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  • 1. Blanchard, Olivier
    et al.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Flam, Harry
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hassler, John
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Makroekonomi2015Book (Other academic)
  • 2.
    Boppart, Timo
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Mitman, Kurt
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative2018In: Journal of Economic Dynamics and Control, ISSN 0165-1889, E-ISSN 1879-1743, Vol. 89, p. 68-92Article in journal (Refereed)
    Abstract [en]

    We propose a new method for computing equilibria in heterogeneous-agent models with aggregate uncertainty. The idea relies on an assumption that linearization offers a good approximation; we share this assumption with existing linearization methods. However, unlike those methods, the approach here does not rely on direct derivation of first-order Taylor terms. It also does not use recursive methods, whereby aggregates and prices would be expressed as linear functions of the state, usually a very high-dimensional object (such as the wealth distribution). Rather, we rely merely on solving nonlinearly for a deterministic transition path: we study the equilibrium response to a single, small “MIT shock” carefully. We then regard this impulse response path as a numerical derivative in sequence space and hence provide our linearized solution directly using this path. The method can easily be extended to the case of many shocks and computation time rises linearly in the number of shocks. We also propose a set of checks on whether linearization is a good approximation. We assert that our method is the simplest and most transparent linearization technique among currently known methods. The key numerical tool required to implement it is value-function iteration, using a very limited set of state variables.

  • 3. Brinka, Pedro
    et al.
    Holter, Hans A.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Malafry, Laurence
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Fiscal Multipliers in the 21st Century2016In: Journal of Monetary Economics, ISSN 0304-3932, E-ISSN 1873-1295, Vol. 77, p. 53-69Article in journal (Refereed)
    Abstract [en]

    Fiscal multipliers appear to vary greatly over time and space. Based on VARs for a large number of countries, we document a strong correlation between wealth inequality and the magnitude of fiscal multipliers. In an attempt to account for this finding, we develop a life-cycle, overlapping-generations economy with uninsurable labor market risk. We calibrate our model to match key characteristics of a number of OECD economies, including the distribution of wages and wealth, social security, taxes, and government debt and study how a fiscal multiplier depends on various country characteristics. We find that the fiscal multiplier is highly sensitive to the fraction of the population who face binding credit constraints and also to the average wealth level in the economy. These findings together help us generate a cross-country pattern of multipliers that is quite similar to that in the data.

  • 4. Davila, Julio
    et al.
    Hong, Jay H.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Rios-Rull, Jose-Victor
    Constrained Efficiency in the Neoclassical Growth Model With Uninsurable Idiosyncratic Shocks2012In: Econometrica, ISSN 0012-9682, E-ISSN 1468-0262, Vol. 80, no 6, p. 2431-2467Article in journal (Refereed)
    Abstract [en]

    We investigate the welfare properties of the one-sector neoclassical growth model with uninsurable idiosyncratic shocks. We focus on the notion of constrained efficiency used in the general equilibrium literature. Our characterization of constrained efficiency uses the first-order condition of a constrained planner's problem. This condition highlights the margins of relevance for whether capital is too high or too low: the factor composition of income of the (consumption-)poor. Using three calibrations commonly considered in the literature, we illustrate that there can be either over- or underaccumulation of capital in steady state and that the constrained optimum may or may not be consistent with a nondegenerate long-run distribution of wealth. For the calibration that roughly matches the income and wealth distribution, the constrained inefficiency of the market outcome is rather striking: it has much too low a steady-state capital stock.

  • 5.
    Englund, Peter
    et al.
    Handelshögskolan i Stockholm.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Persson, Torsten
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Strömberg, Per
    Handelshögskolan i Stockholm.
    2013 års Ekonomipris till Eugene Farma, Robert Schiller och Lars Peter Hansen2013In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 2013, no 8, p. 26-36Article in journal (Other academic)
  • 6. Golosov, Mikhail
    et al.
    Hassler, John
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Tsyvinski, Aleh
    Optimal Taxes on Fossil Fuel in General Equilibrium2014In: Econometrica, ISSN 0012-9682, E-ISSN 1468-0262, Vol. 82, no 1, p. 41-88Article in journal (Refereed)
    Abstract [en]

