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  • 101.
    Bold, Tessa
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. Goethe University Frankfurt.
    Kimenyi, Mwangi S.
    Sandefur, Justin
    Public and Private Provision of Education in Kenya2013Ingår i: Journal of African Economies, ISSN 0963-8024, E-ISSN 1464-3723, Vol. 22, s. ii39-ii56Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    Over the past decade, Kenyas traditional model of local, community finance and management of schools has been crowded out from two directions. First, the Kenyan government has expanded its role in public education, through free provision of primary and, more recently, secondary education. Second, the market for private, fee-charging schools has grown rapidly, particularly at the primary level. We examine whether the abolition of fees presented a trade-off between quantity and quality in primary schools, comparing Kenyas experience with others in the region. We examine the superior performance of private primary schools and elite, public secondary schools in examinations and summarise research testing whether this performance reflects causal returns to these school types. Finally, we explore the potential implications of expanding public finance for private schooling or incorporating organisational structures from the private sector into public schools, making particular note of possible general equilibrium effects and political economy constraints to doing so.

  • 102.
    Bold, Tessa
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. Goethe University Frankfurt.
    Svensson, Jakob
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Policies and Institutions for Effective Service Delivery: The Need of a Microeconomic and Micropolitical Approach2013Ingår i: Journal of African Economies, ISSN 0963-8024, E-ISSN 1464-3723, Vol. 22, s. ii16-ii38Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    The recent political economy literature on institutions for growth views low and ineffective spending on service delivery sectors as a symptom of the underlying institutional environment. But if institutions are the outcome of decisions by policymakers and serve the purpose of benefitting some at the cost of the majority, what can be done to facilitate empowerment and thus the development of inclusive political institutions? In this paper, we argue that a microeconomic approach that explicitly takes political and bureaucratic incentives and constraints into account provides a fruitful, and complementary, way forward. We discuss several promising lines of research.

  • 103.
    Bonfiglioli, Alessandra
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Equities and Inequality2005Rapport (Övrigt vetenskapligt)
    Abstract [en]

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

  • 104.
    Bonfiglioli, Alessandra
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Essays on Financial Markets and Macroeconomics2005Doktorsavhandling, monografi (Övrigt vetenskapligt)
    Abstract [en]

    This thesis consists of three papers, which address different aspects of financial markets and institutions.

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

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

    Explaining Co-movements Between Stock Markets: US and Germany explains co-movements between stock markets by explicitly considering the distinction between interdependence and contagion. It proposes and implements a full information approach on data for US and Germany to provide answers to the following questions: (i) is there long-term interdependence between US and German stock markets? (ii) Is there short-term interdependence and contagion between US and German stock markets, i.e. do short-term fluctuations of the US share prices spill over to German share prices and is such co-movement unstable over high volatility episodes? The answers are no to the former and yes to the latter.

  • 105.
    Bonfiglioli, Alessandra
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    How Does Financial Liberalization Affect Economic Growth?2005Rapport (Övrigt vetenskapligt)
    Abstract [en]

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

  • 106. Bonnier, Evelina
    et al.
    Puolsen, Jonas
    Rogall, Thorsten
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Stryjan, Miri
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Preparing for genocide: community work in Rwanda2015Rapport (Övrigt vetenskapligt)
    Abstract [en]

    How do political elites prepare the civilian population for participation in violent conflict? We empirically investigate this question using village-level data from the Rwandan genocide in 1994. Every Saturday before 1994, Rwandan villagers had to meet to work on community infrastructure, a practice called Umuganda. This practice was highly politicized and, in the years before the genocide, regularly used for spreading political propaganda. To establish causality, we exploit cross-sectional variation in meeting intensity induced by exogenous weather fluctuations. We find that an additional rainy Saturday resulted in a five percent lower civilian participation rate in genocide violence. These results pass a number of indirect tests of the exclusion restriction as well as other robustness checks and placebo tests.

