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  • 1. 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, p. 14-29Article 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.

  • 2.
    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, p. 2149-2162Article 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.

  • 3.
    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, p. 296-302Article in journal (Refereed)
  • 4. 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, p. 250-262Article 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.

  • 5. 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, p. 1291-1311Article 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.

  • 6.
    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, p. 99-122Article 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.

  • 7. Besley, Timothy
    et al.
    Persson, Torsten
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. CIFAR, Canada.
    Reynal-Querol, Marta
    Resilient Leaders and Institutional Reform: Theory and Evidence2016In: Economica, ISSN 0013-0427, E-ISSN 1468-0335, Vol. 83, no 332, p. 584-623Article in journal (Refereed)
    Abstract [en]

    Strengthening executive constraints is one of the key means of improving political governance. This paper argues that resilient leaders who face a lower probability of being replaced are less likely to reform institutions in the direction of constraining executive power. We test this idea empirically using data on leaders since 1875 using two proxies of resilience: whether a leader survives long enough to die in office, and whether recent natural disasters occur during the leader's tenure. We show that both are associated with lower rates of leader turnover and a lower probability of a transition to strong executive constraints. This effect is robust across a wide range of specifications. Moreover, in line with the theory, it is specific to strengthening executive constraints rather than generalized political reform.

  • 8. Bjorvatn, Kjetil
    et al.
    Svensson, Jakob
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. CEPR, UK .
    Are not-for-profits different? Theory and evidence on the pricing of health services in Uganda2016In: Economics of Governance, ISSN 1435-6104, E-ISSN 1435-8131, Vol. 17, no 1, p. 1-10Article in journal (Refereed)
    Abstract [en]

    Public provision of health and education in developing countries is often insufficient and inefficient. There is thus a call for a greater involvement of private providers to supply affordable and high-quality services to the population. In particular, it is often suggested that not-for-profit institutions should play a larger role, given their social mission. But do not-for-profits really behave differently from for-profit institutions? The literature does not provide a clear answer to this question. The present contribution offers evidence based on a simple theoretical model and price data from health care providers in Uganda with different governance structures. Using differences in market structure as source of variation, we find that not-for-profits indeed behave differently from for-profit institutions, with a pricing behavior that is consistent with an emphasis on health impact and not just profit maximization. Our results thus provide an argument for a policy trying to attract not-for-profit health clinics to fill the gap of an inefficient public health provision.

  • 9. 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.

  • 10.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Roles of Fiscal Rules, Fiscal Councils, and Fiscal Union in EU Integration2016In: Routledge Handbook of the Economics of European Integration / [ed] Harald Badinger, Volker Nitsch, Abingdon: Routledge, 2016, p. 157-170Chapter in book (Refereed)
  • 11. Cesarini, David
    et al.
    Lindqvist, Erik
    Östling, Robert
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Wallace, Björn
    WEALTH, HEALTH, AND CHILD DEVELOPMENT: EVIDENCE FROM ADMINISTRATIVE DATA ON SWEDISH LOTTERY PLAYERS2016In: Quarterly Journal of Economics, ISSN 0033-5533, E-ISSN 1531-4650, Vol. 131, no 2, p. 687-738Article in journal (Refereed)
    Abstract [en]

    We use administrative data on Swedish lottery players to estimate the causal impact of substantial wealth shocks on players' own health and their children's health and developmental outcomes. Our estimation sample is large, virtually free of attrition, and allows us to control for the factors conditional on which the prizes were randomly assigned. In adults, we find no evidence that wealth impacts mortality or health care utilization, with the possible exception of a small reduction in the consumption of mental health drugs. Our estimates allow us to rule out effects on 10-year mortality one sixth as large as the cross-sectional wealth-mortality gradient. In our intergenerational analyses, we find that wealth increases children's health care utilization in the years following the lottery and may also reduce obesity risk. The effects on most other child outcomes, including drug consumption, scholastic performance, and skills, can usually be bounded to a tight interval around zero. Overall, our findings suggest that in affluent countries with extensive social safety nets, causal effects of wealth are not a major source of the wealth-mortality gradients, nor of the observed relationships between child developmental outcomes and household income.

