Lars Svensson - List of publications#

• On Competitive Markets and Intertemporal Resource Allocation, Monograph No. 8, Institute for International Economic Studies, Stockholm University, November 1976. (Ph.D. dissertation).
• New Methods in the Swedish Medium-Term Survey (with Torsten Persson, IIES), Liber, Stockholm, 1987. (Report to the Swedish Ministry of Finance.)
• Penningpolitiska alternativ för Sverige (Monetary Policy Alternatives for Sweden, in Swedish), Bilaga 14 till Långtidsutredningen 94), Norstedts, Stockholm, 1994.
• Inflation Targets, edited (with Leonardo Leiderman, Tel-Aviv University), CEPR, London, 1995.

• "Sequences of Temporary Equilibria, Stationary Point Expectations, and Pareto Efficiency," Journal of Economic Theory 13 (1976) 169-183. (Chapter V of Ph.D. dissertation).
• "The Stock Market, the Objective Function of the Firm, and Intertemporal Pareto Efficiency — the Certainty Case," Bell Journal of Economics 8 (Spring 1977) 207-216. (Chapter IV of Ph.D. dissertation).
• "Can Scrap Save us from Depletion" (with Marian Radetzki, IIES), Natural Resources Forum 3 (1979) 365-378.
• "On Endogenous Markets and Intertemporal Efficiency," Scandinavian Journal of Economics 81 (1979) 427-433.
• "Effective Demand and Stochastic Rationing," Review of Economic Studies 47(2) (1980) 339-355.
• "Efficiency and Speculation in a Model with Price-Contingent Contracts," Econometrica 49 (1981) 131-151.
• "Effective Demand in a Sequence of Markets," Scandinavian Journal of Economics 83 (1981) 1-21.
• "National Welfare in the Presence of Foreign-Owned Factors of Production: An Extension," Scandinavian Journal of Economics 83 (1981) 497-507.
• "On Welfare Effects of a 'Duty-Free' Zone"' (with Carl Hamilton, IIES), Journal of International Economics 13 (1982) 45-64.
• "On the Choice Between Capital Import and Labor Export" (with Carl Hamilton, IIES), European Economic Review 20 (1983) 167-192.
• "The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect" (with Assaf Razin, Tel-Aviv University), Journal of Political Economy 91 (1983) 97-125.
• "On Variable Capital Utilization and International Trade Theory," Economics Letters 11 (1983) 377-384.
• "Trade Taxes and the Current Account" (with Assaf Razin, Tel-Aviv University), Economics Letters 13 (1983) 55-57.
• "Oil Prices, Welfare and the Trade Balance: An Intertemporal Approach," Quarterly Journal of Economics 99 (1984) 649-672.
• "The Current Account and the Optimal Government Debt" (with Assaf Razin, Tel-Aviv University), Journal of International Money and Finance 2 (1983) 215-224.
• "Is Optimism Good in a Keynesian Economy?" (with Torsten Persson, IIES) Economica 50 (1983) 291-300.
• "Optimal Subsidies to Declining Industries: Efficiency and Equity Considerations" (with Harry Flam and Torsten Persson, IIES), Journal of Public Economics 22 (1983) 327-345. Italian translation in Problemi di Amministrazione Pubblica 9 (1984), No.3-4, 125-157.
• "Should Direct or Total Factor Intensities Be Used in Tests of the Factor Proportions Hypothesis?" (with Carl Hamilton, IIES) Weltwirtschaftliches Archiv 119 (1983) 453-463.
• "Factor Trade and Goods Trade," Journal of International Economics 16 (1984) 365-378.
• "World Equilibrium with Oil Price Increases: An Intertemporal Analysis" (with Nancy P. Marion, Dartmouth College), Oxford Economic Papers 36 (1984) 86-102.
• "Adjustment to Expected and Unexpected Oil Price Changes" (with Nancy P. Marion, Dartmouth College), Canadian Journal of Economics 17 (1984) 15-31.
• "Do Countries' Factor Endowments Correspond to the Factor Content of their Bilateral Trade Flows?" (with Carl Hamilton, IIES) Scandinavian Journal of Economics 86 (1984) 84-97.
