An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange rate peg. This way, the central bank can implement the optimal escape from a liquidity trap, which involves a commitment to higher future inflation. This commitment mechanism works even though, realistically, the central bank cannot commit itself to a particular future money supply. It supports the feasibility of Svensson's Foolproof Way to escape from a liquidity trap.
There is widespread agreement in the current social and economic debate that the nations of the world are becoming increasingly integrated. Many structural signs in society also suggest that this is so. Integration has become a catchword in the prepara tions for the internal market of the EC, and a keynote in the debate about association for the European countries which do not belong to the Community. But when we turn to the question of how this integration should be measured, there is very little con sensus. Instead there are numerous problems, not only about how to measure integra tion but even about how to define it. In this book I shall discuss the import and implications of a particular type of integration, namely financial integration, and then look at the most important problems connected with measuring it. In the empirical investigation reported below I felt the need for an integrated micro-macro approach. Further, I decided to illustrate the measurement problems by studying a small and relatively open economy where exchange controls have been imposed by the government in an attempt to reduce the flow of interest-sensitive capital out of the country, and thus to acquire autonomy for the national monetary policy. An interview study has been carried out with a view to illustrating among other things how expectations are formed among the major actors on the financial market, and this provided additional input for an analysis of the level of financial integration.
This book contains theory and applications of gravity both for physical geodesy and geophysics. It identifies classical and modern topics for studying the Earth. Worked-out examples illustrate basic but important concepts of the Earth’s gravity field. In addition, coverage details the Geodetic Reference System 1980, a versatile tool in most applications of gravity data. The authors first introduce the necessary mathematics. They then review classic physical geodesy, including its integral formulas, height systems and their determinations. The next chapter presents modern physical geodesy starting with the original concepts of M.S. Molodensky. A major part of this chapter is a variety of modifying Stokes’ formula for geoid computation by combining terrestrial gravity data and an Earth Gravitational Model. Coverage continues with a discussion that compares today’s methods for modifying Stokes’ formulas for geoid and quasigeoid determination, a description of several modern tools in physical geodesy, and a review of methods for gravity inversion as well as analyses for temporal changes of the gravity field. This book aims to broaden the view of scientists and students in geodesy and geophysics. With a focus on theory, it provides basic and some in-depth knowledge about the field from a geodesist’s perspective. /div
Musculoskeletal Pain: Basic Mechanisms and Implications presents state-of-the-art research into the peripheral and central neurobiological mechanisms in musculoskeletal pain. Presented in three main sections, this publication will update the reader on the clinical perspectives in musculoskeletal conditions; muscle, joint, bone, and fascia nociception; and translational musculoskeletal pain and quantitative models.
The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as The Long-Run Behavior of the Velocity of Circulation. Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold. Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity. Demand for Money suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers.
In recent years, the term 'transparency' has emerged as one of the most popular and keenly-touted concepts around. In the economic-political debate, the principle of transparency is often advocated as a prerequisite for accountability, legitimacy, policy efficiency, and good governance, as well as a universal remedy against corruption, corporate and political scandals, financial crises, and a host of other problems. But transparency is more than a mere catch-phrase. Increased transparency is a bearing ideal behind regulatory reform in many areas, including financial reporting and banking regulation. Individual governments as well as multilateral bodies have launched broad-based initiatives to enhance transparency in both economic and other policy domains. Parallel to these developments, the concept of transparency has seeped its way into academic research in a wide range of social science disciplines, including the economic sciences. This increased importance of transparency in economics and business studies has called for a reference work that surveys existing research on transparency and explores its meaning and significance in different areas. The Oxford Handbook of Economic and Institutional Transparency is such a reference. Comprised of authoritative yet accessible contributions by leading scholars, this Handbook addresses questions such as: What is transparency? What is the rationale for transparency? What are the determinants and the effects of transparency? And is transparency always beneficial, or can it also be detrimental (if so, when)? The chapters are presented in three sections that correspond to three broad themes. The first section addresses transparency in different areas of economic policy. The second section covers institutional transparency and explores the role of transparency in market integration and regulation. Finally, the third section focuses on corporate transparency. Taken together, this volume offers an up-to-date account of existing work on and approaches to transparency in economic research, discusses open questions, and provides guidance for future research, all from a blend of disciplinary perspectives.
EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries. The book provides an in-depth analysis of how the demands on economic policy will be affected by the monetary union. Various chapters discuss monetary policy and inflation, fiscal policy, unemployment and labour markets, the transition to monetary union, and the exchange-rate arrangements between participants and non-participants. Other chapters analyse the importance of the EMU for European political integration, democratic aspects, and how membership in the monetary union will affect the possibilities for an individual member state to exert influence within the EU. EMU - A Swedish Perspective should be of interest to professional economists and political scientists, students, and all others who want to form an opinion about the monetary union on the basis of a balanced assessment of the consequences. EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries.
Balancing both technical proficiency and ethical sensibility, Accounting Ethics provides a decision model approach to accounting, aiding both student comprehension and supporting the instructor in emphasizing the key elements of the decision process that shapes the technically and ethically competent professional accountant. Includes a decision model which guides students through the process of ethical decision making. Emphasizes the individual accountant’s decision making on both technical and ethical matters. Provides a focus on technical competencies and teaches students how to apply their knowledge through the provision of exercises and cases. Author team includes a blend of skills and experience: a philosopher, an accountant and an expert in business ethics. Strong pedagogical framework that includes study questions, review lists of chapter ‘take-ways’, and review checklists of key ideas. Provides an international perspective on fraud issues.
Although relatively small, the northern countries of Scandinavia have made a disproportionately large contribution to world cinema. Indeed, some of their films are among the best known of all times, including The Seventh Seal, Dancer in the Dark, and The Girl with the Dragon Tattoo. And Scandinavian directors are also among the best known, just to mention Ingmar Bergman and Lars von Trier. But there is much more to the cinema of Denmark, Norway, Sweden, Finland and Iceland than that, and this book shows us what they have been accomplishing over more than a century from the beginnings of cinema until the present. The Historical Dictionary of Scandinavian Cinema shows just how long and busy this history has been in the chronology, starting in 1896. The introduction then describes the situation in each one of the component countries, all of which approached and developed the field in a similar but also slightly different manner. The dictionary section, with over 400 substantial entries, looks at the situation in greater detail, with over 400 substantial entries on major actors, directors and others, significant films, various genres and themes, and subjects such as animation, ethnicity, migration and censorship. Given its contribution to world cinema it is good to finally have an encyclopedia like this which can meet the interests of the scholar and researcher but also the movie fan.
Central banks around the world try to influence economic activity by altering nominal interest rates which will have an effect on the real rate. However, this is only possible as long as interest rates are above zero. The case of Japan showed that monetary policy was helpless as nominal rates approached zero. This Book starts with an overview of monetary policy with the restriction that interest rates can not fall below zero. Then optimal monetary policy in a low inflation environment is treated. This is done by using a New Keynesian model with sticky prices. Therefore the model and the necessary optimality conditions will be derived (this will be done extensively in the appendix). After deriving the optimality conditions it will be shown how optimal monetary policy will be conducted. To evaluate the outcome of monetary policy a welfare function will be derived. It will be shown how the welfare function to evaluate the outcome of monetary policy is derived from the utility function of the household. As a result it will be shown that a price level target is welfare maximizing although most central banks nowadays use an inflation target instead. Reasons for an inflation target will be shown in the discussion of the model. The second part of the book describes the inflation dynamics in the euro area to see what monetary authority shall do to prevent the economy from falling into the vicious circle of deflation. Two wage contracting models that describe inflation dynamics in the euro area reasonably well will be explained, the Fuhrer-Moore und the Taylor contracting. After showing the optimal policy it will be discussed how severe the zero bound in the euro area is and what policy alternatives are left when monetary policy is restricted. Finally the results obtained will be discussed to see the pitfalls of price level targeting. The large appendix provides the complete derivation of the model and the optimality conditions.