  • 107.
    Boppart, Timo
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. University of Zurich, Switzerland.
    Structural Change and the Kaldor Facts in a Growth Model With Relative Price Effects and Non-Gorman Preferences2014Ingår i: Econometrica, ISSN 0012-9682, E-ISSN 1468-0262, Vol. 82, nr 6, s. 2167-2196Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    U.S. data reveal three facts: (1) the share of goods in total expenditure declines at a constant rate over time, (2) the price of goods relative to services declines at a constant rate over time, and (3) poor households spend a larger fraction of their budget on goods than do rich households. I provide a macroeconomic model with non-Gorman preferences that rationalizes these facts, along with the aggregate Kaldor facts. The model is parsimonious and admits an analytical solution. Its functional form allows a decomposition of U.S. structural change into an income and substitution effect. Estimates from micro data show each of these effects to be of roughly equal importance.

  • 108.
    Boppart, Timo
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. University of Zurich, Switzerland.
    Falkinger, Josef
    Grossmann, Volker
    Protestantism and education: reading (the Bible) and other skills2014Ingår i: Economic Inquiry, ISSN 0095-2583, E-ISSN 1465-7295, Vol. 52, nr 2, s. 874-895Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    During industrialization, Protestants were more literate than Catholics. This paper investigates whether this fact may be led back to the intrinsic motivation of Protestants to read the bible and to what extent other education motives might have been involved as well. We employ a historical data set from Switzerland which allows us to differentiate between different cognitive skills: reading, numeracy, essay writing, and Swiss history. We develop an estimation strategy to examine whether the impact of religious denomination was particularly large with respect to reading capabilities. We find support for this hypothesis. However, we also find evidence which is consistent with the view that Protestants' education motives went beyond acquiring reading skills. (JEL I20)

  • 109.
    Boppart, Timo
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. University of Zurich.
    Falkinger, Josef
    Grossmann, Volker
    Woitek, Ulrich
    Wuethrich, Gabriela
    Under which conditions does religion affect educational outcomes?2013Ingår i: Explorations in economic history (Print), ISSN 0014-4983, E-ISSN 1090-2457, Vol. 50, nr 2, s. 242-266Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    This paper examines under which conditions religious denomination affects public spending on schooling and educational performance. We employ a unique data set which covers, inter alia, information on numerous measures of public school inputs in 169 Swiss districts for the years 1871/72, 1881/82 and 1894/95, marks from pedagogical examinations of conscripts (1875-1903), and results from political referenda to capture conservative or progressive values. Although Catholic districts show on average significantly lower educational performance and spend less on primary schooling than Protestant districts, Catholicism is harmful only in a conservative milieu. We also exploit information on absenteeism of pupils from school to separate provision of schooling from use of schooling.

  • 110.
    Boppart, Timo
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Krusell, Per
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Mitman, Kurt
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative2018Ingår i: Journal of Economic Dynamics and Control, ISSN 0165-1889, E-ISSN 1879-1743, Vol. 89, s. 68-92Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    We propose a new method for computing equilibria in heterogeneous-agent models with aggregate uncertainty. The idea relies on an assumption that linearization offers a good approximation; we share this assumption with existing linearization methods. However, unlike those methods, the approach here does not rely on direct derivation of first-order Taylor terms. It also does not use recursive methods, whereby aggregates and prices would be expressed as linear functions of the state, usually a very high-dimensional object (such as the wealth distribution). Rather, we rely merely on solving nonlinearly for a deterministic transition path: we study the equilibrium response to a single, small “MIT shock” carefully. We then regard this impulse response path as a numerical derivative in sequence space and hence provide our linearized solution directly using this path. The method can easily be extended to the case of many shocks and computation time rises linearly in the number of shocks. We also propose a set of checks on whether linearization is a good approximation. We assert that our method is the simplest and most transparent linearization technique among currently known methods. The key numerical tool required to implement it is value-function iteration, using a very limited set of state variables.

