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- Johansson, Tony, et al.
(författare)
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Asymmetric trends and European monetary policy in t he Post-Bretton Woods Era
- 2013
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- In public debate the crisis of the eurozone has been laid on the footstep of imprudent government finance. This paper argues that the depth and longevity of the crisis instead is due to ‘asymmetric trends’ that are inherent in the eurozone. We show this, first, by a test of the ‘one-size-fits-all’ ECB monetary policy. The results provide an estimate of how ECB at the same time fuelled some ‘bubble economies’ and put on a deflationary pressure in other economies. Second, we measure how the higher inflation rate in the periphery eroded its international competitiveness under the restriction of the ‘irrevocably fixed exchange rates’. This is compared with the development during the preceding half century and periods with more flexible exchange rates. Before the EMS crisis of the early 1990s, the EMS had its ‘soft’ and its ‘hard’ phase. During the ‘soft’ phase, so called realignments of exchange rates adjusted for diverging trends in inflation and competitiveness. The ‘hard’ phase ended with the relaxation of the narrow band for the exchange rates. Again, a ‘soft’ phase followed until the ‘irrevocably’ fixing of the exchange rates that launched the euro. The catch-up and convergence of incomes within Western Europe have been largely enhanced by exchange rate adjustments. A pendulum between ‘soft’ and ‘hard’ phases have characterized European monetary policy and significantly conditioned European economic growth. A bottom line is that, ironically, the Maastricht aim of further integration actually is counteracted by the economic mechanisms of the monetary unification.
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- Svensson, Lars
(författare)
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Pay Differentials and Gender-Based Promotion Discrimination in a Dual Labour Market
- 2010
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Abstract Historical studies indicate that determinants of the gender wage gap have varied through history. This paper suggests that employment discrimination dominated over wage discrimination in clerical work in Sweden in the mid-1930s. Women were largely excluded from career paths in the offices. This is explained within an analytical framework, in which segmented labour market theory, notably concepts related to internal labour markets, is com¬bined with a simple model of statistical discrimination. The analysis sug¬gests that rational employers allocated men and women to different seg¬ments of this particular labour market on the basis if differences in pre¬dicted tenure. Men were typically selected to career paths where firms in¬vested in their human capital, because men’s predicted long spells of em¬ployment in the firm increased the probability of gathering the returns to these investments. Shorter predicted tenures made it rational to allocate women to dead-end jobs with early productivity crests, where high turno¬ver rates were advantageous for the firm.
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- Svensson, Lars
(författare)
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The Rise and the Fall of the Restricted Swedish Model
- 2010
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Abstract The paper offers an interpretation of institutional change in the Swedish labour market 1920-2000 within a rational choice model, where . Institu-tional change is understood as an endogenous process linked to the long-term pattern of growth and transformation of the Swedish economy. The paper follows the rise and the fall of a set of rules, norms and beliefs labelled ‘The Restricted Swedish Model’ and demonstrates that its construction as well as its dismantling may be interpreted as the rational response by employers and trade unions to conditions formed by prevailing institutions and two exogenous parameters, the nature of technological change and the level of foreign competition.
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- Ljungberg, Jonas
(författare)
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A Scientific Revolution that Made Life Longer. Schooling and the Decline of Infant Mortality in Europe
- 2013
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Ingår i: Économies et Sociétés. - 0013-0567. ; , s. 1159-1183
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Tidskriftsartikel (refereegranskat)abstract
- This paper addresses the decline in infant mortality that occurred with a remarkable synchronization across Europe around the turn of the century 1900. It is the argument of this paper that this development is not just, as in the conventional view, the side effect of economic growth but could be derived through a cumulative chain of events, starting with the discovery of the germ theory. Mokyr has argued, that notwithstanding the ubiquitous impact of the germ theory in several fields, its first big effect, as a decline in mortality, came through changed behaviour in the household. What makes this plausible is that the turn-down occurred at the about the same time irrespective of the wide variations in levels of infant mortality, and irrespective of levels of aggregate income and economic growth. Growth was certainly crucial for sustaining the decline in mortality but the synchronized change of the trend draws attention to a shift in behaviour. A critical question for this argument is if the germ theory and its implications were so quickly and widely diffused. Schooling was an instrument for this diffusion and could be so since there existed an international movement around school hygiene which made the impact of the germ theory more pervasive than if it had only influenced via the curriculum. This hypothesis is supported by a cross-country model which singles out the enrolment in primary schools as an explanatory factor for the decline in infant mortality 1890-1910, and the more so when female enrolment is considered.
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