The Swedish Macroeconomic Policy Framework

27 Pages Posted: 6 Aug 2015

See all articles by Lars Calmfors

Lars Calmfors

Research Institute of Industrial Economics; IIES

Date Written: August 3, 2015


The paper describes the monetary and fiscal policy frameworks in Sweden and analyses how they were established as well as current challenges. Sweden provides a good example of how deep economic crisis, in interaction with independent thinking by academics and other experts as well as policy influences from abroad, can lead to fundamental reforms of policy frameworks. It remains to be seen whether it will be possible in Sweden to adapt the monetary and fiscal frameworks to changed circumstances, while still preserving the benefits they have delivered.

Keywords: Independent central banking, Inflation targeting, Fiscal rules, Fiscal councils

JEL Classification: E58, H61

Suggested Citation

Calmfors, Lars, The Swedish Macroeconomic Policy Framework (August 3, 2015). Available at SSRN: or

Lars Calmfors (Contact Author)

Research Institute of Industrial Economics ( email )

Box 55665
Grevgatan 34, 2nd floor
Stockholm, SE-102 15
+46761355814 (Phone)

IIES ( email )

Stockholm, SE-10691
+468163076 (Phone)

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