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  • 1. Abraham, Arpad
    et al.
    Koehne, Sebastian
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Pavoni, Nicola
    On the first-order approach in principal agent models with hidden borrowing and lending2011In: Journal of Economic Theory, ISSN 0022-0531, E-ISSN 1095-7235, Vol. 146, no 4, 1331-1361 p.Article in journal (Refereed)
    Abstract [en]

    We provide sufficient conditions for the validity of the first-order approach for two-period dynamic moral hazard problems where the agent can save and borrow secretly. The first-order approach is valid if the following conditions hold: (i) the agent has non-increasing absolute risk aversion utility (NIARA), (ii) the output technology has monotone likelihood ratios (MLR), and (iii) the distribution function of output is log-convex in effort (LCDF). Moreover, under these three conditions, the optimal contract is monotone in output. We also investigate a few possibilities of relaxing these requirements.

  • 2. Abraham, Arpad
    et al.
    Koehne, Sebastian
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. CESifo, Germany.
    Pavoni, Nicola
    Optimal income taxation when asset taxation is limited2016In: Journal of Public Economics, ISSN 0047-2727, E-ISSN 1879-2316, Vol. 136, 14-29 p.Article in journal (Refereed)
    Abstract [en]

    Several frictions restrict the government's ability to tax assets. First, it is very costly to monitor trades on international asset markets. Second, agents can resort to nonobservable low-return assets such as cash, gold or foreign currencies if taxes on observable assets become too high. This paper shows that limitations in asset taxation have important consequences for the taxation of labor income. We study a simple dynamic moral hazard model of social insurance with observable and nonobservable saving decisions. We find that optimal labor income taxes become less progressive when the ability to tax savings is limited.

  • 3. 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.

  • 4.
    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.

  • 5.
    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)
  • 6. Acemoglu, Daron
    et al.
    Aghion, Philippe
    Lelarge, Claire
    Van Reenen, John
    Zilibotti, Fabrizio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Technology, Information, and the Decentralization of the Firm2007In: Quarterly Journal of Economics, Vol. 122, no 4, 1759-1799 p.Article in journal (Refereed)
    Abstract [en]

    This paper analyzes the relationship between the diffusion of new technologies and the decentralization of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. Decentralized control, on the other hand, delegates authority to a manager with superior information. However, the manager can use his informational advantage to make choices that are not in the best interest of the principal. As the available public information about the specific technology increases, the tradeoff shifts in favor of centralization. We show that firms closer to the technological frontier, firms in more heterogeneous environments, and younger firms are more likely to choose decentralization. Using three data sets on French and British firms in the 1990s, we report robust correlations consistent with these predictions.

  • 7.
    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.

  • 8.
    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.

  • 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.
    Almas, Ingvild
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Cappelen, Alexander W.
    Salvanes, Kjell G.
    Sørensen, Erik Ø.
    Tungodden, Bertil
    Willingness to Compete: Family Matters2016In: Management science, ISSN 0025-1909, E-ISSN 1526-5501, Vol. 62, no 8, 2149-2162 p.Article in journal (Refereed)
    Abstract [en]

    This paper studies the role of family background in explaining differences in the willingness to compete in a cognitive task. By combining data from a lab experiment conducted with a fairly representative sample of adolescents in Norway and high-quality register data on family background, we show that family background is fundamental in two important ways. First, boys from low socioeconomic status families are less willing to compete than boys from better-off families, even when controlling for confidence, performance, risk preferences, time preferences, social preferences, and psychological traits. Second, family background is crucial for understanding the large gender difference in the willingness to compete. Girls are much less willing to compete than boys among children from better-off families, whereas we do not find any gender difference in willingness to compete among children from low socioeconomic status families. Our data suggest that the main explanation of the role of family background is that the father's socioeconomic status is strongly associated with boys' willingness to compete. We do not find any association between the willingness to compete for boys or girls and the mother's socioeconomic status or other family characteristic that may potentially shape competition preferences, including parental equality and sibling rivalry.

  • 25. 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.

