Price stability and the Swedish monetary experiment
An examination of the feasibility and appropriateness of establishing a direct, price-index target as the primary objective of U.S. monetary policy, with particular emphasis on the Swedish Riksbank's experiment with such an approach during the 1930s.
AUTHORS: Gavin, William T.; Black, Susan
Are we like Sweden? recovery in the labor market
More than 20 years ago Sweden suffered a severe financial crisis that brought unemployment to an all-time high. To this day the unemployment rate has not returned to where it was before the crisis. Economists say that if the U.S. is anything like Sweden, our full recovery may still be a long way off. Sweden is like the U.S. in many ways, but the roots of its labor market troubles appear to be very different from ours.
AUTHORS: Ergungor, O. Emre
EU + Austria + Finland + Sweden + ?
AUTHORS: Zimmerman, Gary C.
The credibility of inflation targets
AUTHORS: Trehan, Bharat
Sweden's approach to monetary policy
The Sveriges Riksbank, the Swedish central bank, is an authority under the Riksdag (parliament) with responsibility for monetary policy. Its objectives are to maintain price stability and to promote a safe and efficient payment system. With the advent of the new regime, which went into effect in January 1999, the Riksdag appoints the Riksbank's Governing Council, which, in turn, appoints its Executive Board, including its Chairman, who serves as Governor of the Riksbank. A member of the Executive Board may not be a member of the Riksdag, a government minister, or an employee of the Government Office. Further, Executive Board members may not take or seek instructions with regard to monetary policy. Thus, the Executive Board has instrument, but not goal, independence.
AUTHORS: Little, Jane Sneddon
Quantitative easing the Swedish way
Most central banks implement quantitative easing through asset purchases. Sweden took a different path.
AUTHORS: Anderson, Richard G.
Is Cash Still King?
Feature article titled: "Is Cash Still King? Despite new technologies for electronic payments, cash has never been more popular. What's driving the demand?"
AUTHORS: Sablik, Timothy
What lessons can be learned from recent financial crises? : the Swedish experience
AUTHORS: Backstrom, Urban
The Swedish experience in reducing budget deficits and debt
By 1994, Sweden had a budget deficit of 10 percent of GDP, highest among OECD countries. Its public debt had doubled in three years. Such high debt levels were threatening Sweden's economic stability and making it increasingly vulnerable to disruptive global capital market flows. The new government that took office in late 1994 put in place an aggressive fiscal consolidation program aimed at reducing the deficit significantly by 1997 and balancing the budget by 1998.> Sweden's finance minister Persson discusses his country's recent efforts to reduce its budget deficit. In overview remarks made at the bank's 1995 symposium, "Reducing Budget Deficits and Debt: Issues and Options," Persson identified three elements that are required for a fiscal consolidation to be successful. First, the program must be designed so that the burdens are shared equitably. Otherwise, public support, which is absolutely essential, will be lacking. Second, and related, the consolidation program must be comprehensive, rather than a collection of ad hoc measures, making it clear to interest groups that everyone will be asked to make sacrifices. And third, the reform process and budgeting procedures should be as transparent as possible. Only in this way can credibility be established and maintained.
AUTHORS: Persson, Goran
The Swedish business cycle: stylized facts over 130 years
AUTHORS: Persson, Torsten; Hassler, John; Soderlind, Paul; Lundvik, Petter