  • 111.
    Boppart, Timo
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Staub, Kevin E.
    Online Accessibility of Scholarly Literature, and Academic Innovation2014Rapport (Refereegranskat)
  • 112.
    Boschini, Anne
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Muren, Astri
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Palme, Mårten
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Persson, Mats
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Vetenskapliga sanningar och feministiska myter2011Ingår i: Ekonomisk Debatt, ISSN 0345-2646, Vol. 39, s. 5-13Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [sv]

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

  • 113.
    Boschini, Anne
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Muren, Astri
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Persson, Mats
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Constructing Gender Differences in the Economics Lab2012Ingår i: Journal of Economic Behavior and Organization, ISSN 0167-2681, E-ISSN 1879-1751, Vol. 84, nr 3, s. 741-752Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    We study the effects of experimental design on male and female behavior in a dictator game. Following social identity we investigate how experimental procedure may affect outcome through gender priming, i.e. the activation of gender stereotypes specifying that women behave altruistically and men egoistically. We prime subjects by asking them to indicate their gender in a questionnaire, before playing the game. In our experiment, such gender priming is effective (i.e. creates a gender difference in generosity) in gender-mixed environments, but not in single-sex environments. Further, men are more sensitive to priming than women are.

  • 114.
    Boschini, Anne
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Muren, Astri
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Persson, Mats
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Men among Men Don’t Take Norm Enforcement Seriously2010Konferensbidrag (Övrigt vetenskapligt)
  • 115.
    Boschini, Anne
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Muren, Astri
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Persson, Mats
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Men among Men Don’t Take Norm Enforcement Seriously2011Ingår i: The Journal of Socio-Economics, ISSN 1053-5357, E-ISSN 1879-1239, Vol. 40, s. 523-529Artikel i tidskrift (Refereegranskat)
    Abstract [en]

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

  • 116.
    Boschini, Anne
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Muren, Astri
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Persson, Mats
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Är kön en social konstruktion?2013Ingår i: Ekonomisk Debatt, ISSN 0345-2646, Vol. 41, nr 5, s. 37-44Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [sv]

    I en serie experiment har vi visat att människor lätt kan manipuleras att bete sig i enlighet med välkända könsstereotyper. I synnerhet är det män som låter sig påverkas av ”oskyldiga” förändringar i den experimentella miljön. Ett resultat visar att män omgivna av andra män blir mer förlåtande mot normbrytare. Ett annat resultat visar att män i könsblandade miljöer blir mindre generösa när de påminns om sitt kön. Slutsatsen är att könsspecifikt beteende till viss del är en social konstruktion.

  • 117.
    Boschini, Anne
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Sjögren, Anna
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för social forskning (SOFI).
    Håkanson, Christina
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Rosen, Åsa
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för social forskning (SOFI).
    Trading Off or Having It All? Completed Fertility and Mid-career Earnings of Swedish Men and Women2010Konferensbidrag (Övrigt vetenskapligt)
  • 118.
    Branson, William H.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Factor Inputs, U.S. Trade, and the Heckscher-Ohlin Model1973Rapport (Övrigt vetenskapligt)
  • 119.
    Branson, William H.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Factor Inputs, U.S. Trade, and the Heckscher-Ohlin Model1973Rapport (Övrigt vetenskapligt)
  • 120.
    Branson, William H.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Macroeconomic Equilibrium with Portfolio Balance in Open Economies1972Rapport (Övrigt vetenskapligt)
  • 121.
    Branson, William H.
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Myhrman, Johan
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Inflation in Open Economies: Supple-Determined versus Demand-Determined Models1973Rapport (Övrigt vetenskapligt)
  • 122. Briggs, Joseph S.
    et al.
    Cesarini, David
    Lindqvist, Erik
    Östling, Robert
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Windfall gains and stock market participation2015Rapport (Övrigt vetenskapligt)
    Abstract [en]

    We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery players. A $150,000 windfall gain increases stock ownership probability among pre-lottery non-participants by 12 percentage points, while pre-lottery stock holders are unaffected. The effect is immediate, seemingly permanent and heterogeneous in intuitive ways. Standard lifecycle models predict wealth effects far too large to match our causal estimates under common calibrations. Additional analyses suggest a limited role for explanations such as procrastination or real-estate investment. Overall, results suggest that “nonstandard” beliefs or preferences contribute to the nonparticipation of households across many demographic groups.

