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- Lindbeck, Assar, et al.
(författare)
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Options for Economic and Political Reform in Sweden
- 1993
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper summarises an official report to the Swedish government (and general public). The economic crisis in Sweden is explained by both system failures and specific policy mistakes. The system failures include distorted incentives and markets, and inappropriate and outdated institutions. The deep recession and extraordinary rise in unemployment started as a collision between inflationary wage development and attempts to pursue a hard-currency policy. The resulting loss of international competitiveness in the tradable sector was accompanied by increased real interest rates, collapsing real estate prices and a related financial crisis. Following the floating of the Swedish krona in November 1992, the main problem became a domestic demand collapse, which has been accentuated by a spectacular rise in the household saving rate. The report emphasizes that good policy advice is not enough; it is also necessary to analyse and reform not only to macroeconomic stability but also economic efficiency and growth. The proposed institutional reforms are designed to restore a highly competitive market system and to facilitate a responsible fiscal stabilisation programme. This would also enahnce the medium-run credibility for government policies and provide scope for a more expansionary policy in the short run.
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- Lindbeck, Assar, et al.
(författare)
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Price Inertia and Production Lags
- 1991
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The paper shows how prolonged price inertia can arise in a macroeconomic system in which there are temporary price rigidities as well as production lags in the use of intermediate goods. In this context, changes in product demand - generated, say, by changes in the money supply - have long-lasting price and quantity effects. Specifically, a temporary demand shift generates "persistence" in price-quantity decision, in the sense that the price-quantity effects of this shift persist for long after the shift has dosappeared. A permanent demand shift generates "sluggishness" in price-quantity decisions, in the sense that the full price effects of the shift take a long time to appear and that meanwhile quantity effects are present.
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- Lindbeck, Assar, et al.
(författare)
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Segmented Labor Markets and Unemployment
- 1990
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper suggests various alternatives to the Harris-Todaro theory in explaining unemployment in segmented labor markets. We focus on a labor market with a perfectly competitive secondary sector and an imperfectly competitive primary sector, the latter combining salient features of the efficiency wage, insider-outsider, and bargaining theories of employment and wage formation. Unemployment and labor market segmentation are explained with reference to heterogeneous preferences, productivities, and endowments amond workers. The responsiveness of unemployment to external shocks is shown to depend crucially on whether the above heterogeneities are exogenously given or whether they are endogenously generated through workers' employment histories.
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- Lindbeck, Assar
(författare)
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The Welfare State and the Employment Problem
- 1994
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Social security, provision of public sector services, job security legislation, minimum wages and centrally regulated (bargained) relative wages are important elements of the modern welfare state -- each designed, often quite successfully, to enhance economic security and to redistribute income. The consequences of these policies for the unemployment issue are the topic of this paper.
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