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  • 1. Aaberge, Rolf
    et al.
    Bourguignon, François
    Brandolini, Andrea
    Ferreira, Francisco H. G.
    Gornick, Janet G.
    Hills, John
    Jäntti, Markus
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Jenkins, Stephen P.
    Marlier, Eric
    Micklewright, John
    Nolan, Brian
    Piketty, Thomas
    Radermacher, Walter J.
    Smeeding, Timothy M.
    Stern, Nicholas H.
    Stiglitz, Joseph
    Sutherland, Holly
    Tony Atkinson and his Legacy2017In: The Review of Income and Wealth, ISSN 0034-6586, E-ISSN 1475-4991, Vol. 63, no 3, 411-444 p.Article in journal (Refereed)
    Abstract [en]

    Tony Atkinson is universally celebrated for his outstanding contributions to the measurement and analysis of inequality, but he never saw the study of inequality as a separate branch of economics. He was an economist in the classical sense, rejecting any sub-field labelling of his interests and expertise, and he made contributions right across economics. His death on 1 January 2017 deprived the world of both an intellectual giant and a deeply committed public servant in the broadest sense of the term. This collective tribute highlights the range, depth and importance of Tony's enormous legacy, the product of almost fifty years’ work.

  • 2. Acemoglu, Daron
    et al.
    Aghion, Philippe
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bursztyn, Leonardo
    Hemous, David
    The Environment and Directed Technical Change2012In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 102, no 1, 131-166 p.Article in journal (Refereed)
    Abstract [en]

    This paper introduces endogenous and directed technical change in a growth model with environmental constraints. The final good is produced from dirty and clean inputs. We show that: (i) when inputs are sufficiently substitutable, sustainable growth can be achieved with temporary taxes/subsidies that redirect innovation toward clean inputs; (ii) optimal policy involves both carbon taxes and research subsidies, avoiding excessive use of carbon taxes; (iii) delay in intervention is costly, as it later necessitates a longer transition phase with slow growth; and (iv) use of an exhaustible resource in dirty input production helps the switch to clean innovation under laissez-faire.

  • 3.
    Acemoglu, Daron
    et al.
    MIT.
    Aghion, Philippe
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bursztyn, Leonardo
    Harvard.
    Hemous, David
    Harvard.
    The Environment and Directed Technical Change2010Report (Other academic)
    Abstract [en]

    This paper introduces endogenous and directed technical change in a growth model with environmental constraints. A unique final good is produced by combining inputs from two sectors. One of these sectors uses “dirty” machines and thus creates environmental degradation. Research can be directed to improving the technology of machines in either sector. We characterize dynamic tax policies that achieve sustainable growth or maximize intertemporal welfare. We show that: (i) in the case where the inputs are sufficiently substitutable, sustainable long-run growth can be achieved with temporary taxation of dirty innovation and production; (ii) optimal policy involves both “carbon taxes” and research subsidies, so that excessive use of carbon taxes is avoided; (iii) delay in intervention is costly: the sooner and the stronger is the policy response, the shorter is the growth transition phase; (iv) the use of an exhaustible resource in dirty input production helps the switch to clean innovation under laissez-faire when the two inputs are substitutes. Under reasonable parameter values and with sufficient substitutability between inputs, it is optimal to redirect technical change towards clean technologies immediately and optimal environmental regulation need not reduce long-run growth.

  • 4.
    Acemoglu, Daron
    et al.
    MIT Department of Economics.
    Aghion, Philippe
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Griffith, Rachel
    UCL.
    Zilibotti, Fabrizio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Vertical Integration and Technology: Theory and Evidence2010In: Journal of the European Economic Association, ISSN 1542-4766, E-ISSN 1542-4774, Vol. 8, no 5, 989-1033 p.Article in journal (Refereed)
  • 5.
    Acemoglu, Daron
    et al.
    Massachusetts Institute of Technology.
    Zilibotti, Fabrizio
    Universitat Pompeu Fabra.
    Agency Costs in the Process of Development1996Report (Other academic)
    Abstract [en]

    We analyze an economy where production is subject to moral hazard. The degree of the incentive (agency) costs introduced by the presence of moral hazard naturally depends on the information structure in the economy; it is cheaper to induce correct incentives in a society which posesses better ex post information. The degree of ex post information depends on the number of projects and entrepreneurs in the economy; the more projects, the better the information. This implies that at the early stages of development, the range of projects and the amount of information are limited and agency costs are high. Since the information created by a project is an externality on others, the decentralized economy is constrained inefficient; in particular, it does not 'experiment' enough. The analysis of the role of information also opens the way to an investigation of the development of financial institutions. We contrast the information aggregation role of stock markets and information production role of banks. Because the amount of available information increases with development, our model predicts the pattern of financial development observed in practice; banks first and stock markets later.