  • 123. Brinka, Pedro
    et al.
    Holter, Hans A.
    Krusell, Per
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Malafry, Laurence
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Fiscal Multipliers in the 21st Century2016Ingår i: Journal of Monetary Economics, ISSN 0304-3932, E-ISSN 1873-1295, Vol. 77, s. 53-69Artikel i tidskrift (Refereegranskat)
    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.

  • 124.
    Broer, Tobias
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Crowding Out and Crowding In: When Does Redistribution Improve Risk-sharing in Limited Economies?2011Ingår i: Journal of Economic Theory, ISSN 0022-0531, E-ISSN 1095-7235, Vol. 146, nr 3, s. 957-975Artikel i tidskrift (Refereegranskat)
  • 125.
    Broer, Tobias
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Domestic or global imbalances?: Rising income risk and the fall in the US current account2014Ingår i: Journal of Monetary Economics, ISSN 0304-3932, E-ISSN 1873-1295, Vol. 64, s. 47-67Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    When default leads to exclusion from financial markets, the implied loss of consumption smoothing opportunities is more costly when income volatility is high. A rise in income risk thus makes default less attractive, allowing creditors to relax borrowing limits. I show how, in an open economy, this endogenous financial deepening may reduce aggregate foreign assets in response to a rise in individual income risk, against the precautionary savings intuition. Conditions for this depend on whether default constrains complete or uncontingent contracts. The post-1980 rise in US household income risk strongly reduces foreign assets when domestic markets are complete or world interest rates low.

  • 126.
    Broer, Tobias
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. Centre for Economic Policy Research, UK.
    Securitization bubbles: Structured finance with disagreement about default risk2018Ingår i: Journal of Financial Economics, ISSN 0304-405X, E-ISSN 1879-2774, Vol. 127, nr 3, s. 505-518Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    An additional reason for the structured finance boom of the 2000s may have been disagreement about default risk of collateral assets. When risk-neutral investors disagree about average default probabilities, structuring collateral cash flow raises prices by concentrating optimists' demand on risky tranches. With disagreement about default correlation, low-correlation investors believe in diversification and pay high prices for senior tranches they deem riskless. High-correlation investors value junior tranches they expect to pay whenever aggregate conditions are good. Risk aversion and short selling through credit default swaps reduce the prices of both pass-through and structured securitizations but may increase the return to tranching.

  • 127.
    Broer, Tobias
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    The home bias of the poor: Foreign asset portfolios across the wealth distribution2017Ingår i: European Economic Review, ISSN 0014-2921, E-ISSN 1873-572X, Vol. 92, s. 74-91Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    This paper documents how the share of foreign stocks in US household portfolios rises with the ratio of financial wealth to non-financial income. This is both because wealthier households are more likely to participate in foreign asset markets, and because portfolio shares of participants increase with financial wealth but decrease with non-financial income. A simple, standard two-country general equilibrium model shows that hedging of terms of trade movements and non-financial income risk produces non-trivial heterogeneity in portfolios across the wealth and income distribution within countries that is qualitatively in line with this evidence.

  • 128.
    Broer, Tobias
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    The Wrong Shape of Insurance?: What Cross-Sectional Distributions Tell Us about Models of Consumption Smoothing2013Ingår i: American Economic Journal: Macroeconomics, ISSN 1945-7707, E-ISSN 1945-7715, Vol. 5, nr 4, s. 107-140Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    This paper shows how two standard models of consumption-risk-sharing-self-insurance through borrowing and saving and limited commitment to insurance contracts-replicate similarly well the standard, second-moment measures of insurance observed in US micro data. A nonparametric analysis, however, reveals strongly contrasting and counterfactual joint distributions of consumption, income and wealth. Method of moments estimation shows how measurement error in consumption eliminates excessive skewness and smoothness of consumption growth. Moreover, counterfactual nonlinearities disappear at high-estimated risk aversion under self-insurance, but are a robust feature of limited commitment. Its shape of insurance thus argues in favor of the self-insurance model.

