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1.
  • Agell, Jonas, et al. (author)
  • Labor Supply Prediction when Tax Avoidance Matters
  • 1999
  • Reports (other academic/artistic)abstract
    • We examine how tax avoidance in the form of trade in well-functioning asset markets affects the emipircal study of labor supply. We discuss the implications for tax policy analysis, and we show that a failure to account for avoidance responses may lead to huge errors when predicting how tax reform affects labor supply, tax revenue, and the welfare cost of taxation. in conclusion we argue that our model may explain a number of otherwise hard to understand dimensions of tax payer response.
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2.
  • Agell, Jonas, et al. (author)
  • On the Analytics of the Dynamic Laffer Curve
  • 2000
  • Reports (other academic/artistic)abstract
    • In this paper, we analyze government budget balance within a simple model of endogenous growth. For the AK model, simple analytical conditions for a tax cut to be self-financing can be derived. The critical variable is not the tax rate per se, but the "transfer-adjusted tax rate". We discuss some conceptual issues in dynamic revenue analysis, and we explain why previous studies have arrived at seemingly contradictory results. Finally, we perform an empirical study of the transfer-adjusted tax rates of the OECD countries to see which country has the highest potential for fiscal improvements; it turns out that only a few countries have any potential for such "dynamic scoring".
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3.
  • Agell, Jonas (author)
  • On the benefits from rigid labour markets : norms, market failures,and social insurance
  • 1998
  • Reports (other academic/artistic)abstract
    • The common view that far-reaching labour market deregulation is the only remedy for high European unemployment is too simplistic. First, the evidence suggests that deeply rooted social customs are an important cause of wage rigidity, going beyond the legal constraints emphasized in the political debate. Second, in a second-best setting, a compressed wage structure may generate an efficiency gain. Finally, based on simple plots of the relation between labour market institutions and openness in OECD countries, I conclude that the globalization of economic activity may lead to increased demand for various labour market rigidities.
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4.
  • Agell, Jonas (author)
  • On the determinants of labour market institutions : rent-sharing vs. social insurance
  • 2000
  • Reports (other academic/artistic)abstract
    • What determines the structure of labour market institutions? This paper argues that common explanations based on rent sharing are incomplete; unions, job protection, and egalitarian pay structures may have as much to do with social insurance of otherwise uninsurable risks as with rent sharing and vested interests. In support of this more benign complementary hypothesis the paper presents a range of historical, theoretical, and cross-country regression evidence. The social insurance perspective changes substantially the assessment of often-proposed reforms of European labour market institutions. The benefits from eliminating labour market rigidities have to be set against the costs of reduced coverage of human capital related risk. The paper also argues that it is unclear whether the forces of globalisation, and the new economy, will really force countries to make their labour markets more flexible. While these phenomena may increase the efficiency costs of existing institutions, they may also make people more willing to pay a high premium to preserve institutions that provide insurance.
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5.
  • Agell, Jonas, et al. (author)
  • Survey evidence on wage rigidity and unemployment : Sweden in the 1990s
  • 1999
  • Reports (other academic/artistic)abstract
    • This study reports the results from a repeat survey among managers in Swedish manufacturing, designed to explore how a severe and prolonged macroeconomic shock affects wage rigidity and unemployment. Our second survey was conducted in 1998, when the unemployment rate was much higher, and the inflation rate much lower, than when we conducted the first survey in 1991. We find no evidence that the increase in unemployment has softened the mechanisms generating wage rigidity. On the contrary, we conclude that – because of severe downward nominal wage rigidity – real wages have become more rigid during Sweden’s move to a low-inflation environment. We also report a range of new evidence on underbidding, efficiency wage mechanisms, job security legislation, workers’ wage norms, and to what extent the long-term unemployed are subject to statistical discrimination.
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6.
  • Agell, Jonas, et al. (author)
  • Tax arbitrage and labor supply
  • 1997
  • Reports (other academic/artistic)abstract
    • We examine how tax avoidance in the form of trade in well-functioning asset markets affects the basic labor supply model. We show that tax arbitrage has dramatic implications for positive, normative and econometric analysis of how taxes affect work incentives.
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7.