• "Inflation, Interest Rates, and Welfare" (with Paul R. Krugman, MIT, and Torsten Persson, IIES), Quarterly Journal of Economics 100 (1985) 677-695.
• "Walrasian and Marshallian Stability," Journal of Economic Theory 34 (1984) 371-379.
• "Potential and Realized Trade Patterns: The Case of Sweden" (with Carl Hamilton, IIES), Scandinavian Journal of Economics 86 (1984) 371-378.
• "Misperceptions, Rigidity and Welfare" (with Torsten Persson, IIES), European Economic Review 25 (1984) 387-399.
• "Trade in Goods and Factors with International Differences in Technology" (with James R. Markusen, University of Western Ontario), International Economic Review 26 (1985) 175-192.
• "Current Account Dynamics and the Terms of Trade: Harberger-Laursen-Metzler Two Generations Later" (with Torsten Persson, IIES), Journal of Political Economy 93 (1985) 43-65.
• "Currency Prices, Terms of Trade and Interest Rates: A General Equilibrium Asset-Pricing Cash-in-Advance Approach," Journal of International Economics 18 (1985) 17-41.
• "Time-Consistent Fiscal Policy and Government 'Cash-Flow'" (with Torsten Persson, IIES), Journal of Monetary Economics 14 (1984) 365-374.
• "Money and Asset Prices in a Cash-in-Advance Economy," Journal of Political Economy 93 (1985) 919-944. Reprinted in Kevin D. Hoover, ed., The Economic Legacy of Robert Lucas, Jr, Edward Elgar, 1999.
• "International Borrowing and Time-Consistent Fiscal Policy" (with Torsten Persson, IIES), Scandinavian Journal of Economics 88 (1986) 273-295.
• "The Terms of Trade between Oil Importers" (with Nancy P. Marion, Dartmouth College), Journal of International Economics 20 (1986) 99-113.
• "The Theorems of International Trade with Factor Mobility" (with Wilfred J. Ethier, University of Pennsylvania), Journal of International Economics 20 (1986) 21-42.
• "Trade Unions and Optimal Labor Contracts" (with Henrik Horn, IIES), Economic Journal 96 (1986) 323-341. Also in P. Garonna, P. Mori and P. Tedeschi, eds., Economic Models of Trade Unions, Chapman and Hall, London, 1992, Chapter 7.
• "Sticky Goods Prices, Flexible Asset Prices, Monopolistic Competition and Monetary Policy," Review of Economic Studies 53 (1986) 385-405. Also published in J.-P. Benassy, ed., Macro Economics and Imperfect Competition, Elgar, 1995.
• "Capital Flows, Investment and Exchange Rates" (with Alan C. Stockman, University of Rochester), Journal of Monetary Economics 19 (1987) 171-201.
• "Time Consistency of Fiscal and Monetary Policy (with Mats Persson and Torsten Persson, IIES), Econometrica 55 (1987) 1419-1431. Reprinted in Kevin D. Hoover, ed., The Economic Legacy of Robert Lucas, Jr, Edward Elgar, 1999.
• "Fiscal Policy, Sticky Goods Prices and Resource Utilization," in M. Kohn and S.C. Tsiang, eds., Finance Constraints, Expectations, and Macroeconomics, Oxford: Oxford University Press, 1988, 185-205.
• "International Fiscal Policy Transmission," Scandinavian Journal of Economics 89 (1987) 305-334.
• "Checks and Balances on the Government Budget" (with Torsten Persson, IIES), in E. Helpman, A. Razin and E. Sadka, eds., Economic Effects of the Government Budget, Cambridge, MA.: MIT Press, 1988, 199-214.
• "Money and Banking in a Cash-in-Advance Economy" (with Peter Englund, IIES), International Economic Review 29 (1988) 681-705.
• "Trade in Risky Assets," American Economic Review 78 (1988) 375-394.
• "Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem" (with Laurence J. Kotlikoff, Boston University, and Torsten Persson, IIES), American Economic Review 78 (1988) 662-677.
• "Trade in Nominal Assets: Monetary Policy, and Price Level and Exchange Rate Risk," Journal of International Economics 26 (1989) 1-28.
• "Exchange Rate Variability and Asset Trade" (with Torsten Persson, IIES), Journal of Monetary Economics 23 (1989) 485-510.
