Too Much to Lose, or More to Gain? Should Sweden Join the Euro?

This paper considers the costs and benefits of Sweden joining the European Economic and Monetary Union (EMU). We pay particular attention to the costs of abandoning the krona in terms of a loss of monetary policy independence. For this purpose, we apply a cointegrated VAR framework to examine the degree of monetary independence that the Sveriges Riksbank enjoys. Our results suggest that Sweden has in fact relatively little to lose from joining EMU, at least in terms of monetary independence. We complement our analysis by looking into other criteria affecting the cost-benefit calculus of monetary integration, which, by and large, support our positive assessment of Swedish EMU membership

Chinese Monetary Policy and the Dollar Peg

This paper investigates to what extent Chinese monetary policy is constrained by the dollar peg. To this end, we use a cointegration framework to examine whether Chinese interest rates are driven by the Fed's policy. In a second step, we estimate a monetary model for China, in which we include also other monetary policy tools besides the central bank interest rate, namely reserve requirement ratios and open market operations. Our results suggest China has been relatively successful in isolating its monetary policy from the US policy and that the interest rate tool has not been effectively made use of. We therefore conclude that by employing capital controls and relying on other instruments than the interest rate China has been able to exert relatively autonomous monetary policy

Piecing Together the Past

Nearly fifty years ago, some Bedouin shepherds stumbled upon a cache of ancient texts in caves near the Dead Sea, thirteen miles east of Jerusalem. It soon became clear that this was the largest and most significant collection of manuscripts ever discovered in Palestine. Finds Included the oldest witnesses to the Hebrew, Aramaic, and Greek texts of Jewish scripture-the Christian Old Testament-along with nonbiblical manuscripts certain to illuminate the tumultuous period of the destruction of the Second Temple and the time of Christ. The singularity of these texts has brought about one of the most protracted and painstaking endeavors of contemporary scholarship on religious history and Scripture. One afternoon 1947, three Bedouin shepherds were herding their flocks in the vicinity of Wadi Qumran above the northwest shore of the Dead Sea. They casually tossed a rock in acave opening and heard something break. Returning later, they discovered ten large pottery jars, one of which contained three scrolls wrapped in protective linen coverings. Four additional scrolls were soon discovered in the cave. Neither the Bedouin nor the antiquities dealer whom they contacted had any idea what the documents contained. Thinking the script to be some form of Syriac, the antiquities dealer solf four of the scrolls to the Syrian Orthodox metropolitan at St. Mark\u27s Monastery in Jerusalem. For approximately one hundred dollars, the metropolitan unwittingly purchased the oldest extant Hebrew text of the Book of Isaiah, an ancient Hebrew commentary on Habakkuk, and two unknown texts. The antiquities dealer sold the other three manuscripts to Eleazar Sukenik, a professor at Hebrew University in Jerusalem. The scrolls were in such fine condition that they were all published almost immediately. The magnitude and antiquity of these finds soon became apparent, and the caves around Wadi Qumran were aggressively explored for additional scrolls. Of the many caves quarried, eleven near the Wadi yielded written material. Cave 11, the last to be discovered (1956), supplied several extensively preserved scrolls of Leviticus, Psalms, and other works whose state of preservation rivaled that of the original Cave 1 finds. Unfortunately, there were only about a dozen of these beautifully preserved scrolls. Most of the approximately eight hundred texts discovered in the Qumran caves were not scrolls but scraps from disintegrated scrolls. Cave 4 yielded its rich cache of more than 575 manuscripts in tens of thousands of pieces. The condition of the written material in the other caves was no better: Caves 2 and 3 and Caves 5 through 10 yielded only fragments of more than one hundred other texts. Lacking the protection of pottery jars and linen shrouds, these manuscripts had fallen prey to a host of aggressors over the centuries, from the moisture in the caves to the appetite of worms to the swords and sandals of the caves\u27 human visitors. The scrolls simply disintegrated over the centuries, with the result that rarely 5 percent of any individual manuscript survived. The few surviving pieces of discrete scrolls were separated from one another and jumbled indiscriminately in layers of dirt on the cave floors. The muddle of fragments was made all the more incomprehensible by the manner of their retrieval. The Bedouin had gathered and sold most of the initial fragments without any record of where they came from. Fortunately, subsequent scientific excavations of Cave 4 unearthed fragments that were manifestly part of the same scrolls represented by the Bedouin finds. This established that the Bedouin scraps had been removed from the floor of Cave 4 and thereby guaranteed the authenticity of the initial fragments

AN ANALYSIS OF CONSUMER CHARACTERISTICS CONCERNING DIRECT MARKETING OF FRESH PRODUCE IN DELAWARE: A CASE STUDY

Consumer/Household Economics, Marketing,

Forebrain Origins of Glutamatergic Innervation to the Rat Paraventricular Nucleus of the Hypothalamus: Differential Inputs to the Anterior Versus Posterior Subregions