  • Ahlin, Åsa (author)
  • Does school competition matter? : Effects of a large-scale school choice reform on student performance
  • 2003
  • Reports (other academic/artistic)abstract
    • The effect of a general school choice reform on student performance is studied in a Swedish institutional setting. A rich set of individual level data allows estimation of a value added specification, mitigating problems with omission of relevant variables. Increased school competition is shown to have statistically significant positive effects on student performance in mathematics, but no significant effects in English and Swedish. Interacting school competition with student characteristics, the results indicate that immigrant students and those in need of special education tend to gain more from increased school competition than others, while adverse effects on students from low education families are found in terms of English and Swedish performance. However, quantile regressions indicate homogeneous effects on low and high performing students.
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8.
  • Alexius, Annika, 1965-, et al. (author)
  • Can Endogenous Monetary Policy Explain the Deviations from UIP?
  • 2002
  • Reports (other academic/artistic)abstract
    • The co-movements of nominal exchange rates and short-term interest rates as the economy is hit by shocks is a potential source of ex post deviations from uncovered interest rate parity. This paper investigates whether an established model of endogenous monetary policy in an open economy is capable of explaning the exchange rate risk premium puzzle. Time series on interest differentials and exchange rate changes are generated from the Svensson (2000) model. Uncovered interest rate parity is tested on the simulated data and the b-coefficients are investigated. For most realistic choices of parameter values, the b-coefficients are positive but much smaller than the unity value expected from UIP. It is however also possible to obtain large, negative b-coefficients if the central bank is engaged in interest rate smoothing.
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9.
  • Alexius, Annika, et al. (author)
  • Exchange rates and long-term bonds
  • 2002
  • Reports (other academic/artistic)abstract
    • Tentative evidence suggests that the empirical failure of uncovered interest parity (UIP) is confined to short-term interest rates. Tests of UIP for long-term interest rates are however hampered by various data problems. By focusing on short investments in long-term bonds, these data problems can be avoided. We study the relationship between the US dollar - Deutsch Mark exchange rate and German and American bond rates. The hypothesis that expected returns to investments in bonds denominated in the two currencies are equal cannot be rejected. This result is not simply due to low power as the ß-coefficients are close to unity. For the corresponding short-term interest rates, the typical finding of a large and significantly negative ß-coefficient is confirmed.
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10.
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11.
  • Alvarez, Luis, et al. (author)
  • Why is the corporation tax not neutral?
  • 2000
  • Reports (other academic/artistic)abstract
    • The paper shows that a corporate tax policy which is thought to be neutral may have significant incentive effects. This result is established in a model with tax advantage to debt and expectations about a forthcoming tax reform. Investment spurt effects are established and compared to those of a firm with equity finance. A tax-cut cum base-broadening tax reform which leaves the long-run investment incentives of an all-equity firm unaffected is shown to cause a substantial short run investment hike. The findings are illustrated by numerical simulations indicating the magnitudes of the spurt effects.
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12.
  • Andersson, Andreas, et al. (author)
  • The impact of demography on the real exchange rate
  • 2001
  • Reports (other academic/artistic)abstract
    • Theory predicts that life cycle saving mechanisms will cause real exchange rate variations as the age structure varies. We investigate the impact of demography on the Swedish real exchange rate, measured as the real TCW index, during 1960 to 2000. Time series regressions show that the Swedish demographic structure has significant explanatory power on the real exchange rate. A model using age shares alone as regressors is used for medium term out-of-sample forecasts, outperforming both a naive forecast and forecasts based on an autoregressive model. Finally we use the estimated model in order to make forecasts of the Swedish real exchange rate up to 2015. The model predicts that the Swedish age structure will have a depreciating effect on the real exchange rate up to 2007 followed by an appreciating effect in the end of the forecasting period.
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13.
  • Andersson, Björn (author)
  • On the causality between saving and growth : long and short-run dynamics and country heterogeneity
  • 1999
  • Reports (other academic/artistic)abstract
    • The temporal interdependence between saving and output has been in focus in a number of recent empirical studies. Results from these studies have compelled some authors to question the traditional notion of a causal chain where saving leads growth through capital accumulation. This paper contributes to this literature. As opposed to the previous studies, which have mainly utilised panel-estimation methods, the tests of causal chains here are carried out in time-series settings. Saving and GDP are estimated in bivariate vector autoregressive or vector error-correction models for Sweden, UK, and USA, and tests of Granger non-causality are performed within the estimated systems. The main results show that the causal chains linking saving and output differ across countries, and also that causality associated with adjustments to long-run relations might go in different directions than causality associated with short-term disturbances.