• "Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistent Preferences" (with Torsten Persson, IIES), Quarterly Journal of Economics 104 (1989) 325-345.
• "Portfolio Choice with Non-Expected Utility in Continuous Time," Economics Letters 30 (1989) 313-17.
• "Excess Capacity, Monopolistic Competition, and International Transmission of Monetary Disturbances" (with Sweder van Wijnbergen, World Bank), Economic Journal 99 (1989) 785-805.
• "Finansiell integration, resursfördelning och penningpolitik: Avvecklad valutareglering och medlemskap i EMS", ("Financial Integration, Resource Allocation, and Monetary Policy: Abolished Exchange Controls and Membership in EMS", in Swedish), Report No. 5 to the Treasury's Medium Term Survey 1990 (bilaga 5 i Långtidsutredningen 1990), in Svensk ekonomi och Europaintegrationen, Stockholm, 1989.
• "Factor Endowments and Trade with Increasing Returns: Generalization and Extensions" (with James R. Markusen, University of Colorado), International Economic Journal 4, No. 3 (Autumn 1990) 1-21.
• "Target Zones and Interest Rate Variability," Journal of International Economics 31 (1991) 27-54.
• "The Simplest Test of Target Zone Credibility," IMF Staff Papers 38 (1991) 655-665.
• "The Term Structure of Interest Rate Differentials in a Target Zone: Theory and Swedish Data," Journal of Monetary Economics 28 (1991) 87-116.
• "The Foreign Exchange Risk Premium in a Target Zone with Devaluation Risk," Journal of International Economics 33 (1992) 21-40.
• "Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models" (with Giuseppe Bertola, Princeton University), Review of Economic Studies 60 (1993) 689-712.
• "Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992," European Economic Review 37 (1993) 763-802.
• "An Interpretation of Recent Research on Exchange Rate Target Zones," Journal of Economic Perspectives 6(4) (Fall 1992) 119-144. Revised version published in Leonardo Leiderman and Assaf Razin, eds., Capital Mobility: the Impact on Consumption, Investment and Growth, Cambridge University Press, Cambridge, 1994, 121-150.
• "Swedish Business Cycles: 1861-1988" (with Peter Englund, Uppsala University, and Torsten Persson, IIES), Journal of Monetary Economics 30 (1992) 343-371.
• "Devaluation Expectations: The Swedish Krona 1982-1991" (with Hans Lindberg, Sveriges Riksbank, and Paul Söderlind, IIES), Economic Journal 103 (1993) 1170-1179.
• "Nontraded Assets in Incomplete Markets: Pricing and Portfolio Choice" (with Ingrid Werner, Stanford University), European Economic Review 37 (1993) 1149-1168.
• "Estimation of Forward Interest Rates," Quarterly Review, Sveriges Riksbank 1993:3, 33-43.
• "How Long Do Unilateral Target Zones Last?" (with Bernard Dumas, H.E.C. School of Management) Journal of International Economics 36 (1994) 467-481.
• "European Exchange Rate Credibility Before the Fall" (with Andrew K. Rose, University of California at Berkeley), European Economic Review 38 (1994) 1185-1216.
• "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned?" EEA Alfred Marshall Lecture, European Economic Review 38 (1994) 447-468.
• "Policy Inconsistency and External Debt Service" (with Michael P. Dooley, University of California at Santa Cruz), Journal of International Money and Finance 13 (1994) 364-374.
• "Why Exchange Rate Bands? Monetary independence in spite of fixed exchange rates," Journal of Monetary Economics 33 (1994) 157-199.
• "Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators," NBER Working Paper No. 4633, January 1994. Cahiers Economiques et Monétaires No 43 1994 Banque de France, 305-332.
• "The Operation and Collapse of Fixed Exchange Rate Regimes," (with Peter M. Garber, Brown University), in G. Grossman and K. Rogoff, eds., Handbook of International Economics, Vol. III, North-Holland, Amsterdam, 1995.
• "Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS" (with Andrew K. Rose, University of California at Berkeley), Scandinavian Journal of Economics 97 (1995) 173-200.
• "Kan man inflatera bort budgetunderskottet?" ("Can One Inflate Away the Budget Deficit?" in Swedish, with Mats Persson and Torsten Persson) in Ekonomisk Politik: En vänbok till Assar Lindbeck, SNS, Stockholm, 1995.
