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  • 51.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Forslund, Anders
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Wage Setting in Sweden1989Report (Other academic)
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  • 52.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Forslund, Anders
    IFAU (The Swedish Office of Labour Market Policy Evaluation).
    Hemström, Maria
    IFAU.
    Does Active Labour Market Policy Work?: Lesson from the Swedish Experiences2002Report (Other academic)
    Abstract [en]

    The Swedish experiences of the 1990s provide a unique example of how large-scale active labour market programmes (ALMP's) have been used as a means to fight high unemployment. This paper discussses the mechanisms through which ALMPs affect (un)employment and surveys the empirical studies of the effects of ALMPs in Sweden. The main conclusions are: (i) there is hardly any evidence for a positive effect on matching efficiency; (ii) there are some indications of positive effects on labour force participation; (iii) subsidised employment seems to cause displacement of regular employment, whereas this appears not to be the case for labout market training; (iv) it is unclear whether or not ALMPs raise aggregate wage pressure in the economy; (v) in the 1990s, training programmes seem not to have enhanced the employment probabilities off participants, whereas some forms of subsidised employment seem to have had such effects; and (vi) youth programmes seem to have caused substantial displacement effects a the same time as the gains for participants appear uncertain.

    On the whole, ALMP's have probably reduced open unemployment, but also reduced regular employment. The overall policy conclusion is that ALMPs of the scale used in Sweden in the 1990s are not an efficient means of employment policy. To be effective, ALMPs should be used on a smaller scale. There should be a greater emphasis on holding down long-term unemployment in general and a smaller emphasis on youth programmes. ALMPs should not be used as a means to renew unemployment benefit eligibility.

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  • 53.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hoel, Michael
    Institute of Economics, University of Oslo.
    Work Sharing, Overtime and Shiftwork1985Report (Other academic)
    Abstract [en]

    The paper analyzes the employment effects of reduced working time when firms' endogenous responses of overtime and shoftwork are considered. The paper distinguishes between Keynesian and classical regimes as well as between interior and corner solution. The main conclusion is that it is only in very simple models that employment increases unambiguously. Under plausible assumptions, a reduction of working time is quite likely to be counterproductive as an employment-promoting measure. The reason is that relative factor costs or relative productivities on the margin are affected in such a way that firms substitute overtime and shiftwork for employment.

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  • 54.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Horn, Henrik
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Classical Unemployment, Accommodation Policies and the Adjustment of Real Wages1984Report (Other academic)
    Abstract [en]

    The paper develops a model of wage formation and stabilization policy in economies with centralized wage setting and strong trade unions. The aim is to explain the present stagflation with heavy unemployment and large government deficits. The analysis gives a theoretical underpinning to the assertion that accommodation policies may cause wage inflation and in the end reduce employment. Various methods of accomplishing a real wage adjustment are discussed: (1) a policy of complete non-accommodation; (2) continued accommodation policies but with lower employment targets; (3) social contracts; and (4) tax-based incomes policies (TIP).

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  • 55.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Horn, Henrik
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Employment Policies and Centralized Wage Setting1983Report (Other academic)
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  • 56.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Johansson, Åsa
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Nominal Wage Flexibility, Wage Indexation and Monetary Union2002Report (Other academic)
    Abstract [en]

    Membership in a monetary union (EMU) is likely to imply stronger incentives for nominal wage flexibility in the form of wage indexation and shorter contract length than non-membership. For example, EMU entry may cause a move from non-indexation to an indexation equilibrium. But more wage flexibility is only an imperfect substitute for an own monetary policy. It is possible that an increase in wage flexibility is welfare-decreasing, because of the accompanying rise in price variability. If indexation occurs outside the EMU, wither multiple equilibria or full-indexation equilibria may occur.

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  • 57.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Johansson, Åsa
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Unemployment Benefits, Contract Length and Nominal Wage Flexibility2001Report (Other academic)
    Abstract [en]

    We show in a union-bargaining model that a decrease in the unemployment benefit level increases not only equilibrium employment, but also nominal wage flexibility, and thus reduces employment variations in the case of nominal shocks. Long-term wage contracts lead to higher expected real wages and hence higher expected unemployment than short-term contracts. Therefore lower benefits reduce the expected utility gross of contract costs of a union member more with long-term than with short-term contracts and thus create an incentive for shorter contracts. Incentives for employers work in the same direction. Lower taxes associated with lower benefits also tend to make short-term contracts more attractive.

