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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, p. 1331-1361Article 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. 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, p. 1287-1331Article 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.

  • 3.
    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, p. 3-42Article in journal (Refereed)
  • 4.
    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)
  • 5. 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, E-ISSN 1879-1646, Vol. 30, no 1, p. 189-199Article 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.

  • 6.
    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)
  • 7.
    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)
  • 8.
    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.))
  • 9.
    Bennmarker, Helge
    et al.
    IFAU.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Larsson, Anna
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Wage Formation and the Swedish Labour Market Reforms 2007-20092011Report (Other academic)
  • 10.
    Besley, Timothy
    et al.
    London School of Economics and CIFAR.
    Persson, Torsten
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    FRAGILE STATES AND DEVELOPMENT POLICY2011In: Journal of the European Economic Association, ISSN 1542-4766, E-ISSN 1542-4774, Vol. 9, no 3, p. 371-398Article in journal (Refereed)
    Abstract [en]

    It is widely recognized that fragile states are key symptoms of under-development in many parts of the world. Such states are incapable of delivering basic services to their citizens and political violence is commonplace. As of yet, mainstream development economics has not dealt in any systematic way with such concerns and the implications for development assistance. This paper puts forward a framework for analyzing fragile states and applies it to a variety development policies in different types of states.

  • 11.
    Besley, Timothy
    et al.
    London School of Economics and Political Science.
    Persson, Torsten
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Pillars of prosperity: the political economics of development clusters2011Book (Refereed)
  • 12.
    Besley, Timothy
    et al.
    London School of Economics.
    Persson, Torsten
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Logic of Political Violence2011In: Quarterly Journal of Economics, ISSN 0033-5533, E-ISSN 1531-4650, Vol. 126, no 3, p. 1411-1445Article in journal (Refereed)
    Abstract [en]

    This article offers a unified approach for studying political violence whether it emerges as repression or civil war. We formulate a model where an incumbent or opposition can use violence to maintain or acquire power to study which political and economic factors drive one-sided or two-sided violence (repression or civil war). The model predicts a hierarchy of violence states from peace via repression to civil war; and suggests a natural empirical approach. Exploiting only within-country variation in the data, we show that violence is associated with shocks that can affect wages and aid. As in the theory, these effects are only present where political institutions are noncohesive.

  • 13.
    Bold, Tessa
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Kimenyi, Mwangi
    Africa Growth Initiative.
    Mwabu, Germano
    University of Nairobi.
    Sandefur, Justin
    University of Oxford.
    Did Abolishing School Fees Reduce School Quality: Evidence from Kenya2011Conference paper (Refereed)
  • 14.
    Boschini, Anne
    et al.
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Muren, Astri
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Palme, Mårten
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Vetenskapliga sanningar och feministiska myter2011In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 39, p. 5-13Article in journal (Other academic)
    Abstract [sv]

    I en nyligen publicerad bok presenterar och avfärdar samhällsdebattören Pär Ström vad han betraktar som sex olika "feministiska myter". I denna artikel granskas framställningen. Vi finner att den på en rad punkter vilar på en mycket svag empirisk grund. Pär Ström använder sig av statistik och citat på ett selektivt vis och verkligheten är mer komplicerad än vad han vill ge sken av.

  • 15.
    Boschini, Anne
    et al.
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Muren, Astri
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Men among Men Don’t Take Norm Enforcement Seriously2011In: The Journal of Socio-Economics, ISSN 1053-5357, E-ISSN 1879-1239, Vol. 40, p. 523-529Article in journal (Refereed)
    Abstract [en]

    While there is ample evidence of a society-wide cooperation norm, it is not as clear who upholds this norm. In the present paper, we investigate whether there are gender differences with respect to norm enforcement. We let 1403 subjects play games of punishment and reward, individually or in groups with varying gender composition. Broadly, the results indicate that there are no clear gender differences: men are about as inclined as women to punish norm-breakers. However, behavior is context-dependent: men acting among other men are less inclined to uphold a cooperation norm than are women, or men in gender-mixed groups.