  • 12.
    de Quidt, Jonathan
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Fetzer, Thiemo
    Ghatak, Maitreesh
    Group lending without joint liability2016In: Journal of Development Economics, ISSN 0304-3878, E-ISSN 1872-6089, Vol. 121, p. 217-236Article in journal (Refereed)
    Abstract [en]

    This paper contrasts individual liability lending with and without groups to joint liability lending. We are motivated by an apparent shift away from the use of joint liability by microfinance institutions, combined with recent evidence that a) converting joint liability groups to individual-liability groups did not affect repayment rates, and b) an intervention that increased social capital in individual liability borrowing groups led to improved repayment performance. First, we show that individual lending with or without groups may constitute a welfare improvement over joint liability, so long as borrowers have sufficient social capital to sustain mutual insurance. Second, we explore how the lender's lower transaction costs in group lending can encourage insurance by reducing the amount borrowers have to pay to bail one another out. Third, we discuss how group meetings might encourage insurance, either by increasing the incentive to invest in social capital, or because the time spent in meetings can facilitate setting up insurance arrangements. Finally, we perform a simple simulation exercise, evaluating quantitatively the welfare impacts of alternative forms of lending and how they relate to social capital.

  • 13.
    Flam, Harry
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Economics of the Single Market2016In: Routledge Handbook of the Economics of European Integration / [ed] Harald Badinger, Volker Nitsch, Abingdon: Routledge, 2016, p. 55-69Chapter in book (Refereed)
  • 14.
    Flam, Harry
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Börjesson, Maria
    Mörth, Ulrika
    Stockholm University, Faculty of Social Sciences, Department of Political Science.
    Nilsson, Jan-Eric
    Vart är vi på väg? Systemfel i transportpolitiken2016Report (Other (popular science, discussion, etc.))
  • 15. Folke, Olle
    et al.
    Persson, Torsten
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Canadian Institute for Advanced Research, Canada.
    Rickne, Johanna
    The Primary Effect: Preference Votes and Political Promotions2016In: American Political Science Review, ISSN 0003-0554, E-ISSN 1537-5943, Vol. 110, no 3, p. 559-578Article in journal (Refereed)
    Abstract [en]

    In this analysis of how electoral rules and outcomes shape the internal organization of political parties, we make an analogy to primary elections to argue that parties use preference-vote tallies to identify popular politicians and promote them to positions of power. We document this behavior among parties in Sweden's semi-open-list system and in Brazil's open-list system. To identify a causal impact of preference votes, we exploit a regression discontinuity design around the threshold of winning the most preference votes on a party list. In our main case, Sweden, these narrow primary winners are at least 50% more likely to become local party leaders than their runners-up. Across individual politicians, the primary effect is present only for politicians who hold the first few positions on the list and when the preference-vote winner and runner-up have similar competence levels. Across party groups, the primary effect is the strongest in unthreatened governing parties.

  • 16.
    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.

  • 17.
    Hassler, John
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Sinn, Hans-Werner
    The fossil episode2016In: Journal of Monetary Economics, ISSN 0304-3932, E-ISSN 1873-1295, Vol. 83, p. 14-26Article in journal (Refereed)
    Abstract [en]

    Agriculture sector output (biocarbon) is a good substitute for oil in energy production but oil cannot be used as food. This one-way substitutability is analyzed in a dynamic general equilibrium model. It features three endogenous phases: a pure fossil, a mixed fossil and biocarbon and an absorbing biocarbon fuel only phase. In the latter two, the demand for biocarbon as fuel leads to increasing food prices. Depending on how easily capital and labor can reallocate, food prices increase by between 40% and 240%. The model is also used to analyze climate consequences of biocarbon fuel polices and of the shale revolution.