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14.
  • Andersson, Björn (author)
  • Portfolio allocation over the life cycle : evidence from Swedish household data
  • 2001
  • Reports (other academic/artistic)abstract
    • This paper provides empirical evidence on life-cycle patterns in the asset allocation of Swedish households. Data on household portfolio allocation are collected from the HINK surveys for the period 1982-1992, and portfolio shares of different asset categories are regressed on age, period, and cohort dummies as well as socio-economic and demographic variables. There are evident differences in the age profiles for the demand of different assets. The fraction of “risky” financial assets follows a hump-shaped age profile, as does the share of total real assets. While the probability of ownership of “safe” financial assets increases over life, the weight in the portfolio has a U-shaped age pattern. This is also true for the fraction of total financial assets. Furthermore, there are differences in the asset allocation of different birth cohorts; the portfolio weight of real assets is relatively higher for the “baby-boom” generation, while younger generations are more prone to invest in “risky” financial assets.
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15.
  • Andersson, Björn (author)
  • Scandinavian evidence on growth and age structure
  • 1998
  • Reports (other academic/artistic)abstract
    • The age distribution is seldom taken into consideration in macroeconomic, and macro-econometric papers. This in spite of the fact that established economic theories predict that demographic factors will affect the aggregate economy. This paper focuses on economic growth and investigates empirically the influence of age variables on growth. Unlike other recent papers on the subject, the focus here is on annual data and individual countries, namely Denmark, Finland, Norway, and Sweden. Estimations of a typical growth specification, augmented with age variables and other, more volatile, economic variables, are carried out, and results from these regressions seem to indicate that economic growth is indeed affected by the age distribution. The effect does not disappear when the specification is reestimated using an instrumental variable estimator in order to correct for the potential endogeneity of the economic variables. Since the age variables are highly correlated with each other, experiments with ridge regressions are also made in order to mitigate the collinearity which obscures the results when all of the age variables are included in the regressions.
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16.
  • Aronsson, Thomas, et al. (author)
  • On environmental taxation under uncertainty
  • 1999
  • Reports (other academic/artistic)abstract
    • This paper addresses optimal taxation, when the relationship between consumption and environmental damage is uncertain and treated as a random variable by policy makers. The main purpose is to analyze how additional uncertainty about this relationship affects the optimal unit tax on the consumption good that is causing environmental damage. We find that the optimal response to this tax depends on (i) the attitudes towards risk and (ii) how other policy instruments affect the demand for the good that is causing damage to the environment.
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17.
  • Aronsson, Thomas, et al. (author)
  • Optimal taxation, global externalities and labor mobility
  • 2000
  • Reports (other academic/artistic)abstract
    • This paper addresses transboundary environmental problems in the context of an optimal tax problem, when part of the labor force is mobile across countries. The policy instruments include both commodity taxation and nonlinear income taxation. We show how the tax policy in a noncooperative equilibrium differs from that corresponding to a cooperative equilibrium. The results also indicate how a ’global policy maker’ must act in order to make the national policy makers replicate the cooperative equilibrium.
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19.
  • Aronsson, Thomas, et al. (author)
  • Redistribution and provision of public goods in an economic federation
  • 2004
  • Reports (other academic/artistic)abstract
    • This paper concerns redistribution and provision of public goods in an economic federation with two levels of government: a local government in each locality and a central government for the economic federation as a whole. We assume that each locality is characterized by two ability-types (high and low), and that their distribution differs between localities. The set of policy instruments facing the central government consists of a nonlinear income tax and a lump-sum transfer to each local government, while the local governments use proportional income taxes and the transfers from the central government to finance the provision of local public goods. The purpose is to characterize the tax and expenditure structure in a decentralized setting, where the central and local governments have distinct roles to play, and also compare this tax and expenditure structure with the second best resource allocation. We show how the redistributive role of taxation is combined with a corrective role, since tax base sharing among the central and local governments gives rise to a vertical fiscal external effect. In addition, the central government does not in general implement the second best resource allocation with the instruments at its disposal.