  • 6.
    Acemoglu, Daron
    et al.
    Masachusetts Institute of Technology.
    Zilibotti, Fabrizio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Information Accumulation in Development1998Report (Other academic)
    Abstract [en]

    We propose a model in which economic relations and intritutions in advanced and less developed countries differ as these societies have access to different amounts of information. The lack of information in less developed economies makes it hard to evaluate the performance of manager, and leads to high "agency costs". Differences in the amount of information have a variety of sources. As well as factors related to the informational infrastructure, we emphasize that societies accumulate information partly because the scarcity of capital restricts the repetition of various activities. Two implications of our model are: (i) as an economy develops and generates more information, it achieves better risk-sharing at a given level of effort, but because agents are exerting more effort and the types of activities are changing, the overall level of risk-sharing may decline; (ii) with development, the share of financial intermediation carried out through market institutions should increase.

  • 7.
    Acemoglu, Daron
    et al.
    Massachusetts Institute of Technology.
    Zilibotti, Fabrizio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Productivity Differences1998Report (Other academic)
    Abstract [en]

    Many technologies used by the LDCs are developed in the OECD economies, and as such, are designed to make optimal use of the skills of these richer countries' workforces. Due to differences in the supply of skills, some of the tasks performed by skilled workers in the OECD economies will be carried out by unskilled workers in the LDCs. Since the technologies in these tasks are designed to be used by skilled workers, productivity in the LDCs will be low. Even when all countries have equal access to new technologies, this mismatch between skills and technology can lead to sizable differences in total factor productivity and output per worker. Our theory also suggests that productivity differences should be highest in medium-tech sectors, and that the trade regime and the degree of intellectual property right enforcement in the LDCs have an important effect on the direction of technical change and on productivity differences.

  • 8. Ade, Florian
    et al.
    Freier, Ronny
    Odendahl, Christian
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Incumbency effects in government and opposition: Evidence from Germany2014In: European Journal of Political Economy, ISSN 0176-2680, E-ISSN 1873-5703, Vol. 36, 117-134 p.Article in journal (Refereed)
    Abstract [en]

    Do district incumbents in an election have an advantage, and if so, do these advantages depend on which party is in government? We estimate the incumbency effect for the direct district candidates in German federal and state elections using a regression discontinuity design (RDD). When studying the heterogeneity in these effects, we find that incumbents from both large parties, the center-right CDU and the center-left SPD, have an advantage only if the SPD is in government. This effect is robust and shows even in state elections that are unrelated to federal elections.

  • 9. Adolfson, Malin
    et al.
    Laseen, Stefan
    Linde, Jesper
    Svensson, Lars E. O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Stockholm School of Economics, Sweden; NBER, United States.
    Monetary policy trade-offs in an estimated open-economy DSGE model2014In: Journal of Economic Dynamics and Control, ISSN 0165-1889, Vol. 42, 33-49 p.Article in journal (Refereed)
    Abstract [en]

    This paper studies the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in Ramses, the Riksbank's estimated dynamic stochastic general equilibrium (DSGE) model of a small open economy. Our main finding is that the trade-off between stabilizing CPI inflation and the output gap strongly depends on which concept of potential output in the output gap between output and potential output is used in the loss function. If potential output is defined as a smooth trend this trade-off is much more pronounced compared to the case when potential output is defined as the output level that would prevail if prices and wages were flexible.

  • 10. Adolfson, Malin
    et al.
    Laséen, Stefan
    Lindé, Jesper
    Svensson, Lars E. O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Optimal Money Policy in an Operational Medium-Sized DSGE Model2011In: Journal of Money, Credit and Banking, ISSN 0022-2879, E-ISSN 1538-4616, Vol. 43, 1287-1331 p.Article in journal (Refereed)
    Abstract [en]

    We show how to construct optimal policy projections in Ramses, the Riksbank's open-economy medium-sized dynamic stochastic general equilibrium model for forecasting and policy analysis. Bayesian estimation of the parameters of the model indicates that they are relatively invariant to alternative policy assumptions and supports our view that the model parameters may be regarded as unaffected by the monetary policy specification. We discuss how monetary policy, and in particular the choice of output gap measure, affects the transmission of shocks. Finally, we use the model to assess the recent Great Recession in the world economy and how its impact on the economic development in Sweden depends on the conduct of monetary policy. This provides an illustration on how Rames incoporates large international spillover effects.

