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Reform Capacity and Macroeconomic Performance in the Nordic Countries$
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Torben M. Andersen, Michael Bergman, and Svend E. Hougaard Jensen

Print publication date: 2015

Print ISBN-13: 9780198717102

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780198717102.001.0001

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What Scope for Monetary Policy?

What Scope for Monetary Policy?

Experiences from the Nordic Countries after the Financial Crisis1

Chapter:
(p.105) 5 What Scope for Monetary Policy?
Source:
Reform Capacity and Macroeconomic Performance in the Nordic Countries
Author(s):

Anders Møller Christensen

Niels Lynggård Hansen

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198717102.003.0008

This chapter reports on differences in monetary-policy responses to pressures after the financial crisis across the Nordic countries. Based on an analysis of a broad set of macroeconomic data, including an econometric analysis of a data set covering 21 OECD countries over the last 40 years, it is found that whereas monetary policy, unlike other important characteristics, is a distinguishing feature between the Nordic economies, it is certainly not the main factor explaining the economic performance in different countries in recent years. Instead, differences in performance are mainly attributed to differences in terms of fiscal discipline and stability-oriented economic policies in the years before the crisis. As long as monetary policy is managed consistently, and supported by a stability-oriented fiscal policy, the choice of intermediate targets seems to be of minor importance.

Keywords:   monetary policy, financial crisis, macroeconomic performance, inflation targeting, fixed exchange rates, Nordic economies

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