20 Years of Inflation Targeting: Lessons and Challenges

Date 30/05/2013

Twenty years ago, the Riksbank decided that monetary policy should be aimed at attaining an inflation target. In January 1993 it was announced that, with effect from 1995, the target would be an inflation rate of 2 per cent.

 

Since then, inflation in Sweden has changed from being high and very variable, as during the 1970s and 1980s, to being low and more stable. This has created good conditions for economic growth in Sweden.

 

To mark the 20th anniversary of the introduction of an inflation target in Sweden, the Riksbank is organising a one-day seminar for specially-invited guests on 3 June 2013. The seminar provides an opportunity to discuss the inflation target, the lessons learnt during the past 20 years, and what challenges the target is now facing, partly as a consequence of the financial crisis.

 

Several central bank governors and well-known economists have been invited to attend the conference. Participants include Governor Stefan Ingves, Deputy Governor Karolina Ekholm, Stefan Gerlach, deputy governor of the Central Bank of Ireland, John C. Williams, president of the Federal Reserve Bank of San Francisco and Michael Woodford, professor at Columbia University.

 

Programme for the seminar: "Two Decades of Inflation Targeting: Main Lessons and Remaining Challenges".