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  • 58.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Lang, Harald
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Macroeconomic Effects of Active Labour Market Programmes: The Basic Theory1993Report (Other academic)
    Abstract [en]

    The recent Western European policy debate on unemployment has emphasised the benefits of active labour market programmes. We provide a basic theoretical framework to analyse the effects on wage pressure and equilibrium employment that has hitherto been missing. Programmes are wage-reducing to the extent that they help maintain effective labour-force participation. But they may also weaken insider incentives for wage restraint as the disutility of lay-offs becomes smaller. Targeting the long-term unemployed is cricual for the success of active labour market policy, since the welfare effects in the laid-off then are more heavily discounted and employment opportunities are redistributed from insiders to outsiders.

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  • 59.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Larsson, Anna
    Stockholm University, Faculty of Social Sciences, Department of Economics.
    Pattern Bargaining and Wage Leadership in a Small Open Economy2009Report (Other academic)
    Abstract [en]

    Pattern bargaining where the tradables (manufacturing) sector acts as wage leader is a common form of wage bargaining in Europe. Our results question the conventional wisdom that such a bargaining set-up produces wage restraint. We find that all forms of pattern bargaining give the same macroeconomic outcomes as uncoordinated bargaining under inflation targeting and a flexible exchange rate. Under monetary union (a fixed exchange rate) wage leadership for the non-tradables sector is conducive to wage restraint and high employment, whereas wage leadership for the tradables sector is not. Loss aversion and comparison thinking in wage setting, where unions evaluate the utility of the wages of their members relative to a wage norm, may lead the follower to set the same wage as the leader. Such equilibria can arise when the leader sector is the smaller sector and promote high employment.

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  • 60.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Nymoen, Ragnar
    Bank of Norway.
    Real Wage Adjustment and Employment Policies in the Nordic Countries1990Report (Other academic)
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  • 61.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Skedinger, Per
    Industrial Institute for Economic and Social Research, Stockholm.
    Does Active Labour Market Policy Increase Employment?: Theoretical Considerations and some Empirical Evidence from Sweden1995Report (Other academic)
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  • 62.
    Calmfors, Lars
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Viotti, Staffan
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies. Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Wage Indexation, the Scandinavian Model and Macroeconomic Stability1979Report (Other academic)
    Abstract [en]

    The article analyzes wage indexation in an open economy as a means of promoting macroeconomic stability in the case of domestic demand and foreign price shocks. Employment can be stabilized by linking wages to an index of both traded and non-traded goods. But this index is not likely to coincide with the producer or the consumer price index. A "Scandinavian" wage indexation-linking wages to the price of traded goods only as in the Scandinavian model of wage formation - minimizes the effects in the trade balance but does this at the cost of variations in total employment.

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  • 63.
    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)
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    FULLTEXT04
  • 64.
    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.

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  • 65.
    Clairmonte, Frederick F.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Zambia Wages, Incomes and Employment: An Overview1971Report (Other academic)
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  • 66.
    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.

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  • 67.
    Dahlquist, Magnus
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    On Alternative Interest Rate Processes1994Report (Other academic)
    Abstract [en]

    In this paper alternative interest rate processes are estimated, using the Generalized Method of Moments (GMM), on Swedish and Danish data. In line with the study by Chan, Karolyi, Longstaff and Sanders (1992) on US data, there seems to be a positive relation between interest rate level and volatility. In contrast to their study it is found that mean-reversion is important in order to not reject different model specifications of the interest rate. In addition, there is evidence of a structural change in the Danish interest rate process in April 1985, which may be due to a change in monetary policy. The small sample properties of the GMM estimates are also studied through simulations.

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  • 68.
    Dahlquist, Magnus
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Jonsson, Gunnar
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Information in Swedish Short-Maturity Forward Rates1994Report (Other academic)
    Abstract [en]

    In this paper we empirically study the relationship between implicit forward rates and corresponding interest rates in the short-end of the Swedish term structure. The interest rates and forward rates seem to be integrated of order one and cointegrated. We find that the forward rates, for all maturities, contain information about future interest rates. Further, in contrast, to previous empirical studies we cannot reject the joint hypothesis of rational expectations and no term premium. However, the results should be treated with caution since we also find parameter instability.