  • 11.
    Agell, Jonas
    et al.
    Department of Economics, Uppsala University.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Jonsson, Gunnar
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Fiscal Policy when Monetary Policy is Tied to the Mast1994Report (Other academic)
    Abstract [en]

    The paper analyses the time inconsistency problem of both exchange rate and fiscal policy in a small open economy. The equilibrium under discretion is characterised by inflation and a deficit. Commitment of the exchange-rate instrument only, e.g., through membership in a European monetary union with low inflation, contributes to price stability but increases the deficit. Whether the government will prefer this outcome to the discretionary one depends on the structure of the economy: commitment appears more favourable, the more open is the economy. The time-consistency arguments strengthen the case for simultaneous commitment of monetary and fiscal policy for inflation-prone countries joining a monetary union.

  • 12.
    Agell, Jonas
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Dillén, Mats
    Department of Economics, Uppsala University.
    Macroeconomic Externalities: Are Pigovian Taxes the Answer?1991Report (Other academic)
    Abstract [en]

    Basic welfare economics tells us that many types of externalities can be remedied by proper use of corrective taxes and subsidies. This paper shows that this notion also extends to the macroeconomic externalities discussed in recent Keynesian literature on nominal price rigidities. The derived policy rules are lindred in spirit to standard Keynesian policy prescriptions: Progressive income taxes may serve a useful role in combating wasteful economic fluctuations. However, unlike older fix-price models of automatic stabilizers, progressive taxes work in our monopolistic economy because they directly affect the pricing mechanism.

  • 13.
    Agell, Jonas
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Lommerud, Kjell Erik
    Department of Economics, University of Bergen.
    Egalitarianism and Growth1991Report (Other academic)
    Abstract [en]

    Are competitive wage premia an obstacle to growth? The answer of the architects of the Scandinavian "model" in the 1950s and 60s was in the affirmative: By punishing expansive and growth enhancing sectors of the economy competitive wage premia put an unwarranted drag on the rate of structural change. We formalize this intuition using a two sector endogenous growth model, considering both open and closed economy cases. We also show that egalitarian pay compression, combined with active labor market policies, works exactly in the same way as an industrial policy of subsidizing sunrise industries.

  • 14.
    Agell, Jonas
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Lundborg, Per
    Industrial Institute for Economic and Social Research.
    Wage Fairness and International Trade Theory and Policy1991Report (Other academic)
    Abstract [en]

    We show how an extended theory of fair wages, in which workers also care about the functional distribution of income, can be incorporated in the two-by-two Heckscher-Ohlin model. An important feature of the model is the existence of involuntary unemployment. Several results stand out. First, there is no longer a simple relation between measures of factor abundance and trade patterns. First, there is no longer a simple relation between measures of factor abundance and trade patterns. Second, factor-price equalization will generally not occur. Third, differences in social norms explain why terms of trade shocks produce nonuniform adjustments in real wages and unemployment across otherwise similar countries. Fourth, losses from trade may occur. Finally, in countries where fairness considerations are important, tariffs may increase overall employment.

  • 15.
    Agell, Jonas
    et al.
    Department of Economics, Uppsala University.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Asset Markets, Tax Arbitrage, and the Redistributive Properties of Progressive Income Taxation1988Report (Other academic)
    Abstract [en]

    It is commonly believed that tax arbitrage is anti-egalitarian. The present paper shows that this is not necessarily true; tax arbitrage might actually reduce inequality as well as increase efficiency. It is also shown that the introduction of tax arbitrage will linearize the tax system. Thus complicated, non-linear tax scedules in the spirit of Mirrlees (1971) cannot be sustained.