• "Inflation Targets: Introduction," (with Leonardo Leiderman, Tel-Aviv University), in Leonardo Leiderman and Lars E.O. Svensson, eds., Inflation Targets, CEPR, London, 1995.
• "The Swedish Experience of an Inflation Target," in Leonardo Leiderman and Lars E.O. Svensson, eds., Inflation Targets, CEPR, London, 1995.
• "Estimating the Term Structure of Interest Rates for Monetary Policy Analysis," (with Magnus Dahlquist, Stockholm School of Economics), Scandinavian Journal of Economics 98 (1996) 163-183.
• "Macroeconomic and Political Determinants of Realignment Expectations: Some European Evidence" (with Andrew K. Rose, University of California at Berkeley), in Barry Eichengreen, Jerry Frieden and Jürgen von Hagen, eds., Monetary and Fiscal Policy in an Integrated Europe, Springer, Berlin, 1995.
• "Estimating Forward Interest Rates with the Extended Nelson & Siegel Method," Quarterly Review, Sveriges Riksbank, 1995:3, 13-26.
• "Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts," American Economic Review 87 (1997) 98-114.
• "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," European Economic Review 41 (1997) 1111-1146.
• "Debt, Cash Flow and Inflation Incentives: A Swedish Example" (with Mats Persson and Torsten Persson), in M. King and G. Calvo, eds., The Debt Burden and its Consequences for Monetary Policy, London, MacMillan (1998) 28-62.
• "Exchange Rate Target or Inflation Target for Norway?" in Anne Berit Christiansen and Jan Fredrik Qvigstad, eds., Choosing a Monetary Policy Target, Scandinavian University Press (Universitetsforlaget AS), Oslo (1997) 120-138.
• "New Techniques to Extract Market Expectations from Financial Instruments" (with Paul Söderlind, Stockholm School of Economics), Journal of Monetary Economics 40(2) (1997) 383-429.
• "Policy Rules for Inflation Targeting" (with Glenn Rudebusch, Federal Reserve Bank of San Francisco), John B. Taylor, ed., Monetary Policy Rules, University of Chicago Press (1999) 203-246.
• "Open-Economy Inflation Targeting," Journal of International Economics 50 (2000) 155-183.
• "Price Level Targeting vs. Inflation Targeting. A Free Lunch" Journal of Money, Credit and Banking 31 (1999) 277-295.
• "Inflation Targeting: Some Extensions," Scandinavian Journal of Economics 101(3) (1999) 337-361.
• "Inflation Targeting as a Monetary Policy Rule," Journal of Monetary Economics 43 (1999) 607-654.
• "Monetary Policy Issues for the Eurosystem," Carnegie-Rochester Conference Series on Public Policy 51(1) (1999) 79-136.
• "Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability," in Deutsche Bundesbank, ed. (2001), The Monetary Transmission Process: Recent Developments and Lessons for Europe, Palgrave, New York, 60-102.
• "Does the P* Model Provide any Rationale for Monetary Targeting?", German Economic Review 1 (2000) 69-81.
• "How Should Monetary Policy Be Conducted in an Era of Price Stability?" October 1999, (IIES Seminar Paper No. 680, CEPR Discussion Paper No. 2342, NBER Working Paper No. 7516). In New Challenges for Monetary Policy, a symposium sponsored by the Federal Reserve Bank of Kansas City, August 26-28, 1999, 195-259.
• "Transparency and Credibility: Monetary Policy with Unobservable Goals" (with Jon Faust, Federal Reserve Board), International Economic Review 42 (2001) 369-397.
• "The First Year of the Eurosystem: Inflation Targeting or Not?" American Economic Review: Papers and Proceedings 90 (2000) 95-99.
• "Eurosystem Monetary Targeting: Lessons from U.S. Data" (with Glenn Rudebusch, Federal Reserve Board), European Economic Review 46 (2002) 417-442.
• "The Equilibrium Degree of Transparency and Control in Monetary Policy" (with Jon Faust, Federal Reserve Board), Journal of Money, Credit and Banking 34 (2002) 520-539.
• "The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap," Monetary and Economic Studies 19(S-1) (February 2001) 277-312.