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  • 69.
    Dahlquist, Magnus
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Sellin, Peter
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Seasonalities in Swedish Stock Returns: Why are they Not Arbitraged Away?1994Report (Other academic)
    Abstract [en]

    This paper exmines two potential explanations of the so called January effect in the Swedish stock market for the period January 1919 to December 1989; the tax loss selling hypothesis and the omitted risk factor hypothesis. We document significantly higher returns in both January and July over the sample period. In addition, there is a seasonal pattern in the variances of the monthly returns. There seem to be an interaction between the variance and the mean effects. However, we find no support for either of the proposed hypotheses.

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  • 70.
    Dahlquist, Magnus
    et al.
    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.
    Estimatinf the Term Structure of Interest Rates with Simple and Complex Functional Forms: Nelson & Siegel vs. Longstaff & Schwartz1994Report (Other academic)
    Abstract [en]

    The paper compares estimation of spot (zero-coupon) interest rates and implicit forward interest rates from Swedish Treasury bill rates and Government coupon bond yields with two functional forms for the discount function, the simple form of Nelson & Siegel (NS) and the complex form of Longstaff & Schwartz (LS). NS is much easier to use and has much better convergence properties, whereas LS is more flexible. For the data used, estimates with NS and LS are close, with only marginally better fit for LS. The fit of NS seems satisfactory for monetary policy purposes.

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  • 71.
    Daltung, Sonja
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Deposit Insurance, Capital Constraints, and Risk Taking by Banks1994Report (Other academic)
    Abstract [en]

    The paper analyzes the moral hazard problem of the bank, which arises from the inability of claim holders to observe the bank's portfolio choice. The risk-incentive of debt is mitigated by diversification of the bank portfolio. It is shown that when the marginal source of funding of the bank is not deposits, but funds raised in the capital market, deposit insurance may induce the bank to take less risk rather than more. If deposit insurance is fairly priced, there is no scope for capital constraints, but, with a constant insurance premium, a capital requirement can reduce risk-taking by the bank.

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  • 72.
    Daltung, Sonja
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Do Banks Take too much Risk?1994Report (Other academic)
    Abstract [en]

    The paper analyzes the lending decisions of banks whose role is to sort out and finance profitable projects. Depositors cannot observe the lending policy of banks. This gives banks incentive to exploit their limited liability and take too much risk. On the other hand, limited liability of entrepeneurs prevents banks from appropriating the entire value of their information production, this leaning towards under-investment. One cannot generally tell which effect dominates, it depends on the size of future bank rents, and to what extent private bankruptcy costs represent social costs of bank failure. Increased competition may not increase risk-taking by banks. Because banks take future profits into account, new entry into banking might induce banks to become more conservative.

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  • 73.
    Daltung, Sonja
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Optimal Structure of the Financial Intermediation Industry1991Report (Other academic)
    Abstract [en]

    The optimal structure of the financial intermediation industry in a finite economy, where the role of intermediaries is to reduce information costs in the lending of resources from investors to entrepeneurs, is characterized. Banks are owned by entrepeneurs in order to exploit informational gains from close relationships between banks and firms. It is shown that this form of ownership is a reason for allowing more than one bank to operate, although there are economies of scale in intermediation. It is also argued that free entry into intermediation generally would not provide the optimal number of banks.

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  • 74.
    de Melo, Jaime
    et al.
    World Bank.
    Hamilton, Carl B.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Winters, L. Alan
    University College of North Wales.
    Voluntary Export Restraints: A Case Study Focussing on Effects in Exporting Countries1990Report (Other academic)
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  • 75. DellaVigna, Stefano
    et al.
    Kaplan, Ethan
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Fox News Effect: Media Bias and Voting2006Report (Other academic)
    Abstract [en]

    Does media bias affect voting? We analyze the entry of Fox News in cable markets and its impact on voting. Between October 1996 and November 2000, the conservative Fox News Channel was introduced in the cable programming of 20 percent of US towns.

    Fox News availability in 2000 appears to be largely idiosyncratic, conditional on a set of controls. Using a data set of voting data for 9,256 towns, we investigate if Republicans gained vote share in towns where Fox News entered the cable market by the year 2000. We find a significant effect of the introduction of Fox News on the vote share in Presidential elections between 1996 and 2000. Republicans gained 0.4 to 0.7 percentage points in the towns which broadcast Fox News. Fox News also affected the Republican vote share in the Senate and voter turnout. Our estimates imply that Fox News convinced 3 to 28 percent of its viewers to vote Republican, depending on the audience measure. The Fox News effect could be a temporary learning effect for rational voters, or a permanent effect for non-rational voters subject to persuasion.

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  • 76.
    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.