  • 16.
    Broer, Tobias
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Crowding Out and Crowding In: When Does Redistribution Improve Risk-sharing in Limited Economies?2011In: Journal of Economic Theory, ISSN 0022-0531, E-ISSN 1095-7235, Vol. 146, no 3, p. 957-975Article in journal (Refereed)
  • 17.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bara dåliga alternativ2011In: Dagens Nyheter, Vol. 13/9Article in journal (Other (popular science, discussion, etc.))
  • 18.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bara dåliga lösningar kvar2011In: Dagens Nyheter, Vol. 16/11Article in journal (Other (popular science, discussion, etc.))
  • 19.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bildning, bredd och samhällsengagemang inom nationalekonomi2011In: Från Högskolan i Borås till Humboldt, Högskolan i Borås , 2011, 2Chapter in book (Refereed)
  • 20.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    EU:s finanspolitiska regler och de statsfinansiella kriserna i euroområdet2011In: Tillämpad makroekonomi / [ed] Persson, M. och E. Skult, Stockholm: SNS förlag, 2011Chapter in book (Refereed)
  • 21.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Farligt om alla stramar åt2011In: Dagens Nyheter, Vol. 22/9Article in journal (Other (popular science, discussion, etc.))
  • 22.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hur bör arbetslöshetsförsäkringen utformas?2011Report (Other (popular science, discussion, etc.))
  • 23.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hur kan eurokrisen hanteras?: För- och nackdelar med olika strategier2011Report (Other academic)
  • 24.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Regeringen bör vänta med ett femte jobbskatteavdrag2011In: Dagens Nyheter, Vol. 13/7Article in journal (Other (popular science, discussion, etc.))
  • 25.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Stegen mot splittring2011In: Dagens Nyheter, Vol. 13/12Article in journal (Other (popular science, discussion, etc.))
  • 26.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Swedish Fiscal Policy Council2011Report (Other academic)
  • 27.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Turbulensen kräver mer2011In: Dagens Nyheter, Vol. 2011-12-10Article in journal (Other (popular science, discussion, etc.))
  • 28.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Vi ekonomer bör engagera oss mer i debatten2011In: Tvärsnitt, no 1Article in journal (Other academic)
    Abstract [sv]

    Den roll forskare traditionellt har spelat som oberoende deltagare i samhällsdebatten förutsätter bredd. Parallellt med allt det goda som specialisering, mer avancerade metoder, internationalisering och striktare krav på meritering fört med sig, har utvecklingen också lett till att akademiker idag engagerar sig mindre i samhällsdebatten än tidigare. Risken att något mycket värdefullt går förlorat är stor. För att så inte ska ske bör bredd värderas högre i det akademiska meriteringssystemet. Vi behöver också ett bredare kursutbud i forskarutbildningen, en forskningsfinansiering med mer meritbaserat stöd samt nya institutionella arrangemang som styr forskaremot samhällsrelevanta utvärderingar.

  • 29.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Dimdins, Girts
    Department of Psychology, University of Latvia, och SSE Riga.
    Gustafsson Sendén, Marie
    Stockholm University, Faculty of Social Sciences, Department of Psychology.
    Montgomery, Henry
    Stockholm University, Faculty of Social Sciences, Department of Psychology.
    Stavlöt, Ulrika
    (SIEPS).
    Uppfattas tjänstehandel som mindre rättvis än varuhandel?: En studie av attityder till låglönekonkurrens i utrikeshandel2011Report (Refereed)
    Abstract [sv]

    Ett antal arbetsmarknadskonflikter relaterade till låglönekonkurrens med utstationerad arbetskraft har blivit livligt uppmärksammade i den offentliga debatten runt om i EU:s medlemsländer. Av debatten att döma tycks de flesta medborgare ha en mer negativ inställning till låglönekonkurrens när det gäller import av tjänster innefattande utstationerad arbetskraft än när det gäller import av varor. Vår rapport studerar hur attityderna till låglönekonkurrens skiljer sig åt mellan olika former av handel genom att kombinera ekonomisk och psykologisk forskning. Resultaten bekräftar att attityderna är mer negativa till låglönekonkurrens i tjänstehandel och till offshoring än till varuimport från låglöneländerna. Demografiska, socioekonomiska och politisk-ideologiska bakgrundsfaktorer påverkar attityderna till handel i linje med resultaten från tidigare studier av handelsattityder. Däremot förefaller bakgrundsvariabler ha liten betydelse för skillnader i attityder mellan olika typer av handel. Vi genomförde även experiment för att klargöra i vilken grad attityden till tjänstehandel bildas utifrån rationella överväganden runt olika aspekter, det vill säga från underliggande attityddimensioner, eller om dessa attityddimensioner på grund av koherenssökande i stället anpassas till den generella attityden. Resultaten ger starkt stöd för att koherenssökande spelar stor roll i attitydbildningen till låglönekonkurrens med utstationerad arbetskraft. Tendensen till koherenssökande tycks vara kraftigare för dem som har en negativ inställning till sådan låglönekonkurrens än för dem som är positiva. Det skulle kunna tolkas som att den negativa gruppen bildar sina attityder på ett mindre rationellt sätt än den positiva gruppen. En alternativ tolkning är att den positiva gruppen ser sig som utmanare av den existerande ordningen, vilket enligt psykologisk forskning kan göra den mindre benägen att nyansera sin inställning.

