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  • 1.
    Adermon, Adrian
    et al.
    Uppsala University, Units outside the University, The Institute for Evaluation of Labour Market and Education Policy (IFAU).
    Lindahl, Mikael
    Uppsala University, Units outside the University, The Institute for Evaluation of Labour Market and Education Policy (IFAU).
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Intergenerational Wealth Mobility and the Role of Inheritance: Evidence from Multiple Generations2018In: Economic Journal, ISSN 0013-0133, E-ISSN 1468-0297, Vol. 128, no 612, p. F482-F513Article in journal (Refereed)
    Abstract [en]

    This study estimates intergenerational wealth correlations across up to four generations and examines the degree to which the wealth association between parents and children can be explained by inheritances. Using a Swedish data set with newly hand-collected data on wealth and bequests, we find parent-child rank correlations of 0.3-0.4 and grandparent-grandchild rank correlations of 0.1-0.2. Bequests and gifts appear to be central in this process, accounting for at least half of the parent-child wealth correlation while earnings and education can account for only a quarter.

  • 2.
    Angelov, Nikolay
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Waldenström, Daniel
    COVID-19 and income inequality: evidence from monthly population registers2023In: Journal of Economic Inequality, ISSN 1569-1721, E-ISSN 1573-8701, Vol. 21, no 2, p. 351-379Article in journal (Refereed)
    Abstract [en]

    We measure the distributional impact of the COVID-19 pandemic using newly released population register data in Sweden. Monthly earnings inequality increased during the pandemic, and the key driver is income losses among low-paid individuals while middle- and high-income earners were almost unaffected. In terms of employment, as measured by having positive monthly earnings, the pandemic had a larger negative impact on private-sector workers and on women. In terms of earnings conditional on being employed, the effect was still more negative for women, but less negative for private-sector workers compared to publicly employed. Using data on individual take-up of government COVID-19 support, we show that policy significantly dampened the inequality increase, but did not fully offset it. Annual total market income inequality, which also includes capital income and taxable transfers, shows similar patterns of increasing inequality during the pandemic. © 2023, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.

  • 3.
    Angelov, Nikolay
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Waldenström, Daniel
    The impact of Covid-19 on economic activity: evidence from administrative tax registers2023In: International Tax and Public Finance, ISSN 0927-5940, E-ISSN 1573-6970, Vol. 30, no 6, p. 1718-1746Article in journal (Refereed)
    Abstract [en]

    We use tax-register data on all firms in Sweden to document the impact of the Covid-19 pandemic on firm sales, tax payments, and sick pay. The pandemic impact is identified using within-year, between-year, and geographical variation, and we also run placebo tests. Our findings confirm large negative economic effects of the pandemic but shed new light on their magnitudes and sensitivity to Covid-19 morbidity rates. Specifically, we find that VAT and firm sales dropped more than other indicators of corporate activity such as industrial electricity usage or aggregate industrial production. Short-term sick pay increased during the pandemic, but, unlike tax payments, it was insensitive to local infection rates, which indicates behavioral responses to more generous sickness insurance rules during the pandemic. © 2023, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.

  • 4.
    Bengtsson, Niklas
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Holmlund, Bertil
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Lifetime versus Annual Tax Progressivity: Sweden, 1968–20092012Report (Other academic)
    Abstract [en]

    This paper analyzes the evolution of tax progressivity in Sweden from both annual and lifetime perspectives. Using a rich micro panel with administrative records of incomes, taxes and benefits over the period 1968–2009, we calculate tax rates across the income distribution accounting for different tax bases as well as the role of transfers. The uniquely long time span also allows us to compute tax progressivity as realized over a cohort’s entire life cycle. Our main finding is that taxes are considerably less progressive over the lifetime than in any single year. In fact, life cycle taxes are close to proportional, bearing a redistributive effect of only a few percent. Intragenerational income mobility seems to be driving this result, although the Swedish economic crisis of the 1990s and the tax reforms of 1971 and 1991 are also important. Labor income taxes contribute less to progressivity in recent years, whereas transfers to unemployed and old-age pensioners have become increasingly important. These findings are robust to the use of different tax rates, tax bases, sample populations, rates of discounting and controls for reranking.