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20.
  • Arslanogullari, Sebastian (author)
  • Social assistance in Sweden 1990-1995
  • 2000
  • Reports (other academic/artistic)abstract
    • Despite being a very hot subject in the public debate, the causes behind the increase in social assistance (SA) in the 1990s are relatively unknown. In this paper, I try to investigate if the increase is in part a result of an increase in the propensity to receive SA. Despite what is usually argued in the public debate, I find no evidence of a general increase in the mentioned propensity in Sweden during the period 1990 to 1995. But although there is no evidence of an increased propensity to receive SA, some behavioural changes seem to have occurred. First, I find evidence that the recipients may be subjected to tougher judgement criteria in 1995 than in the 1990, something that could mask a possible increase in the studied propensity in the empirical analysis. Second, the propensity to become a SA recipient has increased among people with university education. Thirdly the propensity to receive SA among young people seems to be lower in 1995 than in 1990 but this may be due to a tougher attitude shown by the authorities that is particularly affecting this group.
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21.
  • Bager-Sjögren, Lars, et al. (author)
  • Inequality and mobility of wealth in Sweden 1983/84 - 1992/93
  • 1997
  • Reports (other academic/artistic)abstract
    • Using longitudinal data which include real estate wealth, financial assets as well as consumer durables, changes in the distribution of wealth in Sweden are related to major changes in asset prices and in incentives to hold various assets in the 1980s and the beginning of the 1990s. Our analysis of the mobility of wealth indicates that mobility is higher in Sweden than in the United States, while the analysis of who is gaining and who is loosing shows results similar to those of previous studies.
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22.
  • Berg, Lennart (author)
  • Age distribution, saving and consumption in Sweden
  • 1996
  • Reports (other academic/artistic)abstract
    • This paper focuses on an empirical analysis of the dependency between age structure and aggregate consumption and the composition of aggregate savings. In a long-run consumption function of life cycle type, different demographic variables have a conclusive, statistically significant effect. In investigating the link between demographic variables and the composition of aggregate savings, a simple simultaneous model is used, and a saving function and a house price equation are estimated. The result even here is that age composition matters for house price and savings. This conclusion is also made visible by a simulation experiment. Finally is the model used to ascertain the effect on the recent Swedish tax reform on savings.
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23.
  • Berg, Lennart, et al. (author)
  • Consumer confidence and consumption in Sweden
  • 1996
  • Reports (other academic/artistic)abstract
    • The role of confidence indices in explaining consumption growth in Sweden during the period 1975-94 is analysed in this paper. We first analysed which variables influence the levels of the confidence indices. Two important such factors are found to be changes in real interest rates and changes in the inflation rate. Of the two forward-looking indices considered, the one regarding the personal financial situation is found to be more closely related to changes in consumption than the index regarding the general economic situation. The latter has no additional information content in the presence of the former. In a crude analysis the personal financial situation index explains about 37 % of the variance in the growth rate of consumption. The index has an important significant effect even in the presence of other vari-ables in the two types of consumption models that are considered, an Euler equation and a solved-out consumption model. In the latter model, the confidence index increases the ex-plained part of the variance in consumption growth from about 0.69 to 0.76. The real after-tax interest rate and the change in the inflation rate are important determinants of consumption. Financial wealth is more important than housing wealth and changes in debt also influence consumption. The solved-out consumption model is able to reflect the Swedish boom-to-bust cycle in consumption remarkably well.
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24.
  • Berg, Lennart (author)
  • Deterministic seasonal volatility in a small and integrated stock market : the case of Sweden
  • 2000
  • Reports (other academic/artistic)abstract
    • Using daily data for the Swedish stock market for almost the last two decades no distinct and firm deterministic seasonal pattern for the conditional volatility for the Swedish stock market has been found. The daily turnover in the Swedish stock market has an impact on and eliminates to some extent seasonal patterns in conditional volatility. The daily turnover is a proxy variable used to test the mixture distribution model. According to this model the conditional variance of returns will display a GARCH-pattern of behaviour if the number of trades on the stock market during a day are serially correlated. We can also conclude that a feedback from the US stock market to the conditional volatility in the Swedish market exists, and trading days particularly after holidays has a positive impact on the conditional volatility. The test of the model’s mean equation indicates that the Swedish stock market seems to become more and more information efficient, at least in its weak form, if the 1990’s are compared with the 1980’s.
