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konjunkturinstitutet inflation

In this paper, we investigate whether survey measures of inflation expectations in Sweden Granger cause Swedish CPI-inflation. However, the study of inflation expectations from a pentachotomous survey in Maag . Hittades i boken – Sida 24... prognosmakare behandlar ekonomiska frågeställningar på makronivå , dvs. tillväxt , arbetsmarknad och eventuellt inflation . Konjunkturinstitutet och affärsbankerna genomför även regelbundna analyser över produktionsvolymer och ... An abstract is not available for this content so a preview has been provided. Hittades i boken – Sida 227Den yttre och den inre inflationen . ( Recept mot inflation , Sthm 1957. ) - Det svenska konjunkturinstitutet . ( Skand . banken , Kvartalsskr . , 38 , 1957 ; även i delvis omarb . skick i Nord . kontakt , 1957 : 2. ) ... It also discusses methodological and policy issues pertaining to the estimation of these indicators. Konjunkturinstitutet är en statlig myndighet under Finansdepartementet.Våra prognoser används som beslutsunderlag för den ekonomiska politikeni Sverige. His monetary theory, often labeled the cumulative process, is the intellectual foundation of inflation targeting, the best-practice approach to monetary policy across the world today. Hittades i boken – Sida 248Forder, J. (2000), Could reputation-bias be a bigger problem than inflation-bias?, Oxford University, Department of Economics ... Konjunkturinstitutet Hushållens Inköpsplaner [Consumer Survey, User Manual] (no date) Stockholm: NIER. Konjunkturinstitutet tar fram . © 1966 American Journal of Economics and Sociology, Inc. Building on time-series and cross-sectional properties of survey forecasts, this paper documents a fruitful set of stylized facts of inflation expectations in Korea that a macroeconomic theory . Hittades i boken – Sida 93Den har sedan följts upp löpande av Konjunkturinstitutet och Statistiska centralbyrån . Enligt en central teori för inflationsförväntningar är den förväntade inflationstakten en funktion av den tidigare inflationen . Alfred Berg had a profound standing in the Nordic stock market and was the dominating distributer of Nordic stocks to the UK and US client base during a period of deregulations when the foreign ownership of the Swedish stock market moved from <10% to some 40%. However, the decrease in inflation did not correspond to the forecasted decrease in inflation. Underlag för utvärdering av penningpolitiken 2010 110316 . R 7. Hittades i boken – Sida 61IX , “ Voluntary Saving and the Mechanism of Inflation " . ... XI of Inflation and the American Economy , by S. E. Harris , McGraw - Hill Book Co. , Inc. , New York and London ... Also Meddelanden från Konjunkturinstitutet , Ser . Google Scholar Djankov , and Panizza , U. Render date: 2021-11-09T18:03:09.801Z "newCitedByModal": true, Källa: SCB och Konjunkturinstitutet (prognos per december 2010) Inflation Högre elpriser och råvarupriser har bidragit till en ökad inflationstakt Riksbankens mål: 2 procent Målet för penningpolitiken är att hålla inflationen, mätt med KPI, på 2 procent med ett tolerans-intervall på +/- 1 procentenhet kring detta mål. Konjunkturbarometern. Published online by Cambridge University Press:  Just nu lider vi av inflation som är väldigt låg, till och med negativ (sjunkande priser). Close this message to accept cookies or find out how to manage your cookie settings. Vi fik i opdrag at udarbejde anbefalinger til regeringen om, hvordan Danmark skal udnytte digitaliseringens muligheder i fremtiden. This is done by studying the precision of out-of-sample forecasts from Bayesian VAR models using a sample of quarterly data from 1996 to 2016. Hittades i boken – Sida 287... diskuterar kring frågan om eventuella samband mellan prisregleringspolitiken och den förväntade inflationen med utgångspunkt från ... kolleger vid nationalekonomiska institutionen vid Lunds universitet och vid konjunkturinstitutet . The American Journal of Economics and Sociology The Business Tendency Survey is a survey conducted in the business sector where 3,000-7,000 firms in the business sector are interviewed on actual outcomes, the current situation and future expectations. Om det blir ekonomiskt oroligt brukar folk hålla i sina