    We analyze a dynamic stochastic general-equilibrium (DSGE) model with an externality—through climate change—from using fossil energy. Our central result is a simple formula for the marginal externality damage of emissions (or, equivalently, for the optimal carbon tax). This formula, which holds under quite plausible assumptions, reveals that the damage is proportional to current GDP, with the proportion depending only on three factors: (i) discounting, (ii) the expected damage elasticity (how many percent of the output flow is lost from an extra unit of carbon in the atmosphere), and (iii) the structure of carbon depreciation in the atmosphere. Thus, the stochastic values of future output, consumption, and the atmospheric CO2 concentration, as well as the paths of technology (whether endogenous or exogenous) and population, and so on, all disappear from the formula. We find that the optimal tax should be a bit higher than the median, or most well-known, estimates in the literature. We also formulate a parsimonious yet comprehensive and easily solved model allowing us to compute the optimal and market paths for the use of different sources of energy and the corresponding climate change. We find coal—rather than oil—to be the main threat to economic welfare, largely due to its abundance. We also find that the costs of inaction are particularly sensitive to the assumptions regarding the substitutability of different energy sources and technological progress.

  • 7.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    ECONOMICS AND CLIMATE CHANGE: INTEGRATED ASSESSMENT IN A MULTI-REGION WORLD2012In: Journal of the European Economic Association, ISSN 1542-4766, E-ISSN 1542-4774, Vol. 10, no 5, p. 974-1000Article in journal (Refereed)
    Abstract [en]

    This paper develops a model that integrates the climate and the global economyan integrated assessment modelwith which different policy scenarios can be analyzed and compared. The model is a dynamic stochastic general-equilibrium setup with a continuum of regions. Thus, it is a full stochastic general-equilibrium version of RICE, Nordhauss pioneering multi-region integrated assessment model. Like RICE, our model features traded fossil fuel but otherwise has no markets across regionsthere is no insurance nor any intertemporal trade across them. The extreme form of market incompleteness is not fully realistic but arguably not a bad approximation of reality. Its major advantage is that, along with a set of reasonable assumptions on preferences, technology, and nature, it allows a closed-form model solution. We use the model to assess the welfare consequences of carbon taxes that differ across as well as within oil-consuming and -producing regions. We show that, surprisingly, only taxes on oil producers can improve the climate: taxes on oil consumers have no effect at all. The calibrated model suggests large differences in views on climate policy across regions.

  • 8.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Klimatet och ekonomin2013In: SNS analys, ISSN 2001-9742, no 14, p. 1-16Article in journal (Other academic)
  • 9.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Climate and the Economy2013Report (Other academic)
  • 10.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Nycander, Jonas
    Stockholm University, Faculty of Science, Department of Meteorology .
    Climate policy2015In: Economic Policy: A European Forum, ISSN 0266-4658, E-ISSN 1468-0327, Vol. 31, no 87, p. 503-558Article in journal (Refereed)
    Abstract [en]

    This paper makes suggestions for climate policy and defends them based on recent research in economics and the natural sciences. In summary: (i) the optimal carbon tax is rather modest; (ii) the key climate threat is coal; (iii) a carbon tax is to be preferred over a quantity-based system; (iv) the optimal tax on carbon does not appreciably harm growth; (v) subsidies to green technology are beneficial for the climate only to the extent that they make green technology outcompete coal; and (vi) a carbon tax is politically feasible.

  • 11.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Olovsson, Conny
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Oil Monopoly and the Climate2010In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 100, no 2, p. 460-464Article in journal (Refereed)
  • 12.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Shifa, Abdulaziz B.
    Spiro, Daniel
    Should Developing Countries Constrain Resource-Income Spending? A Quantitative Analysis of Oil Income in Uganda2017In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 38, no 1, p. 103-131Article in journal (Refereed)
    Abstract [en]

    A large increase in government spending following resource discoveries often entails political risks, inefficient investments and increased volatility. Setting up a sovereign wealth fund with a clear spending constraint may decrease these risks. On the other hand, in a capital scarce developing economy with limited access to international borrowing, such a spending constraint may lower welfare by reducing domestic capital accumulation and hindering consumption increases for the currently poor. These two contradicting considerations pose a dilemma for policy makers in deciding whether to set up a sovereign wealth fund with a spending constraint. Using Uganda's recent oil discovery as a case study, this paper presents a quantitative macroeconomic analysis and examines the potential loss of constraining spending through a sovereign wealth fund with a simple spending rule. We find that the loss is relatively low and unlikely to dominate the political risks associated with increased oil spending. Thus, such a spending constraint appears well warranted.

