Faculty Profile

Erling Steigum

Professor Emeritus - Department of Economics

Biography

Erling Steigum is a professor of economics at BI Norwegian Business School. He holds a PhD from Norwegian School of Economics in Bergen, where he was professor from 1982 to 1999. Main area of research and teaching is macroeconomics. His research has been published in journals such as Econometrica, International Economic Review, European Economic Review and Scandinavian Journal of Economics. He is a CES-Ifo research fellow and has been a co-editor of the Scandinavian Journal of Economics. He served at Head of the Department of Economics during the period 2003 - 2011.

Steigum has also been the chairman of the Government's Investment Strategy Council for Norway's Sovereign Wealth Fund (2005 - 2009) and has served as a board member of the Financial Supervisory Authority of Norway (2002 - 2006). He is a board member of Centre of Monetary Economics (CME) at BI and has contributed to serveral Norges Bank Watch reports, evaluating monetary policy in Norway.

Research areas
The financial accelerator and investment behavior; macroeconomic models (including computable models) with sticky prices and wages; sectoral adjustment costs and dynamic analysis of the "Dutch disease"; petroleum wealth, sovereign wealth funds, and intergenerational distribution; computable overlapping generations models and generational accounting for Norway; pension reforms; the Nordic banking crises in the 1990s.

Teaching areas

Macroeconomics.

Publications

Steigum, Erling & Thøgersen, Øystein (2015)

A crisis not wasted. Institutional and structural reforms behind Norway's strong macroeconomic performance.

Andersen, Torben M.; Bergman, U. Michael & Hougaard Jensen, Svend E. (red.). Reform Capacity and Macroeconomic Performance in the Nordic Countries

Steigum, Erling (2011)

Robotics of growth

La Grandville, Olivier (red.). Economic Growth and Development; Frontiers of Economics and Globalization, volume 11

Steigum, Erling (2009)

The boom and bust cycle in Norway

Lars Jonung, Jaakko Kiander and Pentti Vartia (eds), The Great Financial Crisis in Finland and Sweden

Steigum, Erling (2008)

Befolkningsaldring, pensjonsreformer og realøkonomi

Samfunnsøkonomen, 62(6/7 - Samfunnsøkonom), s. 29- 40.

Steigum, Erling (2006)

Den keynesianske revolusjonen 70 år etter: Et tilbakeblikk

Økonomisk forum, s. 18- 26.

Steigum, Erling (2006)

Aktivabobler - kan og bør myndighetene gjøre noe?

Magma - Tidsskrift for økonomi og ledelse, 9(1), s. 57- 67.

Steigum, Erling (2005)

Finn Kydland - Norges tredje Nobelprisvinner i økonomi

Økonomisk forum, 59(1)

Steigum, Erling (2004)

Financial deregulation with a fixed exchange rate: Lessons from Norway's boom-bust cycle and banking crisis

Thorvald Moe, Jon Solheim and Bent Vale (eds.): The Norwegian Banking Crisis

Steigum, Erling (2004)

Undervisning i makroøkonomi på bachelornivå

Økonomisk forum, 57(5)

Steigum, Erling; Steigum, Erling & Thøgersen, Øystein (2003)

Borrow and adjust: fiscal policy and sectoral adjustment in an open economy

International Economic Review, 44(2), s. 699- 724.

Fehr, Hans; Steigum, Erling, Fossati, A. & Wiegard, W. (2002)

Pension funding reforms in a small open welfare state

Policy Evaluation with Computable General Equilibrium Models

Steigum, Erling (2001)

Formuesberegninger, bruk av oljeinntekter og najonalbudsjettet 2001

Økonomisk forum, s. 24- 30.

Steigum, Erling; Isachsen, Arne Jon & Røste, Ole Bjørn (1999)

Norsk pengepolitikk: Er et fleksibelt inflasjonsmål løsningen?