  • 26.
    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)
  • 27.
    Almås, Ingvild
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. NHH Norwegian School of Economics, Norway.
    Cappelen, Alexander W.
    Salvanes, Kjell G.
    Sorensen, Erik O.
    Tungodden, Bertil
    What Explains the Gender Gap in College Track Dropout? Experimental and Administrative Evidence2016In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 106, no 5, 296-302 p.Article in journal (Refereed)
  • 28.
    Almås, Ingvild
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Norwegian School of Economics, Norway.
    Cappelen, Alexander W.
    Salvanes, Kjell G.
    Sørensen, Erik Ø.
    Tungodden, Bertil
    Fairness and family background2017In: Politics, Philosophy and Economics, ISSN 1470-594X, E-ISSN 1741-3060, Vol. 16, no 2, 117-131 p.Article in journal (Refereed)
    Abstract [en]

    Fairness preferences fundamentally affect individual behavior and play an important role in shaping social and political institutions. However, people differ both with respect to what they view as fair and with respect to how much weight they attach to fairness considerations. In this article, we study the role of family background in explaining these heterogeneities in fairness preferences. In particular, we examine how socioeconomic background relates to fairness views and to how people make trade-offs between fairness and self-interest. To study this, we conducted an economic experiment with a representative sample of 14- to 15-year-old and matched the experimental data to administrative data on parental income and education. The participants made two distributive choices in the experiment. The first choice was to distribute money between themselves and another participant in a situation where there was no difference in merit. The second choice was to distribute money between two other participants with unequal merits. Our main finding is that there is a systematic difference in fairness view between children from low-socioceconomic status (SES) families and the rest of the participants; more than 50 percent of the participants from low-SES families are egalitarians, whereas only about 20 percent in the rest of the sample hold this fairness view. In contrast, we find no significant difference in the weight attached to fairness between children from different socioeconomic groups.

  • 29.
    Almås, Ingvild
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. NHH, Norwegian School of Economics, Norway.
    Grewal, Mandeep
    Hvide, Marielle
    Ugurlu, Serhat
    The PPP approach revisited: A study of RMB valuation against the USD2017In: Journal of International Money and Finance, ISSN 0261-5606, E-ISSN 1873-0639, Vol. 77, 18-38 p.Article in journal (Refereed)
    Abstract [en]

    We analyze the alleged undervaluation of the Chinese renminbi against the US dollar through an application of the relative PPP hypothesis, the PPP approach. The PPP approach measures the relative misalignment of a currency by estimating the relationship between log price levels and log per capita real incomes from a cross section of countries. We estimate this relationship by using ICP 2011 and incorporating model selection tests. Our results confirm that price level-real income relationship is best approximated by a quadratic functional form. We show that, using this functional form, the PPP approach does not reveal any evidence of renminbi undervaluation as of 2011, and this result is robust to various sensitivity tests.

  • 30.
    Almås, Ingvild
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Norwegian School of Economics, Norway.
    Kjelsrud, Anders
    Rags and Riches: Relative Prices, Non-Homothetic Preferences, and Inequality in India2017In: World Development, ISSN 0305-750X, E-ISSN 1873-5991, Vol. 97, 102-121 p.Article in journal (Refereed)
    Abstract [en]

    It is well known that consumption patterns change with income. Relative price changes would therefore affect rich and poor consumers differently. Yet, the standard price indices are not income-specific, and hence, they cannot account for such differences. In this paper, we study consumption inequality in India, while fully allowing for non-homotheticity. We show that the relative price changes during most of the period from 1993 to 2012 were pro-poor, in the sense that they favored the poor relative to the rich. As a result, we also find that conventional measures significantly overstate the rise in real consumption inequality during this period. The main lesson from our study is the importance of accounting for non-homotheticity when measuring inequality. The price index literature has, as of yet, paid relatively little attention to this. In our application, however, it turns out that the allowance for nonhomotheticity is quantitatively much more important than much discussed adjustments, such as those for substitution in consumption.

  • 31.
    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.

  • 32. Ampudia, Miguel
    et al.
    van Vlokhoven, Has
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Zochowski, Dawid
    Financial fragility of euro area households2016In: Journal of Financial Stability, ISSN 1572-3089, E-ISSN 1878-0962, Vol. 27, 250-262 p.Article in journal (Refereed)
    Abstract [en]

    Until recently, the lack of appropriate harmonized micro data covering both income and wealth has been the major obstacle in analyzing financial vulnerability of the household sector in the euro area. This data problem has been partially circumvented by the dissemination of the Household Finance and Consumption Survey (HFCS). Based on this unique data set, we put forward a stress testing method of household balance sheets in a consistent manner across euro area countries. To this end, we put forward a metric of distress which takes into account both the solvency and liquidity position of the household and demonstrate that this metric outperforms the most common metrics used in the literature, which do not take into account the households' asset holdings. We calibrate this metric using the country level data on non-performing loan ratios and estimate stress-test elasticities in response to an interest rate shock, an income shock and a house price shock. We find that, albeit euro-area households are relatively resilient as a whole, there are large discrepancies in the impact of macroeconomic shocks across countries. Finally, we demonstrate that our framework could be used to assess some measures mitigating losses to the banks, such as engaging in the restructurings of loans that are at risk of defaulting.

