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- Andersson, Tommy, et al.
(författare)
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2022 års ekonomipris till Ben Bernanke, Douglas Diamond och Philip Dybvig
- 2022
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Ingår i: Ekonomisk Debatt. - : Nationalekonomiska Föreningen. - 0345-2646 .- 2002-4231. ; 50:8/2022
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Forskningsöversikt (övrigt vetenskapligt/konstnärligt)abstract
- Kungl. Vetenskapsakademien har beslutat dela ut årets ekonomipris till Ben Bernanke (verksam vid The Brookings Institution), Douglas Diamond (verksam vid University of Chicago) och Philip Dybvig (verksam vid Washington University, St. Louis) ”för forskning om banker och finanskriser”. Med hjälp av forskningsinsikterna från årets ekonomipristagare har senare finanskriser kunnat hanteras bättre.
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- Hassler, John, et al.
(författare)
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2018 års Ekonomipris till William Nordhaus och Paul Romer
- 2018
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Ingår i: Ekonomisk debatt. - : Nationalekonomiska Föreningen. - 2002-4231 .- 0345-2646. ; , s. 6-18
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Kungl Vetenskapsakademien har delat ut årets ekonomipris till William Nordhaus (verksam vid Yale University) ”för att ha integrerat klimatförändringar i långsiktig makroekonomisk analys” och Paul Romer (verksam vid New York University) ”för att ha integrerat teknisk utveckling i långsiktig makroekonomisk analys.” Nordhaus och Romer har vidgat vyerna för ekonomisk analys genom att konstruera modeller som visar hur marknadsekonomin växelverkar med naturen och med våra samlade kunskaper. Deras modeller och metoder hjälper oss att angripa några av vår tids mest avgörande och utmanande frågor om uthållig och hållbar ekonomisk tillväxt samt globalt välstånd.
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| 7. |
- Almgren, Mattias, 1988-
(författare)
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Essays on Home Production, Mobility, and Monetary Policy
- 2023
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The Allocation of Expenditures and Time over TimeIn the year 2018, the average high skilled single male worked more than 35 hours per week in the market and allocated more than 70 percent of expenditures to services. In the same year, the average low skilled female worked 22 hours per week in the market and allocated around 65 percent of expenditures to services. What might explain these differences at that point in time, and how they have developed over time? In this paper, I compile and analyze data related to time-use and the allocation of expenditures. The dataset that I compile is customized to fit the needs of my companion paper, Home Production, Expenditures, and Time Use, in which I propose and test a theory that includes home production.Home Production, Expenditures, and Time UseI propose a unified analysis of expenditures and time use, via a model in which households can produce services at home. I show that the model, which uses stable homothetic preferences and standard functional forms for home production, can match data for the U.S. about expenditures and time-use, both in the cross-section and the developments over time. For women, changes in social norms were important. Absent changes in social norms, the developments would have been vastly different, both in terms of how they allocated their time and in terms of how expenditures were allocated.It Runs in the Family: Occupational Choice and the Allocation of TalentChildren frequently grow up to work in the same jobs as their parents. Using unique data on worker skills and personality traits, and administrative data on the labor market outcomes of Swedish men, we study how skills and parental background influence occupational choice, intergenerational mobility, and the allocation of talent in the economy. First, we document that sons are disproportionately more likely to follow into the same occupation as their fathers, across all skills and earnings levels. Second, we estimate a general equilibrium Roy model with costly occupational choice and heterogeneous entry barriers depending on parental background. We find that these entry barriers lead to misallocation: Equalizing entry costs across workers leads occupational following to fall by half. This leads to increased intergenerational mobility, with the largest income gains among sons of fathers in the bottom income decile. Third, exploiting structural change in employment in fathers' occupations, difference-in-differences estimates imply that occupational following leads to reduced earnings, concentrated among sons of low-income fathers and those whose skills are misaligned with those of incumbents in their father’s occupation. Our findings suggest that equalizing career opportunities bring equity gains.Monetary Policy and Liquidity Constraints: Evidence from the Euro AreaWe quantify the relationship between the response of output to monetary policy shocks and the share of liquidity constrained households. We do so in the context of the euro area, using a Local Projections Instrumental Variables estimation. We construct an instrument for changes in interest rates from changes in overnight indexed swap rates in a narrow time window around ECB announcements. Monetary policy shocks have heterogeneous effects on output across countries. Using micro data, we show that the elasticity of output to monetary policy shocks is larger in countries that have a larger fraction of households that are liquidity constrained.
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| 9. |
- Azzalini, Gualtiero, 1991-
(författare)
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Essays on Income Risk, Portfolio Choices and the Macroeconomy
- 2023
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Business cycle asymmetry of earnings pass-throughHow does the firm's role as an insurance provider vary over the business cycle? Using Swedish administrative data, I document that idiosyncratic firm productivity shocks are passed through workers' earnings asymmetrically. In non-recessions, firms are good insurers against negative shocks. In downturns, they pass through a larger share of their shock. Regardless of the state of the economy, instead, positive shocks are mainly passed through when sizeable. I rationalize these findings using a directed search model of the labor market with recursive contracts. Moral hazard risk associated with on-the-job search is key to generating pass-through and the increased risk of firm disaster in recessions is necessary for matching the empirical facts. As the wage growth distribution features procyclical skewness and acyclical variance, the model also suggests a new mechanism for explaining trends in income risk variation over the business cycle. Welfare calculations reveal that workers would be willing to give up a non-negligible share of consumption to avoid this source of uncertainty.Inferring income properties from portfolio choicesTwo main views exist on the nature of the labor income process: according to one, income shocks are very persistent and agents face similar life-cycle profiles - Restricted Income Profiles (RIP); according to the other, income shocks are not very persistent and life-cycle profiles are individual-specific - Heterogeneous Income Profiles (HIP). This paper studies the implications of these two views in a portfolio choice model in order to discover identification restrictions allowing to discern between them. I find that HIP and RIP imply different life-cycle patterns of the participation and conditional risky share choices but similar patterns of consumption and saving. Crucial for this result is the inclusion of cyclical skewness in the stochastic process for income, which enables us to correctly estimate the part of income risk deriving from the persistence of the shocks.Preference heterogeneity and portfolio choices over the wealth distributionWhat are the key elements required in generating portfolio choices over the wealth distribution in line with the data? In this paper, we argue that capturing preference heterogeneity across individuals is one of them. Using a partial equilibrium Bewley-type model with endogenous portfolio choice and cyclical skewness in labor income shocks, we show that heterogeneity in risk aversion, impatience and portfolio diversification is crucial to match the empirical schedules of unconditional risky share, participation and share of idiosyncratic variance in individual portfolios. At the same time, these elements generate dispersion in wealth through their heterogeneous effects on individuals' investment decisions resulting in a cross-sectional wealth distribution that provides a close fit of the data, particularly at the very top.
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| 10. |
- Blanchard, Olivier, et al.
(författare)
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Makroekonomi
- 2015
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Bok (övrigt vetenskapligt/konstnärligt)
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