  • 16.
    Agell, Jonas
    et al.
    Department of Economics, Uppsala University.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Does Debt Management Matter?1989Report (Other academic)
  • 17.
    Agell, Jonas
    et al.
    Department of Economics, Uppsala University.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    On the Analytics of the Dynamic Laffer Curve2000Report (Other academic)
    Abstract [en]

    In this paper, we analyze government budget balance within a simple model of endogenous growth. For the AK model, simple analytical conditions for a tax cut to be self-financing can be derived. The critical variable is not the tax rate per se, but the "transfer-adjusted tax rate". We discuss some conceptual issues in dynamic revenue analysis, and we explain why previous studies have arrived at seemingly contradictory results. Finally, we perform an empirical study of the transfer-adjusted tax rates of the OECD countries to see which country has the highest potential for fiscal improvements; it turns out that only a few countries have any potential for such "dynamic scoring".

  • 18.
    Agell, Jonas
    et al.
    Department of Economics, Uppsala University.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Tax Arbitrage and Labor Supply1998Report (Other academic)
    Abstract [en]

    We examine how tax avoidance in the form of trade in well-functioning asset markets affects the basic labor supply model. We show that tax arbitrage has potentially dramatic implications for positive, normative and econometric analysis of how taxes affect work incentives.

  • 19.
    Agell, Jonas
    et al.
    Department of Economics, Uppsala University.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Sacklén, Hans
    Trade Union Institute for Economic Research.
    Labor Supply Prediction when Tax Avoidance Matters1999Report (Other academic)
    Abstract [en]

    We examine how tax avoidance in the form of trade in well-functioning asset markets affects the emipircal study of labor supply. We discuss the implications for tax policy analysis, and we show that a failure to account for avoidance responses may lead to huge errors when predicting how tax reform affects labor supply, tax revenue, and the welfare cost of taxation. in conclusion we argue that our model may explain a number of otherwise hard to understand dimensions of tax payer response.

  • 20.
    Aghion, Philippe
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Algan, Yann
    Sciences Po.
    Cahuc, Pierre
    Ecole Polytechnique.
    Civil Society and the State: The Interplay between Cooperation and Minimum Wage Regulation2011In: Journal of the European Economic Association, ISSN 1542-4766, E-ISSN 1542-4774, Vol. 9, no 1, 3-42 p.Article in journal (Refereed)
  • 21.
    Aghion, Philippe
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Algan, Yann
    Department of Economics, Sciences Po.
    Cahuc, Pierre
    Ecole Polytechnique.
    Schleifer, Andrei
    Harvard Economics Department.
    Regulation and Distrust2010In: Quarterly Journal of Economics, ISSN 0033-5533, E-ISSN 1531-4650, Vol. 125, no 3, 1015-1049 p.Article in journal (Refereed)
  • 22.
    Aghion, Philippe
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Dewatripont, Mathias
    ECARES, Free U Brussels.
    Kolev, Julian
    Harvard University.
    Murray, Fiona
    MIT.
    Stern, Scott
    Northwestern University.
    The Public and Private Sectors in the Process of Innovation: Theory and Evidence from the Mouse Genetics Revolution2010In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 100, no 2, 153-58 p.Article in journal (Refereed)
  • 23.
    Aghion, Philippe
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Holden, Richard
    University of Chicago Booth School of Business.
    Incomplete Contracts and the Theory of the Firm: What Have We Learned over the Past 25 Years?2011In: Journal of Economic Perspectives, ISSN 0895-3309, E-ISSN 1944-7965, Vol. 25, no 2Article in journal (Refereed)
  • 24.
    Ahtiala, Pekka
    Northwestern University.
    A Synthesis of the Macroeconomic Approaches to Exchange Rate Determination1983Report (Other academic)
    Abstract [en]

    The paper develops a general model with the goods, money, bond, and labor markets. The special assumptions needed to generate the predictions of the Keynesian, monetarist, and portfolio balance approaches from the model are then found. It turns out that the assumtion of perfect capital mobility essentially generates the monetarist predictions, and perfect monetary sterilization by the central bank at a fixed interest rate the predictions of the elasticity-absorption approach. The supply side regime and purchasing-power parity assumptions fix income but do not qualitatively affect the exchange rate responses. The approaches turn out to be independent, rather than contradictory parts of the general model, each approach abstracting from what the other is analysing. This is technically done by dichotomizing the general model, the monetarists making the money market equation, and the Keynesians the goods market and balance payments equations the independent ones. The orthodox neutral monetary policy version of the Keynesian approach generates the predictions of the whole model.

    While the Keynesian and monetarist approaches differ in their policy regime assumptions, the portfolio balance approach differs in its equilibrium condition, by constraining the trade balance to equilibrium.