The neurobiology and mechanisms discovered in animals often do not translate to patients with a chronic pain condition. To help researchers and clinicians develop and use models that can help translate data from animals into humans, this book presents experimental animal models, with a focus on how they may translate into humans human experimental pain models, including details about pain induction and assessment human surrogate pain models clinical applications of pain models models that may link mechanisms of pain and pruritus Pain Models contains 29 chapters by internationally recognized experts. It is a comprehensive survey of pain models at different levels, and commentaries by clinicians directly address clinical perspectives. This unique book is unprecedented in its content. It's a quick reminder of the hard work needed to investigate the complex issue of pain perception. With the advent of increasingly sensitive noninvasive investigational tools, the authors want readers to know that basic research is still needed to help develop new drugs. This book will enrich anyone who wishes to know all that goes into conducting pain research with a lab-based pain model.
Inhaltsangabe:Abstract: The case of Japan showed that the zero bound is a problem for the conduct of monetary policy that even nowadays has to be considered. For several years Japan experienced deflation and a short rate very close to zero leaving monetary policy almost helpless to boost economic activity. The same fears came up in America and Europe as economic performance deteriorated and nominal interest rates were lowered rapidly to stimulate the economy. However, lowering the interest rate to stimulate the economy is only possible when interest rates are above zero. In this paper it shall be explored how optimal monetary policy is conducted with the constraint that interest rates cannot fall below zero and how large the risk to hit the bound is in the euro area. The first part is done in a New Keynesian model with sticky prices but flexible wages the second in an estimated model of the euro area. The outline of the paper is as follows. In the next chapter an overview of the work on the zero bound and monetary policy is presented. Thereafter the New Keynesian model as it was presented by Eggertson and Woodford will be used to determine optimal policy. It will be shown that quantitative easing, as it was done by the Bank of Japan, is not an appropriate tool in the model surrounding to escape a deflation spiral and what should be done instead. It will be shown that credible commitment is able to overcome most of the distortions induced by the zero bound. The central bank should commit itself to a target for the price level instead of a target for the rate of inflation. The optimal solution involves credible commitment to cause subsequent inflation when deflation vanishes. This management of expectation will help to escape a deflation spiral faster and causes lower welfare losses. After treating the phenomenon in a model surrounding it shall be explored what the chances are to slide into that vicious circle if monetary policy follows a Taylor rule and how likely the zero bound is under different wage contracting specifications. This will be done in a small estimated euro area economy model. It shall also be considered how the announcement of a positive inflation target well above zero may help to avoid the zero bound. This was done by the European Central Bank that changed its target from an inflation rate between zero and two to a rate below, but close to, two percent. Finally the results will be discussed focussing on the assumptions [...]
This book is a practical and scholarly work on the new Swedish Arbitration Act of 1999. It deals with international arbitration and enforcement of foreign arbitral awards in Sweden. Arbitration Law of Sweden is based on a comprehensive analysis of earlier Swedish court practice that is still relevant. Issues are investigated from both the arbitrator's and the counsel's perspectives, and important tactical issues are discussed. The book is indispensable for arbitrators and party representatives who are engaged in Swedish arbitrations.
This concise yet comprehensive introduction to the biology of standing waters (lakes and ponds) combines traditional limnology with current ecological and evolutionary theory. 'The Biology of Lakes and Ponds', now in its second edition, should be a useful text for university tuition.
Postoperative Pain: Science and Clinical Practice compiles the proceedings of the November, 2013 IASP Research Symposium on Operative Pain into one convenient volume, giving you clinically relevant and research-driven information on the state of the art in postoperative pain. Global experts from the IASP provide practical knowledge on everything from basic research in animals to human research on clinical questions of diagnosis and treatment – information that’s ideal for pain researchers and clinicians who deal with perioperative pain.
With the success of Cherenkov Astronomy and more recently with the launch of NASA’s Fermi mission, very-high-energy astrophysics has undergone a revolution in the last years. This book provides three comprehensive and up-to-date reviews of the recent advances in gamma-ray astrophysics and of multi-messenger astronomy. Felix Aharonian and Charles Dermer address our current knowledge on the sources of GeV and TeV photons, gleaned from the precise measurements made by the new instrumentation. Lars Bergström presents the challenges and prospects of astro-particle physics with a particular emphasis on the detection of dark matter candidates. The topics covered by the 40th Saas-Fee Course present the capabilities of current instrumentation and the physics at play in sources of very-high-energy radiation to students and researchers alike. This book will encourage and prepare readers for using space and ground-based gamma-ray observatories, as well as neutrino and other multi-messenger detectors.
