OVERVALUED: SWEDISH MONETARY POLICY IN THE 1930s
重新审视1930年代瑞典货币政策，指出结束通缩预期并推动复苏的关键是强制货币贬值，而非价格水平目标制；其汇率政策对当前零利率下限讨论更有参考价值。
Abstract The article discusses Sweden's monetary policy in the 1930s, which has been hailed as the first and only example of successful price‐level targeting. Our contribution is twofold. First, we argue that the crucial measure that immediately ended deflationary expectations and enabled a swift recovery was a strong and involuntary devaluation of the currency, not the adoption of a new monetary policy framework. Second, starting from the recent literature on monetary policy at the zero‐lower bound, we conclude that Sweden's exchange rate policy is more relevant for the current discussion than its tentative experience with price‐level targeting.