  • 25.
    Akin, Serdar
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Do Riksbanken produce unbiased forecast of the inflation rate?: and can it be improved?2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The focus of this paper is to evaluate if forecast produced by the Central Bank of Sweden (Riksbanken) for the 12 month change in the consumer price index is unbiased? Results shows that for shorter horizons (h < 12) the mean forecast error is unbiased but for longer horizons its negatively biased when inference is done by Maximum entropy bootstrap technique. Can the unbiasedness be improved by strict ap- pliance to econometric methodology? Forecasting with a linear univariate model (seasonal ARIMA) and a multivariate model Vector Error Correction model (VECM) shows that when controlling for the presence of structural breaks VECM outperforms both prediction produced Riksbanken and ARIMA. However Riksbanken had the best precision in their forecast, estimated as MSFE

  • 26. Albin, M
    et al.
    Bodin, T
    Wadensjö, Eskil
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    National report: Sweden, Market2015In: Understanding employment participation of older workers: creating a knowledge base for future labour market challenges / [ed] Hans Martin Hasselhorn and Wenke Apt, Berlin: Berlin Federal Ministry of Labour and Social Affairs , 2015, 88-89 p.Chapter in book (Other academic)
  • 27. Albin, M
    et al.
    Liljefrost, E
    Parmsund, M
    Wadensjö, Eskil
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Äldre i arbetslivet – en omvärldsanalys2017Report (Other (popular science, discussion, etc.))
  • 28. Albin, Maria
    et al.
    Bodin, Theo
    Wadensjö, Eskil
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Ageing workers and an extended working life2017In: Arbetslivet och socialförsäkringen: Rapport från forskarseminariet i Umeå 13–14 januari 2016, Stockholm: Försäkringskassan , 2017, 45-58 p.Chapter in book (Other academic)
  • 29.
    Albrecht, James
    et al.
    Georgetown University.
    Björklund, Anders
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Vroman, Susan
    Georgetown University.
    Unionization and the Evolution of the Wage Distribution in Sweden: 1968 to 20002011In: Industrial & labor relations review, ISSN 0019-7939, Vol. 64, no 5, 1039-1057 p.Article in journal (Refereed)
    Abstract [en]

    Using the 1968, 1981, and 2000 Swedish Level of Living Surveys, the authors examine the evolution of the wage distribution in Sweden over the periods 1968–1981 and 1981–2000. The first period was the heyday of the Swedish solidarity wage policy with strong equalization clauses in the central wage agreements. During the second period, there was more flexibility for firms to adjust wages to reflect conditions such as labor shortages in particular fields. The authors find a remarkable narrowing of the wage distribution in the first period, but in the second period, wages grew more equally across the distribution. The authors decompose these changes in wages across the distribution into two components—those due to changes in the distribution of characteristics such as education and experience and those due to changes in the distribution of returns to those characteristics. They find that the wage compression between 1968 and 1981 was driven by changes in the distribution of returns, but between 1981 and 2000, the change in the distribution of returns had less of an effect on wage compression. 

  • 30.
    Albrecht, James W.
    et al.
    Department of Economics, Georgetown University.
    Vroman, Susan B.
    Department of Economics, Georgetown University.
    Dual Labor Markets, Efficiency Wages, and Search1991Report (Other academic)
  • 31. Albrecht, Konstanze
    et al.
    von Essen, Emma
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Parys, Juliane
    Szech, Nora
    Updating, self-confidence, and discrimination2013In: European Economic Review, ISSN 0014-2921, E-ISSN 1873-572X, Vol. 60, 144-169 p.Article in journal (Refereed)
    Abstract [en]

    In this laboratory experiment, we show that people incorporate irrelevant group information when evaluating others. Individuals from groups that perform badly on average receive low evaluations, even when it is known that the individuals themselves perform well. This group-bias occurs both in a gendered setup, where women form the worse performing group, and in a non-gendered setup. The type of discrimination that we identify is neither taste-based nor statistical; it is rather due to conservatism in updating beliefs, and is even more pronounced among women. Furthermore, self-confident men overvalue male performers. When our data is used to simulate a job promotion ladder, we observe that women are driven out quickly.