  • 30.
    Calmfors, Lars
    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.
    Persson, Torsten
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Strömberg, Per
    Institute for Financial Research (SIFR).
    Sörlin, Sverker
    KTH, Royal Institute of Technology.
    Vlachos, Jonas
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Waldenström, Daniel
    Uppsala University.
    "SNS har fallit undan för näringslivets påtryckningar"2011In: Dagens Nyheter, Vol. 24/9Article in journal (Other (popular science, discussion, etc.))
  • 31.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Marthin, Georg
    Swedish Fiscal Policy Council.
    Vad bör göras med arbetslöshetsförsäkringen?2011In: Ekonomisk Debatt, Vol. 6Article in journal (Refereed)
  • 32.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Wren-Lewis, Simon
    University of Oxford.
    What Are Fiscal Councils, and What Do They Do?2011In: Vox (Online), Vol. 21 AprilArticle in journal (Other academic)
  • 33.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Wren-Lewis, Simon
    Oxford University.
    What Should Fiscal Councils Do?2011Report (Other academic)
  • 34.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Oxford University, UK.
    Wren-Lewis, Simon
    What should fiscal councils do?2011In: Economic Policy: A European Forum, ISSN 0266-4658, E-ISSN 1468-0327, Vol. 26, no 68, p. 649-695Article in journal (Refereed)
    Abstract [en]

    Fiscal watchdogs, so-called fiscal councils, have been proposed as a method to counter deficit bias of fiscal policy. The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory, rather than decision-making, and work as complements, rather than substitutes, to fiscal rules. Although no panacea, fiscal councils could play a useful role by at the same time strengthening fiscal discipline and allowing rules-based fiscal policy to be more flexible. A key issue is their political fragility and how their long-run viability should be secured. Three ways of guaranteeing their independence are suggested: (1) reputation-building; (2) formal national rules; and (3) international monitoring.

  • 35. Camerer, Colin F.
    et al.
    Chou, Eileen Y.
    Tao-yi Wang, Joseph
    Östling, Robert
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Testing Game Theory in the Field: Swedish LUPI Lottery Games2011In: American Economic Journal: Microeconomics, ISSN 1945-7669, E-ISSN 1945-7685, Vol. 3, no 3, p. 1-33Article in journal (Refereed)
    Abstract [en]

    Game theory is usually difficult to test in the field because predictions typically depend sensitively on features that are not controlled or observed. We conduct one such test using both laboratory and field data from the Swedish lowest unique positive integer (LUPI) game. In this game, players pick positive integers and whoever chooses the lowest unique number wins. Equilibrium predictions are derived assuming Poisson distributed population uncertainty. The field and lab data show similar patterns. Despite various deviations from equilibrium, there is a surprising degree of convergence toward equilibrium. Some deviations can be rationalized by a cognitive hierarchy model. (JEL C70, C93, D44, H27)

  • 36.
    Campa, Pamela
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Casarico, Alessandra
    Profeta, Paola
    Gender Culture and Gender Gap in Employment2011In: CESifo Economic Studies, ISSN 1610-241X, E-ISSN 1612-7501, Vol. 57, no 1, p. 156-182Article in journal (Refereed)
    Abstract [en]

    This article analyzes to what extent gender culture affects gender gap in employment. Drawing on Italian data, we measure culture by building two indices: one based on individuals' attitudes, as done in the existing literature; one based on firms' attitudes. Firms' beliefs, which express their set of ideas, values and norms, though generally neglected, are as important as individuals' attitudes to explain female labor market outcomes. Using an instrumental variable analysis, we show that our index of gender culture based on firms' attitudes is significant in explaining gender gap in employment in Italian provinces. We show that the same holds when culture is measured with reference to individual attitudes. (JEL code: J16).