  • 33.
    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)
  • 34.
    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)
  • 35.
    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)
  • 36.
    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)
  • 37.
    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.))
  • 38. Andersson, Rune
    et al.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bergström, Hans
    Feldt, Kjell-Olov
    Hansson, Åsa
    Henrekson, Magnus
    Lodin, Sven-Olof
    Melz, Peter
    Åsbrink, Erik
    Öberg, Ann
    Skattesystemet ett lappverk: en ny stor reform behövs2014In: Dagens Nyheter, ISSN 1101-2447, no JanArticle in journal (Other (popular science, discussion, etc.))
  • 39.
    André, Karin
    et al.
    Stockholm University, Stockholm Environment Institute.
    Bruzell, Susanna
    Centrum för miljö- och klimatforskning, Lunds universitet.
    Gerger Swartling, Åsa
    Stockholm University, Stockholm Environment Institute.
    Jönsson, Anna Maria
    Lagergren, Fredrik
    Vulturius, Gregor
    Stockholm University, Stockholm Environment Institute.
    Blennow, Kristina
    Carlsen, Henrik
    Stockholm University, Stockholm Environment Institute.
    Engström, Kerstin
    Hassler, John
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Lindeskog, Mats
    Olsson, Olle
    Stockholm University, Stockholm Environment Institute.
    Klimatanpassat skogsbruk: drivkrafter, risker och möjligheter : Mistra-SWECIA syntesrapport2015Report (Other academic)
  • 40. Anundsen, André K.
    et al.
    Gerdrup, Karsten
    Hansen, Frank
    Kragh-Sørensen, Kasper
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bubbles and Crises: The Role of House Prices and Credit2016In: Journal of applied econometrics (Chichester, England), ISSN 0883-7252, E-ISSN 1099-1255, Vol. 31, no 7, 1291-1311 p.Article in journal (Refereed)
    Abstract [en]

    This paper utilizes quarterly panel data for 20 OECD countries over the period 1975:Q1-2014:Q2 to explore the importance of house prices and credit in affecting the likelihood of a financial crisis. Estimating a set of multivariate logit models, we find that booms in credit to both households and non-financial enterprises are important to account for when evaluating the stability of the financial system. In addition, we find that global housing market developments have predictive power for domestic financial stability. Finally, econometric measures of bubble-like behavior in housing and credit markets enter with positive and highly significant coefficients. Specifically, we find that the probability of a crisis increases markedly when bubble-like behavior in house prices coincides with high household leverage.

  • 41.
    Balleer, Almut
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    New Evidence, Old Puzzles: Technology Shocks and Labor Market Dynamics2012In: Quantitative Economics, ISSN 1759-7323, E-ISSN 1759-7331, Vol. 3, no 3, 363-392 p.Article in journal (Refereed)
    Abstract [en]

    Can the standard search-and-matching labor market model replicate the business cycle fluctuations of the job finding rate and the unemployment rate? In the model, these fluctuations are driven by movements in productivity. This paper investigates the sources of productivity fluctuations that are commonly interpreted as technology shocks. I estimate different types of technology shocks from structural vector autoregressions and reassess the empirical performance of the standard model based on second moments that are conditional on technology and nontechnology (preference) shocks. Most prominently, the model is able to replicate the conditional volatilities of job finding and unemployment. However, it fails to replicate the correlation of productivity with unemployment and job finding that is conditional on both technology and nontechnology shocks.