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  • 77.
    Dooley, Michael
    et al.
    International Monetary Fund.
    Svensson, Lars E.O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Policy Inconsistency and External Debt Service1990Report (Other academic)
    Abstract [en]

    In this paper it is argued that the willingness of debtors to make external debt-service payments reflects, in part, their inability to credibly and permanently suspend debt service. The benefits of a credible debt-service suspension would include increased private investment. Buth this would, in turn, tend to create conditions in which it would then be optimal for the government to resume payments. Thus, debt reamins a threat even after the announcement of suspension of debt service. It follows that the expected benefits of such a suspension are limited and may be offset by penalties imposed by creditors.

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  • 78.
    Drazen, Allan
    et al.
    Department of Economics, Tel Aviv University.
    Gottfries, Nils
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Seniority Rules and the Persistence of Unemployment in a Dynamic Optimizing Model1987Report (Other academic)
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  • 79.
    Dumas, Bernard
    et al.
    Wharton School of the University of Pennsylvania.
    Svensson, Lars E.O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    How Long do Unilateral Target Zones Last?1991Report (Other academic)
    Abstract [en]

    We examine the expected survival time of a unilateral exchange rate target zone, when constraints on monetary policy prevent the central bank from exclusively focusing on defending the target zone. Generally the width of the target zone has a negligible effect on the expected survival time, and the dominant determinants are reserve levels and the degree of real and monetary divergence between the country in question and the rest of the world. For seemingly realistic parameters, the expected survivial time is fairly long: a few decades rather than a few years.

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  • 80.
    Englund, Peter
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Monetary Policy and Bank Regulations in an Economy with Financial Innovations1987Report (Other academic)
    Abstract [en]

    This is a study of financial innovations and moves towards "the cashless society" in a general equilibrium cash-in-advance model. It is assumed that a subset of goods - cash goods and check goods - can only be purchased with tangible means of payment, i.e. cash and checks drawn on interest bearing bank accounts. financial innovations are modelled as a decrease in the fraction of such goods.

    In this world monetary policy and bank regulations have welfare effects. A main result is that Friedman's (1969) optimum quantity of money rule continues to hold in this setting. It does so because a non-zero interest rate distorts the composition of consumption.

    The general result is translated into results on the optimum rate of expansion of the supply of base money under different assumptions. We also study optimum reserve requirements on banks.

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  • 81.
    Englund, Peter
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Hörngren, Lars
    Stockholm School of Economics.
    Viotti, Staffan
    Stockholm School of Economics.
    A Short-Term Model of the Swedish Money Market1985Report (Other academic)
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  • 82.
    Englund, Peter
    et al.
    Department of Economics, Uppsala University.
    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.
    Swedish Business Cycles: 1861-19881990Report (Other academic)
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  • 83.
    Englund, Peter
    et al.
    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.
    Money and Banking in a Cash-In-Advance Economy1985Report (Other academic)
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  • 84.
    Englund, Peter
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Vredin, Anders
    Stockholm School of Economics.
    The Current Account, Supply Shocks, and Accomodative Fiscal Policy: Interpretations of Swedish Post-War Data1987Report (Other academic)
    Abstract [en]

    The aim of the paper is to asses empirically the importance of different types of shocks in explaining the Swedish current account. We do this by first estimating an unrestricted vector autoregression system in these four variables: the real wage, the terms of trade, governmnet consumption, and the current accout. We then perform innovation accouting and impulse response studies based on a particular structural model that allows identification of the parameters of the contemporaneous relations between the variables. The model allows for labour-union determined wages, and government consumption is taken to be accomodative in response to private sector labour demand.

    A principal finding is that the forecast error variance in the current account is to a very limited extent (less than 20 per cent over a couple of years) explained by innovations to the wage, terms-of-trade, or government-consumption equations. This is in contrast with the "conventional wisdom" and also with the results for some of the other variables. For example, innovations in the wage equation explain less than half of the variance of the wage.

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  • 85.
    Erzan, Refik
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Laird, Samuel
    UNCTAD, Geneva.
    Intra-Industry Trade of Developing Countries and Some Policy Issues1984Report (Other academic)
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  • 86.
    Erzan, Refik
    et al.
    World Bank.
    Svedberg, Peter
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Protection Facing Exports from Sub-Saharan Africa in the EEC, Japan and the US1989Report (Other academic)
    Abstract [en]

    Two main questions are addressed in the paper: (i) how did the incidence of protection encountered by Sub-Saharan Africa's (SSA) exports in the major industrial market economies compare with that faced by all developing countries, and (ii) to what extent protection in these markets might have constrained SSA's export growth? The findings on the first issue were conclusive. On the whole, SSA had a better deal in terms of both tariff and non-tariff protection in all three markets. This was in part due to special preferential treatment, expecially in the EEC, and in part a consequence of the commodity composition of its exports, heavy in primary goods. As to the second question, there was no compelling evidence suggesting that protection in the major industrial markets has been a significant constraint on SSA's export growth.

