| 1. |
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| 2. |
- 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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| 3. |
- Hassler, John, et al.
(författare)
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Directed Technical Change as a Response to Natural Resource Scarcity
- 2021
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Ingår i: Journal of Political Economy. - : University of Chicago Press. - 0022-3808 .- 1537-534X. ; 129:11, s. 3039-3072
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Tidskriftsartikel (refereegranskat)abstract
- We develop a quantitative macroeconomic theory of input-saving technical change to analyze how markets economize on scarce natural resources, with an application to fossil fuel. We find that aggregate US data call for a very low short-run substitution elasticity between energy and the capital/labor inputs. Our estimates imply that energy-saving technical change took off when the oil shocks hit in the 1970s. This response implies significant substitutability with the other inputs in the long run: even under ever-rising energy prices, long-run consumption growth is still possible, along with a modest factor share of energy.
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| 4. |
- Hassler, John
(författare)
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Macroeconomic Perspectives on the Corona Crisis
- 2021
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Ingår i: Globalization, Political Economy, Business and Society in Pandemic Times. - Bingley : Emerald Group Publishing Limited. - 9781800717930
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Bokkapitel (övrigt vetenskapligt/konstnärligt)
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| 5. |
- Hassler, John, et al.
(författare)
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SNS Economic Policy Council Report 2020 : Swedish Policy for Global Climate
- 2020
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Climate policy is a complex area that requires input from many different perspectives. The sns Economic Policy Council 2020 comprises nine researchers from a range of disciplines, with different backgrounds and with varied opinions on the debate surrounding climate policy. They analyse Swedish climate policy in a global context, describing the causes and consequences of climate change and focusing on how policy can achieve the desired reductions in carbon emissions. The report also provides answers to questions that are frequently discussed in the Swedish debate, such as the effectiveness of climate aid and whether Sweden should generate a larger surplus of fossil-free electricity for export.
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| 6. |
- Hassler, John, et al.
(författare)
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Suboptimal Climate Policy
- 2021
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Ingår i: Journal of the European Economic Association. - 1542-4766 .- 1542-4774. ; 19:6, s. 2895-2928
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Tidskriftsartikel (refereegranskat)abstract
- There is a scientific consensus that human activities, in the form of emissions of carbon dioxide intothe atmosphere, cause global warming. These emissions mostly occur in the marketplace, that is,they are undertaken by private individuals and firms. Governments seeking to curb emissions thusneed to design policies that influence market behavior in the direction of their goals. Economistsrefer to Pigou taxation as “the” solution here, since the case of global warming can be seen as apure (negative) externality. We agree. However, given the reluctance of policymakers to agree withus, there is an urgent need to consider, and compare, suboptimal policies. In this paper, we look atone such instance: setting a global tax on carbon at the wrong level. How costly are different errors?Since there is much uncertainty about how much climate change there will be, and how damagingit is when it occurs, ex-post errors will most likely be made. We compare different kinds of errorsqualitatively and quantitatively and find that policy errors based on over-pessimistic views on climatechange are much less costly than those made based on over-optimism. This finding is an inherentfeature of standard integrated assessment models, even though these models do not feature tippingpoints or strong linearities.
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| 7. |
- Hassler, John, et al.
