Macro Musings with David Beckworth · Monday, September 28, 2026
Governor Erik Thedin discusses the Swedish Riksbank, the world's oldest central bank, founded in 1668. He highlights its unique structure as an institution owned by the parliament, a rarity compared to most central banks which are under the government. The Riksbank was also an early adopter of a price level target in the 1930s.
“So, you know, I'm a historian, but I know the basics of it. And basically, if you read the history of the Riksbank, it's so fascinating. The bank was actually, you know, licensed to a private individual to run Stockholm's Bank. It was Johan Palmstruch.”
“Which is interesting because we still, I think together with Finland, with which at that time also was a part of, of Sweden, I think we still are the only central banks that are actually under the parliament.”
“I just got to throw this out there, you were also an early innovator of an actual price level target from 1931 to 33.”