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25.
  • Berg, Lennart (author)
  • Prices and constant quality price indexes for multi-dwelling and commercial buildings in Sweden
  • 2002
  • Reports (other academic/artistic)abstract
    • The propose of this paper is to estimate constant quality price trends and analysing factors determining market prices for MDCBs (multi-dwelling and commercial buildings) in Sweden. We use high quality data for housing and municipality attributes and our database consists of almost 8500 observations from the second half of 1995 to the end of 1998. Our econometric test indicates that standard housing and municipality attributes are important determinants to sales prices. We have also employed spatial econometric techniqes and have found that spatial specified regressions improved the explanatory power for the models. The estimated constant quality appreciation rates for all MDCBs differ significantly from those reported by Statistics Sweden. When the constant quality price trend is estimated on a yearly basis there are hardly any differences among the estimated parameters whether all MDCBs are in the sample or if the sample is split up into submarkets. However, estimating quarterly constant quality price trends gives another picture.
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26.
  • Bergbom, Lennart (author)
  • Exchange rate variability inside and outside the EMU
  • 1998
  • Reports (other academic/artistic)abstract
    • An often heard view is that exchange rate variability will decrease for a country that joins the EMU. This is not necessarily true. Both real and nominal exchange rate variability increase under certain circumstances when asymmetric demand shocks occur inside or outside the union. These results are obtained theoretically within a standard international macro-model but they also remain valid in a numerical simulation of this model.
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27.
  • Berggren, Niclas, et al. (author)
  • Does free trade really reduce growth? : further testing using the economic freedom index
  • 2003
  • Reports (other academic/artistic)abstract
    • While studies of the relationship between economic freedom and economic growth have shown it to be positive, significant and robust, it has rightly been argued that different areas of economic freedom may have quite different effects on growth. Along that line, Carlsson and Lundström (2002) present the surprising result that “International exchange: Freedom to trade with foreigners” is detrimental for growth. We find that “Taxes on international trade” seems to drive this result. However, using newer data and a more extensive sensitivity analysis, we find that it is not robust. Least Trimmed Squares-based estimation in fact renders the coefficient positive.
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28.
  • Bergström, Pål (author)
  • Bootstrap methods and applications in econometrics : a brief survey
  • 1999
  • Reports (other academic/artistic)abstract
    • This paper provides a brief survey of the bootstrap and its use in econometrics. As an introduction, the paper gives a description of the basics of the method, with a special emphasis on boostrap testing. A fairly large amount of space is devoted to discuss why bootstrap tests provide refinements compared to equivalent asymptotic tests. A series of recent different applications in the econometrics literature is then surveyed, in order to give a picture of this rapidly evolving research field.
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29.
  • Bergström, Pål, et al. (author)
  • Firms' financial policy and labour demand : theory and evidence
  • 1998
  • Reports (other academic/artistic)abstract
    • We investigate the influence of financial leverage on firms' hiring decisions in the context of a hierarchy of finance model. The analysis is based on the Euler equation of employment in the presence of convex adjustment costs. We show the empirical implications of firms facing a hierarchy of financial costs, and estimate a linearised version of the model on a large panel of Swedish manufacturing firms. Bootstrap methods are utilised to alleviate some of the estimation problems involved. The empirical findings indicate that the influence of financial leverage on firms' hiring decisions differs significantly between firms in different financial regimes.
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30.
  • Bergvall, Anders (author)
  • Exchange rate regimes and macroeconomic stability : the case of Sweden 1972-1996
  • 2000
  • Reports (other academic/artistic)abstract
    • In this paper I investigate the relevance of the exchange rate regime for macroeconomic stability. I simulate hypothetical macroeconomic developments under different regimes in Sweden during the period 1972 -1996. The main question is how stable output would have been if Sweden had had a floating exchange rate regime. Would it have been better with a floating exchange rate than the actual quasi-fixed regime? Also the development with an irrevocably fixed exchange rate is investigated. The results indicate that the central bank can stabilize much of the macroeconomic disturbances under a floating exchange rate, but still the volatility of the macroeconomic variables under the hypothetical floating exchange rate regime is about the same as under the actual quasi-fixed regime.
