NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Lars E.O. Svensson

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

Working Papers and Chapters

July 2014Comment on "Effective Monetary Policy Strategies in New-Keynesian Models: A Re-Examination"
in NBER Macroeconomics Annual 2014, Volume 29, Jonathan Parker and Michael Woodford, editors
September 2013The Possible Unemployment Cost of Average Inflation below a Credible Target
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November 2012Comment on "Capital Account Policies and the Real Exchange Rate"
in NBER International Seminar on Macroeconomics 2012, Francesco Giavazzi and Kenneth D. West, organizers
July 2012Comment on "The Great Inflation Drift"
in The Great Inflation: The Rebirth of Modern Central Banking, Michael D. Bordo and Athanasios Orphanides, editors
February 2012Practical Monetary Policy: Examples from Sweden and the United States
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Published: Lars E. O. Svensson, 2011. "Practical Monetary Policy: Examples from Sweden and the United States," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(1 (Spring), pages 289-352. citation courtesy of

December 2010Inflation Targeting
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Published: “Inflation Targeting,” in Friedman, Benjamin M., and Michael Woodford, eds., Handbook of Monetary Economics, Volume 3b, Elsevier, 2011.

September 2009Evaluating Monetary Policy
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Published: “Evaluating Monetary Policy,” in Koenig, Evan F., Robert Leeson, and George A. Kahn, eds., The Taylor Rule and the Transformation of Monetary Policy, Hoover Institution Press, 2012, p. 245-274 (revision and update of speech on March 13, 2009).

April 2009Anticipated Alternative Instrument-Rate Paths in Policy Simulations
with Stefan Laséen, Lars E.O. Svensson: w14902

Published: “Anticipated Alternative Instrument-Rate Paths in Policy Simulations” (with Stefan Laséen, Sveriges Riksbank), revised May 2011. International Journal of Central Banking 7(3) (2011) 1-35

November 2008Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model
with Malin Adolfson, Stefan Laséen, Jesper Lindé, Lars E.O. Svensson: w14510

Published: Adolfson, Malin & Laséen, Stefan & Lindé, Jesper & Svensson, Lars E.O., 2014. "Monetary policy trade-offs in an estimated open-economy DSGE model," Journal of Economic Dynamics and Control, Elsevier, vol. 42(C), pages 33-49. citation courtesy of

June 2008Optimal Monetary Policy in an Operational Medium-Sized DSGE Model
with Malin Adolfson, Stefan Laséen, Jesper Lindé, Lars E.O. Svensson: w14092

Published: Malin Adolfson & Stefan Laséen & Jesper Lindé & Lars E.O. Svensson, 2011. "Optimal Monetary Policy in an Operational Medium‐Sized DSGE Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(7), pages 1287-1331, October. citation courtesy of

April 2008Current Account Dynamics and Monetary Policy
with Andrea Ferrero, Mark Gertler, Lars E.O. Svensson: w13906

Published: Current Account Dynamics and Monetary Policy, Andrea Ferrero, Mark Gertler, Lars E. O. Svensson. in International Dimensions of Monetary Policy , Gali and Gertler. 2009

March 2008Optimal Monetary Policy under Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach
with Lars E.O. Svensson, Noah Williams: w13892

Published:

  • Lars E.O. Svensson & Noah Williams, 2008. "Optimal monetary policy under uncertainty: a Markov jump-linear-quadratic approach," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 275-294.
  • Lars E.O. Svensson & Noah Williams, 2009. "Optimal Monetary Policy under Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach," Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.), Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 3, pages 077-114 Central Bank of Chile.

September 2007Bayesian and Adaptive Optimal Policy under Model Uncertainty
with Lars E.O. Svensson, Noah M. Williams: w13414
June 2007Current Account Dynamics and Monetary Policy
with Andrea Ferrero, Mark Gertler
in International Dimensions of Monetary Policy , Jordi Galí and Mark J. Gertler, editors
November 2005Monetary Policy with Model Uncertainty: Distribution Forecast Targeting
with Lars Svensson, Noah Williams: w11733
August 2005Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con
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Published: Svensson, Lars E. O. "Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con." American Economic Review Vol. 96, No. 1, Mar., 2006

June 2005Optimal Policy Projections
with Lars O. Svensson, Robert J. Tetlow: w11392