  • 129.
    Broer, Tobias
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. CEPR, United Kingdom.
    Kapicka, Marek
    Klein, Paul
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen.
    Consumption risk sharing with private information and limited enforcement2017Ingår i: Review of economic dynamics (Print), ISSN 1094-2025, E-ISSN 1096-6099, Vol. 23, s. 170-190Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    We study consumption risk sharing when individual income shocks are persistent and not publicly observable, and individuals can default on contracts at the price of financial autarky. We find that, in contrast to a model where the only friction is limited enforcement, our model has observable implications that are similar to those of an Aiyagari (1994) self-insurance model and therefore broadly consistent with empirical observations. However, some of the implied effects of changes in policy or the economic environment are noticeably different in our model compared to self-insurance.

  • 130.
    Broer, Tobias
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Kapicka, Marek
    Klein, Paul
    Simon Fraser University, Canada .
    Consumption Risk Sharing with Private Information and Limited Enforcement2015Rapport (Övrigt vetenskapligt)
    Abstract [en]

    In this paper, we study consumption risk sharing when individual income shocks are persistent and not publicly observable, and individuals can default on contracts at the price of financial autarky. We find that, in contrast to a model where the only friction is limited enforcement, our model has observable implications that are similar to those of an Aiyagari (1994) self-insurance model and therefore broadly consistent with empirical observations. However, some of the implied effects of changes in policy or the economic environment are noticeably different in our model compared to self-insurance.

  • 131.
    Brownstone, David
    et al.
    University of California at Irvine, Industrial Institute for Economic and Social Research (Stockholm).
    Englund, Peter
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Persson, Mats
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Effects of Tax Reform on the Demand for Owner-Occupied Housing: A Microsimulation Approach1984Rapport (Övrigt vetenskapligt)
    Abstract [en]

    The paper analyzes the effects on the demand for owner-occupied housing that are likely to result from the Swedish 1983-85 tax reform. This is done by means of a microsimulation model which takes into account the dichotomous nature of the demand for housing: the consumers choose the mode of tenure (owning versus renting) as well as the quantity of housing conditional on the choice of the mode of tenure. The tax reform consists of a general reduction of marginal tax rates (i.e. an increase in disposable income) together with limitations in the deductibility of mortgage interests. The simulations show that this will cause an increase in home-ownership in the sense that more households will demand owner-occupied housing. At the same time, however, the households will demand smaller houses in the average, and thus aggregate demand for small and medium-sized units will increase while demand for large units will fall sharply.

  • 132.
    Brownstone, David
    et al.
    University of California at Irvine, Industrial Institute for Economic and Social Research (Stockholm).
    Englund, Peter
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Persson, Mats
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Tax Reform and Housing Demand: The Distribution of Welfare Gains and Losses1985Rapport (Övrigt vetenskapligt)
  • 133.
    Bruno, Michael
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Sachs, Jeffrey
    Falk Institute for Economic Research.
    Macroeconomic Adjustment with Import Price Shocks: Real and Monetary Aspects1979Rapport (Övrigt vetenskapligt)
  • 134.
    Burchardi, Konrad B.
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. Bureau for Research and Economic Analysis of Development (BREAD), UK; Centre for Economic Policy Research (CEPR), UK.
    Chaney, Thomas
    Hassan, Tarek A.
    Migrants, Ancestors, and Foreign Investments2019Ingår i: The Review of Economic Studies, ISSN 0034-6527, E-ISSN 1467-937X, Vol. 86, nr 4, s. 1448-1486Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    We use 130 years of data on historical migrations to the U.S. to show a causal effect of the ancestry composition of U.S. counties on foreign direct investment (FDI) sent and received by local firms. To isolate the causal effect of ancestry on FDI, we build a simple reduced-form model of migrations: Migrations from a foreign country to a U.S. county at a given time depend on (1) a push factor, causing emigration from that foreign country to the entire U.S., and (2) a pull factor, causing immigration from all origins into that U.S. county. The interaction between time-series variation in origin-specific push factors and destination-specific pull factors generates quasi-random variation in the allocation of migrants across U.S. counties. We find that doubling the number of residents with ancestry from a given foreign country relative to the mean increases the probability that at least one local firm engages in FDI with that country by 4 percentage points. We present evidence that this effect is primarily driven by a reduction in information frictions, and not by better contract enforcement, taste similarities, or a convergence in factor endowments.