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31.
  • Bergvall, Anders (author)
  • The Stabilizing Properties of Floating Exchange Rates: Some International Evidence
  • 2002
  • Reports (other academic/artistic)abstract
    • This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different floating exchange rate regimes: strict price level targeting, flexible price level targeting and output gap targeting. The paper also evaluates the actual choice of monetary policy regime for seven countries with a pure floating exchange rate regime. In most cases the actual regime can be described as flexible price level targeting. The results suggest that flexible and strict price level targeting gives lower real and nominal variability than both exchange rate targeting and output gap targeting.
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32.
  • Bergvall, Anders (author)
  • What determines real exchange rates? : the Nordic countries
  • 2002
  • Reports (other academic/artistic)abstract
    • This paper presents a model yielding testable implications concerning the long-run co-movements of real exchange rates, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved terms of trade are found to have more appreciated real exchange rates, with the main channel of transmission working through the relative price of nontraded goods. Exogenous terms of trade shocks are found to be the most important determinant of long run movements in the real exchange rate for Denmark and Norway, while demand shocks account for most of the long run variance in the real exchange rate for Finland and Sweden.
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33.
  • Blomquist, Sören, et al. (author)
  • Age related optimal income taxation
  • 2003
  • Reports (other academic/artistic)abstract
    • The focus of the present paper is on the intragenerational effects of nonlinear income taxation in a multiperiod framework. We investigate whether it is possible to achieve redistribution at smaller efficiency costs by enlarging the message space adopted in standard tax system (which only includes reported income) to consider also the age of taxpayers. Since it would be awkward to analyze an age related tax without taking into account the time-dimension, we use an intertemporal extension of the Stiglitz-Stern (1982, 1982) discrete adaptation of the Mirrlees (1971) optimal income taxation model. In the simplest version of the model we neglect the possibility of savings. This case can be interpreted as a situation with extreme liquidity constraints. It is shown that switching to an age related tax system opens the way for a Pareto improving tax reform entailing a cut in marginal tax rates for young agents. In a second version of the model we retain the possibility of savings and, assuming that the policy maker can tax interest incomes on a linear scale, we also analyze the optimal values of the interest income tax rate for the age dependent and the age independent tax systems.
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34.
  • Blomquist, Sören, et al. (author)
  • Nonparametric estimation of labor supply functions generated by piece wise linear budget constraints
  • 1997
  • Reports (other academic/artistic)abstract
    • The basic idea in this paper is that labor supply can be viewed as a function of the entire budget set, so that one way to account non-parametrically for a nonlinear budget set is to estimate a nonparametric regression where the variable in the regression is the budget set. In the special case of a linear budget constraint, this estimator would be the same as nonparametric regression on wage and nonlabor income. Nonlinear budget sets will in general be charac-terized by many variables. An important part of the estimation method is a procedure to reduce the dimensionality of the regression problem. It is of interest to see if nonparametrically estimated labor supply functions support the result of earlier studies using parametric methods. We therefore apply parametric and nonparametric labor supply functions to calculate the effect of recent Swedish tax reform. Qualitatively the nonparametric and parametric labor supply functions give the same results. Recent tax reform in Sweden has increased labor supply by a small but economically important amount.
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37.
  • Blomquist, Sören, et al. (author)
  • The political economy of publicly provided private goods
  • 1998
  • Reports (other academic/artistic)abstract
    • A large share of public funds is spent on private goods (education, health care, day care, etc.). This paper integrates two different approaches to the analysis of public provision of private goods. While normative public economics has established an efficiency case for such provision, the commonly held political economy view has been that it is an economically inefficient phenomenon generated by the political process. The present paper argues that the central mechanism studied in the normative approach is equally relevant to voting models of decisions on public provision. It is shown that under plausible information constraints economically efficient public provision of private goods will be part of politically rational decisions emerging from a median voter process or a representative democracy of political parties.
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38.