  • 37.
    Cheung, Maria
    et al.
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Perrotta, Maria
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Impact of a Food For Education Program on Schooling in Cambodia2011Report (Other academic)
    Abstract [en]

    Food for Education (FFE) programs, which consist of meals served in school and in some cases take-home rations and deworming programs conditional on school attendance, are considered a powerful tool to improve educational outcomes, particularly in areas where school participation is initially low. Compared to other programs, such as conditional cash transfers and scholarships, school meals may provide a stronger incentive to attend school because children must be in school in order to receive the rations, and have the potential to improve nutritional and general health status as well. In this paper, we find that the Cambodia FFE, that was implemented in six Cambodian regions between 1999 and 2003, increased enrollment, school attendance and completed education. We also ask who benefited the most, and how cost-effective such a program is compared to other types of interventions.

  • 38. Dube, Arindrajit
    et al.
    Kaplan, Ethan
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Naidu, Suresh
    Coups, Corporations, and Classified Information2011In: Quarterly Journal of Economics, ISSN 0033-5533, E-ISSN 1531-4650, Vol. 126, no 3, p. 1375-1409Article in journal (Refereed)
    Abstract [en]

    We estimate the impact of coups and top-secret coup authorizations on asset prices of partially nationalized multinational companies that stood to benefit from U.S.-backed coups. Stock returns of highly exposed firms reacted to coup authorizations classified as top-secret. The average cumulative abnormal return to a coup authorization was 9% over 4 days for a fully nationalized company, rising to more than 13% over 16 days. Precoup authorizations accounted for a larger share of stock price increases than the actual coup events themselves. There is no effect in the case of the widely publicized, poorly executed Cuban operations, consistent with abnormal returns to coup authorizations reflecting credible private information. We also introduce two new intuitive and easy to implement nonparametric tests that do not rely on asymptotic justifications.

  • 39.
    Ellingsen, Tore
    et al.
    Stockholm School of Economics.
    Östling, Robert
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Strategic risk and coordination failure in blame games2011In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 110, no 2, p. 90-92Article in journal (Refereed)
    Abstract [en]

    Within a class of games that we call Blame Games, we discuss how strategic risk may discourage play of a unique and efficient (strictly) dominance solvable equilibrium.

  • 40.
    Flam, Harry
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Nordtström, Håkan
    Kammerskollegium.
    Gravity Estimation of the Intensive and Extensive Margins of Trade: An Alternative procedure with Alternative Data2011Conference paper (Refereed)
  • 41.
    Harstad, Bård
    et al.
    Northwestern University.
    Svensson, Jakob
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Bribes, Lobbying, and Development2011In: American Political Science Review, ISSN 0003-0554, E-ISSN 1537-5943, Vol. 105, no 1, p. 1-18Article in journal (Refereed)
  • 42. Hart, Rob
    et al.
    Spiro, Daniel
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The elephant in Hotelling's room2011In: Energy Policy, ISSN 0301-4215, E-ISSN 1873-6777, Vol. 39, no 12, p. 7834-7838Article in journal (Refereed)
    Abstract [en]

    This paper questions the assumption, commonly used in theoretical and policy research, that scarcity rents make up a large proportion of market prices for oil and coal. We show that the empirical literature, simple calculations of historical and future scarcity rent shares, and possible theoretical explanations all imply the same overall conclusions: that scarcity rents seem to have been marginal or non-existent historically; that they almost certainly do not dominate fossil resource prices today; and that there will be other factors shaping the prices in the upcoming decades. We therefore argue that using the scarcity rent as the main or only basis for policy or for explaining empirical outcomes is ill-advised.

  • 43.
    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.
    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.
    2011 års ekonomipris till Thomas Sargent coh Christopher Sims2011In: Ekonomisk Debatt, Vol. 39, no 8Article in journal (Other (popular science, discussion, etc.))
  • 44. 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.