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  • 87.
    Ethier, Wilfred J.
    et al.
    University of Pennsylvania.
    Horn, Henrik
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    A New Look at Economic Integration1982Report (Other academic)
    Abstract [en]

    This paper modifies the conventional analysis of customs unions by emphasizing four phenomena central to contemporary experience but less dealt with in the traditional literature: (i) product differentiation and intra-industry trade, (ii) scale economies and imperfect competition, (iii) changes in trade patterns stemming from elimination of tariffs on goods that are only traded within the union ("trade modification"), and (iv) small, rather than large, tariff changes. The paper derives two general propositions, employing (iii) and (iv), and discusses the implications for the optimal policy for countries considering integration. A special three-country general equilibrium model, incorporating all four features, is then employed to analyze how changes in internal and external tariffs affect product variety, terms of trade, trade flows, and welfare. It is shown that the implications for the three countries' welfare levels depend generally on the relation between the degree of product differentiation on the one hand, and properties of the economies' transformation functions on the other. The paper ends with an intermediate goods interpretation of the model.

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  • 88.
    Ethier, Wilfred J.
    et al.
    University of Pennsylvania.
    Horn, Henrik
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Managerial Control of International Firms and Patterns of Direct Investment1988Report (Other academic)
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  • 89.
    Ethier, Wilfred J.
    et al.
    Department of Economics, University of Pennsylvania.
    Horn, Henrik
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Modern Mercantilism and a Liberal Trade Order1991Report (Other academic)
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  • 90.
    Ethier, Wilfred J.
    et al.
    University of Pennsylvania.
    Svensson, Lars E.O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Theorems of International Trade with Factor Mobility1985Report (Other academic)
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  • 91.
    Farm, Ante
    et al.
    The Swedish Institute for Social Research.
    Weibull, Jörgen W.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Noncooperative Flexible Pricing in a Homogenous Market1986Report (Other academic)
    Abstract [en]

    A market is studied in which prices are set by the sellers, and where equilibrium is established through pure price adjustment. It is assumed that the sellers can observe each others' prices, and that each of them is free to instantly and costlessly change his price. In this setting it is shown that, when the number of competitors is large, a "cartel price", above the (Walrasian) competitive price, is an equilibrium - in fact the unique equilibrium price on the Pareto frontier.

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  • 92.
    Faust, Jon
    et al.
    Board of Governors of the Federal Reserve System.
    Svensson, Lars E.O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    The Equilibrium Degree of Transparency and Control in Monetary Policy1999Report (Other academic)
    Abstract [en]

    We examine a central bank's endogenous choice of degree of control and degree of transparency, under both commitment and discretion. Under commitment, we find that the deliberate choice of sloppy control is far less likely under a standard central-bank loss function than reported for a less standard loss function by Cukierman and Meltzer. Under discretoin, maximum degree of control is the only equilibrium. With regard to the degree of transparency, under commitment, a sufficiently patient bank with sufficiently low average and maximum transparency are equilibria. We argue that discretion is the more realistic transparency. A maximum feasible degree of control with a minimum degree of transparency is then a likely outcome. The Bundesbank and the Federal Reserve System are, arguably, examples of this outcome.

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  • 93.
    Faust, Jon
    et al.
    Board of Governors of the Federal Reserve System.
    Svensson, Lars E.O.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Transparency and Credibility: Monetary Policy with Unobservable Goals1997Report (Other academic)
    Abstract [en]

    We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more inflationary policy than a high-credibillity bank, in the sense that it induces higher inflation, but a less expansionary policy in the sense that it induces lower inflation and employment than expected. Increased transparency makes the bank's reputation and credibility more sensitive to its actions. This has a moderating influence on the bank's policy. Full transparency of the central bank's intentions is generally socially beneficial, but frequently not in the interest of the bank. Somewhat paradoxically, direct observability of idiosyncratic central bank goals removes the moderating incentive on the bank and leads to the worst equilibrium.

