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| 2. |
- Eklund, Johan, Professor, 1977-, et al.
(författare)
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Persistence of profits in the EU : How competitive are EU member countries?
- 2018
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Ingår i: Empirica. - : Springer-Verlag New York. - 0340-8744 .- 1573-6911. ; 46:2, s. 327-351
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Tidskriftsartikel (refereegranskat)abstract
- Profits that persist above or below the norm for prolonged periods of time reveal a lack of competition and imply a systematic misallocation of resources. Competition, if unimpeded, should restore profits to normal levels within a relatively short time frame. The dynamics of profits can thus reveal a great deal about the competitiveness of an economy. This paper estimates the persistence of profits across the European Union (EU), which adds to our understanding of the competitiveness of 18 EU member states. By using a sample of approximately 4700 firms with 51,000 observations across the time period of 1995–2013, we find differences in the persistence of short-run profits, implying that there are differences in competitiveness across the EU. The Czech Republic and Greece are among the countries with the highest profit persistence, whereas the United Kingdom is among those with the lowest persistence of profits. Furthermore, we provide evidence that there are significant permanent rents present in the EU across countries as well as in the different broad sectors across the EU. © 2018 The Author(s)
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| 3. |
- Fessler, Pirmin, et al.
(författare)
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Financial knowledge, attitude and behavior : evidence from the Austrian Survey of Financial Literacy
- 2020
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Ingår i: Empirica. - : Springer Science and Business Media LLC. - 0340-8744 .- 1573-6911. ; 47:4, s. 929-947
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Tidskriftsartikel (refereegranskat)abstract
- This paper provides an in-depth analysis of the links between financial knowledge, attitude and behavior, based on the Austrian contribution to the OECD/INFE survey on financial literacy. Our analysis gives evidence of causal effects of financial knowledge on financial behavior, using a new instrument based on respondents' newspaper reading habits. We confirm that the selection bias is likely negative, i.e. we would underestimate the causal effect of knowledge on behavior in a classical regression setting. Furthermore, we provide mediation analyses, showing that about 13% of the causal effect of knowledge on behavior is mediated through financial attitude.
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| 4. |
- Gustafsson, Anders, 1985-, et al.
(författare)
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The “sugar rush” from innovation subsidies : a robust political economy perspective
- 2016
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Ingår i: Empirica. - : Springer. - 0340-8744 .- 1573-6911. ; 43:4, s. 729-756
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Tidskriftsartikel (refereegranskat)abstract
- The governments of most advanced countries offer some type of financial subsidy to encourage firm innovation and productivity. This paper analyzes the effects of innovation subsidies using a unique Swedish database that contains firm level data for the period 1997–2011, specifically informa tion on firm subsidies over a broad range of programs. Applying causal treatment effect analysis based on matching and a diff-in-diff approach combined with a qualitative case study of Swedish innovation subsidy programs, we test whether such subsidies have positive effects on firm performance. Our results indicate a lack of positive performance effects in the long run for the majority of firms, albeit there are positive short-run effects on human capital investments and also positive short-term productivity effects for the smallest firms. These findings are interpreted from a robust political economy perspective that reveals that the problems of acquiring correct information and designing appropriate incentives are so complex that the absence of significant positive long-run effects on firm performance for the majority of firms is not surprising.
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| 5. |
- Irandoust, Manuchehr
(författare)
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Government spending and revenues in Sweden 1722–2011 : evidence from hidden cointegration
- 2018
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Ingår i: Empirica. - 0340-8744 .- 1573-6911. ; 45:3, s. 543-557
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Tidskriftsartikel (refereegranskat)abstract
- This study examines the long-run causal relationship between government revenues and spending of the Swedish economy over the period 1722–2011. The results based on hidden cointegration technique and a modified version of the Granger non-causality test, show that there exists a long-run and asymmetric relationship between government spending and government revenues. Our estimation results can be summarized into three main empirical findings. First, the government follows a hard budget constraint and soft budget constraint strategies in the case of negative and positive shocks, respectively. Second, negative shocks to the fiscal budget are removed fairly quickly compared to positive shocks. Third, bi-directional causality between revenues and expenditures offers support in favor of the fiscal synchronization hypothesis. The policy implication is that budget deficit’s reduction could be achieved through government spending cut, accompanied by contemporaneous tax controls.
