This study evaluates the performance of the eight most important Swedish domestic forecasters of real GDP-growth, CPI-inflation and unemployment for the sample period 1993-2001. The evaluation is based on the following measures: mean absolute error, the root mean square error, bias and finally...

We estimate quarterly dynamic housing demand and investment supply models for Sweden and UK for the sample period 1970-1998 using an Error Correction Method (ECM). This method requires as a preliminary step that we test for the order of integration and cointegration. The ECM models seem...

This paper develops an unified framework for analyzing the influence of both direct and indirect instruments of monetary control on the money supply process. The resulting formal model is then applied in the empirical evaluation of the effectiveness of credit ceilings in limiting the growth of...

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The bank as "general store" is slowly being replaced by the bank as conglomerate. This is because improvements in information technology and market efficiency are changing the way the activities of financial intermediaries are performed. The imperatives of cost minimization and competition have...

Investment decision-making is modeled by means of a Kohonen neural net, where neurons represent firms. This is done in order to model investments in novel fields of economic activity, that according to this model are carried out when firms recognize the emergence of a new technological pattern....

Territorial appointees to an independent central bank (e.g. District Federal Reserve Banks’ presidents, Governors of national central banks at the ECB’s Governing Council) are liable to confront a “role conflict” stemming from a duality of loyalties and allegiances - to the home regional...

A number of commentators have argued that technological innovation is about to change the institutional structure of the retail payments system. Through the potential private issue of currency via new electronic payments systems – electronic money – individuals will create currencies based...

We develop a business cycle model in which consumption goods, physical capital, and human capital are produced in separate sectors. An important feature of the model is that human and machine inputs in the production process are treated symmetrically: each has both a stock and flow component....

Historically, when an economy emerges from recession, employment grows with, or soon after, the resumption of GDP growth. However, following the two most recent recessions in the United States, employment growth has lagged the recovery in GDP by several quarters, a phenomenon thathas been termed...