Euroen og den norske kronens skjebne

Steigum, Erling; Isachsen, Arne Jon & Røste, Ole Bjørn (1999)

Pengepolitikk og valutakurs i fokus: Hva sier nyere forskning?

Euroen og den norske kronens skjebne

Steigum, Erling; Gjersem, Carl & Auerbach, Alan J. (1999)

Generational accounting and depletable natural resources: The case of Norway

Generational accounting around the world

Steigum, Erling (1999)

De profesjonelle og amatørene. Noen refleksjoner omkring Populister og originale økonomer

Sosialøkonomen, 59

Steigum, Erling (1999)

Robert Mundells forskning i internasjonal makroøkonomi

Sosialøkonomen, 59

Steigum, Erling (1999)

Globalisering og kapitalflyt: Noen lærepenger for små land

Internasjonal Politikk, 57(4), s. 565- 573.

Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2014)

Artikkel om arbeidsinnvandring vant prisen for 2013.

[Article in business/trade/industry journal]. Samfunnsøkonomen, s. 55- 56.

Steigum, Erling (2013)

Sovereign wealth funds for macroeconomic purposes

[Report]. Finanspolitiska rådet.

Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2013)

"En mer effektiv konkurranselov" vant artikkelprisen 2012

[Article in business/trade/industry journal]. Samfunnsøkonomen, s. 80- 81.

Steigum, Erling & Thøgersen, Øystein (2013)

A crisis not wasted – Institutional and structural reforms behind Norway’s strong macroeconomic performance

[Report]. Institutt for samfunnsøkonomi, Norges Handelshøyskole.

This paper draws the line between the Norwegian boom-bust cycle and crises in the late 1980s and early 1990s, the succeeding institutional and structural reforms and the strong macroeconomic performance and stability of the last two decades. The systemic banking crisis and speculative attack on the Norwegian krone in the early 1990s were the last in a series of blows to Norway’s macroeconomic policy regime. In addition to the recession after 1988, the underlying growth potential of the Mainland economy was also weak, despite financial deregulation and the gains in competitiveness. The large oil price fall in the mid-1980s had demonstrated the risk of uncertain oil revenues as an important source of income to the government. The political awareness of an economic crisis paved the way for a series of structural reforms and changes in the macroeconomic policy regime. Some of these reforms were implemented quickly, such as a tax reform, an energy market reform and a new incomes policy framework. In 2001 a new framework for monetary and fiscal policy was put in place, involving a flexible exchange rate and inflation targeting, as well as a new fiscal policy rule designed to facilitate consumption smoothing and a build-up of a sovereign wealth fund. We discuss possible reasons why Norway’s political system has been able to learn from previous policy failures and reach the necessary consensus, and determination, to implement institutional and structural reforms in economic policy.

Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri P. (2012)

Skaper velferdsstaten større sosiale helseforskjeller

[Article in business/trade/industry journal]. Samfunnsøkonomen, 26(1), s. 52- 53.

Steigum, Erling (2011)

The short- and long-run effects of the Norwegian banking crisis in the 1990s

[Academic lecture]. American Economic Association Annual Meeting.

Steigum, Erling (2011)

The Norwegian Banking Crisis in the 1990s: Effects and Lessons

[Report]. Centre for Monetary Economics, BI.

Steigum, Erling; Bjørnland, Hilde C, Clarida, Richard & Holvik, Elisabeth (2010)

An independent evaluation of monetary policy in Norway. Norges Bank Watch Report Series No. 11

[Report]. Centre for Monetary Economics, BI Norwegian School of Management, Oslo.

Bjørnland, Hilde C; Clarida, Richard, Holvik, Elisabeth & Steigum, Erling (2010)

Norges Bank Watch 2010 An Independent Evaluation of Monetary Policy in Norway

[Report]. Handelshøyskolen BI.

Steigum, Erling (2010)

NORSK ØKONOMI ETTER 1980 – FRA KRISE TIL SUKSESS

[Report]. Handelshøyskolen BI.