slantar, vilket betyder att folk spenderar mindre och när efterfrågan minskar så går priser knappast upp. Hushållens framtidsförväntningar Indikator Källor: Macrobond och Konjunkturinstitutet -1 0 1 2 3 . The journal is currently undergoing a transition. [30] A simple wavelet-based test for serial correlation in panel data models. Vanligen är en konjunkturcykel mellan tre och åtta år lång [1 Published By: American Journal of Economics and Sociology, Inc. Read Online (Free) relies on page scans, which are not currently available to screen readers. Easily configure your data into the Macrobond format. Sweden, personal finances, inflation and saving (Konjunkturinstitutet, 2007). Hittades i boken – Sida 16843 See Konjunkturinstitutet 1984 , p . ... These were not the only anti - inflation programs in the 1980s . ... measures and tighten monetary policy , and on November 9 , 1987 , the government announced an anti - inflation program . 7 Please refer to the acknowledgements to find a list of all the people who kindly contributed their time to this effort. "figures": true, A. 8 Data on inflation perceptions ('question 5') is only available from October 1980 . This long period of positive change came to a halt in the early 1970s with the first oil crisis in 1973 and the advent of stagflation. En uppsats skriven om inflation och inflationsförväntningar uppsala universitet nationalekonomiska institutionen tillväxt, konjunkturer och ekonomisk politik Academia.edu is a platform for academics to share research papers. Om ett land. American Journal of Economics and Sociology, Inc. Access everything in the JPASS collection, Download up to 10 article PDFs to save and keep, Download up to 120 article PDFs to save and keep. The war on trade: beggar thy neighbour – beggar thyself? Hittades i boken – Sida 178... ( Between Inflation and Deflation ) , Ekonomisk Tidskrift , vol . 42 , 1940 , pp . 155-165 . 1941 ' Prisutvecklingen ' ( Price Development ) , Chapter 8 in Konjunkturläget , Våren 1941 , Meddelanden från Konjunkturinstitutet , Ser . Barometerindikatorn steg marginellt med 0,6 enheter i oktober, från 119,4 i september till 120,0. At the same time, economic inequality was decreasing. 07 Oct. inflation sverige 2021 prognos. Publications by members of Konjunkturinstitutet Government of Sweden Stockholm, Sweden (National Institute of Economic Research - NIER, ) These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service.Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. Visioner og anbefalinger til Danmark som et digitalt foregangsland. Hittades i boken – Sida 22Nr 18 Utlåtande i anledning av väckta motioner om åtgärder mot inflation . I två inom riksdagen väckta ... Över motionerna har utskottet inhämtat yttranden från fullmäktige i riksbanken och från konjunkturinstitutet . A data set consisting of 25 forecasts (1999-2005) by Sveriges Riksbank (RB) and 18 forecasts (2001-2005) by Konjunkturinstitutet (KI) for Swedish inflation rates measured as CPI and KPIX. Day 2 of the BIS Research Conference looks at big tech, competition and privacy in the digital age. Konjunkturinstitutet får dock aldrig framstå som avsändare av bearbetad eller manipulerad statistik eller anges som källa till användarens egna analyser och slutsatser. The Business Tendency Survey is a survey conducted in the business sector where 3,000-7,000 firms in the business sector are interviewed on actual outcomes, the current situation and future expectations. Professor University Stockholm, 1946-1965. Svagare tillväxt och lägre inflation, till . Remissvar på Riksbankskommitténs betänkande En ny riksbankslag, Assessing risks to financial and macroeconomic stability from housing prices and household debt:The Swedish case. Stock-holm: Konjunkturinstitutet. Konjunkturinstitutet (Sweden) Konjunkturinstitutet Suède National Institute of Economic Research (Sverige) . Konjunkturinstitutet feb 2010 - jan 2012 2 år . Inkluderade mått är KPIF exkl. Regeringen nedsatte den 16. marts 2021 Digitaliseringspartnerskabet. Hostname: page-component-5c9bd4d97b-tdlgb A data set consisting of 25 forecasts (1999-2005) by Sveriges Riksbank (RB) and 18 forecasts (2001-2005) by Konjunkturinstitutet (KI) for Swedish inflation rates measured as CPI and KPIX. Hittades i boken – Sida 41I tabellen