  • 45.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Mukoyama, Toshihiko
    University of Virginia.
    Rogerson, Richard
    University of Pennsylvania.
    Sahin, Aysegul
    Federal Reserve Bank of New York.
    A Three State Model of Worker Flows in General Equilibrium2011In: Journal of Economic Theory, ISSN 0022-0531, E-ISSN 1095-7235, Vol. 146, no 3Article in journal (Refereed)
  • 46.
    Krusell, Per
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Sahin, Aysegul
    University of Virginia.
    Smith Jr., Anthony A.
    Yale University.
    Asset Prices in a Huggett Economy2011In: Journal of Economic Theory, ISSN 0022-0531, E-ISSN 1095-7235, Vol. 146Article in journal (Refereed)
  • 47.
    Laséen, Stefan
    et al.
    Sveriges Riksbank.
    Svensson, Lars E.O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Anticipated Alternative Policy Rate Paths in Policy Simulations2011In: The International Journal of Central Banking, ISSN 1815-4654, E-ISSN 1815-7556, Vol. 7, no 3, p. 1-35Article in journal (Refereed)
    Abstract [en]

    This paper specifies a new convenient algorithm to construct policy projections conditional on alternative anticipated policy rate paths in linearized dynamic stochastic general equilibrium (DSGE) models, such as Ramses, the Riksbank's main DSGE model. Such projections with anticipated policy rate paths correspond to situations where the central bank transparently announces that it, conditional on current information, plans to implement a particular policy rate path and where this announced plan for the policy rate is believed and then anticipated by the private sector. The main idea of the algorithm is to include among the predetermined variables (the "state" of the economy) the vector of non-zero means of future shocks to a given policy rule that is required to satisfy the given anticipated policy rate path.

  • 48.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Inga ekonomiska skäl till att rädda EU-länder i kris2011In: Dagens Nyheter, ISSN 1101-2447, Vol. 9 JanuariArticle in journal (Other (popular science, discussion, etc.))
  • 49.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Pakten räddar knappast euron2011In: Svenska Dagbladet, Vol. 24, no septArticle in journal (Other (popular science, discussion, etc.))
  • 50.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Pensionerna: En brandfackla i EMU-samarbetet?2011In: Överlever EMU utan fiskal union? / [ed] Bernitz, U., Oxelheim, L. and Persson, M., Santérus Förlag, 2011Chapter in book (Refereed)
  • 51.
    Persson, Mats
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Utträde ur valutaunionen löser inte Greklands problem2011In: Dagens Nyheter, Vol. 28, no septArticle in journal (Other (popular science, discussion, etc.))
  • 52.
    Persson, Mats
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Skult, EvaStockholm University, Faculty of Social Sciences, Department of Economics.
    Tillämpad makroekonomi2011Collection (editor) (Refereed)
  • 53. Reinikka, Ritva
    et al.
    Svensson, Jakob
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The power of information in public services: Evidence from education in Uganda2011In: Journal of Public Economics, ISSN 0047-2727, E-ISSN 1879-2316, Vol. 95, no 7-8, p. 956-966Article in journal (Refereed)
    Abstract [en]

    In this paper we argue that innovations in governance of social services are an effective way to improve outcomes such as attainment of universal primary education. To test this hypothesis we exploit an unusual policy experiment: a newspaper campaign in Uganda aimed at reducing the capture of public funds by providing schools (parents) with systematic information to monitor local officials' handling of a large education grant program. Combining survey and administrative data, we show that public access to information can be a powerful deterrent to the capture of funds at the local level and that the reduction in the capture of funds that resulted had a positive effect on school enrollment and learning outcomes.

  • 54.
    Rohner, Dominic
    et al.
    University of Zurich.
    Thoenig, Mathias
    Université de Lausanne.
    Zilibotti, Fabrizio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    War Signals: A Theory of Trade, Trust and Conflict2011Conference paper (Refereed)
  • 55.
    Simeonova, Emilia
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Out of Sight, Out of Mind?: Natural Disasters and Pregnancy Outcomes in the USA2011In: CESifo Economic Studies, ISSN 1610-241X, E-ISSN 1612-7501, Vol. 57, no 3, p. 403-431Article in journal (Refereed)
    Abstract [en]

    This article studies the effect of natural disasters on pregnancy outcomes using historical data from the USA. Preterm infants are more likely to be of low birth weight and face increased risk of health problems later in life, implying large long run societal costs. While some of the causes of low birth weight are known, the exact mechanisms leading to prematurity are not well understood. Results confirm that maternal exposure to plausibly exogenous weather events decreases gestational age and birth weight. The negative effects of exposure are particularly strong in the second and early third trimesters of pregnancy, which coincides with the period identified by medical studies as most susceptible to external negative influences. (JEL codes: I10, I12, Q51).

