Dynamics of Intra-EMS Interest Rate Linkages

interest rates, long memory, error correction

Book Review: A Report on Transnational and National Cultural Processes

A review of Meeting Rivers: A Report on Transnational and National Cultural Processes edited by Lannart Svensson

Extension of an Exponential Light Curve GRB Pulse Model Across Energy Bands

A simple mathematical model of GRB pulses in time, suggested in Norris et al. (2005), is extended across energy. For a class of isolated pulses, two of those parameters appear effectively independent of energy. Specifically, statistical fits indicate that pulse amplitude $A$ and pulse width $\tau$ are energy dependent, while pulse start time and pulse shape are effectively energy independent. These results bolster the Pulse Start and Pulse Scale conjectures of Nemiroff (2000) and add a new Pulse Shape conjecture which states that a class of pulses all have the same shape. The simple resulting pulse counts model is $P(t,E) = A(E) \ {\rm exp} (-t/\tau(E) - \tau(E)/t)$, where $t$ is the time since the start of the pulse. This pulse model is found to be an acceptable statistical fit to many of the fluent separable BATSE pulses listed in Norris et al. (2005). Even without theoretical interpretation, this cross-energy extension may be immediately useful for fitting prompt emission from GRB pulses across energy channels with a minimal number of free parameters.Comment: 11 pages, 5 figures. Accepted by MNRA

Low-Spin Spectroscopy of 50Mn

The data on low spin states in the odd-odd nucleus 50Mn investigated with the 50Cr(p,ngamma)50Mn fusion evaporation reaction at the FN-TANDEM accelerator in Cologne are reported. Shell model and collective rotational model interpretations of the data are given.Comment: 7 pages, 2 figures, to be published in the proceedings of the "Bologna 2000 - Structure of the Nucleus at the Dawn of the Century" Conference, (Bologna, Italy, May 29 - June 3, 2000

The Nonlinear Phillips Curve and Inflation Forecast Targeting - Symmetric Versus Asymmetric Monetary Policy Rules

We extend the Svensson (1997a) inflation forecast targeting framework with a convex Phillips curve. We derive an asymmetric target rule, that implies a higher level of nominal interest rates than the Svensson (1997a) forward looking version of the reaction function popularised by Taylor (1993). Extending the analysis with uncertainty about the output gap, we find that uncertainty induces a further upward bias in nominal interest rates. Thus, the implications of uncertainty for optimal policy are the opposite of standard multiplier uncertainty analysis.inflation targets;nonlinearities;asymmetries;stochastic control

Linking Unit Tests and Properties

QuickCheck allows us to verify software against particular proper- ties. A property can be regarded as an abstraction over many unit tests. QuickCheck uses generated random input data to test such properties. If a counterexample is found, it becomes immediately clear what we have tested. This is not the case when all tests pass, since we do not (and shall not) see the actual generated test cases. How can we be sure about what is tested? QuickCheck has the ability to gather statistics about the test cases, which is insightful. But still it does not tell us whether the particular unit test scenarios we have in mind are included. For this reason, we have developed a tool that can answer this question. It checks if a given unit test can be generated by a property, making it easier to judge the property’s quality. We have applied our tool to an industrial use case of testing the AUTOSAR basic software modules and shows that it can handle complex models and large unit tests

Targeting versus instrument rules for monetary policy

Svensson (2003) argues strongly that specific targeting rules-first-order optimality conditions for a specific objective function and model-are normatively superior to instrument rules for the conduct of monetary policy. That argument is based largely on four main objections to the latter, plus a claim concerning the relative interest-instrument variability entailed by the two approaches. The present paper considers the four objections in turn and advances arguments that contradict all of them. Then, in the paper's analytical sections, it is demonstrated that the variability claim is incorrect, for a neo-canonical model and also for a variant with one-period-ahead plans used by Svensson, providing that the same decisionmaking errors are relevant under the two alternative approaches. Arguments relating to general targeting rules and actual central bank practice are also included.Monetary policy ; Banks and banking, Central

The dynamics of superfluid 4He

We present neutron scattering results for the dynamic response by superfluid and normal-fluid 4He and the results of a simple perturbation-theory analysis which allows us to describe all aspects of the observed behavior by considering only density fluctuations. We show that the three key features that are characteristic of the dynamic reponse of superfluid 4He, as well as their dramatic variations with temperature, can be attributed predominantly to the Bose statistics obeyed by all the 4He atoms. It appears that the presence of the Bose condensate exerts at most a minor influence on the dynamic response.Comment: 12 pages, 4 figures. Material closely related to W. Montfrooij and E.C. Svensson, Journal of Low Temperature Physics, Vol. 121, p. 293-302 (2000

Student recital by Eva Svensson, violin, April 6, 1966

This is the concert program of the Student Recital by Eva Svensson, violin performance on Wednesday, April 6, 1966 at 8:30 p.m., at the Concert Hall, 855 Commonwealth Avenue. Works performed were Sonata in G major, Op. 78 by Johannes Brahms, Sonata No. 1 in G minor by Johann Sebastian Bach, Poème Op. 25 by Ernest Chausson, Water Colors by Tor Aulin, Caprice No. 20 by Niccolò Paganini, and Sonata No. 12 in E minor by N. Paganini. Digitization for Boston University Concert Programs was supported by the Boston University Humanities Library Endowed Fund