Claes-henric Siven, Lars Jonung, Bo S, Otto Steiger, Hans-michael Trautwein
One interpretation of the term monetary equilibrium is partial equilibrium in the money market. An example of this is that at a certain rate of interest, demand for and supply of money are equal (the...
The Swedish referendum in September 2003 on adopting the euro or keeping the domestic currency, the krona, represents a unique event to examine the public’s perceptions of the benefits and costs of...
http://www.iue.it/RSCAS/WP-Texts/02_46.pdf
http://www.iue.it/RSCAS/WP-Texts/02_46.pdf
http://www.iue.it/RSCAS/WP-Texts/02_46.pdf
Pioneering Price Level Targeting: The Swedish Experience 1931-1937 (1998)
In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted...
INSTITUTIONAL CHANGE AND THE VELOCITY OF MONEY: A CENTURY OF EVIDENCE (1997)
BORDO, MICHAEL D., JONUNG, LARS, SIKLOS, PIERRE L.
We study common features in the income velocity of money, income, and interest rates for Canada, the U.S., the U.K., Sweden and Norway using annual data from 1870. The recently developed and refined...
The income velocity of money in Canada, the United States, Great Britain, Norway and Sweden displays a U-shaped pattern over the last one hundred years. This paper presents and tests empirically an...
Studies in the monetary history of Sweden /--by Jon Lars Birger Jonung. (1975)
Description from photocopy.
Michael D. Bordo, Lars Jonung, Pierre Siklos
Previous evidence, most recently by Bordo and Jonung (1990) and Silclos (1988b, 1991), has shown on a country-by-country basis that proxies for institutional change significantly improve our...
Improving fiscal policy in the EU: the case for independent forecasts
"We point out that official forecasts of output dynamics are crucial to the assessment of cyclically adjusted budget balances, and provide evidence that in some euro-area countries biased forecasts...
The Boom-Bust Cycle in Finland and Sweden 1984-1995 in an International Perspective
Lars Jonung, Ludger Schuknecht, Mika Tujula
This paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period...
The Global Velocity Curve 1952-1982
This paper provides evidence and an explanation for an empirical regularity in the income velocity of money. Based on a cross country comparison in the post World War II period of 84 countries...
The Long-Run Behavior of Velocity: The Institutional Approach Revisited
In this paper we provide evidence using annual data for the period 1880 to 1986 that institutional variables are significant determinants of velocity in the United States, United Kingdom, Canada,...
The Stochastic Properties of Velocity: A New Interpretation
A number of recent studies have concluded that velocity for the United States for the past century displays the characteristics of a random walk without drift. In this study, we confirm this result...
EMU; European Central Bank; Euro; fiscal policy
Historical evidence on business cycles: the international experience
U. Michael Bergman, Michael D. Bordo, Lars Jonung
Gross domestic product ; Business cycles
In this study, the recent literature on the integration of fiscal and monetary policy is used to examine the suspensions and resumptions of currency convertibility in Sweden during the period...
External influences in Nordic business cycles, 1870–1988
Michael Bergman, Stefan Gerlach, Lars Jonung
This paper considers the relationship of the Nordic business cycle to the world business cycle using annual output data spanning 1870–1988. The paper studies the Nordic and a set of non-Nordic...
The long-run behavior of velocity: the institutional approach revisited: introduction
Velocity of money
Pioneering Price Level Targeting: The Swedish Experience 1931-1937
In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted...
Off Gold and Back again. Finnish and Swedish Monetary Policies 1914-25
This paper compares monetary and economic developments in Sweden and Finland during the period 1914-1939. Both countries experienced high monetary growth and high rates of inflation as a result of...
Monetary Regimes, Inflation and Monetary Reform: An Essay in Honor of Axel Leijonhufvud
Bordo, Michael D., Jonung, Lars
Axel Leijonhufvud has written extensively on monetary regimes and monetary reform. His contributions in these fields are examined here using evidence from 15 countries over the past century with...
Economic Growth and the Swedish Model
Henrekson, Magnus, Jonung, Lars, Stymne, Joakim
We examine the growth performance of Sweden in the post-World War II period, focusing on explaining the relative decline of economic growth in Sweden since the early 1970s. The hypothesis that the...
Finance and Economic Growth. The Case of Sweden 1834-1991
This study examines the long-run relationship between finance and economic growth in Sweden from the 1830s until the 1990s using recently developed econometric techniques for tests of cointegration....