The hypothalamic paraventricular nucleus (PVN) regulates numerous homeostatic systems and functions largely under the influence of forebrain inputs. Glutamate is a major neurotransmitter in forebrain, and glutamate neurosignaling in the PVN is known to mediate many of its functions. Previous work showed that vesicular glutamate transporters (VGluTs; specific markers for glutamatergic neurons) are expressed in forebrain sites that project to the PVN; however, the extent of this presumed glutamatergic innervation to the PVN is not clear. In the present study retrograde FluoroGold (FG) labeling of PVN-projecting neurons was combined with in situ hybridization for VGluT1 and VGluT2 mRNAs to identify forebrain regions that provide glutamatergic innervation to the PVN and its immediate surround in rats, with special consideration for the sources to the anterior versus posterior PVN. VGluT1 mRNA colocalization with retrogradely labeled FG neurons was sparse. VGluT2 mRNA colocalization with FG neurons was most abundant in the ventromedial hypothalamus after anterior PVN FG injections, and in the lateral, posterior, dorsomedial, and ventromedial hypothalamic nuclei after posterior PVN injections. Anterograde tract tracing combined with VGluT2 immunolabeling showed that 1) ventromedial nucleus-derived glutamatergic inputs occur in both the anterior and posterior PVN; 2) posterior nucleus-derived glutamatergic inputs occur predominantly in the posterior PVN; and 3) medial preoptic nucleus-derived inputs to the PVN are not glutamatergic, thereby corroborating the innervation pattern seen with retrograde tracing. The results suggest that PVN subregions are influenced by varying amounts and sources of forebrain glutamatergic regulation, consistent with functional differentiation of glutamate projections. J. Comp. Neurol. 519:1301–1319, 2011. © 2010 Wiley-Liss, Inc

On the influence of statistics on the determination of the mean value of the depth of shower maximum for ultra high energy cosmic ray showers

The chemical composition of ultra high energy cosmic rays is still uncertain. The latest results obtained by the Pierre Auger Observatory and the HiRes Collaboration, concerning the measurement of the mean value and the fluctuations of the atmospheric depth at which the showers reach the maximum development, Xmax, are inconsistent. From comparison with air shower simulations it can be seen that, while the Auger data may be interpreted as a gradual transition to heavy nuclei for energies larger than ~ 2-3x10^18 eV, the HiRes data are consistent with a composition dominated by protons. In Ref. [1] it is suggested that a possible explanation of the observed deviation of the mean value of Xmax from the proton expectation, observed by Auger, could originate in a statistical bias arising from the approximated exponential shape of the Xmax distribution, combined with the decrease of the number of events as a function of primary energy. In this paper we consider a better description of the Xmax distribution and show that the possible bias in the Auger data is at least one order of magnitude smaller than the one obtained when assuming an exponential distribution. Therefore, we conclude that the deviation of the Auger data from the proton expectation is unlikely explained by such statistical effect.Comment: To be published in Journal of Physics G: Nuclear and Particle Physic

Real earnings and business cycles: new evidence

In the time domain, the observed cyclical behavior of the real wage hides a range of economic influences that give rise to cycles of differing lengths and strengths. This may serve to produce a distorted picture of wage cyclicality. Here, we employ frequency domain methods that allow us to assess the relative contribution of cyclical frequency bands on real wage earnings. Earnings are decomposed into standard and overtime components. We also distinguish between consumption and production wages. Frequency domain analysis is carried out in relation to wages alone and to wages in relation to output and employment cycles. Our univariate analysis suggests that, in general, the dominant cycle followed by output, employment, real consumer and producer wages and their components is 5-7years. Consistent with previous findings reported in the macro-level literature, our bi-variate results show that the various measures of the wage are generally not linked to the employment cycle. However, and in sharp contrast with previous macro-level studies we find strong procyclical links between the consumer wage and its overtime components and the output cycle, especially at the 5-7years frequency. Observed real wages are not constant over the cycle, but neither do they exhibit consistent pro- or counter-cyclical movements. This suggests that any attempt to assign systematic real wage movements a central role in an explanation of business cycles is doomed to failure. (lucas 1977

Asymmetrically Dominated Choice Problems, the Isolation Hypothesis and Random Incentive Mechanisms

A common methodology in experimental research is the use of random incentive mechanisms. This note investigates possible distortion induced by such mechanisms in the context of choice under risk. In the baseline (one task) treatment of our experiment we observe risk behavior in a given choice problem. We show that by integrating a second, asymmetrically dominated choice problem in a random incentive mechanism behavior can be systematically manipulated. This implies that the isolation hypothesis is violated and the random incentive mechanism does not elicit true preferences in our example