(författare)
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Svensk politik för globalt klimat
- 2020
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Bok (övrigt vetenskapligt/konstnärligt)abstract
- Nio forskare från olika discipliner ingår i SNS Konjunkturråd 2020. Forskarna har bred bakgrund inom nationalekonomi, juridik, naturvetenskap och ingenjörsvetenskap. Tillsammans har de skrivit SNS Konjunkturrådsrapport 2020: Svensk politik för globalt klimat, där de fokuserar på hur politiken ska utformas för att bromsa och till slut stoppa klimatförändringarna. Några av deras viktigaste förslag och rekommendationer: Låt kolet stanna i marken. Det är kolet, inte konventionell olja, som är det centrala hotet mot klimatet. Om klimatförändringarna ska hejdas måste Kina bli av med sitt kolberoende. Indien och Afrika kan inte heller följa Kinas kolkraftsbaserade utvecklingsstrategi. Merparten av världens kolreserver måste stanna i marken.Inför globalt minimipris på koldioxidutsläpp och slopa fossilsubventioner. Det är två nödvändiga ingredienser i klimatpolitiken som måste diskuteras på FN:s nästa stora klimatkonferens COP26 i Glasgow.Gröna subventioner räcker inte för att minska utsläppen. Billig grön energi leder till ökad användning av sådan men inte automatiskt till att fossila bränslen utkonkurreras.Bidra till rätt global inriktning. Den svenska klimatpolitiken bör ha som överordnat mål att minska de globala utsläppen.Bidra finansiellt till andra länders omställning. Klokt och välavvägt klimatbistånd är både möjligt och önskvärt. Inom ramen för EU:s klimatpolitik finns fungerande sätt att finansera mindre rika medlemsländers utsläppsminskningar. Men eftersom även Sverige måste bli klimatneutralt bör ett ökat klimatbistånd inte minska de svenska klimatambitionerna.Klimatklubbar. Sverige bör driva frågan om att det ska vara tillåtet att införa klimattullar mot länder som inte har en acceptabel nivå på utsläppspriset. En modell är så kallade klimatklubbar där länder går ihop och sätter ett enhetligt utsläppspris. Import från länder som inte deltar i klubben beläggs med en tull.Fossilfri elexport kan ge betydande minskningar av utsläppen inom EU genom att pressa undan kolkraft där sådan fortfarande används.Finansiera insamling och lagring av koldioxid (CCS-teknik) med lagringspeng. Vi kan ta hand om koldioxid motsvarande hälften av Sveriges utsläpp till en kostnad motsvarande det som dras in till staten via koldioxidskatten. Det krävs dock en statlig finansiering som bör utformas som ett bidrag per ton insamlad och säkert lagrad koldioxid:– Motsvarande runt hälften av Sveriges koldioxidutsläpp kan tas bort om CCS-tekniken införs på de 27 industrianläggningar som släpper ut mest i Sverige. Detta är mer än utsläppen från hela den svenska vägtrafiken. Tekniken fungerar också i resten av världen och Sverige kan här bli ett föregångsland, säger John Hassler, ordförande i SNS Konjunkturråd 2020.
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| 8. |
- Hinkelmann, Stefan, 1992-
(författare)
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On the Macroeconomics of the Energy Transition
- 2024
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Climate Policies and Input Substitution over TimeThis paper investigates quantitatively how the impact of climate policies such as a carbon tax differs over the short and long run in the macroeconomy. We document limited possibilities to switch from fossil fuels to green alternatives over short time horizons. Over more extended periods, however, this substitutability increases significantly. The same pattern holds for aggregate energy in production. We then build a quantitative growth model that accounts for these patterns through a technology-choice channel. We find that, in order to achieve similar long-run emission targets, carbon taxes should be increased by about 10% permanently compared to models that focus on the long run only.Electrification of U.S. Aggregate Production: Theory and EvidenceIn this paper, I scrutinize the process of electrification, defined as an increase in the share of electricity in the energy bundle. I first document trends and facts regarding the use of fossil fuels and electricity as end-use energy types in production in the U.S. I provide evidence that these two energy types are strong complements in the short- but more substitutable in the long run. In particular, I estimate the short-run elasticity of substitution between these two energy inputs to be 0.06 and argue for a Cobb-Douglas relationship and, thus, a unitary elasticity of substitution in the long run. I then build a model that can quantitatively reproduce these facts through a directed technological change mechanism. Crucially, the main driver of electrification is the relative improvement of fossil fuel use efficiency vis-à-vis electricity's.(Be-)Coming Clean: A Model of the U.S. Energy TransitionThis paper develops a quantitative framework of the energy transition and shows how the decarbonization of the economy hinges on three main mechanisms endogenous to the model: (i) developments in energy efficiency determining energy use in a growing economy; (ii) electrification of the production process driven by directed technical change; and (iii) capacity building for green electricity production. I then use the model to evaluate a net zero by 2050-policy vis-à-vis business as usual. I find that the energy transition happens in a laissez-faire scenario but has to be sped up if the policy target is to be fulfilled. In particular, I find that the required carbon tax is initially around $250 per ton CO2, and output and consumption growth are transitionally 0.2-0.3 percentage points lower under environmental policy.Green Subsidies, the Energy Transition, and Implications of the Inflation Reduction ActThis paper studies the implications of green subsidies on the economy and the energy transition. I include a technology and a learning-by-doing (LBD) externality in Chapter 3’s framework. The internalization of these inefficiencies requires green subsidies, which have important implications for the energy transition. In particular, fossil fuel use in the economy will reduce by 38% by the end of the 2060s compared to laissez-faire. Additionally, the two externalities interact. Internalizing the LBD mechanism reduces the technology externality, while internalizing the technology shift exacerbates the implications of unaccounted-for LBD. Investigating the IRA shows that it is leveraging the right externality with an imperfect instrument: ITCs do not perfectly internalize the LBD externality and lead to fossil fuel use rebounding after their expiration.