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  • 5.
    Bengtsson, Niklas
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Holmlund, Bertil
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Waldesntröm, Jesper
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Lifetime versus Annual Tax-and-Transfer Progressivity: Sweden, 1968-20092016In: Scandinavian Journal of Economics, ISSN 0347-0520, E-ISSN 1467-9442, Vol. 118, no 4, p. 619-645Article in journal (Refereed)
    Abstract [en]

    In this paper, we analyze the evolution of tax-and-transfer progressivity in Sweden over both annual and lifetime horizons. Using a rich micro panel covering the period 1968-2009, we calculate tax rates over a cohort's entire working life cycle. Our main finding is that taxes are considerably less progressive over the lifetime than in any single year. Social insurance transfers to transitory low-income earners account for most of this result. We offer a number of robustness checks of the measurement of lifetime incomes and progressivity, but none of them changes our overall findings.

  • 6. Bjorklund, Anders
    et al.
    Roine, Jesper
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
    Intergenerational top income mobility in Sweden: Capitalist dynasties in the land of equal opportunity?2012In: Journal of Public Economics, ISSN 0047-2727, E-ISSN 1879-2316, Vol. 96, no 5-6, p. 474-484Article in journal (Refereed)
    Abstract [en]

    This paper presents new evidence on intergenerational mobility at the top of the income and earnings distributions. Using a large dataset of matched father-son pairs in Sweden, we find that intergenerational transmission is very strong at the top, more so for income than for earnings. At the extreme top (top 0.1%) income transmission is remarkable with an intergenerational elasticity of approximately 0.9. We also study potential transmission mechanisms and find that IQ non-cognitive skills and education of the sons are all unlikely channels in explaining the strong transmission. Within the top percentile, increases in the income of the fathers, if they are related at all, are negatively associated with these variables. Wealth, on the other hand, has a significantly positive association. Our results suggest that Sweden, known for having relatively high intergenerational mobility in general, is a society in which transmission remains strong at the very top of the distribution and wealth is the most likely channel.

  • 7. Di Vaio, Gianfranco
    et al.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Weisdorf, Jacob
    Citation success: Evidence from economic history journal publications2012In: Explorations in economic history, ISSN 0014-4983, E-ISSN 1090-2457, Vol. 49, no 1, p. 92-104Article in journal (Refereed)
    Abstract [en]

    This study examines the determinants of citation success among authors who have recently published their work in economic history journals. Besides offering clues about how to improve one's scientific impact, our citation analysis also sheds light on the state of the field of economic history. Consistent with our expectations, we find that full professors, authors appointed at economics and history departments, and authors working in Anglo-Saxon and German countries are more likely to receive citations than other scholars. Long and co-authored articles are also a factor for citation success. We find similar patterns when assessing the same authors' citation success in economics journals. As a novel feature, we demonstrate that the diffusion of research publication of working papers, as well as conference and workshop presentations - has a first-order positive impact on the citation rate.

  • 8. Di Vaio, Gianfranco
    et al.
    Weisdorf, Jacob
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Citation Success: Evidence from Economic History Journal Publications2012In: Explorations in economic history, ISSN 0014-4983, E-ISSN 1090-2457, Vol. 49, no 1, p. 92-104Article in journal (Refereed)
  • 9.
    Du Rietz, Gunnar
    et al.
    Research Institute of Industrial Economics.
    Henrekson, Magnus
    Research Institute of Industrial Economics.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Swedish Inheritance and Gift Taxation, 1885–20042012Report (Other academic)
    Abstract [en]

    This paper studies the evolution of the modern Swedish inheritance taxation from its

    introduction in 1885 to its abolishment in 2004. A thorough description is offered of the basic

    principles of the tax, including underlying ideas and ambitions, tax schedules, and rules

    concerning valuation of assets, liability matters and deduction opportunities. Using these rules, we calculate inheritance tax rates for the whole period for a number of differently endowed family firms and individuals. The overall trend in inheritance tax burden exhibits an inverse-U shape for all firms and individuals. Up until the end of World War I, inheritance tax rates were very low (never above four percent). Tax rates began to increase in the interwar period with tax hikes in 1918, 1920 and 1934. After World War II tax rates increased rapidly for both inherited firms and individual fortunes. Effective tax rates peaked in the mid-1970s. Valuation reliefs were introduced in the 1970s, which sharply reduced tax rates for inherited family businesses. Tax rates for deceased individuals having non-corporate wealth were first cut in 1987 and then significantly reduced in 1991–1992. Finally, inheritance and gift tax revenues were relatively small, typically 0.1 to 0.2 percent of GDP.