  • 32. Albæk, Karsten
    et al.
    Asplund, Rita
    Barth, Erling
    Lindahl, Lena
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Von Simson, Kristine
    Vanhala, Pekka
    Youth unemployment and inactivity: a comparison of school-to-work transitions and labour market outcomes in four Nordic countries2015Book (Other academic)
  • 33. Aldén, Lina
    et al.
    Björklund, Anders
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Hammarstedt, Mats
    Early Health and School Outcomes for Children with Lesbian Parents: Evidence from Sweden2017Report (Other academic)
    Abstract [en]

    Sweden was early to legalize same-sex partnership (1995), to allow same-sex couples to adopt children (2003), and to offer same-sex couples fertility treatment through the national health system (2005). Using population data, we identify children of lesbian parents as those whose biological mother was a registered same-sex partner no later than six months after the child's birth. The number of such children increased markedly from 1995 to 2010 with a total of 750 children for the whole period. We find that boys and girls with lesbian parents had 2.4 percent lower birth weight than other children, a difference that is statistically significant from zero at the 5 percent level. Girls, but not boys, also have a higher probability of having a low birth weight. We follow these children until age ten and observe diseases of the respiratory system. Boys with lesbian parents have a significantly lower probability of such diseases (-3.4 percentage points), and girls with lesbian parents an insignificantly higher probability (+2.4 percentage points). Our analysis of school outcomes at age ten uses a small sample so precision is low. The point estimates show that boys with lesbian parents outperform other children by around 10 percentiles higher test scores in Math and Swedish. These differences are barely significant, while estimates for girls are lower and not significant. For all outcomes, we find that children with lesbian parents benefit from their mother's socio-economic status, whereas they suffer in terms of birth weight from having been exposed to fertility treatment.

  • 34.
    Alexius, Annika
    et al.
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Kjellberg, David
    Can Endogenous Monetary Policy Explain the Deviations from UIP?2002Report (Other academic)
    Abstract [en]

    The co-movements of nominal exchange rates and short-term interest rates as the economy is hit by shocks is a potential source of ex post deviations from uncovered interest rate parity. This paper investigates whether an established model of endogenous monetary policy in an open economy is capable of explaning the exchange rate risk premium puzzle. Time series on interest differentials and exchange rate changes are generated from the Svensson (2000) model. Uncovered interest rate parity is tested on the simulated data and the b-coefficients are investigated. For most realistic choices of parameter values, the b-coefficients are positive but much smaller than the unity value expected from UIP. It is however also possible to obtain large, negative b-coefficients if the central bank is engaged in interest rate smoothing.

  • 35.
    Alexius, Annika
    et al.
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Sellin, Peter
    Exchange Rates and Long-Term Bonds2012In: Scandinavian Journal of Economics, ISSN 0347-0520, E-ISSN 1467-9442, Vol. 114, no 3, 974-990 p.Article in journal (Refereed)
    Abstract [en]

    There is tentative evidence to suggest that the well-documented empirical failure of uncovered interest parity (UIP) is confined to short-term interest rates. However, tests of UIP for long-term bonds are thwarted by various data problems. These data problems can be avoided by focusing on short investments in long-term bonds. This paper concerns the relationship between changes in the US dollar-Deutsche Mark exchange rate and returns to short investments in US and German long-term government bonds. The hypothesis that expected returns to investments in bonds denominated in the two currencies are equal is not rejected, and the estimated slope coefficients are positive. For corresponding short-term interest rates, the typical finding of negative and large Fama coefficients is confirmed. We conclude that it is the maturity of the asset, rather than the investment horizon, that matters for the results.

  • 36.
    Almenberg, Johan
    et al.
    Ministry of Finance, Sweden.
    Säve-Söderbergh, Jenny
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Financial Literacy and Retirement Planning in Sweden2011In: Journal of Pension Economics and Finance, ISSN 1474-7472, E-ISSN 1475-3022, Vol. 10, no 4, 585-598 p.Article in journal (Refereed)
    Abstract [en]

    We use data from the Swedish Financial Supervisory 2010 consumer survey to look at levels of financial literacy and retirement planning in the Swedish population. The results indicate that many adults have low financial literacy. In general, financial literacy levels are lower among the young, the old, women and those with low income or low educational attainment. People who report having tried to plan for retirement have higher levels of financial literacy. In particular, an understanding of risk diversification is strongly correlated with planning for retirement. We relate our findings to features of the Swedish pension system. 