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| 9. |
- Karlman, Markus, 1989-
(författare)
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Essays on Housing : tax treatment, prices, and macroeconomic implications
- 2020
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Costly reversals of bad policies: the case of the mortgage interest deductionThis paper measures the welfare effects of removing the mortgage interest deduction under a variety of implementation scenarios. To this end, we build a life-cycle model with heterogeneous households calibrated to the U.S. economy, which features long-term mortgages and costly refinancing. In line with previous research we find that most households would prefer to be born into an economy without the deductibility. However, when we incorporate transitional dynamics less than forty percent of households are in favor of a reform and the average welfare effect is negative. This result holds under a number of removal designs.Mortgage lending standards: implications for consumption dynamicsIn this paper, we investigate to what extent stricter mortgage lending standards affect households' ability to smooth consumption. Using a heterogeneous-household model with incomplete markets, we find that a permanently lower loan-to-value (LTV) or payment-to-income (PTI) requirement only marginally affects the aggregate consumption response to a negative wealth shock. We show that even the distribution of marginal propensities to consume across households is remarkably insensitive to these permanent policies. In contrast, households’ consumption responses can be reduced if a temporary stricter LTV or PTI requirement is implemented prior to a negative wealth shock. However, strong assumptions need to be made for temporary policies to be welfare improving.The great house price divergence: a quantitative investigation of house price fundamentalsWhat explains the widening gap in house prices between U.S. metropolitan areas? In this paper, I build a two-region Rosen-Roback model with heterogeneous households, mortgage borrowing constraints, and housing markets to answer this question. I find that changes in regional productivity and the real interest rate explain 86% of the observed increase in dispersion of prices across metropolitan areas and 66% of the increase in the national house price index since 1995. Endogenous migration and location-varying land rents are key for these findings. When decomposing the results, both wages and the real rate contribute substantially to both the change in the level and dispersion of house prices. Turning to dynamics, prices are quick to adjust to changes in house price fundamentals, whereas migration is slow. This rapid change in prices leads to significant wealth and welfare gains among homeowners in expensive locations.
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| 10. |
- Stoyko, Dmytro, 1990-
(författare)
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Expectations, Financial Markets and Monetary Policy
- 2020
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Monetary Policy and Macroprudential Regulations. We investigate the desirability of macroprudential regulations in a DSGE model with collateral and income borrowing constraints. We differentiate between credit demand and credit supply oriented macroprudential regulations by letting the macroprudential authority tighten, or relax, the financial constraints of borrowers and lenders separately. Additionally, we allow the central bank to use a Taylor rule augmented with credit growth targeting. Using a loss function in inflation and output for the central bank, we find that macroprudential regulations may help to decrease the volatility of inflation and output following a financial shock in the credit market. We analyse numerous policy configurations, and the loss function is minimized when the central bank aggressively responds to deviations of inflation and output, but not of credit growth, from their steady-state values and the macroprudential authority aggressively responds to deviations of credit growth and house price growth from their steady-state values. Given the monetary policy configuration that minimizes the loss function, credit demand macroprudential regulations appear to be more effective than their credit supply counterparts in minimizing the volatility of inflation and output.
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| 11. |
- Yuan, Yangzhou, 1985-
(författare)
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Policy, Institutions and Misallocation
- 2023
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The thesis contains three models. Chapter 1 illustrates financial market incompleteness causes misallocations and fluences international trade pattern. Countries with more complete markets tend to specialize in risky sectors. Chapter 2 sets up a cross-generation utility function. Results show fertility constraints harm social mobility and create misallocations through multiple channels. Chapter 3 shows financial segmentation in China is the cause of housing bubbles and creates misallocations. Bubbles improve allocations by crowding out inefficient investments.
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