Should Finland and Sweden Form a Monetary Union?
Jonung, Lars, Sjöholm, Fredrik
This paper surveys the future exchange rate policy of Finland and Sweden using the theory of optimal currency areas as a framework for the analysis. We examine which countries are most suitable to...
Historical Evidence on Business Cycles: The International Experience
Bergman, U. Michael, Bordo, Michael D., Jonung, Lars
This paper examines the characteristics of business cycles within and across thirteen countries for more than a century of observations adopting a monetary regime perspective. We search for empirical...
Pioneering Price Level Targeting:The Swedish Experience 1931-1937
In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted...
A Return to the Convertibility Principle? Monetary And Fiscal Regimes in Historical Perspective.
Bordo, Michael D., Jonung, Lars
What is the long-run relationship between monetary and fiscal policies? This paper provides an answer by examining a large set of data covering major economies during the past 115 years. The evidence...
Ohlin on the Great Depression. The popular message in the daily press
This paper traces the development of Bertil Ohlin's views on issues such as the causes of the depression of the 1930's, policies against the depression, the use of fiscal and monetary policies, and...
MONETARY REGIMES AND ENDOGENOUS WAGE CONTRACTS: SWEDEN 1908-1995
We examine Gray´s theory of endogenous length of wage contracts and inflation indexation, using a uniquely long data set of blue-collar worker collective agreements in Sweden 1908-1995. Volatile...
Economic Growth and the Swedish Model
Henrekson, Magnus, Jonung, Lars, Stymne, Joakim
We examine the growth performance of Sweden in the post-World War II period, focusing on explaining the relative decline of economic growth in Sweden since the early 1970's. The hypothesis that the...
Institutional Change and the Velocity of Money: A Century of Evidence.
Bordo, Michael D, Jonung, Lars, Siklos, Pierre L
The authors study common features in the income velocity of money, income, and interest rates for Canada, the United States, the United Kingdom, Sweden, and Norway using annual data from 1870. The...
Inflation Targeting Is a Success, So Far: 100 Years of Evidence from Swedish Wage Contracts
Inflation targeting was adopted by several countries, including Sweden, in the 1990s. We evaluate the Swedish inflation targeting regime since 1995 using a novel approach based on a unique data set...
The Future of EMU: What Does the History of Monetary Unions Tell Us?
The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to a number of shortcomings or hazard areas' in the construction of EMU, such as...
The Swedish referendum in September 2003 on adopting the euro or keeping the domestic currency, the krona, represents a unique event to examine the public’s perceptions of the benefits and costs of...
Monetary Regimes, Inflation And Monetary Reform: An Essay in Honor of Axel Leijonhufvud
Over the past decade and a half Axel Leijonhufvud has written extensively on monetary regimes and their connection to nominal and real economic performance. Monetary regimes are important because...
Inflation Targeting Is a Success, So Far: 100 Years of Evidence from Swedish Wage Contracts
We 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....
Lessons from Financial Liberalisation in Scandinavia
The causes and consequences of the financial crises in the Nordic countries in the early 1990s are examined and lessons from this episode are extracted. The focus is on the boom–bust episode in...
Bertil Ohlin: A Centennial Celebration (1899-1999)
Ronald Findlay, Lars Jonung, Mats Lundahl
Bertil Ohlin, international trade theorist, winner of the 1977 Nobel Prize in Economics, and leader of the Swedish Liberal Party for more than twenty years, is considered to be the major single...
The Internationalisation of Asset Ownership in Europe
Financial markets in Europe have become increasingly integrated in recent years, leading to a rise in foreign ownership of domestic equities and other assets. This volume brings together ten expert...
Lessons for China from Financial Liberalization in Scandinavia
Hongyi Chen, Lars Jonung, Olaf Unteroberdoerster
This report identifies a set of policy lessons for China today drawn from the experience of financial deregulation, financial crisis and recovery in Scandinavia during the period 1985-2000. Although...
Depression in the north - boom and bust in Sweden and Finland, 1985-93
Lars Jonung, Hans Tson Söderström, Joakim Stymne
A comparison of the boom-and-bust cycle of Sweden and Finland during 198593 reveals remarkable similarities. We examine macroeconomic developments during the period with a special emphasis on asset...