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  • 10.
    Du Rietz, Gunnar
    et al.
    Research Institute of Industrial Economics.
    Henrekson, Magnus
    Research Institute of Industrial Economics.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Swedish Inheritance and Gift Taxation, 1885–20042012Report (Other academic)
    Abstract [en]

    This paper studies the evolution of the modern Swedish inheritance taxation from its

    introduction in 1885 to its abolishment in 2004. A thorough description is offered of the basic

    principles of the tax, including underlying ideas and ambitions, tax schedules, and rules

    concerning valuation of assets, liability matters and deduction opportunities. Using these rules, we calculate inheritance tax rates for the whole period for a number of differently endowed family firms and individuals. The overall trend in inheritance tax burden exhibits an inverse-U shape for all firms and individuals. Up until the end of World War I, inheritance tax rates were very low (never above four percent). Tax rates began to increase in the interwar period with tax hikes in 1918, 1920 and 1934. After World War II tax rates increased rapidly for both inherited firms and individual fortunes. Effective tax rates peaked in the mid-1970s. Valuation reliefs were introduced in the 1970s, which sharply reduced tax rates for inherited family businesses. Tax rates for deceased individuals having non-corporate wealth were first cut in 1987 and then significantly reduced in 1991–1992. Finally, inheritance and gift tax revenues were relatively small, typically 0.1 to 0.2 percent of GDP.

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    Updated version
  • 11.
    Elinder, Mikael
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Erixson, Oscar
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Inheritance and wealth inequality: Evidence from population registers2015Report (Other academic)
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  • 12. Gernandt, Otto
    et al.
    Palm, Thomas
    Waldenstrom, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Liquidity premia during the industrial breakthrough: evidence from the Stockholm Stock Exchange, 1901-19192012In: European Review of Economic History, ISSN 1361-4916, E-ISSN 1474-0044, Vol. 16, no 3, p. 247-269Article in journal (Refereed)
    Abstract [en]

    This paper analyzes the importance of liquidity in determining security returns for firms listed on the Stockholm Stock Exchange between 1901 and 1919. Using a new and detailed firm-level data set with matching stock price and balance sheet information, we construct new stock return indices as well as firm-specific liquidity measures for our empirical analysis. Our main finding is that there was a substantial illiquidity effect on returns. Securities in the 25th percentile of the liquidity distribution earned, on average, a 0.59 percent higher monthly return than securities in the 75th percentile. This effect is comparable with estimates from modern stock markets and suggests that the liquidity premium is not solely a modern phenomenon but could be an inherent characteristic of financial markets.

  • 13. Gernandt, Otto
    et al.
    Palm, Thomas
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Liquidity Premia During the Industrial Break-Through: Evidence from theStockholm Stock Exchange, 1901–19192012In: European Review of Economic History, ISSN 1361-4916, E-ISSN 1474-0044, Vol. 16, no 3, p. 247-269Article in journal (Refereed)
  • 14.
    Hammar, Olle
    et al.
    Uppsala University, Sweden;Research Institute of Industrial Economics (IFN), Sweden.
    Waldenström, Daniel
    Uppsala University, Sweden;Research Institute of Industrial Economics (IFN), Sweden;Paris School of Economics, France.
    Global earnings inequality, 1970–20152017Report (Other academic)
    Abstract [en]

    We estimate trends in global earnings dispersion across occupational groups using a new database covering 66 developed and developing countries between 1970 and 2015. Our main finding is that global earnings inequality has declined, primarily during the 2000s, when the global Gini coefficient dropped nearly 10 points and the earnings share of the world’s poorest half doubled. Decomposition analyses emphasize the role of income convergence between poor and rich countries and that earnings have become more similar within occupations in traded industries. Sensitivity checks show that the results are robust to varying real exchange rates, inequality measures and population definitions.