  • 42.
    Balleer, Almut
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Gehrke, Britta
    Lechthaler, Wolfgang
    Merkl, Christian
    Does Short-Time Work Save Jobs? A Business Cycle Analysis2014Report (Other academic)
  • 43.
    Balleer, Almut
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. RWTH Aachen, Germany.
    Gehrke, Britta
    Lechthaler, Wolfgang
    Merkl, Christian
    Does short-time work save jobs? A business cycle analysis2016In: European Economic Review, ISSN 0014-2921, E-ISSN 1873-572X, Vol. 84, 99-122 p.Article in journal (Refereed)
    Abstract [en]

    In the Great Recession most OECD countries used short-time work (publicly subsidized working time reductions) to counteract a steep increase in unemployment. We show that short-time work can actually save jobs. However, there is an important distinction to be made: while the rule-based component of short-time work is a cost-efficient job saver, the discretionary component is completely ineffective. In a case study for Germany, we use the rich data available to combine micro- and macroeconomic evidence with macroeconomic modeling in order to identify, quantify and interpret these two components of short-time work.

  • 44.
    Balleer, Almut
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Gehrke, Britta
    Merkl, Christian
    Some Surprising Facts About Working Time Accounts and the Business Cycle2014Report (Other academic)
  • 45.
    Balleer, Almut
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. RWTH Aachen University, Germany .
    Gomez-Salvador, Ramon
    Turunen, Jarkko
    Labour force participation across Europe: a cohort-based analysis2014In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 46, no 4, 1385-1415 p.Article in journal (Refereed)
    Abstract [en]

    We use a cohort-based model to analyse the determinants of labour force participation in six European economies, focusing on age and cohort effects as factors explaining differences in participation behaviour across countries. Cohort effects are particularly relevant for women with those born in the late 1960s and early 1970s more likely to participate over the life-cycle. Our results suggest that cohort effects can be interpreted as evolving social norms or preferences towards participating in the labour market according to Fernandez (NBER working paper no. 13373, 2007). We find substantial variation in the estimated age and cohort effects across European countries: cohort effects can account for a substantial part of the recent increase in participation in Spain, the Netherlands and Germany, and a positive, but smaller part of in the increase in participation of the UK, Italy and France. Looking forward, positive cohort effects could help counteract the downward impact of population ageing on participation.

  • 46.
    Balleer, Almut
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Gómez-Salvador, Ramón
    Universität Bonn.
    Turunen, Jarkko
    European Central Bank.
    Labour Force Participation in the Euro Area: A Cohort Based Analysis2009Report (Other academic)
    Abstract [en]

    We use a cohort based model to analyse determinants of labour force participation for disaggregated groups of workers in the euro area and the five largest euro area countries. The model captures age and cohort effects as indicators of (unobserved) determinatns of participation behaviour. We use these effects and observed determinants to construct trends and projections of labour supply. Our results suggest that age and cohort effects can account for a substantial part of the recent increase in participation. Cohort effects are particularly relevant for women with those born in the late 1960s and early 1970s more likely to participate over the life-cycle. There is substantial variation in the estimated age and cohort effects across countries. Looking forward, positive cohort effects for women are not large enough to compensate for the downward impact of population ageing on participation rates in the euro area.

  • 47.
    Balleer, Almut
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Aachen University, Aachen, deutschland.
    van Rens, Thijs
    CREI, Universitat Pompeu Fabra, Barcelona GSE, IZA and CEPR.
    Skill-Biased Technological Change and the Business Cycle2013In: Review of Economics and Statistics, ISSN 0034-6535, E-ISSN 1539-9142, Vol. 95, no 4, 1222-1237 p.Article in journal (Refereed)
    Abstract [en]

    Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in VAR with long-run zero and sign restrictions. Hours fall in response to skill-biased technology shocks, indicating that part of the technology-induced fall in hours is due to a compositional shift in labor demand. Investment-specific technology shocks reduce the skill premium indicating that capital and skill are not complementary in aggregate production.

  • 48.
    Baltrunaite, Audinga
    Stockholm University, Faculty of Social Sciences, Department of Economics. Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Political Economics of Special Interests and Gender2016Doctoral thesis, monograph (Other academic)
    Abstract [en]

    Political Finance Reform and Public Procurement:  Evidence from Lithuania. Can political donations buy influence? This paper studies whether firms trade political contributions for public procurement contracts. To answer this question, I focus on the Lithuanian political economy. Combining data on a large number of government tenders, the universe of corporate donors and firm characteristics, I examine how a ban on corporate donations affects the awarding of procurement contracts to companies that donated in the past. Consistent with political favoritism, contributing firms’ probability of winning goes down by five percentage points as compared to that of non-donor firms after the ban. Among different mechanisms, the hypothesis that corporate donors get confidential information on competing bids prevails. The empirical results are in line with predictions from a first-price sealed-bid auction model with one informed bidder. Evidence on firm bidding and victory margins suggests that contributing firms adjust their bids in order to secure contracts at a maximum revenue. I assess that tax payers save almost one percent of GDP thanks to the reform.

