Cassel, Davidson and Heckscher on swedish monetary policy: A confidential report to the riksbank in 1931

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When Sweden was forced to leave the gold standard in September 1931—one week after the Bank of England had taken the same step—the Swedish authorities declared that the aim of Swedish monetary policy should be to stabilize the internal purchasing power of the krona. that is, a price stabilization norm was adopted by the Government as the guide for the Riksbank. The Riksbank, left with the task of implementing this policy, turned to three renowned economists for advice, Gustav Cassel, David Davidson and Eli Heckscher. Their recommendations concerning the proper aims and means for Swedish monetary policy, given in three separate reports at the end of October 1931, have thus far remained classified documents, kept in the archives of the Riksbank.


Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Economic History
Original languageEnglish
Pages (from-to)85-101
Number of pages17
JournalScandinavian Economic History Review
Issue number2
Publication statusPublished - 1979
Publication categoryResearch

Bibliographic note

Cited By :8 Export Date: 22 February 2017