  • 135.
    Burchardi, Konrad B.
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi. The Bureau for Research and Economic Analysis of Development, UK; Centre for Economic Policy Research, UK.
    Gulesci, Selim
    Lerva, Benedetta
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Sulaiman, Munshi
    Moral Hazard: Experimental Evidence from Tenancy Contracts2019Ingår i: Quarterly Journal of Economics, ISSN 0033-5533, E-ISSN 1531-4650, Vol. 134, nr 1, s. 281-347Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    Agricultural productivity is particularly low in developing countries. Output-sharing rules that make farmers less-than-full residual claimants are seen as a potentially important driver of low agricultural productivity. We report results from a field experiment designed to estimate and understand the effects of sharecropping contracts on agricultural input choices, risk-taking, and output. The experiment induced variation in the terms of sharecropping contracts. After agreeing to pay 50% of their output to the landlord, tenants were randomized into three groups: (i) some kept 50% of their output; (ii) others kept 75%; (iii) others kept 50% of output and received a lump-sum payment at the end of their contract, either fixed or stochastic. We find that tenants with higher output shares used more inputs, cultivated riskier crops, and produced 60% more output relative to control. Income or risk exposure have at most a small effect on farm output; the increase in output should be interpreted as an incentive effect of the output-sharing rule. JEL Codes: O12, Q12, Q15.

  • 136.
    Burchardi, Konrad B.
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Hassan, Tarek A.
    The Economic Impact of Social Ties: Evidence from German Reunification2013Ingår i: Quarterly Journal of Economics, ISSN 0033-5533, E-ISSN 1531-4650, Vol. 128, nr 3, s. 1219-1271Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    We use the fall of the Berlin Wall in 1989 to show that personal relationships which individuals maintain for noneconomic reasons can be an important determinant of regional economic growth. We show that West German households who had social ties to East Germany in 1989 experienced a persistent rise in their personal incomes after the fall of the Berlin Wall. Moreover, the presence of these households significantly affects economic performance at the regional level: it increases the returns to entrepreneurial activity, the share of households who become entrepreneurs, and the likelihood that firms based within a given West German region invest in East Germany. As a result, West German regions that (for idiosyncratic reasons) have a high concentration of households with social ties to the East exhibit substantially higher growth in income per capita in the early 1990s. A one standard deviation rise in the share of households with social ties to East Germany in 1989 is associated with a 4.7 percentage point rise in income per capita over six years. We interpret our findings as evidence of a causal link between social ties and regional economic development. JEL Codes: O10, O43, J61, L14, F20.

  • 137.
    Burchardi, Konrad B.
    et al.
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Penczynski, Stefan P.
    Out of your mind: Eliciting individual reasoning in one shot games2014Ingår i: Games and Economic Behavior, ISSN 0899-8256, E-ISSN 1090-2473, Vol. 84, s. 39-57Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    We experimentally investigate the fundamental element of the level-k model of reasoning, the level-0 actions and beliefs. We use data from a novel experimental design that allows us to obtain incentivised written accounts of individuals' reasoning. In particular, these accounts allow to infer level-0 beliefs. Level-0 beliefs are not significantly different from 50, and almost 60% of higher level players start their reasoning from a level-0 belief of exactly 50. We also estimate that around one third of the participants play non-strategically. The non-strategic level-0 actions are not uniformly distributed.

  • 138.
    Caldara, Dario
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen. Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Essays on Empirical Macroeconomics2011Doktorsavhandling, monografi (Övrigt vetenskapligt)
    Abstract [en]

    This thesis consists of four essays in empirical macroeconomics.

    What Are the Effects of Fiscal Policy Shocks? A VAR-Based Comparative Analysis

    The literature using structural vector autoregressions (SVARs) to assess the effects of fiscal policy shocks strongly disagrees on the qualitative and quantitative response of key macroeconomic variables. We find that controlling for differences in specification of the reduced-form model, all identification approaches used in the literature yield similar results regarding the effects of government spending shocks, but diverging results regarding the effects of tax shocks.