“For those interested in the fighting on the Eastern Front in general . . . give[s] us some of the vast scale of the SS by the end of the war.” —HistoryOfWar.org Though Sweden was neutral during the Second World War, Swedish SS volunteers saw action on both the eastern front and NW Europe, and participated in some of the bloodiest clashes: the initial stages of Operation Barbarossa, the winter of 1941–42, the battles of Kursk, Arnhem, Normandy, Narva, the Warsaw uprising, the Cherkassy and Kurland pockets and, finally, the end in Berlin. There was never an official recruitment drive in Sweden, which is why only some 180–200 men enlisted. Those who wanted to recruit themselves often had to make their way to the occupied countries—a fact that makes those Swedes who joined the SS volunteers in the truest sense. This book lets us follow individuals such as Hans Lindén, who was the first named Swedish volunteer to fall in action aged barely nineteen years old; the unpopular Swedish SS officer Gunnar Eklöf; Elis Höglund, who after several years on the Eastern Front deserted and returned to Sweden; Gösta Borg, who volunteered for the SS a second time as he was denied the chance of becoming an officer in Sweden; and Karl-Axel Bodin, the only Swede to be included in the list of suspected criminals at the Simon Wiesenthal Center, who joined the SD in March, 1945. The book includes over 150 photos and is thoroughly researched from primary sources, making it a valuable addition to the history of the SS, and the men who volunteered to serve in it.
This is the first book for the new Series Contemporary Issues in Physical Therapy and Rehabilitation Medicine. This textbook will assess both clinical and research aspects of the diagnosis and management of two highly prevalent headache disorders: tension-type and cervicogenic headaches. This textbook will cover both physical therapy and physical medicine approaches to the management of these headache disorders.
“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of higher unemployment and lower inflation, importantly including a higher cost of a crisis when the economy is weaker. For existing empirical estimates, costs exceed benefits by a substantial margin, even if monetary policy is nonneutral and permanently affects real debt. Somewhat surprisingly, less effective macroprudential policy and generally a credit boom, with resulting higher probability, severity, or duration of a crisis, increases costs of LAW more than benefits, thus further strengthening the strong case against LAW.
The first volume in this incredible series on western palearctic birds. This unique and spectacular handbook is the most complete and comprehensive photographic guide to the passerines of the Western Palearctic. Written by two of the world's most respected ornithologists, Hadoram Shirihai and Lars Svensson, it contains the most up-to-date information available on bird identification covering all aspects of plumage, moult, ageing and sexing, with sections on voice and other identification criteria, and detailed taxonomic notes. This first volume covers larks, hirundines, pipits and wagtails, bulbuls, accentors, robins, chats, wheatears, thrushes, prinias and cisticolas, and warblers. The exceptional text is backed up by a remarkable collection of almost 2,500 photographs, featuring a comprehensive range of plumages that illustrate every race and morph of each species in the region. This stunning handbook will be the definitive reference for the region for years to come - no birder's shelf will be complete without it.
From fundamental principles to advanced subspecialty procedures, this text is the go-to reference on the technical, scientific, and clinical challenges professionals face. Features new chapters, new authors, meticulous updates, an increased international presence, and a new full-color design.
Tumba, Sweden. A triple homicide, all of the victims from the same family, captivates Detective Inspector Joona Linna, who demands to investigate the grisly murders -- against the wishes of the national police. The killer is at large, and it appears that the elder sister of the family escaped the carnage; it seems only a matter of time until she, too, is murdered. But where can Linna begin? The only surviving witness is an intended victim -- the boy whose mother, father, and little sister were killed before his eyes. Whoever committed the crimes intended for this boy to die: he has suffered more than one hundred knife wounds and Lapsed into a state of shock. He's in no condition to be questioned. Desperate for information, Linna sees one mode of recourse: hypnotism. He enlists Dr. Erik Maria Bark to mesmerize the boy, hoping to discover the killer through his eyes. It's the sort of work that Bark had sworn he would never do again-ethically dubious and psychically scarring. When he breaks his promise and hypnotizes the victim, a Long and terrifying chain of events begins to unfurl.
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