Open mouth operations: Monetary policy by threats and arguments : The monthly meetings between the Riksbank and the commercial banks, 1956-1973
After World War II and prior to the financial deregulation of the 1980s,monetary policy in Sweden as well as in other western Europeancountries rested chiefly on a system of far-reaching non-market-orientedcontrols of credit flows and interest rates. How was monetary policyconducted in such an environment of financial repression, where thecentral bank was unable to rely on traditional monetary pol