Published: Lars E.O. Svensson & Robert J. Tetlow, 2005. "Optimal Policy Projections," International Journal of Central Banking, International Journal of Central Banking, vol. 1(3), December. citation courtesy of

March 2005Monetary Policy with Judgment: Forecast Targeting
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Published: Lars E O Svensson, 2005. "Monetary Policy with Judgment: Forecast Targeting," International Journal of Central Banking, International Journal of Central Banking, vol. 1(1), May. citation courtesy of

January 2005Time Consistency of Fiscal and Monetary Policy: A Solution
with Mats Persson, Torsten Persson, Lars E.O. Svensson: w11088

Published: Mats Persson & Torsten Persson & Lars E. O. Svensson, 2006. "Time Consistency of Fiscal and Monetary Policy: A Solution," Econometrica, Econometric Society, vol. 74(1), pages 193-212, 01. citation courtesy of

December 2004Implementing Optimal Policy through Inflation-Forecast Targeting
with Lars E.O. Svensson, Michael Woodford
in The Inflation-Targeting Debate, Ben S. Bernanke and Michael Woodford, editors
September 2004Targeting Rules vs. Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?
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Published: Svensson, Lars E. O. "Targeting Rules Versus Instrument Rules For Monetary Policy: What Is Wrong With McCallum And Nelson?," Federal Reserve Bank of St. Louis Review 87(5): 613-625, Sep/Oct 2005

August 2004Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank
with Olivier Jeanne, Lars E.O. Svensson: w10679

Published: Olivier Jeanne & Lars E. O. Svensson, 2007. "Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank," American Economic Review, American Economic Association, vol. 97(1), pages 474-490, March. citation courtesy of

December 2003Optimal Policy with Low-Probability Extreme Events
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Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others
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Published: Svensson, Lars O. "Escaping From A Liquidity Trap And Deflation: The Foolproof Way And Others," Journal of Economic Perspectives, 2003, v17(4,fall), 145-166. citation courtesy of

June 2003Implementing Optimal Policy through Inflation-Forecast Targeting
with Lars E. O. Svensson, Michael Woodford: w9747

Published: Implementing Optimal Policy through Inflation-Forecast Targeting, Lars E.O. Svensson, Michael Woodford. in The Inflation-Targeting Debate, Bernanke and Woodford. 2005

February 2003Monetary Policy and Real Stabilization
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Published:

  • Lars E.O Svensson, 2002. "Monetary policy and real stabilization," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, pages 261-312. citation courtesy of
  • Svensson, Lars E. O. "The Future Of Monetary Aggregates In Monetary Policy Analysis: Comment," Journal of Monetary Economics 50(5): 1061-1070, July 2003

January 2003Optimal Policy with Partial Information in a Forward-Looking Model: Certainty-Equivalence Redux
with Lars E. O. Svensson, Michael Woodford: w9430
What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules
w9421

Published: Svensson, Lars E. O. "What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Journal of Economic Literature 41(2): 426-277, June 2003 citation courtesy of

May 2002Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?
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Published: Svensson, Lars E. O. "Inflation Targeting: Should It Be Modeled As An Instrument Rule Or A Targeting Rule?," European Economic Review, 2002, v46(4-5,May), 771-780. citation courtesy of

April 2001Indicator Variables for Optimal Policy under Asymmetric Information
with Lars E.O. Svensson, Michael Woodford: w8255

Published:

  • Svensson, Lars E. O. and Michael Woodford. "Indicator Variables For Optimal Policy," Journal of Monetary Economics, 2003, v50(3,Apr), 691-720.
  • Svensson, Lars E. O. and Michael Woodford. "Indicator Variables for Optimal Policy under Asymmetric Information," Journal of Economic Dynamics and Control, 28(4): 661-690, January 2004 citation courtesy of

December 2000Money and Inflation in the Euro Area: A Case for Monetary Indicators?
with Stefan Gerlach, Lars E.O. Svensson: w8025

Published: Gerlach, Stefan and Lars E. O. Svensson. "Money And Inflation In The Euro Area: A Case For Monetary Indicators?," Journal of Monetary Economics, 2003, v50(8,Nov), 1649-1672. citation courtesy of

October 2000Indicator Variables for Optimal Policy
with Lars E.O. Svensson, Michael Woodford: w7953

Published:

The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap
w7957

Published:

  • Monetary and Economic Studies, Vol. 19, S1 (February 2001): 277-312 citation courtesy of
  • as "Escaping From A Liquidity Trap And Deflation: The Foolproof Way And Others," Journal of Economic Perspectives, Vol. 17, no. 4 (Autumn 2003): 145-166

August 2000The First Year of the Eurosystem: Inflation Targeting or Not?
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Published: American Economic Review: Papers and Proceedings, Vol. 90, No. 2, (May, 2000). citation courtesy of

June 2000Open-Economy Inflation Targeting
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Published: Journal of International Economics, Vol. 50 (2000): 155-183. citation courtesy of

Does the P* Model Provide Any Rationale for Monetary Targeting?
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Published: German Economic Review, Vol. 1, no. 1 (February 2000): 69-81. citation courtesy of

February 2000How Should Monetary Policy be Conducted in an Era of Price Stability?
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Published: Lars E.O. Svensson, 1999. "How should monetary policy be conducted in an era of price stability?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 195-259. citation courtesy of

August 1999Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability
w7276

Published:

  • Svensson, Lars E. O. "Price-Level Targeting Versus Inflation Targeting: A Free Lunch?," Journal of Money, Credit and Banking, 1999, v31(3,Aug), Part 1, 277-295.
  • The Monetary Transmission Process, Recent Developments and Lessons for Europe. London: MacMillan, 2001.

June 1999The Equilibrium Degree of Transparency and Control in Monetary Policy
with Jon Faust, Lars E.O. Svensson: w7152

Published: Journal of Money, Credit, and Banking, Vol. 34, no. 2 (May 2002): 520-539 citation courtesy of

Monetary Policy Issues for the Eurosystem
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Published:

Eurosystem Monetary Targeting: Lessons from U.S. Data
with Glenn D. Rudebusch, Lars E.O. Svensson: w7179

Published: Rudebusch, Glenn D. and Lars E. O. Svensson. "Eurosystem Monetary Targeting: Lessons From U.S. Data," European Economic Review, 2002, v46(3,Mar), 417-442. citation courtesy of

January 1999Policy Rules for Inflation Targeting
with Glenn Rudebusch, Lars E.O. Svensson
in Monetary Policy Rules, John B. Taylor, editor
November 1998Inflation Targeting as a Monetary Policy Rule
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Published: Journal of Monetary Economics, Vol. 43 (1999): 607-654. citation courtesy of

April 1998Policy Rules for Inflation Targeting
with Glenn D. Rudebusch, Lars E. O. Svensson: w6512

Published:

March 1998Transparency and Credibility: Monetary Policy with Unobservable Goals
with Jon Faust, Lars E. O. Svensson: w6452

Published: International Economic Review, Vol. 42, no. 2 (May 2001): 369-397 citation courtesy of

March 1997Inflation Targeting: Some Extensions
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Published: Scandinavian Journal of Economics, vol 101, no 3, pp. 337-361, 1999. citation courtesy of

January 1997New Techniques to Extract Market Expectations from Financial Instruments
with Paul Soderlind, Lars E. O. Svensson: w5877

Published: Journal of Monetary Economics, Vol. 40, no. 2 (October 1997): 383-429. citation courtesy of

October 1996Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets
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Published: European Economic Review, Vol. 41 (1997): 1111-1146. citation courtesy of

September 1996Debt, Cash Flow and Inflation Incentives: A Swedish Example
with Mats Persson, Torsten Persson, Lars E. O. Svensson: w5772

Published: The Debt Burden and it's Consequences for Monetary Policy, King, M. and G. Calvo, eds., London: MacMillan, 1998, pp. 28-62.

August 1996Price Level Targeting vs. Inflation Targeting: A Free Lunch?
w5719

Published: Journal of Money, Credit and Banking, Vol. 31 (1999): 277-295.

September 1995Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts
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Published: American Economic Review 87, pp. 98-114 (1997) citation courtesy of

January 1995The Swedish Experience of an Inflation Target
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Published: Inflation Targets, Leonardo Leiderman and Lars E.O. Svensson, editors. London: CEPR, 1995. pp 69-89

December 1994The Operation and Collapse of Fixed Exchange Rate Regimes
with Peter M. Garber, Lars E.O. Svensson: w4971

Published:

  • Garber, Peter M. & Svensson, Lars E.O., 1995. "The operation and collapse of fixed exchange rate regimes," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 36, pages 1865-1911 Elsevier.
  • Handbook of International Economics, G. Grossman and K. Rogoff, eds. Vol. III, North Holland, Amsterdam,(1995) pp. 1865-1911.

