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  • 1.
    Bonfiglioli, Alessandra
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Equities and Inequality2005Report (Other academic)
    Abstract [en]

    This paper studies the relationship between investor protection, the development of financial markets and income inequality. In the presence of market frictions, investor protection promotes financial development by raising confidence and reducing the costs of external financing. Developed financial systems spread risks among financiers and firms, allocating them to the agents bearing them the best. Therefore, financial development plays the twofold role of encouraging agents to undertake risky enterprises and providing them with insurance. By increasing the number of risky projects, it raises income inequality. By extending insurance to more agents, it reduces it. As a result, the relationship between financial development and income inequality is hump-shaped. Empirical evidence from a cross-section of sixty-nine countries, as well as a panel of fifty-two countries over the period 1976-2000, supports the predictions of the model.

  • 2.
    Bonfiglioli, Alessandra
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    How Does Financial Liberalization Affect Economic Growth?2005Report (Other academic)
    Abstract [en]

    This paper assesses the effects of international financial liberalization and banking crises on investments and productivity in a sample of 93 countries (at its largest) observed between 1975 and 1999. I provide empirical evidence that financial liberalization spurs productivity growth and marginally affects capital accumulation. Banking crises depress both investments and TFP. Both levels and growth rates of productivity respond to financial liberalization and banking crises. The paper also presents evidence of conditional convergence in productivity across countries. However, the speed of convergence is unaffected by financial liberalization. These results are robust to a number of econometric specifications.

  • 3.
    Cúrdia, Vasco
    et al.
    Princeton University.
    Finocchiaro, Daria
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    An Estimated DSGE Model for Sweden with a Monetary Regime Change2005Report (Other academic)
    Abstract [en]

    Using Bayesian methods, we estimate a small open economy model for Sweden. We explicitly account for a monetary regime change from an exchange rate target zone to flexible exchange rates with explicit targeting. In each of these regimes, we analyze the behavior of the monetary authority and the relative contribution to the business cycle of structural shocks in detail. Our results can be summarized as follows. Monetary policy is mainly concerned with stabilizing the exchange rate in the target zone and with price stability in the inflation targeting regime. Expectations of realignment and the risk premium are the main sources of volatility in the target zone period. In the inflation targeting period, monetary shocks are important sources of volatility in the short run, but in the long run, labor supply and preference shocks become relatively more important. Foreign shocks are much more destabilizing under the target zone than under inflation targeting.

  • 4.
    Doepke, Matthias
    et al.
    UCLA.
    Zilibotti, Fabrizio
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Patience Capital and the Demise of the Aristocracy2005Report (Other academic)
    Abstract [en]

    We model the decision problem of a parent who chooses an occupation and invests in the patience of her children. The two choices complement each other: patient individuals choose occupations with a steep income profile; a steep income profile, in turn, leads to a strong incentive to invest in patience. In equilibrium, society becomes stratified along occupational lines. The most patient people are those in occupations requiring the most education and experience. The theory can account for the demise of the British land-owning aristocracy in the nineteenth century, when rich landowners proved unable to profit from new opportunities arising with industrialization, and were thus surpassed by industrialists rising from the middle classes.

  • 5.
    Lindbeck, Assar
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Sustainable Social Spending2005Report (Other academic)
    Abstract [en]

    The paper discusses a number of threats to the financial sustainability of social spending: increased internationalization of national economies, gradually higher relative costs of producing a number of human services, the ”graying” of the population, slower productivity growth in the private sector, low employment rates, and various types of disincentive effects related to the welfare state itself, including services and disincentive effects of welfare-state arrangements, in particular moral hazard and benefit dependency, are more difficult to deal with than the other threats. I also discuss the choice between ad hoc policy reforms and automatic adjustment mechanisms, delegated to administrative bodies, for dealing with these threats.

  • 6.
    Persson, Mats
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Persson, Torsten
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Svensson, Lars E.O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Time Consistency of Fiscal and Monetary Policy: A Solution2005Report (Other academic)
    Abstract [en]

    This paper demonstrates how time consistency of the Ramsey policy – the optimal fiscal and monetary policy under commitment – can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying policies with positive inflation and positive nominal interest rates. We compare our resuklts with those in Persson, Persson, and Svensson (1987), Calvo and Obstfeld (1990), and Alvarez, Kehoe, and Neumeyer (2004).

  • 7.
    Queijo, Virginia
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    How Important are Financial Frictions in the U.S. and the Euro Area?2005Report (Other academic)
    Abstract [en]

    This paper aims to evaluate the importance of frictions in credit markets for business cycles in the U.S. and the Euro area. For this purpose, I modify the DSGE financial accelerator model developed by Bernanke, Gertler and Gilchrist (1999) and estimate it using Bayesian methods. The model is augmented with frictions such as price indexation to past inflation, sticky wages, consumption habits and variable capital utilization. My results indicate that financial frictions are relevant in both areas. Using the Bayes factor as criterion, the data favors the model with financial frictions both in the U.S. and the Euro area in five different specifications of the model. Moreover, the size of the financial frictions is larger in the Euro area.

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