  • 37. Almond, Douglas
    et al.
    Currie, Janet
    Simeonova, Emilia
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Public vs. private provision of charity care?: Evidence from the expiration of Hill-Burton requirements in Florida2011In: Journal of Health Economics, ISSN 0167-6296, Vol. 30, no 1, 189-199 p.Article in journal (Refereed)
    Abstract [en]

    This paper explores the consequences of the expiration of charity care requirements imposed on private hospitals by the Hill-Burton Act. We examine delivery care and the health of newborns using the universe of Florida births from 1989 to 2003 combined with hospital data from the American Hospital Association. We find that charity care requirements were binding on hospitals, but that private hospitals under obligation cream skimmed the least risky maternity patients. Conditional on patient characteristics, they provided less intensive maternity services but without compromising patient health. When obligations expired, private hospitals quickly reduced their charity caseloads, shifting maternity patients to public hospitals. The results in this paper suggest, perhaps surprisingly, that requiring private providers to serve the underinsured can be effective.

  • 38. Almond, Douglas
    et al.
    Edlund, Lena
    Palme, Mårten
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Chernobyl's subclinical legacy: prenatal exposure to radioactive fallout and school outcomes in sweden2009In: Quarterly Journal of Economics, ISSN 0033-5533, E-ISSN 1531-4650, Vol. 124, no 4, 1729-1772 p.Article in journal (Refereed)
    Abstract [en]

    We use prenatal exposure to Chernobyl fallout in Sweden as a natural experiment inducing variation in cognitive ability. Students born in regions of Sweden with higher fallout performed worse in secondary school, in mathematics in particular. Damage is accentuated within families (i.e., siblings comparison) and among children born to parents with low education. In contrast, we detect no corresponding damage to health outcomes. To the extent that parents responded to the cognitive endowment, we infer that parental investments reinforced the initial Chernobyl damage. From a public health perspective, our findings suggest that cognitive ability is compromised at radiation doses currently considered harmless.

  • 39.
    Almås, Ingvild
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Norwegian School of Economics.
    Cappelen, Alexander
    Haaland, Inger
    Tungodden, Bertil
    Rettferdig ulikhet2015In: Magma - Tidsskrift for økonomi og ledelse, ISSN 1500-0788, E-ISSN 1500-6069, Vol. 6, 38-43 p.Article in journal (Refereed)
  • 40.
    Alonso, Irasema
    et al.
    Yale University.
    Prado, Jr., Jose Mauricio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Ambiguity Aversion, the Equity Premium, and the Welfare Costs of Business Cycles2007Report (Other academic)
    Abstract [en]

    We examine the potential importance of consumer ambiguity aversion for asset prices and how consumption fluctuations influence consumer welfare. First, considering a simple Mehra-Prescott-style endowment economy with a representative agent facing consumption fluctuations calibrated to match U.S. data, we study to what extent ambiguity aversion can deliver asset prices that are consistent with data: a high return on equity and a low return on riskfree bonds. For some configurations of preference parameters – a discount factor, a degree of relative risk aversion, and a measure of ambiguity aversion – we find that it can. Then, we use these parameter configurations to investigate how much consumers would be willing to pay to reduce endowment fluctuations to zero, thus delivering a Lucas-style welfare cost of fluctuations. These costs turn out to be very large: consumers are willing to pay over 10% of consumption in permanent terms.