September 1994Estimating and Interpreting Forward Interest Rates: Sweden 1992 - 1994
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Published: "Estimating Forward Interest Rates with the Extended Nelson and Siegel Method," Sveriges Riksbank Quarterly Review 1995:3, pp 13-26

January 1994Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators
w4633

Published: Banque de France, Cahiers economiques et monetaires, ed. Jean-Marie Roux,vol. 43, no. 0396-4701, pp 305-332, (1994)

December 1993The Simplest Test of Inflation Target Credibility
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November 1993Term, Inflation, and Foreign Exchange Risk Premia: A Unified Treatment
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October 1993European Exchange Rate Credibility Before the Fall
with Andrew K. Rose, Lars E.O. Svensson: w4495

Published: European Economic Review, Vol. 38, no. 6, pp. 1185, (June 1994). citation courtesy of

Fixed Exchange Rates as a Means to Price Stability: What Have We Learned
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Published: European Economic Review, vol. 38, no. 1, pp. 447-468, January 1994 EEA Alfred Marshall Lecture citation courtesy of

November 1992Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates
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Published: Journal of Monetary Economics, vol. 33, 1994, pp. 157-199 citation courtesy of

December 1991How Long do Unilateral Target Zones Last?
with Bernard Dumas, Lars E.O. Svensson: w3931

Published: Journal of International Economics, 36 (1994) pp. 467-481 citation courtesy of

November 1991Devaluation Expectations: The Swedish Krona 1982-1991
with Hans Lindberg, Lars E.O. Svensson, Paul Soderlind: w3918

Published: Economic Journal. vol. 103, pp. 1170-1179, (1993)

July 1991Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992
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Published: European Economic Review, Vol. 37, p. 763-793 (1993) citation courtesy of

April 1991Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS
with Andrew K. Rose, Lars E.O. Svensson: w3685

Published: Scandinavian Journal of Economics, Vol. 97, No. 2 (1995), 173-200

January 1991Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models
with Giuseppe Bertola, Lars E.O. Svensson: w3576

Published: Review of Economic Studies, vol. 60, no. 3, July 1993 pp. 689-712, citation courtesy of

October 1990The Foreign Exchange Risk Premium in a Target Zone with Devaluation Risk
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Published: Journal of International Economics, Vol 33, 1992. pp. 21-40 citation courtesy of

June 1990The Term Structure of Interest Rate Differentials in a Target Zone: Theory and Swedish Data
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Published: Journal of Monetary Economics, Vol. 28, pp. 87-116, (1991). citation courtesy of

The Simplest Test of Target Zone Credibility
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Published:

  • International Monetary Fund Staff Papers, Vol. 38, No. 3, pp. 655-665, (September 1991).
  • Lars E. O. Svensson, 1991. "The Simplest Test of Target Zone Credibility," IMF Staff Papers, Palgrave Macmillan, vol. 38(3), pages 655-665, September. citation courtesy of

December 1989Target Zones and Interest Rate Variability
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Published: Journal of International Economics, Vol. 31, pp. 27-54, (1991). citation courtesy of

1989Exchange Rate Variability And Asset Trade
with Torsten Persson, Lars E.O. Svensson: w2811

Published: Journal of Monetary Economics, Vol. 23, No. 3, pp. 485-509, (May 1989). citation courtesy of

November 1988Portfolio Choice and Asset Pricing With Nontraded Assets
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Published: Svensson, Lars E. O. and Ingrid M. Werner. "Nontraded Assets In Incomplete Markets: Pricing And Portfolio Choice," European Economic Review, 1993, v37(5), 1149-1168.

October 1987Trade in Risky Assets
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Published: American Economic Review, Vol. 78, No. 3, (June 1988). citation courtesy of

Trade in Nominal Assets: Monetary Policy, and Price Level and Exchange Rate Risk
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Published: "Trade in Nominal Assets." From Journal of International Economics, Vol. 26, No. 1/2, pp. 1-28, (February 1989). citation courtesy of

May 1987Excess Capacity, Monopolistic Competition, and International Transmission of Monetary Disturbances
with Lars E.O. Svensson, Sweder van Wijnbergen: w2262

Published: The Economic Journal, Vol. 99, No. 397, pp. 785-805, (September 1989). citation courtesy of

November 1986Laws as Assets: A Possible Solution to the Time Consistency Problem
with Laurence J. Kotlikoff, Torsten Persson, Lars E.O. Svensson: w2068

Published: "Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem." From American Economic Review, Vol. 78, No. 4, pp. 662-677,(September 1988).