  • 13.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Shifa, Abdulaziz
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Spiro, Daniel
    Ugandan oil - a blessing or a curse?2013Report (Other academic)
  • 14.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. University of Gothenburg, Sweden; Centre for Economic Policy Research, United Kingdom .
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. University of Gothenburg, Sweden; Centre for Economic Policy Research, United Kingdom; National Bureau of Economic Research, United States.
    Smith Jr, Anthony A. A.
    Chapter 24 – Environmental Macroeconomics2016In: Handbook of Macroeconomics: Volume 2 B / [ed] John B. Taylor, Harald Uhlig, Elsevier, 2016, p. 1893-2008Chapter in book (Refereed)
    Abstract [en]

    We discuss climate change and resource scarcity from the perspective of macroeconomic modeling and quantitative evaluation. Our focus is on climate change: we build a very simple “integrated assessment model,” ie, a model that integrates the global economy and the climate in a unified framework. Such a model has three key modules: the climate, the carbon cycle, and the economy. We provide a description of how to build tractable and yet realistic modules of the climate and the carbon cycle. The baseline economic model, then, is static but has a macroeconomic structure, ie, it has the standard features of modern macroeconomic analysis. Thus, it is quantitatively specified and can be calibrated to obtain an approximate social cost of carbon. The static model is then used to illustrate a number of points that have been made in the broad literature on climate change. Our chapter begins, however, with a short discussion of resource scarcity—also from the perspective of standard macroeconomic modeling—offering a dynamic framework of analysis and stating the key challenges. Our last section combines resource scarcity and the integrated assessment setup within a fully dynamic general equilibrium model with uncertainty. That model delivers positive and normative quantitative implications and can be viewed as a platform for macroeconomic analysis of climate change and sustainability issues more broadly.

  • 15.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Zilibotti, Fabrizio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Storesletten, Kjetil
    On the Optimal Timing of Capital Taxation2008In: Journal of Monetary Economics, ISSN 0304-3932, Vol. 55, no 4Article in journal (Refereed)
  • 16. Hornstein, Andreas
    et al.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Violante, Gianluca L.
    Frictional Wage Dispersion in Search Models: A Quantitative Assessment2011In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 101, no 7, p. 2873-2898Article in journal (Refereed)
    Abstract [en]

    We propose a new measure of frictional wage dispersion: the mean-min wage ratio. For a large class of search models, we show that this measure is independent of the wage-offer distribution but depends on statistics of labor-market turnover and on preferences. Under plausible preference parameterizations, observed magnitudes for worker flows imply that in the basic search model, and in most of its extensions, frictional wage dispersion is very small. Notable exceptions are some of the most recent models of on-the-job search. Our new measure allows us to rationalize the diverse empirical findings in the large literature estimating structural search models.

  • 17.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Dynamic, Firm-Specific Increasing Returns and the Long-Run Performance of Growing Economies1991Report (Other academic)
  • 18.
    Krusell, Per
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Pikettys kritik av kapitalismen2014Report (Other academic)
  • 19.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Azzimonti Reno, Marina
    de Francisco, Eva
    Aggregation and Aggregation2008In: Journal of the European Economic Association, ISSN 1542-4766, Vol. 6, no 2-3Article in journal (Refereed)
  • 20.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Greenwood, Jeremy
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Growth Accounting with Investment-Specific Technological Progress2007In: Journal of Monetary Economics, Vol. 54, no 4, p. 1300-1310Article in journal (Refereed)
  • 21.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hornstein, Andreas
    Violante, Giovanni
    Technology-Policy Interaction in Frictional Labor markets2007In: Review of Economic Studies, Vol. 74, no 4Article in journal (Refereed)
  • 22.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hornstein, Andreas
    Violante, Giovanni
    Vintage Capital in Frictional labor Markets2007In: Review of Economic Studies, Vol. 74, no 4, p. 1089-1124Article in journal (Refereed)
  • 23.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Klein, Paul
    Rios-Rull, Jose-Victor
    Time-Consistent Public Expenditures2008In: Review of Economic Studies, ISSN 00346527, Vol. 55, no 4Article in journal (Refereed)
  • 24.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Kuruscu, Burhanettin
    Dep. of Economics, University of Toronto.
    Smith, Jr., Anthony A.
    Yale Department of Economics.
    Temptation and Taxation2010In: Econometrica, ISSN 0012-9682, E-ISSN 1468-0262, Vol. 78, no 6, p. 2063-2084Article in journal (Refereed)
  • 25.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. University of Göteborg, Sweden.
    Mukoyama, Toshihiko
    Rogerson, Richard
    Sahin, Aysegul
    Gross Worker Flows over the Business Cycle2017In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 107, no 11, p. 3447-3476Article in journal (Refereed)
    Abstract [en]

    We build a hybrid model of the aggregate labor market that features both standard labor supply forces and frictions in order to study the cyclical properties of gross worker flows across the three labor market states: employment, unemployment, and nonparticipation. Our parsimonious model is able to capture the key features of the cyclical movements in gross worker flows. Despite the fact that the wage per efficiency unit is constant over time, intertemporal substitution plays an important role in shaping fluctuations in the participation rate.