Steigum, Erling (2010)

Norsk økonomi etter 1980: fra krise til suksess

[Article in business/trade/industry journal]. Praktisk økonomi og finans, 26(3), s. 11- 17.

Bergman, Michael; Juel, Steinar & Steigum, Erling (2009)

Norges Bank Watch 2009 Monetary Policy and the Financial Turmoil

[Report]. Handelshøyskolen BI.

Steigum, Erling (2008)

BEFOLKNINGSALDRING, PENSJONSREFORMER OG REALØKONOMI

[Report]. Handelshøyskolen BI.

Lundgren, Stefan; Flodén, Martin, Steigum, Erling & Wijkander, Hans (2004)

Finanser för framtida välfärd. Konjunkturrådets rapport

[Scientific book]. SNS Förlag.

Steigum, Erling (2004)

Oppgaver til Moderne makroøkonomi

[Textbook]. Gyldendal Akademisk.

Steigum, Erling (2004)

Moderne makroøkonomi

[Textbook]. Gyldendal Akademisk.

Bowen, Alex; O'Brian, Mark & Steigum, Erling (2003)

Norges Bank's Stability Report: A Review

[Report]. Central Bank of Norway.

Steigum, Erling (2003)

Moderne makroøkonomi (kompendium)

[Textbook]. Gyldendal Akademisk.

Matsen, Egil; Steigum, Erling, Steigum, Erling & Thøgersen, Øystein (2003)

Pensjonsreform, sparing og eierskap

[Report]. Europaprogrammet, "Arvid Brodersen gruppen".

Svensson, Lars E. O.; Houg, Kjetil, Solheim, Haakon & Steigum, Erling (2002)

Norges Bank Watch 2002. An Independent Review of Monetary Policy and Institutions in Norway

[Report]. Handelshøyskolen BI.

Steigum, Erling (2002)

Befolkningsaldring og økonomisk politikk: Behov for pensjonsreformer?

[Report]. Handelshøyskolen BI, Centre for Monetary Economics, CME.

Steigum, Erling (2001)

Trade unions and the burden of the public debt

[Report]. Center for Economic Studies and Ifo Institute for Economic Research.

This paper looks at intergenerational welfare effects of increased public debt when union power in pay bargaing generates structural unemployment. Under a reasonable condition, the debt burden on future generations from postponement of the labor tax is larger than in the case of no union power.

Steigum, Erling; Steigum, Erling & Thøgersen, Øystein (2001)

Borrow and adjust: Fiscal policy and sectoral adjustment in an open economy

[Report]. Center for Economic Studies and Ifo Institute for Economic Research.

The paper considers normative fiscal policy implications of sectoral adjustment consts in a two-sector model with overlapping generations. We show that despite no nominal rigidities, temporary fiscal deficits increase social welfare if adjustment costs prevent immediate sectoral reallocation of inputs. If there are no adjustment costs, the case for fiscal deficits vanishes.

Steigum, Erling (1999)

Har pengepolitikken vært undervurdert?

[Article in business/trade/industry journal]. ?, s. 9- 13.

Academic Degrees
Year Academic Department Degree
1979 Norwegian School of Economics, NHH Ph.D Dr. Oecon.
1974 Norwegian School of Economics, NHH Master
1972 Norwegian School of Economics, NHH Master of Science in Business
Work Experience
Year Employer Job Title
2006 - Present BI Norwegian Business School Professor
2007 - 2011 BI Norwegian Business School Head of Department
2003 - 2006 BI Norwegian Business School Head of Department
1991 - 2003 BI Norwegian Business School Professor
1982 - 1999 Norwegian School of Economics (NHH) Professor
1979 - 1982 Norwegian School of Economics (NHH) Associate Professor
1977 - 1979 Norwegian School of Economics (NHH) Assistant Professor