April 1985Capital Flows, Investment, and Exchange Rates
with Alan C. Stockman, Lars E.O. Svensson: w1598

Published: Stockman, Alan C. and Lars E.O. Svensson. "Capital Flows, Investment, and Exchange Rates," Journal of Monetary Economics, Vol. 19, (1987), pp. 171-201 . citation courtesy of

May 1983The Theorems of International Trade with Factor Mobility
with Wilfred J. Ethier, Lars E.O. Svensson: w1115

Published: Ethier, Wilfred J. and Lars E.O. Svensson. "The Theorems of International Trade with Factor Mobility," Journal of International Economics, vol. 20, 1986, pp. 21-42. citation courtesy of

Current Account Dynamics and the Terms of Trade: Harberger-Laursen-Metzler Two Generations Later
with Torsten Persson, Lars E.O. Svensson: w1129

Published: Persson, Torsten and Lars E.O. Svensson. "Current Account Dynamics and the Terms of Trade: Harberger-Laursen-Metzler Two Generations Later," Journal of Political Economy, Vol. 93, 1985, pp. 43-65. citation courtesy of

March 1983Trade in Goods and Factors with International Differences in Technology
with James R. Markusen, Lars E.O. Svensson: w1101

Published: Markusen, James R. and Lars E.O. Svensson. "Trade in Goods and Factors with International Differences in Technology," International Economic Review, Vol. 26, 1985, pp. 175-192. citation courtesy of

February 1983World Equilibrium with Oil Price Increases: An Intertemporal Analysis
with Nancy Peregrim Marion, Lars E.O. Svensson: w1074

Published: Marion, Nancy Peregrim and Lars E. O. Svensson. "World Equilibrium with Oil Price Increases: An Intertemporal Analysis." Oxford Economic Papers, Vol. 36, (March 1984), pp 86-102. citation courtesy of

1983Is Optimism Good in a Keynesian Economy?
with Torsten Persson, Lars E.O. Svensson: w1071

Published: Persson, Torsten and Lars E.O. Svensson. "Is Optimism Good in a Keynesian Economy?" Economica, Vol. 50, No. 199, (August 1983), pp. 291-300. citation courtesy of

October 1982Adjustment to Expected and Unexpected Oil Price Changes
with Nancy Peregrim Marion, Lars E.O. Svensson: w0997

Published: Marion, N.P. and Svensson, L., Canadian Journal of Economics, Vol.17, no.1, pp. 15-31, February 1984. citation courtesy of

Factor Trade and Goods Trade
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Published: Svensson, Lars E. O. "Factor Trade and Goods Trade." Journal of International Economics, Vol. 16, 1984, pp. 365-378. citation courtesy of

September 1982Inflation, Monetary Velocity, and Welfare
with Paul R. Krugman, Torsten Persson, Lars E.O. Svensson: w0987

Published: Krugman, Paul, Torsten Persson and Lars E.O. Svensson. "Inflation, Interest Rates, and Welfare," Quarterly Journal of Economics, Vol. 100, 1985, pp. 6 77-695.

Oil Prices, Welfare and the Trade Balance: An Intertemporal Approach
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Published: Svensson, Lars E.O. "Oil Prices, Welfare and the Trade Balance: An Intertemporal Approach." Quarterly Journal of Economics, Vol. 99, 1984, pp. 649-672 .

On Variable Capital Utilization and International Trade Theory
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Published: Svensson, Lars E.O. "On Variable Capital Utilization and International Trade Theory." Economics Letters, Vol. 11, No. 4, (1983), pp. 377-384. citation courtesy of

1982Structural Differences and Macroeconomic Adjustment to Oil Price Increases in a Three-Country Model
with Nancy Peregrim Marion, Lars E.O. Svensson: w0839

Published: Marion, Nancy Peregrim and Lars E. O. Svensson."The Terms of Trade Between Oil Importers," Journal of International Economics, Vol. 20, pp. 99-113, Feb. 1986. IIES Seminar Paper No. 248.

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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