• "Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?" European Economic Review 46 (2002) 771-780.
• "Indicator Variables for Optimal Policy," (with Michael Woodford, Columbia University), Journal of Monetary Economics 50 (2003) 691-720.
• "Indicator Variables for Optimal Policy under Asymmetric Information," (with Michael Woodford, Columbia University), Journal of Economic Dynamics and Control 28 (2004) 661-690.
• "The Inflation Forecast and the Loss Function," in Paul Mizen, ed. (2003), Central Banking, Monetary Theory and Practice: Essays in Honour of Charles Goodhart, Volume I, Edward Elgar, 135-152.
• "Monetary Policy and Real Stabilization," in Rethinking Stabilization Policy, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 29-31, 2002, 261-312.
• "What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Journal of Economic Literature 41 (2003) 426-477.
• "Money and Inflation in the Euro Area: A Case for Monetary Indicators?" (with Stefan Gerlach, Hong Kong Monetary Authority), Journal of Monetary Economics 50 (2003) 1649-1672.
• "Implementing Optimal Policy through Inflation-Forecast Targeting," (with Michael Woodford, Columbia University), in Bernanke, Ben S., and Michael Woodford, eds. (2005), The Inflation-Targeting Debate, University of Chicago Press, Chicago, 19-83.
• "Optimal Policy with Low-Probability Extreme Events," in Macroeconomics, Monetary Policy, and Financial Stability - A Festschrift for Charles Freedman, Proceedings of a conference held by the Bank of Canada, Ottawa, June 2003, 79-104.
• "Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others," Journal of Economic Perspectives 17(4) (Fall 2003) 145-166.
• "Monetary Policy with Judgment: Forecast Targeting," International Journal of Central Banking 1(1) (2005), 1-54.
• "Optimal Policy Projections" (with Robert J. Tetlow, Federal Reserve Board), August 2005, International Journal of Central Banking 1(3) (2005) 177-207.
• "Time Consistency of Fiscal and Monetary Policy: A Solution" (with Mats Persson and Torsten Persson, Institute for International Economic Studies), Econometrica 74 (2006) 193-212.
• "Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con," American Economic Review 96 (2006) 448-451.
• "The Instrument-Rate Projection under Inflation Targeting: The Norwegian Example," in Stability and Economic Growth: The Role of Central Banks, Banco de Mexico, 2006, 175-198.
• "Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank" (with Olivier Jeanne, IMF), American Economic Review 97 (2007) 474-490.
• "Optimal Inflation Targeting: Further Developments of Inflation Targeting," in Mishkin, Frederic, and Klaus Schmidt-Hebbel (eds.) (2007), Monetary Policy under Inflation Targeting, Banco Central de Chile.
• "Optimal Monetary Policy under Uncertainty: A Markov Jump-Linear-Quadratic Approach" (with Noah Williams, Princeton University), Federal Reserve Bank of St. Louis Review 90(4) (2008) 275-293.
• "Optimal Monetary Policy under Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach" (with Noah Williams, University of Wisconsin), in Schmidt-Hebbel, Klaus, and Carle E. Walsh (eds.) (2009), Monetary Policy under Uncertainty and Learning, Central Bank of Chile.
• "Current Account Dynamics and Monetary Policy" (with Andrea Ferrero, Federal Reserve Bank of New York, and Mark Gertler, New York University), in Gali, Jordí, and Mark Gertler (eds.) (2009), International Dimensions of Monetary Policy, Chicago University Press.
• "Monetary Policy and Financial Markets at the Effective Lower Bound," Journal of Money, Credit, and Banking 42 (2010) Supplement 229-242.
• "Inflation Targeting," in Friedman, Benjamin M., and Michael Woodford, eds., Handbook of Monetary Economics, Volume 3b, Elsevier, 2011.
• "Anticipated Alternative Instrument-Rate Paths in Policy Simulations" (with Stefan Laséen, Sveriges Riksbank), forthcoming in International Journal of Central Banking.
• "Optimal Monetary Policy in an Operational Medium-Sized DSGE Model" (with Malin Adolfson, Stefan Laséen, and Jesper Lindé, Sveriges Riksbank), forthcoming in Journal of Money, Credit and Banking.