    The Analytics of SVARs. A Unified Framework to Measure Fiscal Multipliers

    Does fiscal policy stimulate output? SVARs have been used to address this question, but no stylized facts have emerged. I show that different priors about the output elasticities of tax revenue and government expenditures implied by the identification schemes generate a large dispersion in the estimates of tax and spending multipliers. I estimate fiscal multipliers consistent with prior distributions of the elasticities computed by a variety of empirical strategies. I document that in the U.S. spending multipliers are larger than the tax multipliers.

    Computing DSGE Models with Recursive Preferences and Stochastic Volatility

    This paper compares solution methods for computing the equilibrium of dynamic stochastic general equilibrium models with recursive preferences and stochastic volatility. The main finding is that a third-order perturbation is competitive in terms of accuracy with Chebyshev polynomials and value function iteration, while being an order of magnitude faster to run.

    Business Cycle Accounting and Misspecified DSGE Models

    This paper investigates how insights from the literature on business cycle accounting can be used to trace out the implications of missing channels in a baseline estimated dynamic stochastic general equilibrium model used for forecast and policy analysis.

  • 139.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Active Labour Market Policy and Unemployment: A Framework for the Analysis of Crucial Design Features1994Rapport (Övrigt vetenskapligt)
  • 140.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Bara dåliga alternativ2011Ingår i: Dagens Nyheter, Vol. 13/9Artikel i tidskrift (Övrig (populärvetenskap, debatt, mm))
  • 141.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Bara dåliga lösningar kvar2011Ingår i: Dagens Nyheter, Vol. 16/11Artikel i tidskrift (Övrig (populärvetenskap, debatt, mm))
  • 142.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Bildning, bredd och samhällsengagemang inom nationalekonomi2011Ingår i: Från Högskolan i Borås till Humboldt, Högskolan i Borås , 2011, 2Kapitel i bok, del av antologi (Refereegranskat)
  • 143.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Blytunga experter: återinför fastighetsskatten2014Ingår i: Dagens Industri, ISSN 0346-640X, nr JanArtikel i tidskrift (Övrig (populärvetenskap, debatt, mm))
  • 144.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Budgeten ger inga enkla lösningar2014Ingår i: Dagens Nyheter, ISSN 1101-2447, nr NovArtikel i tidskrift (Övrig (populärvetenskap, debatt, mm))
  • 145.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Can the Eurozone Develop into a Well-functioning Fiscal Union?2012Ingår i: CESifo Forum, ISSN 1615-245X, E-ISSN 2190-717X, Vol. 13, nr 1, s. 10-16Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    The sovereign debt crises have demonstrated clearly the inadequacy of the earlier system of economics governance in the euro area. Parallel with the acute crisis management, far-reaching reforms of the rules system have been instituted. These include the new regulations adopted in the so-called 'Six-pack' in November 2011 based on earlier proposals from the European Commission and the van Rompuy Task Force. The latest addition is the intergovernmental treaty on a fiscal compact agreed in March 2012 ('Treaty on Stability, Coordination and Governance in the Economics and Monetary Union'). This article discusses whether or not these reforms are likely to work.

  • 146.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Centralization of Wage Bargaining and Macroeconomic Performance: A Survey1993Rapport (Övrigt vetenskapligt)
  • 147.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Comment on Charles Wyplosz: Fiscal Policy Councils - Unlovable or Just Unloved?2008Ingår i: Swedish Economic Policy Review, ISSN 1400-1829, Vol. 15Artikel i tidskrift (Övrig (populärvetenskap, debatt, mm))
  • 148.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Dags att revidera överskottsmålet2013Ingår i: Dagens Nyheter, ISSN 1101-2447Artikel i tidskrift (Övrig (populärvetenskap, debatt, mm))
  • 149.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Dokumentären vilseleder om lönerna2013Ingår i: Dagens Nyheter, ISSN 1101-2447Artikel i tidskrift (Övrig (populärvetenskap, debatt, mm))
  • 150.
    Calmfors, Lars
    Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
    Ett nytt projekt i mitten2014Ingår i: Dagens Nyheter, ISSN 1101-2447, Vol. 23, nr Sep, s. 1Artikel i tidskrift (Övrig (populärvetenskap, debatt, mm))
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