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dc.contributor.authorJonung, Larsen_US
dc.contributor.authorFregert, Klasen_US
dc.coverage.temporal1995-2008en_US
dc.coverage.temporal1908-2008en_US
dc.date.accessioned2009-08-12T07:17:01Z-
dc.date.available2009-08-12T07:17:01Z-
dc.date.issued2008en_US
dc.identifier.citationEconomics: The Open-Access, Open-Assessment E-Journal 2 2008-31 1-25 doi:10.5018/economics-ejournal.ja.2008-31-
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2008-31-
dc.identifier.urihttp://hdl.handle.net/10419/27515-
dc.description.abstractWe evaluate the Swedish inflation targeting regime adopted in 1993−1995 using a novel approach based on a unique data set on the characteristics of collective wage agreements between 1908 and 2008. We find that the inflation targeting regime of 1995−2008 stands out as an exceptionally stable policy regime as judged by the willingness of wage contract-makers to repeatedly commit to three-year non-indexed wage agreements. Inflation targeting gained instant credibility in the sense that the labor market organizations entered long-term wage agreements at the same time as this new regime was announced. Inflation targeting has thus reduced macroeconomic uncertainty compared to previous regimes adopted in Sweden, including the gold standard before and after World War I, the price level targeting of the 1930s, the Bretton Woods period of fixed exchange rates. As judged by the reactions of the labor market participants, inflation targeting in Sweden is a success¯at least so far.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofserieseconomics - The Open-Access, Open-Assessment E-Journal 2008-31en_US
dc.subject.jelE30en_US
dc.subject.jelE42en_US
dc.subject.jelE65en_US
dc.subject.ddc330en_US
dc.subject.keywordInflation targetingen_US
dc.subject.keywordpolicy regimeen_US
dc.subject.keywordcontract lengthen_US
dc.subject.keywordwage indexationen_US
dc.subject.keywordLucas critiqueen_US
dc.subject.keywordSwedenen_US
dc.subject.keywordcredibilityen_US
dc.subject.stwInflation Targetingen_US
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen_US
dc.subject.stwLohnbildungen_US
dc.subject.stwTarifpolitiken_US
dc.subject.stwLohnindexierungen_US
dc.subject.stwSchwedenen_US
dc.titleInflation Targeting Is a Success, So Far: 100 Years of Evidence from Swedish Wage Contractsen_US
dc.typeArticleen_US
dc.identifier.ppn582143314en_US
dc.identifier.urlhttp://www.economics-ejournal.org/economics/journalarticles/2008-31-
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifweej:7398-
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles

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