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  • 15.
    Hammar, Olle
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics. Paris School of Economics.
    Global earnings inequality, 1970–20152017Report (Other academic)
    Abstract [en]

    We estimate trends in global earnings dispersion across occupational groups using a new database covering 66 developed and developing countries between 1970 and 2015. Our main finding is that global earnings inequality has declined, primarily during the 2000s, when the global Gini coefficient dropped nearly 10 points and the earnings share of the world’s poorest half doubled. Decomposition analyses emphasize the role of income convergence between poor and rich countries and that earnings have become more similar within occupations in traded industries. Sensitivity checks show that the results are robust to varying real exchange rates, inequality measures and population definitions.

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  • 16.
    Hammar, Olle
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies. Research Institute of Industrial Economics (IFN).
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies. Research Institute of Industrial Economics (IFN); CEPR; CESifo; IZA; WIL.
    Global Earnings Inequality, 1970–20182020In: Economic Journal, ISSN 0013-0133, E-ISSN 1468-0297, Vol. 130, no 632, p. 2526-2545Article in journal (Refereed)
    Abstract [en]

    We estimate trends in global earnings dispersion across occupational groups by constructing a new database that covers 68 developed and developing countries between 1970 and 2018. Our main finding is that global earnings inequality has fallen, primarily during the 2000s and 2010s, when the global Gini coefficient dropped by 15 points and the earnings share of the world's poorest half doubled. Decomposition analyses show earnings convergence between countries and within occupations, while within-country earnings inequality has increased. Moreover, the falling global inequality trend was driven mainly by real wage growth, rather than changes in hours worked, taxes or occupational employment.

  • 17.
    Hammar, Olle
    et al.
    Uppsala University, Sweden;Research Institute of Industrial Economics, Sweden.
    Waldenström, Daniel
    Uppsala University, Sweden;Research Institute of Industrial Economics, Sweden.
    Global Earnings Inequality, 1970–20182020In: Economic Journal, ISSN 0013-0133, E-ISSN 1468-0297, Vol. 130, no 632, p. 2526-2545Article in journal (Refereed)
    Abstract [en]

    We estimate trends in global earnings dispersion across occupational groups by constructing a new database that covers 68 developed and developing countries between 1970 and 2018. Our main finding is that global earnings inequality has fallen, primarily during the 2000s and 2010s, when the global Gini coefficient dropped by 15 points and the earnings share of the world's poorest half doubled. Decomposition analyses show earnings convergence between countries and within occupations, while within-country earnings inequality has increased. Moreover, the falling global inequality trend was driven mainly by real wage growth, rather than changes in hours worked, taxes or occupational employment.

  • 18.
    Henrekson, Magnus
    et al.
    IFN.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Inheritance Taxation in Sweden, 1885–2004: The Role of Ideology, Family Firms and Tax Avoidance2014Report (Other academic)
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  • 19.
    Ohlsson, Henry
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Roine, Jesper
    SITE, Stockholm School of Economics.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Inherited wealth over the path of development: Sweden, 1810–20102014Report (Other academic)
    Abstract [en]

    Inherited wealth has attracted much attention recently, much due to the research by Thomas Piketty (Piketty, 2011; 2014). The discussion has mainly revolved around a long-run contrast between Europe and the U.S., even though data on explicit historical inheritance flows are only really available for France and to some extent for the U.K. We study the long-run evolution of inherited wealth in Sweden over the past two hundred years. The trends in Sweden are similar to those in France and the U.K: beginning at a high level in the nineteenth century, falling sharply in the interwar era and staying low thereafter, but tending to increase in recent years. The levels, however, differ greatly. The Swedish flows were only half of those in France and the U.K. before 1900 and also much lower after 1980. The main reason for the low levels in the nineteenth century is that the capital-income ratio is much lower than in "Old Europe". In fact, the Swedish capital-income ratio was similar to that in the U.S., but the savings and growth rates were much lower in Sweden than in the U.S. Rap-id income growth following industrialization and increasing savings rates were also important fac-tors behind the development of the capital-income ratio and the inheritance flow during the twenti-eth century. The recent differences in inheritance flows have several potential explanations related to the Swedish welfare state and pension system. Sweden was "un-European" during the nineteenth century because the country was so poor, Sweden is "un-European" today because so much wealth formation has taken place within the welfare state and the occupational pension systems.