  • 26.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Mukoyama, Toshihiko
    Rogerson, Richard
    Sahin, Aysegul
    The Aggregate Implications of Indivisible Labor, Incomplete Markets, and Frictions2008In: Journal of Monetary Economics, Vol. 55, no 5Article in journal (Refereed)
  • 27.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Mukoyama, Toshihiko
    University of Virginia.
    Rogerson, Richard
    Arizona State University.
    Sahin, Aysegül
    Federal Reserve Bank of New York.
    Aggregate Labor Market Outcomes: The Roles of Choice and Chance2010In: Quantitative Economics, ISSN (web)1759-7331, (print)1759-7323, Vol. 1, no 1, p. 97-127Article in journal (Refereed)
  • 28.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Mukoyama, Toshihiko
    Sahin, Aysegul
    Smith, Anthony
    Revisiting the Welfare Effects of Eliminating Business Cycles2009In: Review of economic dynamics (Print), ISSN 1094-2025, E-ISSN 1096-6099, Vol. 12, no 3, p. 393-404Article in journal (Refereed)
    Abstract [en]

    We investigate the welfare effects of eliminating business cycles in a model with substantial consumer heterogeneity. The heterogeneity arises from uninsurable and idiosyncratic uncertainty in preferences and employment status. We calibrate the model to match the distribution of wealth in U.S. data and features of transitions between employment and unemployment. In comparison with much of the literature, we find rather large effects. For our benchmark model, we find welfare effects that, on average across all consumers, are of a bit more than one order of magnitude larger than those computed by Lucas [Lucas Jr., R.E., 1987. Models of Business Cycles. Basil Blackwell, New York]. When we distinguish long- from short-term unemployment, long-term unemployment being distinguished by poor (and highly procyclical) employment prospects and low unemployment compensation, the average gain from eliminating cycles is as much as 1% in consumption equivalents. In addition, in both models, there are large differences across groups: very poor consumers gain a lot when cycles are removed (the long-term unemployed as much as around 30%), as do very rich consumers, whereas the majority of consumers—the “middle class”—sees much smaller gains from removing cycles. Inequality also rises substantially upon removing cycles.

  • 29.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Mukoyama, Toshihiko
    Dep. of Economics, University of Virginia.
    Sahin, Aysegül
    Purdue University, Krannert School of Management.
    Labor-Market Matching with Precautionary Savings and Aggregate Fluctuations2010In: The Review of Economic Studies, ISSN 0034-6527, E-ISSN 1467-937X, Vol. 77, no 4, p. 1477-1507Article in journal (Refereed)
  • 30.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. University of Gothenburg, Sweden; NBER, United States; CEPR, United Kingdom.
    Rudanko, Leena
    Unions in a frictional labor market2016In: Journal of Monetary Economics, ISSN 0304-3932, E-ISSN 1873-1295, Vol. 80, p. 35-50Article in journal (Refereed)
    Abstract [en]

    A labor market with search and matching frictions, where wage setting is controlled by a monopoly union that follows a norm of wage solidarity, is found vulnerable to substantial distortions associated with holdup. With full commitment to future wages, the union achieves efficient hiring in the long run, but hikes up wages in the short run to appropriate rents from firms. Without commitment, in a Markov-perfect equilibrium, hiring is too low both in the short and the long run. The quantitative impact is demonstrated in an extended model with partial union coverage and multiperiod union contracting.

  • 31.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Ríos-Rull, José-Víctor
    University of Pennsylvania.
    Vested Interests: In a Positive Theory of Stagnation and Growth1993Report (Other academic)
    Abstract [en]

    We study a positive theory of stagnation and growth aimed at understanding the large variations in growth outcomes across actual economies. The theory points to the fundamental role played by vested interests in determining policies which are key to the growth process: some agents seek to prevent the adoption of new technologies. We develop a model of technology adoption, and show how technological innovation may sow the seeds of its own destruction. In particular, we find that the equilibrium is characterized by a long cycle of stagnation and growth. Over this cycle, incumbents are phased out of the economy will new innovation occur. In formalizing our theory we make a methodological contribution by characterizing dynamic voting equilibria when voters must forecast the effects of different current policies on future prices and policy outcomes.

  • 32.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Smith, Anthony A. Jr.
    Is Piketty's 'Second Law of Capitalism' Fundamental?2015In: Journal of Political Economy, ISSN 0022-3808, E-ISSN 1537-534X, Vol. 123, no 4, p. 725-748Article in journal (Refereed)
1 - 32 of 32
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