nedan redovisas några tidsserier för Konjunkturinstitutet och för ett medelvärde av prognostiker . Tabell 4.9 Precision i prognoser för BNP , arbetslöshet och inflation gjorda våren och hösten aret före prognosaret Femåriga ... Hittades i boken – Sida 27References Batchelor , R. and Jonung , L. , ( 1987 ) , " Information Theory and Group Differences in Inflation Expectations " , November , Seminar Paper No. 4 , Konjunkturinstitutet ( National Institute of Economic Research ) ... After 10-15 years of poor macroeconomic performance, including a second oil crisis in 1979, a . Hittades i boken – Sida 87I en bilaga till Långtidsutredningen 1999/2000 tecknar Konjunkturinstitutet – utifrån sina prognosmodeller – några scenarier ... Med en väl fungerande arbetsmarknad , fortsatt låg inflation och god tillväxt i skattebaser och hushållens ... Feature Flags: { Publiceret 01-10-2021. The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to provide a forum for continuing discussion of issues emphasized by the American political economist, social philosopher, and activist, Henry George (1839-1897). 2014 Visa publikation "On the Usefulness of Constant Gain Least Squares when Forecasting the Unemployment Rate" Applied . Diagram 5. This level indicates a considerably stronger mood than normal in the economy. Many top- notch speakers await you starting at…. The usual disclaimer holds. 6 The market for inflation-linked government bonds has existed for longer than the market for inflation swaps. (BVAR) models to conduct an out-of-sample forecasting exercise for CPIF inflation, the inflation target variable at the Riksbank in Sweden. The forecast was completed on 23 October 2020. Konjunkturinstitutet, Kungsgatan 12-14, Box 3116, 103 62 Stockholm 08-453 59 00, info@konj.se, www.konj.se ISSN 0023-3463, ISBN 978-91-86315-69-6 . "shouldUseShareProductTool": true, Vi analyserar också den ekonomiska utvecklingen, i Sverige ochinternationellt, samt forskar inom nationalekonomi.I Konjunkturbarometern publicerar vi varje månad statistik över företagensoch hushållens syn på den ekonomiska utvecklingen. The line: With a modified Taylor curve, the forecast Taylor curve, and plots of mean squared gaps showing the tradeoff between the variability of the inflation-gap and output . . the impact on both external and domestic demand would be positive. Empirical studies in consumption, house prices and the accuracy of European growth and inflation forecasts [The environmental accounting project at The National Institute of Economic Research 1992-97] Lundberg was born in Stockholm and obtained a Ph.D. in economics in 1937 at the Stockholms Högskola. NEP is an announcement service which filters information on new additions to RePEc into edited reports. by Göran Zettergren. Exchange rate, interest rate and equity price assumptions are based on information available to 16 October 2020. The measure used by the Swedish Konjunkturinstitutet . We use an ordered probit model, with a number of controls, to obtain estimates of the aforementioned relationship. Förkortningar (prognosdatum): KI - Konjunkturinstitutet (210623); REG - Regeringen (210826); SN - Svenskt Näringsliv (210429); No - Nordea (210511); RB - Riksbanken (210701); SEB (210831). Hittades i boken – Sida 71Den prognosen gör konjunkturinstitutet , KI , i sin höstrapport , och KI varnar för att bristen på arbetskraft i den nuvarande ... räknar KI med att timlönerna bara ska stiga med fem procent melÖkad inflation Inflationen ökar igen . tary Fund, Konjunkturinstitutet, Norges Bank, Sveriges Riksbank, the 2007 Bernoulli Centre for Economics Workshop on Optimal Monetary Policy and Central Bank Communication in Ascona and the 27th International Symposium on Forecasting in New York. inflation is a valuable complement to official price indices as households to a major extent base their expectations of future inflation on their perceived rates of present inflation.8 Emerging market economy exchange rates and local currency bond markets amid the Covid-19 pandemic, Quantifying the global macroeconomic spillovers of illness and lockdown measures, Updating the preliminary assessment of the possible economic impact of the coronavirus outbreak, Once the dust settles, supporting emerging economies will be the challenge, The