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  • 20.
    Roine, Jesper
    et al.
    Stockholm Institute of Transition Economies, Stockholm School of Economics.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Long run trends in the distribution of income and wealth2014Report (Other academic)
    Abstract [en]

    This paper reviews the long run developments in the distribution of personal income and wealth. It also discusses suggested explanations for the observed patterns. We try to answer questions such as: What do we know, and how do we know, about the distribution of income and wealth over time? Are there common trends across countries or over the path of development? How do the facts relate to proposed theories about changes in inequality? We present the main inequality trends, in some cases starting as early as in the late eighteenth century, combining previous research with recent findings in the so-called top income literature and new evidence on wealth concentration. The picture that emerges shows that inequality was historically high almost everywhere at the beginning of the twentieth century. In some countries this situation was preceded by increasing concentration, but in most cases inequality seems to have been relatively constant at a high level in the nineteenth century. Over the twentieth century inequality decreased almost everywhere for the first 80 years, largely due to decreasing wealth concentration and decreasing capital incomes in the top of the distribution. Thereafter trends are more divergent across countries and also different across income and wealth distributions. Econometric evidence over the long run suggests that top shares increase in periods of above average growth while democracy and high marginal tax rates are associated with lower top shares.

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  • 21. Roine, Jesper
    et al.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    On the Role of Capital Gains in Swedish Income Inequality2012In: The Review of Income and Wealth, ISSN 0034-6586, E-ISSN 1475-4991, Vol. 58, no 3, p. 569-587Article in journal (Refereed)
    Abstract [en]

    Realized capital gains are typically disregarded in the study of income inequality. We show that in the case of Sweden this severely underestimates the actual increase in inequality and, in particular, top income shares during recent decades. Using micro panel data to average incomes over longer periods and re-rank individuals according to income excluding capital gains, we show that capital gains indeed are a reoccurring addition to rather than a transitory component in top incomes. Doing the same for lower income groups, however, makes virtually no difference. We also try to find the roots of the recent surge in capital gains-driven inequality in Sweden since the 1980s. While there are no evident changes in terms of who earns these gains (high wage earners vs. top capital income earners), the primary driver instead seems to be the drastic asset price increases on the post-1980 deregulated financial markets.

  • 22. Roine, Jesper
    et al.
    Waldesntröm, Jesper
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    On the Role of Capital Gains in Swedish Income Inequality2012In: The Review of Income and Wealth, ISSN 0034-6586, E-ISSN 1475-4991, Vol. 58, no 3, p. 596-587Article in journal (Refereed)
  • 23.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    An Economic History of Modern Sweden2015In: Journal of Economic History, ISSN 0022-0507, E-ISSN 1471-6372, Vol. 75, no 1, p. 274-276Article, book review (Other academic)
  • 24.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Regeringen ochojämlikheten: En granskning av budgetens fördelningspolitiska redogörelser1992–20112012Report (Other academic)
  • 25.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Swedish stock and bond returns, 1856–20122014Report (Other academic)
    Abstract [en]

    This chapter presents historical evidence about Swedish stock prices, dividends, and yields on government fixed-interest securities. Monthly returns are presented since 1901 for stocks, since 1874 for government long-term bonds and since 1856 for short-term Treasury bills or central bank discount rates. Annual stock price and returns indices from 1870 are also presented. Altogether, these series comprise the longest financial asset price database for Sweden to date. An important ambition is to provide information about the quality of the financial data, how they are constructed and how they are modified so as to ensure consistency across time. The chapter also outlines the basic institutional and economic framework of the Swedish stock and money markets. Research has shown that asset prices are influenced by the extent of trading activity as well as by the legal setting and microstructural characteristics. Finally, the chapter offers some initial analysis of the new evidence: calculation of returns for different periods, examination of trends and trend breaks in returns, dividends, volatility and cross-country returns correlations, and computation of equity risk premia across holding periods and historical eras.