  • Blomquist, Sören, et al. (author)
  • The role of prices on excludable public goods
  • 2001
  • Reports (other academic/artistic)abstract
    • When a public good is excludable it is possible to charge individuals for using the good. We study the role of prices on excludable public goods within an extension of the Stern-Stiglitz version of the Mirrlees optimal income tax model. Our discussion includes both the case where the public good is a final consumer good and the case where it is an intermediate good. We demonstrate that for a public consumer good charging a positive price may be desirable, but only under certain conditions. However, charging a lower than optimal price may be less efficient than setting a zero price. Conditions are identified under which consumers should be rationed in their demand rather than adjusting demand to price. We also conclude that producers using an intermediate public good as an input should not be charged a positive price.
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39.
  • Blomquist, Sören, et al. (author)
  • Why politicians favor redheads : a theory of tactical horizontal redistribution
  • 2000
  • Reports (other academic/artistic)abstract
    • This paper studies a very pure form of “vote purchasing”. We consider whether it may be in the interest of a party to discriminate between groups that, possibly except for size, are identical in all welfare relevant aspects, i.e. the groups are assumed to have the same income, needs, etc. To emphasise this aspect we label the groups brown-heads and redheads. The interpretation is that they differ only in some characteristic that is entirely irrelevant from a welfare perspective. There are no systematic differences between people with the same income. Taking two samples of people from an income class their political support will be identically distributed. We will show that even with these uniformity assumptions there can be strong incentives for political parties to undertake vote purchasing by favouring one of the identical groups at the expense of the other.
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40.
  • Boone, Jan, et al. (author)
  • Optimal unemployment insurance with monitoring and sanctions
  • 2001
  • Reports (other academic/artistic)abstract
    • This paper analyzes the design of optimal unemployment insurance in a search equilibrium framework where search effort among the unemployed is not perfectly observable. We examine to what extent the optimal policy involves monitoring of search effort and benefit sanctions if observed search is deemed insufficient. We find that introducing monitoring and sanctions represents a welfare improvement for reasonable estimates of monitoring costs; this conclusion holds both relative to a system featuring indefinite payments of benefits and a system with a time limit on unemployment benefit receipt. The optimal sanction rates implied by our calibrated model are much higher than the sanction rates typically observed in European labor markets.
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41.
  • Borge, Lars-Erik, et al. (author)
  • The intertemporal spending behavior of local governments : a comparative analysis of the Scandinavian countries
  • 2001
  • Reports (other academic/artistic)abstract
    • The paper investigates the intertemporal spending behavior of Scandinavian local governments with particular attention to liquidity constraints imposed by balanced-budget-rules and other regulations. The main finding is that Danish local governments are more able to smooth current expenditures than their Norwegian and Swedish counterparts. Whereas the permanent-income hypothesis cannot be rejected for Denmark, it is in most cases rejected for Norway and Sweden. The Swedish system of market-based control and the Norwegian system of administrative control seem to produce similar results in terms of consumption smoothing.
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42.
  • Bruér, Mattias (author)
  • Can demography improve inflation forecasts? : the case of Sweden
  • 2002
  • Reports (other academic/artistic)abstract
    • Time series regressions indicate that age structure has significant forecasting power on Swedish inflation. The results agree with a Phillips-Okun framework, assuming that the demographic composition affects productivity. The relative age effects are also relatively well in accordance with what could be expected from life-cycle theory. In the forecasting exercise the age model outperforms the estimated benchmarks; i.e. two autoregressive models, an ARIMA and the 2 per cent forecast corresponding to the stipulated inflation target. The age model is also considerably better than the consensus forecasts and it is equal in merit with a general VAR model that has been used by the Riksbank (Bank of Sweden). We conclude that the source of information embedded in the age shares is something the Riksbank should consider when conducting monetary policy. When extending the forecasting horizon, the age model predicts a significant rise in the inflationary pressure after 2005 when the big baby boom cohort of the 1940s enters retirement.
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43.
  • Bucht, Charlotte (author)
  • Interaction between price setting and capital investment in a customer market
  • 1997
  • Reports (other academic/artistic)abstract
    • In this essay a customer market model is constructed, where an entrepreneur-owned firm has two choice variables, namely the customer stock and the capital stock. The firm is assumed to be completely credit rationed and the investment procedure is characterised by time-to-build. The model is solved numerically to yield steady state paths for the ratio of customers to capital, investments and price. A comparative statics analysis is carried out so as to find out how price and investments respond to exogenous shocks. The model is also tested empirically with data for the Swedish manufacturing sector. The results from the theoretical model point to a close relationship between price setting and investment decisions, which is then confirmed by the empirical investigation.
