Now showing items 1-20 of 465

    • Designing Social Security – A Portfolio Choice Approach 

      Matsen, Egil; Thøgersen, Øystein (Working Paper Series, 1503-299X; 2002:11, Research report, 2002)
      Public social security systems may provide diversification of risks to individuals’ life-time income. Capturing that a pay-as-you-go program (paygo) may be considered as a “quasiasset”, we study the optimal size of the ...
    • Modelling Wages and Prices in Australia 

      Bårdsen, Gunnar; Hurn, Stan; McHugh, Zoë (Working Paper Series, 1503-299X; 2002:12, Research report, 2002)
      This paper estimates a simultaneous-equation model of wages and prices for Australia, underpinned by a competing claims framework of imperfect competition. Two separate cointegrating relationships for wages and prices are ...
    • Testing Steady-State Implications for the NAIRU 

      Bårdsen, Gunnar (Working Paper Series, 1503-299X; 2002:16, Research report, 2002)
      Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price ...
    • Plastkraft - gullgruve eller miljøbombe? 

      Olaussen, Jon Olaf (Working Paper Series, 1503-299X; 2002:7, Research report, 2002)
    • Econometric Inflation Targeting 

      Bårdsen, Gunnar; Jansen, Eilev S.; Nymoen, Ragnar (Working Paper Series, 1503-299X; 2002:5, Research report, 2002)
      Inflation targeting requires inflation forecasts, yet most models in the literature are either theoretical or calibrated. The motivation for this paper is therefore threefold: We seek to test and implement an econometric ...
    • Public Employment and Regional Risk Sharing: Norway 1977-90 

      Borge, Lars-Erik; Matsen, Egil (Working Paper Series, 1503-299X; 2002:8, Research report, 2002)
      We provide an empirical analysis of regional risk sharing in Norway over the period 1977-90. The approach of Asdrubali, Sørensen and Yosha (1996) is extended to take account of public employment as a possible shock absorber. ...
    • Hysteresis in Unemployment: Evidence from Norwegian Counties 

      Johansen, Kåre (Working Paper Series, 1503-299X; 2002:6, Research report, 2002)
      The paper tests hysteresis effects in unemployment using aggregate and panel data for Norway. While tests using aggregate or county—specific time series do not reject the null of unit root hysteresis, the panel tests firmly ...
    • Nonlinear Wage Responses to Internal and External Factors 

      Johansen, Kåre (Working Paper Series, 1503-299X; 2002:9, Research report, 2002)
      The paper tests whether or not the effects on sectoral wages of internal and external factors depend upon the sector’s relative wage position. The key hypothesis is that workers in low—wage sectors are more concerned with ...
    • A Smooth-Transition Model of the Australian Unemployment Rate 

      Bårdsen, Gunnar; Hurn, Stan; McHugh, Zoë (Working Paper Series, 1503-299X; 2002:10, Research report, 2002)
      Models of the aggregate unemployment rate have traditionally been estimated from structural models of the labour market or in a linear single-equation framework. However, theory as well as evidence suggest that the ...
    • Model Specification and Inflation Forecast Uncertainty 

      Bårdsen, Gunnar; Jansen, Eilev S.; Nymoen, Ragnar (Working Paper Series, 1503-299X; 2002:13, Research report, 2002)
      Three classes of inflation models are discussed: Standard Phillips curves, New Keynesian Phillips curves and Incomplete Competition models. Their relative merits in explaining and forecasting inflation are investigated ...
    • Habit Persistence and Welfare Gains from International Asset Trade 

      Matsen, Egil (Working Paper Series, 1503-299X; 2002:1, Research report, 2002)
      We introduce habit formation in a model that studies the link between international trade in financial assets, economic growth, and welfare. As with time separable preferences asset trade increases the mean growth rate, ...
    • Survey-based Indicators of Regional Labour Markets and Interregional Migration in Norway 

      Carlsen, Fredrik; Johansen, Kåre (Working Paper Series, 1503-299X; 2002:14, Research report, 2002)
      A rich set of regional labour market variables is utilised to explain interregional migration in Norway. In particular, regional indicators of labour market pressure are computed from survey data in which respondents are ...
    • International Diversification, Growth, and Welfare with Non-Traded Income Risk and Incomplete Markets 

      Matsen, Egil (Working Paper Series, 1503-299X; 2002:17, Research report, 2002)
      We ask how the potential benefits from cross-border asset trade are affected by the presence of non-traded income risk in incomplete markets. We show that the mean consumption growth may be lower with full integration than ...
    • Regional Wage Curves Empirical Evidence from Norway 

      Johansen, Kåre (Working Paper Series, 1503-299X; 2002:3, Research report, 2002)
      The papers studies wage formation using panel data for a large sample of Norwegian municipalities covering the time period 1970—1992. The main conclusions are the following. Regional manufacturing wages are negatively ...
    • Financial Integration and Consumption Comovements in the Nordic Countries 

      Matsen, Egil; Thøgersen, Øystein (Working Paper Series, 1503-299X; 2002:15, Research report, 2002)
      The cross-country correlations between annual per capita consumption growth in the Nordic countries (Denmark, Finland, Norway and Sweden) during the period 1973-1996 are much lower than predicted by the basic theory of ...
    • On Asymmetric Information across Countries and the Home-Bias Puzzel 

      Matsen, Egil (Working Paper Series, 1503-299X; 2002:2, Research report, 2002)
      This paper investigates the allocation decision of an investor who owns two projects, a domestic and a foreign one. A manager governs the expected return from each project, and the investor has less information on the ...
    • A Wage Curve for the Interwar Labour Market: Evidence from a Panel of Norwegian Manufacturing Industries 

      Bårdsen, Gunnar; Doornik, Jurgen; Klovland, Jan Tore (Working Paper Series, 1503-299X; 2002:18, Research report, 2002)
      We present an econometric analysis of wage behaviour in Norway during the interwar years. Applying GMM estimation methods to a newly constructed panel of manufacturing industry data, we Þnd that the interwar years do not ...
    • The Generic Properties of Equilibrium Correction Mechanisms 

      Bårdsen, Gunnar; Hurn, Stand; Lindsay, Kenneth (Working Paper Series, 1503-299X; 2002:4, Research report, 2002)
      Linear dynamic equilibrium correction mechanisms are shown to follow from the discretisation of continuous economic processes with steady-state solutions. In addition, the proposed procedure on the coefficients of the ...
    • The Empirical (ir)Relevance of the New Keynesian Phillips Curve 

      Bårdsen, Gunnar; Jansen, Eilev S.; Nymoen, Ragnar (Working Paper Series, 1503-299X; 2002:21, Research report, 2002)
      We give an appraisal of the New Keynesian Phillips curve (NPC) as an empirical model of European inflation. We show that existing evidence reported in favour of the NPC on Euro-area and country data is due to a corroborative ...
    • Wages and Subjective Assessments of Regional Labour Market Pressure 

      Carlsen, Fredrik; Johansen, Kåre (Working Paper Series, 1503-299X; 2002:20, Research report, 2002)
      We utilise a rich set of regional labour market variables to explain regional variation in Norwegian manufacturing wages. In particular, regional indicators of labour market pressure are computed from survey data in which ...