Pioneering Price Level Targeting: The Swedish Experience 1931-1937

In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official goal of its monetary policy, actually the only country that so far has adopted such an explicit price level target. Starting from the issues and concepts familiar from research and policy experience in the 1990s of inflation targeting - as contrasted to price level targeting - this paper examines the evolution of the Swedish price level targeting in the 1930s. We bring out a number of similarities and differences between price stabilization in the 1930s and in the 1990s.price level targeting;

Inflation Forecast Targeting: The Swedish Experience

In this paper key points in the development of the present Swedish inflation-targeting strategy are analysed. Since the implementation of the inflation target strategy began in 1993, three different phases are distinguished: the establishment of the inflation target, the communication of explicit inflation forecasts, and, finally, the introduction of distribution forecast targeting. In practice, distribution forecast targeting involves presenting a main scenario for future inflation, and assessments of both the degree of uncertainty in the forecast and the magnitude of the upside and downside risks in the main scenario in quarterly inflation reports. While inflation targeting in Sweden has been succesful in reducing both inflation and private sector inflation expectations, aggregate demand as well as supply shocks and temporary factors have also exerted a downward influence on inflation in the 1990s. It is therefore premature to distinguish any improvements in the inflation-output trade-off. It is likely, however, that the increased credibility of the inflation target has resulted in both a lower average inflation level and lower inflation variability

Conducting Monetary Policy with a Collegial Board: The New Swedish Legislation One Year On

In this paper we discuss the recent experience of conducting monetary policy with a collegial board according to the Riksbank act. Interest rate decisions are normally taken with the aim to bring inflation in line with the 2 per cent inflation target one to two years ahead. When there are dissenting views in the Executive Board, the majority rule serves as a formal aggregation rule. Disagreements on the inflation outlook have occurred due to different opinions on the relation between growth and inflation, the current state of the economy and the future outlook for exogenous determinants of inflation. By publishing inflation reports and minutes from meetings with the Executive Board, good incentives are provided to both the staff and the Executive Board to do their best and it also ensures accountability on the part of the Executive Board for achievement of the price stability objective

Investment in Swedish Manufacturing: Analysis and Forecasts

This paper uses a neoclassical investment model extended with installation costs for capital, agency costs for investment financing, and the possibility of the firm being output constrained as a framework for an empirical analysis of investment behaviour in the Swedish manufacturing industry. The theory is implemented within a multivariate error-correction approach on data covering the time period 1951 to 1995, and we gain the following main results: (1) Tobins average Q is not the sole determinant of investment, neither in the short nor in the long run, and other variables like real output and capital gearing also affect investment activity; (2) the out-of-sample forecasts of the model track the evolution of actual investment growth quite impressively, especially at short- and medium-term horizons (1-2 years); (3) a relative equity-price variable is shown to constitute a good approximation of average Q, both for empirical modelling in general and forecasting in particular

How Useful are Simple Rules for Monetary Policy? The Swedish Experience

Monetary policy is often analysed in terms of simple rules. Such rules may be useful for many purposes, even when they do not describe the actual monetary policy strategy exactly. This paper compares monetary policy in Sweden during the inflation-targeting regime 19932002 with the policies implied by certain simple instrument rules. Calibrated rules that are commonly used in theoretical analyses do not provide good approximations of Sveriges Riksbanks (the central bank of Sweden) policy, whereas rules with reaction coefficients that have been estimated using the banks own (realtime forecasts do capture policy behaviour quite well. There are different forecastbased rules including different arguments and forecast horizons that describe monetary policy about equally well. A close reading of various policy documents, e.g., Inflation Reports, minutes from the banks Executive Board meetings, and speeches, shows that large deviations from the simple rules are associated with factors that are usually neglected in theoretical models of monetary policy. Examples of such factors are concerns for credibility and uncertainties about various economic relationships

Daily Life of the Oldest Old

The purpose of this study was to investigate how very old persons-a representative sample of 129 noninstitutionalized 85-year-old Swedish persons with different patterns of adjustment-may live and experience daily life. The analysis of in-depth interviews showed that better adjusted participants enjoyed their freedom as retirees to form daily life at their own choosing. Within patterns of poorer adjustment, daily life was more influenced by other conditions than by the individual\u27s preferences. It was common to construct personal time-tables for keeping up self-control and regardless of the level of activity, most participants thought that time passed quickly. It is argued that older persons\u27 everyday activities, experiences and wishes should be thoroughly investigated and adjusted to when intervention programs for the elderly are planned

A micro differential viscosity detector for polymer separation system

In this paper we present the first micromachined viscosity detector suitable for coupling to conventional, commercially available polymer separation systems. The μ-viscometer (viscochip) has a reduced dead volume compared to conventional viscometers. It is shown that this results in better chromatographic resolution

Non-suicidal self-injury in adolescence: a longitudinal study of the relationship between NSSI, psychological distress and perceived parenting

Objective: The present study investigates whether either adolescents' psychological distress and/or perceived parenting predicted the occurrence of NSSI. Furthermore, the consequences of NSSI are examined in a three-wave longitudinal study. Design: The sample at time 1 (age 12) consisted of 1396 adolescent reports and 1438 parent reports. At time 2 (age 13), 827 adolescent reports and 936 parent reports were obtained. Time 3 (age 14) included 754 adolescent reports and 790 parent reports. Psychological distress of adolescents was measured using the Strengths and Difficulties Questionnaire. Perceived parenting behaviors were examined by the Parental Behavior Scale and the Psychological Control Scale. Results: A total of 10% of the adolescents engaged in NSSI at least once before age 15. Higher psychological distress of adolescents at time 1 was associated with the presence of NSSI at time 2 or 3. The association between psychological distress at time 1 and perception of decreased parental rule setting at time 3 was mediated by the presence of NSSI at time 2. Conclusions: The present study showed that psychological distress at age 12 predicts NSSI over time and that parental awareness of NSSI changes the perception of parenting behaviors. (C) 2014 The Foundation for Professionals in Services for Adolescents. Published by Elsevier Ltd. All rights reserved

SCN8A encephalopathy: Research progress and prospects

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/133635/1/epi13422.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/133635/2/epi13422_am.pd