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dc.contributor.authorJonung, Larsen
dc.contributor.authorFregert, Klasen
dc.date.accessioned2009-08-12T07:17:01Z-
dc.date.available2009-08-12T07:17:01Z-
dc.date.issued2008-
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal|c1864-6042|v2|h2008-31|nKiel Institute for the World Economy (IfW)|lKiel|y2008|p1-25en
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2008-31en
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.subject.jelE30en
dc.subject.jelE42en
dc.subject.jelE65en
dc.subject.ddc330en
dc.subject.keywordInflation targetingen
dc.subject.keywordpolicy regimeen
dc.subject.keywordcontract lengthen
dc.subject.keywordwage indexationen
dc.subject.keywordLucas critiqueen
dc.subject.keywordSwedenen
dc.subject.keywordcredibilityen
dc.subject.stwInflation Targetingen
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen
dc.subject.stwLohnbildungen
dc.subject.stwTarifpolitiken
dc.subject.stwLohnindexierungen
dc.subject.stwSchwedenen
dc.titleInflation Targeting Is a Success, So Far: 100 Years of Evidence from Swedish Wage Contracts-
dc.typeArticleen
dc.identifier.ppn582143314en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifweej:7398en
econstor.citation.journaltitleEconomics: The Open-Access, Open-Assessment E-Journalen
econstor.citation.issn1864-6042en
econstor.citation.volume2en
econstor.citation.issue2008-31en
econstor.citation.publisherKiel Institute for the World Economy (IfW)en
econstor.citation.publisherplaceKielen
econstor.citation.year2008en
econstor.citation.startpage1en
econstor.citation.endpage25en

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