    Gender Quotas and the Quality of Politicians. We analyze the effects of the introduction of gender quotas in candidate lists on the quality of elected politicians, as measured by the average number of years of education. We consider an Italian law which introduced gender quotas in local elections in 1993, and was abolished in 1995. As not all municipalities went through elections during this period, we identify two groups of municipalities and use a difference-in-differences estimation. We find that gender quotas are associated with an increase in the quality of elected politicians, with the effect ranging from 0.12 to 0.24 years of education. This effect is due not only to the higher number of elected women, who are on average more educated than men, but also to the lower number of low-educated elected men. The positive effect on quality is confirmed when we measure the latter with alternative indicators, it persists in the long run and it is robust to controlling for political ideology and political competition.

    Affirmative Action and the Power of the Elderly. There is evidence that age matters in politics. In this article we study whether implementation of affirmative action policies on gender can generate additional effects on an alternative dimension of representation, namely, the age of politicians. We consider an Italian law which introduced gender quotas in candidate lists for local elections in 1993, and was abolished in 1995. As not all municipalities went through elections during this period, we can identify two groups of municipalities and use a difference-in-differences estimation to analyze the effect of gender quotas on the age of elected politicians. We find that gender quotas are associated with election of politicians that are younger by more than one year. The effect occurs mainly due to the reduction in age of elected male politicians and is consistent with the optimizing behavior of parties or of voters.

    Let the Voters Choose Women. Female under-representation in politics can be the result of parties' selection of candidates and/or of voters’ electoral preferences. To assess the impact of these two channels, we exploit the introduction of Italian Law 215/2013, which prescribes both gender quotas on candidate lists and double preference voting conditioned on gender. Using a regression discontinuity design, we estimate that the law increases the share of elected female politicians by 22 percentage points. The result is driven by the increase in preference votes cast for female candidates, suggesting a salient role of double preference voting in promoting female empowerment in politics.

  • 49.
    Baltrunaite, Audinga
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bello, Piera
    Casarico, Alessandra
    Profeta, Paola
    Gender quotas and the quality of politicians2014In: Journal of Public Economics, ISSN 0047-2727, E-ISSN 1879-2316, Vol. 118, 62-74 p.Article in journal (Refereed)
    Abstract [en]

    We analyze the effects of the introduction of gender quotas in candidate lists on the quality of elected politicians, as measured by the average number of years of education. We consider an Italian law which introduced gender quotas in local elections in 1993, and was abolished in 1995. As not all municipalities went through elections during this period, we identify two groups of municipalities and use a Difference in differences estimation. We find that gender quotas are associated with an increase in the quality of elected politicians, with the effect ranging from 0.12 to 0.24 years of education. This effect is due not only to the higher number of elected women, who are on average more educated than men, but also to the lower number of low-educated elected men. The positive effect on quality is confirmed when we measure the latter with alternative indicators, it persists in the long run and it is robust to controlling for political ideology and political competition.

  • 50.
    Baltrunaite, Audinga
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Casarico, Alessandra
    Profeta, Paola
    Affirmative Action and the Power of the Elderly2015In: CESifo Economic Studies, ISSN 1610-241X, E-ISSN 1612-7501, Vol. 61, no 1, 148-164 p.Article in journal (Refereed)
    Abstract [en]

    There is evidence that age matters in politics. In this article we study whether implementation of affirmative action policies on gender can generate additional effects on an alternative dimension of representation, namely, the age of politicians. We consider an Italian law which introduced gender quotas in candidate lists for local elections in 1993, and was abolished in 1995. As not all municipalities went through elections during this period, we can identify two groups of municipalities and use a difference in differences estimation to analyze the effect of gender quotas on the age of elected politicians. We find that gender quotas are associated with election of politicians that are younger by more than 1 year. The effect occurs mainly due to the reduction in age of elected male politicians and is consistent with the optimizing behavior of parties or of voters. (JEL codes: D72, J45).

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