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| 6. |
- Irandoust, Manuchehr
(författare)
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Government spending and revenues in Sweden 1722–2011 : evidence from hidden cointegration
- 2018
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Ingår i: Empirica. - : Springer Netherlands. - 0340-8744 .- 1573-6911. ; 45:3, s. 543-557
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Tidskriftsartikel (refereegranskat)abstract
- This study examines the long-run causal relationship between government revenues and spending of the Swedish economy over the period 1722–2011. The results based on hidden cointegration technique and a modified version of the Granger non-causality test, show that there exists a long-run and asymmetric relationship between government spending and government revenues. Our estimation results can be summarized into three main empirical findings. First, the government follows a hard budget constraint and soft budget constraint strategies in the case of negative and positive shocks, respectively. Second, negative shocks to the fiscal budget are removed fairly quickly compared to positive shocks. Third, bi-directional causality between revenues and expenditures offers support in favor of the fiscal synchronization hypothesis. The policy implication is that budget deficit’s reduction could be achieved through government spending cut, accompanied by contemporaneous tax controls.
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| 7. |
- Karlsson, Hyunjoo Kim, et al.
(författare)
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Wavelet quantile analysis of asymmetric pricing on the Swedish power market
- 2017
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Ingår i: Empirica. - : Springer. - 0340-8744 .- 1573-6911. ; 44:2, s. 249-260
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Tidskriftsartikel (refereegranskat)abstract
- In this article we investigate if the Swedish consumer prices for electricity are adjusted equally fast regardless of whether the NordPool power market prices are decreased or increased. Due to relatively moderate variations in the variables, we have applied quantile regression, since it is mainly the large changes (above the median) that essentially tend to have a considerable effect on the consumer prices. Moreover, in order to adjust for stochastic- and deterministic trends, autocorrelation, structural breaks as well as to measure APT effects in the short- and in the medium-run, we apply a wavelet decomposition approach. Our results show evidence that significantly positive asymmetric price transmission (APT) effects exist in this market. More specifically, in the short-run (based on the wavelet decomposition D1 for 1–2 months cycles), we find that that there is a higher propensity to rapidly and systematically increase the consumer prices subsequently to an increase in the NordPool market price, compared with the propensity to decrease their customers prices subsequently to a corresponding drop in the NordPool market prices. However, no significant APT effects were detected in the medium- or in the long-run (i.e. the asymmetric price transmission effects are observed only in the short-run). In summary, we could isolate significant APT effects in the short-run (1–2 months decomposition cycles), and for large changes in the dependent variable (percentiles = 0.9). Therefore, only large changes in the NordPool prices lead to feedback effects in the form of asymmetric price transmission effects. Our evidence supports the notion of firms’ downward stickiness of retail prices for maximizing profit, which are not expected to be found on a fully efficient market. Although our finding shows that the price inefficiency is short-lived, these large temporal inefficiencies are still costly for the consumers. It should be noted that blunt traditional powerless methods do not detect these APT effects, while our wavelet quantile methods are powerful and make a significant contribution in the literature by providing new empirical evidence.
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| 8. |
- Nyström, Kristina
(författare)
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Entry, market turbulence and industry employment growth
- 2009
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Ingår i: Empirica. - : Springer Science+Business Media B.V.. - 0340-8744 .- 1573-6911. ; 36:3, s. 293-308
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Tidskriftsartikel (refereegranskat)abstract
- This paper investigates the relationship between industrial dynamics in terms of firm entry, market turbulence and employment growth. Do entry of firms, the composition of industry dynamics (net entry) and market turbulence (entry and exit) influence industrial employment growth? This paper provides an empirical investigation, using unique data for 42 disaggregated Swedish industrial sectors during the period 1997-2001. It is hypothesised that the importance of entering firms, net entry and market turbulence may differ significantly across industries. A quantile regression method is used in order to detect industrial differences in the response to industrial employment growth. The empirical evidence shows that, on the one hand, firm entry and market turbulence have a positive effect on employment for fast growing industries and that the effect is larger for high growth industries. On the other hand, the composition of industry dynamics in terms of net entry rates has a more dispersed effect across all industries, even though the effect of net entry is larger for high growth industries.
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| 9. |
- Roth, Felix, et al.
(författare)
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COVID-19 and public support for the Euro
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Ingår i: Empirica. - 1573-6911.
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Tidskriftsartikel (refereegranskat)abstract
- The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely large macro database, this paper examines the effects of the pandemic and the ensuing economic policies on public support for the common currency, the euro, as measured by the Eurobarometer survey. It finds that public support for the euro increased in a majority of the 19 Euro Area member states and reached historically high levels in the midst of the pandemic. This finding suggests that the expansionary fiscal policies initiated at the EU level significantly contributed to this outcome, while the monetary measures taken by the European Central Bank did not have a similar effect.
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