  • 56. Song, Zheng
    et al.
    Storesletten, Kjetil
    Zilibotti, Fabrizio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Growing Like China2011In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 101, no 1Article in journal (Refereed)
  • 57.
    Svedberg, Peter
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    How Many People Are Malnourished?2011In: Annual review of nutrition (Print), ISSN 0199-9885, E-ISSN 1545-4312, Vol. 31, p. 263-283Article, review/survey (Refereed)
    Abstract [en]

    The present article reviews the strengths and weaknesses of the three main methods for estimating the prevalence of malnutrition in populations: self-reported hunger, estimates based on food supplies, and anthropometrics. Although far from flawless, anthropometrics is found to be the most reliable method and also the most useful for directing policy. The main form of malnutrition among adults is overweight, not only in developed countries, but also in almost all developing countries. Only in a few developing countries is adult underweight more prevalent. By the conventional anthropometric indicators, about one-quarter of all children below the age of 5 in the developing countries are stunted or underweight, and about 10% are wasted. The total burden of malnutrition among young children, as measured by the Composite Index of Anthropometric Failure, is considerably higher, about 60% in India, the country with the largest child population in the world.

  • 58.
    Svedberg, Peter
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Is Hunger in the World on the Rise?2011In: Bridges Monthly, Vol. 14Article in journal (Refereed)
  • 59.
    Svedberg, Peter
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Tilton, John E.
    Long-term trends in the Real real prices of primary commodities: Inflation bias and the Prebisch-Singer hypothesis2011In: Resources policy, ISSN 0301-4207, E-ISSN 1873-7641, Vol. 36, no 1, p. 91-93Article in journal (Refereed)
    Abstract [en]

    In his recent article on measuring the long-term trends in the real prices of primary commodities, Cuddington (2010) extends in several important respects our earlier efforts (Svedberg and Tilton, 2006) to correct real commodity price trends for biases in the Consumer Price Index and other deflators. First, he argues for a log-linear relationship between prices and time. Second, he proposes a simple and quick method for obtaining corrected price trends from the published but uncorrected estimates. Finally, he illustrates, for the case of copper and presumably for many other commodities as well, the difficulties of obtaining real price trends significantly different from zero when the log values of the price data contain a unit root, requiring the use of difference stationary models. We welcome these insights, which should improve and make easier efforts to estimate correctly real commodity price trends over the long run. We would stress, however, that it is still important to correct for the biases in inflation indices, notwithstanding the failure of difference stationary models to obtain long-run real price trends (both corrected and uncorrected) significantly different from zero.

  • 60.
    Svensson, Lars E. O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Practical Monetary Policy: Examples from Sweden and the United States2011In: Brookings papers on economic activity (Print), ISSN 0007-2303, E-ISSN 1533-4465, p. 289-352Article in journal (Refereed)
    Abstract [en]

    In the summer of 2010, the Federal Reserve's and the Swedish Riksbank's inflation forecasts were below the former's mandate-consistent rate and the latter's target, respectively, and their unemployment forecasts were above sustainable rates. Conditions in both countries clearly called for policy easing. The Federal Reserve maintained a minimum policy rate, soon started to communicate possible future easing, and in the fall launched QE2. In contrast, the Riksbank started a period of rapid tightening. I find the arguments against the Federal Reserve's easing and the arguments for the Riksbank's tightening unconvincing. Although the Swedish economy subsequently performed better than expected, probably an important reason was that the market implemented much easier financial conditions than were consistent with the Riksbank's policy rate path. Without the policy tightening, performance would have been even better. The U.S. economy meanwhile performed worse than expected because of factors other than monetary policy. Without the policy easing, performance would have been even worse. In short, the Riksbank did the wrong thing but was lucky, whereas the Federal Reserve did the right thing but was unlucky.

  • 61.
    Svensson, Lars E.O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Inflation Targeting2011In: Handbook of Monetary Economics / [ed] Benjamin M. Friedman and Michael Woodford, Elsevier , 2011, Vol: 3B, p. Chapter 2-Chapter in book (Refereed)
1 - 61 of 61
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