NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Sweden's Fiscal Framework and Monetary Policy

Eric M. Leeper

NBER Working Paper No. 24743
Issued in June 2018
NBER Program(s):Economic Fluctuations and Growth

Basic economic reasoning tells us that monetary and fiscal policies always interact to jointly determine aggregate demand and the overall level of prices in the economy. This paper interprets Sweden's explicit monetary and fiscal frameworks in light of this reasoning, bringing recent Swedish inflation and interest-rate developments to bear on the interpretations. Theory and evidence raise the question of whether the two policy frameworks are mutually consistent.

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Document Object Identifier (DOI): 10.3386/w24743

 
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