  • 18.
    Hederos Eriksson, Karin
    et al.
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Hjalmarsson, Randi
    Lindquist, Matthew J.
    Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
    Sandberg, Anna
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The importance of family background and neighborhood effects as determinants of crime2016In: Journal of Population Economics, ISSN 0933-1433, E-ISSN 1432-1475, Vol. 29, no 1, p. 219-262Article in journal (Refereed)
    Abstract [en]

    We quantify the importance of family background and neighborhood effects as determinants of criminal convictions and incarceration by estimating sibling correlations. At the extensive margin, factors common to siblings account for 24 % of the variation in criminal convictions and 39 % of the variation in incarceration. At the intensive margin, these factors typically account for slightly less than half of the variation in prison sentence length and between one third and one half of the variation in criminal convictions, depending on crime type and gender. Further analysis shows that parental criminality and family structure can account for more of the sibling crime correlation than parental income and education or neighborhood characteristics. The lion's share of the sibling correlation, however, is unaccounted for by these factors. Finally, sibling spacing also matters-more closely spaced siblings are more similar in their criminal behavior.

  • 19.
    Kolm, Ann-Sofie
    et al.
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Calmfors, Lars
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Danielsson, Petter
    Skedinger, Per
    Pekkarinen, Tuomas
    Labor market policy report: Time for a wider wage distribution?2016Report (Other academic)
  • 20.
    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.

  • 21.
    Lindbeck, Assar
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Institutet för näringslivsforskning, Sverige.
    Hur avveckla hyreskontrollen?2016In: Ekonomisk Debatt, ISSN 0345-2646, Vol. 44, no 7, p. 17-28Article in journal (Other academic)
    Abstract [sv]

    Vad som fordras för en någorlunda väl fungerande marknad för hyreslägenheter är ett omfattande reformpaket som bl a innefattar en gradvis avveckling av hyreskontrollen, ett ökat stöd till låginkomsttagare (eventuellt i form av riktade hyressubventioner) och en mindre byråkratisk byggnadslagstiftning. En viktig fördel med att locka tillbaka privata investerare till marknaden för nybyggda hyresfastigheter är att den offentliga sektorn därmed frigör resurser för investeringar i offentligt finansierad infrastruktur och i anläggningar för sociala tjänster, som utbildning, sjukvård och äldrevård.

  • 22.
    Mitman, Kurt
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Stockholm Univ, Inst Int Econ Studies, SE-10691 Stockholm, Sweden.
    Macroeconomic Effects of Bankruptcy and Foreclosure Policies2016In: The American Economic Review, ISSN 0002-8282, E-ISSN 1944-7981, Vol. 106, no 8, p. 2219-2255Article in journal (Refereed)
    Abstract [en]

    I study the implications of two major debt-relief policies in the United States: the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and the Home Affordable Refinance Program (HARP). To do so, I develop a model of housing and default that includes relevant dimensions of credit-market policy and captures rich heterogeneity in household balance sheets. The model also explains the observed cross-state variation in consumer default rates. I find that BAPCPA significantly reduced bankruptcy rates, but increased foreclosure rates when house prices fell. HARP reduced foreclosures by 1 percentage point and provided substantial welfare gains to households with high loan-to-value mortgages.

  • 23.
    Sigurdsson, Josef
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Sigurdardottir, Rannveig
    Time-dependent or state-dependent wage-setting? Evidence from periods of macroeconomic instability2016In: Journal of Monetary Economics, ISSN 0304-3932, E-ISSN 1873-1295, Vol. 78, p. 50-66Article in journal (Refereed)
    Abstract [en]

    Administrative data on monthly wages in Iceland during 1998-2010 provide new insight into nominal wage rigidity. Unlike the data used in previous work, ours have a higher frequency, minimal measurement error, and a long sample including a period of substantial macroeconomic instability. We find that the monthly frequency of nominal wage changes is 13 percent. Although nominal wage cuts are rare, their frequency rises following a large macroeconomic shock. Timing of wage changes is both time-dependent and state-dependent: we find evidence of synchronization of adjustment and contracts of fixed duration, but also that inflation and unemployment over the wage spell affect the timing of adjustment.

1 - 23 of 23
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