The Swedish Experience of an Inflation Target

Lars Svensson

No 1103, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: The paper gives a brief account of the Swedish experience of an inflation target in a floating exchange rate regime; identifies, documents and discusses the current problems in Swedish monetary policy and their origins; suggests what can be done to remedy the problems; and draws some general conclusions. The two main current problems are the lack of credibility of the target and the significant risk that the target will be missed. The reasons for the lack of credibility include the fiscal situation, the institutional set-up of monetary policy, the political division about monetary policy, and the insufficient transparency of and commitment to the current inflation-targeting policy.

Keywords: Floating Exchange Rates; Monetary Policy (search for similar items in EconPapers)
JEL-codes: E32 F33 F41 (search for similar items in EconPapers)
Date: 1995-01
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Citations: View citations in EconPapers (38)

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Related works:
Working Paper: The Swedish Experience of an Inflation Target (1995)
Working Paper: The Swedish Experiences of Inflation Target (1994)
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