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  • 26.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    The National Wealth of Sweden, 1810–20142015Report (Other academic)
    Abstract [en]

    This study presents a new database, the Swedish National Wealth Database (SNWD), which contains annual data on private, public and national wealth and sectoral saving rates in Sweden over the past two centuries. The paper reviews previous investigations of national wealth, compares their estimates with the new ones and discusses method approaches and measurement problems. Then the main data series are presented for assets and liabilities and their subcomponents, for the private and public do-mestic and foreign sectors. Complementing the traditional focus on economic flow variables in the past literature on long-run economic developments, this new database offers potentially new perspec-tives of a number of important issues in the modern economic history of Sweden.

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  • 27.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    The National Wealth of Sweden, 1810–20142015Report (Other academic)
    Abstract [en]

    This study presents a new database, the Swedish National Wealth Database (SNWD), which contains annual data on private, public and national wealth and sectoral saving rates in Sweden over the past two centuries. The paper reviews previous investigations of national wealth, compares their estimates with the new ones and discusses method approaches and measurement problems. Then the main data series are presented for assets and liabilities and their subcomponents, for the private and public do-mestic and foreign sectors. Complementing the traditional focus on economic flow variables in the past literature on long-run economic developments, this new database offers potentially new perspec-tives of a number of important issues in the modern economic history of Sweden.

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  • 28.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Wealth-income ratios in a small, late-industrializing, welfare-state economy: Sweden, 1810–20142015Report (Other academic)
    Abstract [en]

    This paper uses new data on Swedish national wealth over a period of two hundred years to study whether the patterns in wealth-income ratios previously found by Piketty and Zucman (2014) for some very rich and large Western economies extend to smaller countries that were historically backward and developed a different set of political and economic institutions during the twentieth century. The find-ings point to both similarities and differences. In the pre-industrial era, Sweden had much lower wealth levels than the rest of Europe, and the main explanation is that the Swedes were too poor to save their income. Over the twentieth century, Swedish aggregate trends and levels are much more similar to those of the rest of Europe, but the structure of national wealth differs. In Sweden, govern-ment wealth grew much faster and became more important, not least through its relatively large public pension system. This suggests an explicit role of historical economic and political institutions for the long-run evolution of wealth-income ratios.

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  • 29.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics, Uppsala Center for Fiscal Studies.
    Wealth-income ratios in a small, late-industrializing, welfare-state economy: Sweden, 1810–20142015Report (Other academic)
    Abstract [en]

    This paper uses new data on Swedish national wealth over a period of two hundred years to study whether the patterns in wealth-income ratios previously found by Piketty and Zucman (2014) for some very rich and large Western economies extend to smaller countries that were historically backward and developed a different set of political and economic institutions during the twentieth century. The find-ings point to both similarities and differences. In the pre-industrial era, Sweden had much lower wealth levels than the rest of Europe, and the main explanation is that the Swedes were too poor to save their income. Over the twentieth century, Swedish aggregate trends and levels are much more similar to those of the rest of Europe, but the structure of national wealth differs. In Sweden, govern-ment wealth grew much faster and became more important, not least through its relatively large public pension system. This suggests an explicit role of historical economic and political institutions for the long-run evolution of wealth-income ratios.

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  • 30.
    Waldenström, Daniel
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    What Determines the Long-Run Evolution of Income Inequality? Evidencefrom Top Income Shares2012In: i: C. Beria di Argentine, Disparità Economiche e Sociali: Cause, Conseguenze e Rimedi, Collana dell’Osservatorio “Giordano Dell’Amore” sui rapporti tra diritto edeconomia 19, Milano, Giuffrè Editore., 2012Chapter in book (Other academic)
  • 31.
    Waldenström, Daniel
    et al.
    Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
    Bergh, Andreas
    Nilsson, Therese
    Blir vi sjuka avinkomstskillnader? En introduktion till sambanden mellan inkomst, ojämlikhetoch hälsa2012Book (Other academic)
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