macroeconomic spillover effects of the pandemic on the global economy, Effects of Covid-19 in emerging economies, Institute of International Finance, Economic Views. Today, the exciting encounters between sociology and economics remain a natural subject to explore, and AJES continues to publish carefully crafted essays in the social sciences. In contrast to established macroeconomic assumptions, our . It declined sharply in late 2014 and early 2015 alongside the steep fall in oil prices, but has increased from mid . As you have access to this content, a full PDF is available via the ‘Save PDF’ action button. The National Institute of Economic Research (Konjunkturinstitutet) has published an evaluation of the Riksbank forecasts of inflation. Hittades i boken – Sida 32... ULC och inhemsk inflation. 95 : 1 97 : 1 99 : 1 01 : 1 03 : 1 05 : 1 07 : 1 .... DATA KONSULTER UPPDRAGSERKSAMHET PRIVATA TJÄNSTERNÄRINGAR .... HANDEL BYGGINDUSTRI Diagram 2:52 Källa : konjunkturinstitutet · Stabiliseringspolitikens ... With a personal account, you can read up to 100 articles each month for free. In their independent evaluation of the Riksbank's monetary policy for the period 1995-2005, Giavazzi & Mishkin call attention to what they regard as problems with the Riksbank's Konjunkturbarometern. We use cookies to distinguish you from other users and to provide you with a better experience on our websites. It concludes that the Riksbank has systematically overestimated inflation and that this “has contributed to overly tight monetary policy with higher unemployment and lower inflation.”, The NIER’s analysis “examines the Riksbank’s forecasts of CPI inflation and underlying inflation (UND1X/CPIX and CPIF) for systematic errors at 1- to 24-month horizons, and finds that the central bank’s forecasts of both CPI inflation and underlying inflation contain systematic errors. Hushållens inkomster och sparkvot Procentuell förändring respektive procent av disponibel inkomst Källor: Konjunkturinstitutet och SBAB Diagram 7. New publication: "Evaluating Monetary Policy," in Koenig, Evan F., Robert Leeson, and George A. Kahn, eds., The Taylor Rule and the Transformation of Monetary Policy, Hoover Institution Press, 2012, p. 245-274.PDF. THE WORLD ECONOMY: Global outlook overview, The supply side matters: Guns versus butter, COVID-style, Centre for Economic Policy Research e-book, Mitigating the COVID economic crisis: act fast and do whatever it takes, Designing the fiscal response to the COVID-19 pandemic, Peterson Institute for International Economics, The economic effects of trade policy uncertainty, International Finance Discussion Papers Number 1256, Board of Governors of the Federal Reserve System, The lockdown weighted inflation CPILW for September 2020, European fiscal rules as a liability in the transatlantic trade trade conflict: lessons from NiGEM simulations. Källor: Konjunkturinstitutet och SBAB Diagram 2. Vanligen är en konjunkturcykel mellan tre och åtta år lång [1 A Short Note on Matching Researchers to Workspaces [2010] Recent Discussions "Optimal Monetary Policy in HANK Economies" by S. Acharya, E. Challe and K. Dogra The latest report by the National Institute of Economic Research (Konjunkturinstitutet) is broadly optimistic about the state of the economy this year.. Ylva Hedén Westerdahl, director of forecasting at the institute and one of the authors of the report, predicts that Sweden . Svensk resumé. 2008, when increase in unemployment pushed inflation downwards. From 1937 to 1955 he was director of the Government Economic Research Institute (Konjunkturinstitutet), and from 1946 to 1965 he was professor of economics at the University of Stockholm; he held the same post at the Stockholm School of Economics from 1965 to 1970. The data on inflation expectations consist of 55 observations per series and are approximately quar-terly. Financial support from the Jan Wallander and Tom Hedelius Foundation is gratefully acknowledged. Hittades i boken – Sida 186Inflation , either " open " or " suppressed " , exerts a constant " pull " on imports , tending to make for an ... the passive balance , while price inflation itself makes 3 Konjunkturinstitutet , Konjunkturlaget varen 1951 , , p . View . Secular Inflation The Fecundity Translated from the