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44.
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45.
  • Carlsson, Mikael, 1972-, et al. (author)
  • Measures of technology and the business cycle
  • 2002
  • Reports (other academic/artistic)abstract
    • Empirical evidence on the relationship between technology shocks and e.g. hours worked hinges crucially on the identification of the unobservable technological progress. In this paper, we study different measures of technology in order to find out (i) to what extent they capture the same underlying phenomenon and (ii) whether the implications for macroeconomic theory are robust across the approaches. Several versions of the productions function approach and structural VAR models are investigated. Our main finding is that the different technology measures are highly correlated. However, the exact formulation of the identifying restrictions seems to matter for the results. While we replicate the standard finding of a strongly procyclical Solow residual, all other measures of technology are either acyclical or countercyclical.
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46.
  • Carlsson, Mikael, 1972- (author)
  • Measures of technology and the short-run responses to technology shocks
  • 2000
  • Reports (other academic/artistic)abstract
    • This paper estimates technology growth using several variants of the Hall (1988, 1990) method on data for Swedish two-digit manufacturing industries. More specifically, I first apply and evaluate two different approaches to control for varying factor utilization developed by Basu et al. (1998) and Burnside et al. (1995). Second, I propose a generalization of the latter specification. Finally, the cyclical behavior of the resulting technology measure is studied and the responses of hours and output to a technology shock are estimated using a variant of the standard VAR-approach. The main finding is that a positive technology shock has, on impact, a contractionary effect on hours and non-expansionary effect on output. This finding is inconsistent with the predictions of the standard real business cycle model.
  •  
47.
  • Dahlberg, Matz, et al. (author)
  • Direct displacement effects of labour market programmes : the case of Sweden
  • 1999
  • Reports (other academic/artistic)abstract
    • Using a panel of 260 Swedish municipalities over the period 1987-1996, this paper investigates the direct displacement effects of active labour market programmes (ALMPs). Compared to earlier studies on this topic, we have more and better data. From our GMM estimations, we find that (i) there are direct displacement effects from those ALMPs that generate subsidised labour (in the order of approximately 65 percent), but there seems to be no (significant) displacement effects from training, (ii) most ALMPs seem to increase labour force participation, and (iii) the adjustment to the optimal level of employment seems to be sluggish. A consequence of (ii) is that the earlier studies have overstated the displacement effects (since they normalised with the labour force).
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48.
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49.
  • Dahlberg, Matz, et al. (author)
  • Migration and local public services
  • 2001
  • Reports (other academic/artistic)abstract
    • Using unique Swedish micro data we examine the impact of local public services on community choice. The choice of community is modeled as a choice between a discrete set of alternatives. The US literature has produced conflicting evidence with respect to the importance of local public services. We find a robust positive (negative) relationship between local public services (local income tax rates) and the residential choices of short-distance migrants (defined as those moving within a local labor market). However, local public characteristics are less important for migrants who entered from other local labor markets. Using information on subsequent mobility, we also investigate whether the last result is due to lack of information about the characteristics of the local public sector. The evidence suggests that this is not the case.
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50.
  • Dahlberg, Matz, et al. (author)
  • Relaxing the IIA assumption in locational choice models : a comparison between conditional logit, mixed logit, and multinomial probit models
  • 2003
  • Reports (other academic/artistic)abstract
    • This paper estimates a locational choice model to assess the demand for local public services, using a data set where individuals chooses between 26 municipalities within a local labor market. We assess the importance of the IIA assumption by comparing the predictions of three difference models; the conditional logit (CL) model, the mixed logit (MXL) model, and the multinomial probit (MNP) model. Our main finding is that a MXL or a MNP estimator leads to exactly the same conclusions as the traditional CL estimator. That is, given the data used here, the IIA assumption, and hence the use of a CL estimator, seems to be valid when estimating Tiebout-related migration. The only instance when we get somewhat different results when using the MXL or MNP estimator compared with the CL estimator is when we have a too parsimonious model. One possible hypothesis explaining this result is that omitted variables are captured by the distribution parameters of the coeffcients of the included variables, leading to the false conclusion that the coefficients are not fixed. This hypothesis is supported by the results from a Monte Carlo investigation.
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