  • 41.
    Andersen, Torben
    et al.
    University of Aarhus.
    Bergman, Michael
    University of Copenhagen.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Flodén, Martin
    Stockholm School of Economics.
    Hartman, Laura
    Centre for Business and Policy Studies (SNS).
    Svaleryd, Helena
    Reseach Institute of Industrial Economics.
    Tobisson, Lars
    Åsbrink, Erik
    Kommentarer till Budgetpropositionen 20102010Report (Other academic)
  • 42.
    Andersen, Torben
    et al.
    University of Aarhus.
    Bergman, Michael
    University of Copenhagen.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Flodén, Martin
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Hartman, Laura
    Centre for Business and Policy Studies (SNS).
    Svaleryd, Helena
    Reseach Institute of Industrial Economics.
    Tobisson, Lars
    Åsbrink, Erik
    Svensk finanspolitik: Finanspolitiska rådets rapport 20102010Report (Other academic)
  • 43.
    Andersen, Torben
    et al.
    Kellogg School of Management, Northwestern University.
    Bergman, Michael
    University of Copenhagen.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hartman, Laura
    Uppsala University.
    Jonung, Lars
    Lund University.
    Svaleryd, Helena
    IFN.
    Tobisson, Lars
    Swedish Fiscal Policy Council.
    Åsbrink, Erik
    Swedish Fiscal Policy Council.
    Svensk Finanspolitik2011Report (Other academic)
  • 44.
    Andersen, Torben
    et al.
    Kellogg School of Management, Northwestern University.
    Bergman, Michael
    University of Copenhagen.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hartman, Laura
    Uppsala University.
    Jonung, Lars
    Lund University.
    Svaleryd, Helena
    IFN.
    Tobisson, Lars
    Swedish Fiscal Policy Council.
    Åsbrink, Erik
    Swedish Fiscal Policy Council.
    Swedish Fiscal Policy2011Report (Other academic)
  • 45.
    Andersen, Torben
    et al.
    Kellogg School of Management, Northwestern University.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hartman, Laura
    Uppsala University.
    Granskare behöver bättre villkor2011In: Svenska Dagbladet, Vol. 8/2Article in journal (Other (popular science, discussion, etc.))
  • 46.
    Andersen, Torben M.
    et al.
    Institute of Economics, University of Aarhus.
    Risager, Ole
    Institute of Economics, University of Aarhus.
    Wage Formation in Denmark1988Report (Other academic)
  • 47.
    Andersen, Torben
    et al.
    Institute of Economics, University of Aarhus.
    Risager, Ole
    Institute of Economics, University of Aarhus.
    Reputation and Rational Expectations1987Report (Other academic)
    Abstract [en]

    The paper considers the importance of reputation in relation to disinflationary policies in a continuous time ration expectations model, where the private sector has incomplete information about the true preferences of the government. It is proved that there is a unique equilibrium with the important property that the costs of disinflation arise in the start of the game where the policy has not yet gained credibility.

  • 48.
    Andersen, Torben
    et al.
    Institute of Economics, University of Aarhus.
    Risager, Ole
    Institute of Economics, University of Aarhus.
    The Role of Credibility for the Effects of a Change in the Exchange-Rate Policy1987Report (Other academic)
    Abstract [en]

    This paper analyses the real and monetary effects of a shift in the exchange-rate policy in an economy where the private sector is uncertain about the true intentions of the government.

    In a repeated game of incomplete information, we show that a shift towards a tight, fixed exchange-rate policy leads to a loss in output and to a deficit on the current account in the period in which the policy lacks credibility. We also show that the long interest rate is above the short interest rate, reflecting the risk that the government reneges on its announced exchange-rate target.

  • 49. Anderson, Anders
    et al.
    Dreber Almenberg, Anna
    Vestman, Roine
    Stockholm University, Faculty of Social Sciences, Department of Economics. Swedish House of Finance, Stockholm, Sweden.
    Risk taking, behavioral biases and genes: Results from 149 active investors2015In: Journal of Behavioral and Experimental Finance, ISSN 2214-6350, E-ISSN 2214-6369, Vol. 6, 93-100 p.Article in journal (Refereed)
    Abstract [en]

    Recent evidence suggests that there is genetic basis for economic behaviors, including preferences for risk taking. We correlate variation in risk taking and behavioral biases with two genetic polymorphisms related to the uptake of dopamine and serotonin (7R+ DRD4 and s/s 5-HTTLPR), hypothesizing that they are positively (negatively) related to risk taking. We use a small but detailed sample of active investors where we combine survey data with DNA samples and data from Swedish tax records that give us objective information about actual economic choices. We find a positive (negative) relationship between the dopamine (serotonin) gene and life expectancy bias, but no other significant correlations between the two genes and behaviors, including risk taking and measures of equity holdings. We acknowledge that our tests suffer from low power originating from the small sample size, which warrants some caution when interpreting these results.

    JEL classificationG02; D122

  • 50.
    Anderson, James E.
    Boston College and NBER.
    Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs1997Report (Other academic)
    Abstract [en]

    Government budget balance forces the endogenous use of distortionarytax instruments when an exogenous reform is implemented. The aggregate efficiency of such reforms is based on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff or quota changes with theMarginal Cost of Funds of the alternative taxes, or of the Marginal Benefit ofGovernment supplied goods. The aggregate efficiency of tariff liberalization is dubious, while quota liberalization is more likely to be efficient. Social welfare rises with aggregate efficiency unless distribution effects are perverse. Plausible sufficient conditions for non-perverse distributional effects are provided. The results frame a diagnostic method for sensitivity analysis in evaluations of trade and tax policies.

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