German of Mathematical Methods 1961, x + 106 pp., 32s. Proprietary. We would like to thank Jagjit Chadha, Dawn Holland and Hande Küçük for helpful comments and Patricia Sanchez Juanino for preparing the charts and compiling the database underlying the forecast. Hittades i boken – Sida 58Employment 6.1 5.9 6.1 6.8 Source : Appendix 1 of the Long - Term Survey - Konjunkturinstitutet ( National Institute of Economic Research ) [ 2000 ] . The inflation rate will rise gradually from the current level to an average of 2 per ... Member, State Power Board, 1946-1977. Olika mått på underliggande inflation Årlig procentuell förändring Källor: SCB och Riksbanken . Has data issue: true Miljöekonomiska analyser. Posted at 20:43h by 0 Comments. Many economists and policy makers therefore believe that the relationship between inflation and unemployment has weakened. 6 Gerberding (2001) proposes an alternative solution, the cost of which is the assumption that inflation perceptions are unbiased. energi och färskvaror, persistensviktad inflation (KPIFPV), faktor från Hushållens framtidsförväntningar Indikator Källor: Macrobond och Konjunkturinstitutet -1 0 1 2 3 This is the third month in a row that the indicator has risen. Hittades i bokenA quantum cognition approach to explain the discrepancy between inflation expectation and inflation perception Char ... Tendency Survey by the Konjunkturinstitutet (National Institute of Economic Research) of Sweden and the Inflation ... (eds) ( 2020 ), ' Covid-19 in developing economies ', Centre for Economic Policy Research e-book , 22 June. The Riksbank's 2 per cent inflation target has served as its established goal since 1994. However, the primary measure for total inflation, Sweden's CPI (Consumer Price Index), has been stuck at zero for many years now. Inflation och styrränta Procent Källor: Konjunkturinstitutet och SBAB Diagram 6. Konjunkturinstitutet reserverar sig för eventuella förseningar och brister i datamaterialet. Abstract This paper derives a set of leading indicators of inflation for Sweden. Dixon, H. (2020b), ' The lockdown weighted inflation CPILW for September 2020 ', NIESR blog, 26 October. Studienet.se-88315-1142403 "Trots nedgången i inflationen under loppet av 2020 och 2021 och ett minskat resursutnyttjande i ekonomin bedöms Riksbanken bibehålla reporäntan på 0,00 procent till och med 2022. . Professor Stockholm School Economics, 1965-1970. . Hittades i boken – Sida 430138–39 ; data supplied by Edward Palmer , Statistiska centralbyrån , Konjunkturinstitutet ; Swedish Economy , 1983 : 2 , pp . 11 , 52 , 106 , 149 ; Swedish Economy , various issues , statistical appendix ; Erik Westerlind and Rune ... Inflation och styrränta Procent Källor: Konjunkturinstitutet och SBAB Diagram 6. recurrent bad weather may be a source of permanent inflation.6 Agricul-ture suffered not only from the weather but also from shortages of labor 4 Erik Lundberg, Business Cycles and Economic Policy. (with Yushu Li). with Ema Iancu ( Konjunkturinstitutet ) Who Pays for Inflation? It concludes that the Riksbank has systematically overestimated inflation and that this "has contributed to overly tight monetary policy with higher unemployment and lower inflation." Hittades i boken – Sida 218Bernstein, E.M. (1950) 'Latent inflation: problems and policies', IMF Staff Papers, I, pp. 1–16. ... Meddelanden från Konjunkturinstitutet, Serie A och Serie B, Isaac Marcus Boktryckeriaktiebolag: A:15 Konjunkturläget hösten 1947, 1948, ... [1] Begreppet har sin bakgrund inom monetarismen, och forskning av bland annat Milton Friedman och Abba P. Lerner . Konjunkturinstitutet. The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to encourage the development of transdisciplinary solutions to social problems. Hittades i boken – Sida 8553, New York, April 1943; and R Meidner, Svensk arbetsmarkmad wid full sysselsattning, Stockholm, Konjunkturinstitutet, 1954, p269. 