, Ulrich

机构：

[1] Swiss Fed Inst Technol, KOF Swiss Econ Inst, Leonhardstr 21, CH-8092 Zurich, Switzerland

来源：

INTERNATIONAL ECONOMIC REVIEW | 2017年 / 58卷 / 04期

关键词：

SMALL OPEN-ECONOMY; EXCHANGE-RATE; PASS-THROUGH; MODEL; MACROECONOMICS; STABILIZATION; ENVIRONMENT; RECOVERY;

D O I：

10.1111/iere.12254

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The article discusses Sweden's monetary policy in the 1930s, which has been hailed as the first and only example of successful price-level targeting. Our contribution is twofold. First, we argue that the crucial measure that immediately ended deflationary expectations and enabled a swift recovery was a strong and involuntary devaluation of the currency, not the adoption of a new monetary policy framework. Second, starting from the recent literature on monetary policy at the zero-lower bound, we conclude that Sweden's exchange rate policy is more relevant for the current discussion than its tentative experience with price-level targeting.

引用

页码：1355 / 1369

页数：15

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