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  • 94.
    Fender, John
    et al.
    Department of Economics, University of Lancaster.
    Nandakumar, Parameswar
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    An Intertemporal Macroeconomic Model with Oil and Fiscal Policy1985Report (Other academic)
    Abstract [en]

    In this paper a two-period two-good open economy macroeconomic model is constructed. Consumption and money holding decision are based on intertemporal optimization. In the first period (in the 'short-un') some prices are inflexible and Keynesian unemployment occurs. In the second period (in the 'long-run') all prices are flexible and markets clear. The model is used to analyze fiscal policy (paying careful attention to the implications of the government's budget constraint), increased domestic output of a resource (oil) and the consequences of a rise in the world price of the resource.

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  • 95.
    Flam, Harry
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    A Heckscher-Ohlin Analysis of the Law of Declining International Trade1982Report (Other academic)
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  • 96.
    Flam, Harry
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    EC Members Fighting About Surplus: VERs, FDI and Japanese Cars1991Report (Other academic)
    Abstract [en]

    The distribution of consumer and producer surplus among EC members of three different trade regimes - free trade, a voluntary export restraint (VER) and a VER in conjunction with foreign direct investment (FDI) - are derived and compared within the framework of a Nash-Cournot duopoly model. Free trade and a VER are likely to be first and third best for countries without import competing production, while the opposite holds for countries with import competing production. A VER-cum-FDI regime is second best for both. If the producing countries are in majority and set the common VER, while the power to allow FDI remains under national control, the policy equilibrium is one of a VER with or without FDI. A VER-cum-FDI outcome is third best for the EC as a whole.

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  • 97.
    Flam, Harry
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Equal Pay for Unequal Work1984Report (Other academic)
    Abstract [en]

    Swedish labor unions have squeezed wage differentials between heterogeneous labor. This paper explores effects on factor prices, production and employment in the short run, when skilled and unskilled labor is mobile and capital is sector specific, in the medium run, when all factors are mobile, and in the long run, when the ratio of skilled to unskilled labor is determined endogeneously. Contrary to common belief, suich egalitarian wage policies may depress wages of unskilled as well as skilled labor and must raise capital returns in the medium and long run. Demand for unskilled labor will fall over time.

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  • 98.
    Flam, Harry
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Reverse Dumping1985Report (Other academic)
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  • 99.
    Flam, Harry
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Turkey and the EU: Politics and Economics of Accession2003Report (Other academic)
    Abstract [en]

    This paper identifies and discusses important political and economic aspects of Turkish accession to the EU. Under the present rules, Turkey’s size would give it the greatest number of votes within twenty years and its low income and dependence on agriculture the largest net transfer from other members. Free labor mobility would lead to substantial migration to the present EU; the Turkish immigrant population in Germany may increase from 2 to 3.6 million in thirty years. Most of the economic effects will be felt by Turkey, particularly in agriculture. The main obstacles to accession are not economic, but political, however. Historical experience makes it difficult for Turkey to eliminate the decisive political role of the military, to give Kurds and other minorities cultural rights and uphold basic human rights; these issues are perceived to threaten national unity and territorial integrity. Turkish membership is resisted by many in the EU because Turkey is not considered to be part of Europe geographically and culturally.

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  • 100.
    Flam, Harry
    et al.
    Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
    Flanders, M. June
    The Eitan Berglas School of Economics, Tel Aviv University (Israel).
    The Young Ohlin on the Theory of "Interregional and International Trade"2000Report (Other academic)
    Abstract [en]

    Bertil Ohlin's internationel fame as an economist rests to a large extent on his 1933 monograph Interregional and International Trade (Ohlin, 1933). The monograph marked the definitive break with the Ricardian and early neoclassical theory of international trade. Eli Heckschler's contribution of 1919 did not become known to a wider audience until his article was published in English in 1949 (Heckschler, 1949, 1991).

    But Interregional and International Trade was not Ohlin's first formulation of the neoclassical theory of international trade; it was his third. His first attempt is his licentiate dissertation of 1922 and the second his doctoral dissertation published in 1924. The latter was published in English in 19941 under the title The Theory of Trade (Heckschler and Ohlin, 1991). The licentiate dissertation, entitled The Theory of Interregional Exchange has remained unstranslated until very recently (Ohlin, 1999).

    We will trace the development of Ohlin's thinking on international trade by comparing the three works. Special emphasis will be placed in The Theory of Interregional Exchange since it is the first and practically unknown. We have discussed and compared The Theory of Trade and Interregional and International Trade elsewhere (Flam and Flanders, 1991).

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