2. See for instance P Sargant Florence: Labour (London, Hutchinson University Library, 1949). pp98ff and ... By the use of the ex Prognoser för ekonomin. by J. Potter (Cam-bridge, 1957), p. 52. Gillat av Paola Di Casola. Our exchange . In almost all countries considerable advances were made in the development of systematic bodies of economic data, and in the immediate postwar period these advances continued. Konjunkturinstitutet. León-Ledesma, M. A. och M. Satchi (2015), "Appropriate technology and the labour share", University of Kent, School of Economics Discussion Paper 15/05. Sweden, personal finances, inflation and saving (Konjunkturinstitutet, 2007). "Forecasting Inflation Using Constant Gain Least Squares" Australian Economic Papers 53 (1-2), 2-15. It does so using cross-sectional data on Swedish households collected on behalf of Konjunkturinstitutet. A data set consisting of 25 forecasts (1999-2005) by Sveriges Riksbank (RB) and 18 forecasts (2001-2005) by Konjunkturinstitutet (KI) for Swedish inflation rates measured as CPI and KPIX. Inflation targeting is a monetary-policy strategy characterized by an announced numerical inflation target, an implementation of monetary policy that gives a major role to an inflation forecast . Such are the results of the latest forecast from the National Institute of Economic Research (NIER), published today. "newCiteModal": false, 03 November 2020. NAIRU, Non-Accelerating Inflation Rate-of-Unemployment, även kallat jämviktsarbetslöshet, är ett nationalekonomiskt begrepp för den arbetslöshetsnivå som är förenlig med en konstant inflationstakt. "isUnsiloEnabled": true, Hittades i boken – Sida 91Lundborg , P. , & H. Sacklén ( 2002 ) , Inflationsmålet , sysselsättningen och EMU - medlemskapet ( The inflation target ... unemployment : A review of current knowledge ) , Special study 11 , Konjunkturinstitutet , Stockholm . Hittades i boken – Sida 100Page Letter to the King In Council m I. Economic Prospects and the Risk ot Inflation 1 International Economic Development 1 The Economic Situation in Sweden 1945—46 5 General Outlook 5 Set-up of the Inquiry 7 Increase in Income and ... Inflation will drop back and will be well below 2 per cent over the next couple of years. While the survey is conducted four times per year, the interval is not fixed. Booming economy set to cool down Wed, Mar 27, 2019 09:15 CET. Hittades i boken – Sida 68See G. Eliasson , " Vad kan vi göra åt inflationen ? " Bilaga D , Industrikonjunkturen Hösten 1974 , Stockholm , Sveriges Industriförbund , 1974 . 2 ) See Konjunkturinstitutet , Konjunkturläget Hösten 1974 , p . Wage growth will be moderate, however, and inflation muted. It seems that the Swedish economy is recovering from the coronavirus pandemic faster than anyone thought a year ago. The inflation expectations are "forward rates" - that is, they measure twelve-month-ended inflation in 12, 24 and 60 months time. Hansen was a mathematically skilled economist born in Denmark who presented his dissertation "A Study in the Theory of Inflation" at Uppsala University a few months before the 1951 LO report (Hansen 1951). Datamaterialet och databastjänsten tillhandahålls i befintligt skick. The NIER’s web site, Riksbank Monetary Policy Decisions February 2009–April 2013, The result of Riksbank monetary policy: Too low inflation, too high unemployment, and somewhat higher (not lower) debt ratio, Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in the UK, Amorteringskraven snedvrider och utestänger: Uppdatering, Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in Australia, Replik: Vi negligerar inte några risker med hushållens skuldsättning eller bostadspriserna. Hittades i boken – Sida 71Stockholm : Konjunkturinstitutet , pp . ... Studies in the Theory of Inflation . ... ( 1987b ) , Konjunkturinstitutsiden och konjunkturbevakning före Konjunkturinstitutet , " in Rolf G. H. Henriksson , ed . , Konjunkturinstitutet under ... Det enda staten skulle göra var enligt Milton Friedman att se till så att pennigmängden (pengar i omlopp i samhället) inte är mer än BNP. The Economic Tendency Indicator continued to rise in August, from 109.7 in July to 111.5. 7 Please refer to the acknowledgements to find a list of all the people who kindly contributed their time to this effort. The proposed BVAR models generally outperform simple benchmark models, the BVAR model used by the Riksbank as presented in Iversen et al . Fortsatt låg inflation i sikte Inflationen mätt med KPIF har under 2017 2019 2020 (acc epted). [1] To change this, the Riksbank has taken to increasingly desperate measures.

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