Employee Profile

Plamen Nenov

Associate Professor - Department of Economics


For information, please see my personal website:


Helland, Leif; Iachan, Felipe S., Juelsrud, Ragnar Enger & Nenov, Plamen (2021)

Information Quality and Regime Change: Evidence from the Lab

Journal of Economic Behavior and Organization, 191, s. 538- 554. Doi: 10.1016/j.jebo.2021.08.036 - Full text in research archive

We experimentally test the effects of information quality in a global game of regime change. The game features a payoff structure such that more dispersed private information induces agents to attack more often and reduces regime stability in the Bayesian Nash Equilibrium. We show that subjects in the lab do not play as predicted by equilibrium theory. Instead, more dispersed information makes subjects more cautious, increasing regime stability. We show that this finding is consistent with a modified global game model in which agents engage in level- thinking. In the level- model, information quality affects agents’ actions through a novel channel, that enables a strategic attenuation effect. As information quality worsens, strategic complementarities between different level- types weaken, generating a force that is capable of reversing the comparative statics from the equilibrium model.

Chodorow-Reich, Gabriel; Nenov, Plamen & Simsek, Alp (2021)

Stock Market Wealth and the Real Economy: A Local Labor Market Approach

The American Economic Review, 111(5), s. 1613- 1657. Doi: 10.1257/AER.20200208 - Full text in research archive

Iachan, Felipe S.; Nenov, Plamen & Simsek, Alp (2021)

The Choice Channel of Financial Innovation

American Economic Journal: Macroeconomics, 13(2), s. 333- 372. Doi: 10.1257/mac.20180429 - Full text in research archive

Lyshol, Arne Fredrik; Nenov, Plamen & Wevelstad, Thea (2021)

Duration Dependence and Labor Market Experience

Labour Doi: 10.1111/labr.12188 - Full text in research archive

We study whether unemployment duration dependence—the negative effect of a current unemployment spell on an individual's employment probability—varies with labor market experience. Using data from the National Longitudinal Survey of Youth and the Current Population Survey, we show that although there is negative duration dependence for experienced workers, it is mostly absent for new entrants to the labor force. This difference suggests that structural forces in addition to ex ante heterogeneity in job-finding probabilities and dynamic selection may drive unemployment duration dependence. Our findings are robust to the econometric model used and to a number of demographic controls and time trends, as well as individual fixed effects. We also discuss whether a number of theories of duration dependence can explain our empirical findings.

Moen, Espen Rasmus; Nenov, Plamen & Sniekers, Florian (2021)

Buying First or Selling First in Housing Markets

Journal of the European Economic Association Doi: 10.1093/jeea/jvz069 - Full text in research archive

Housing transactions by moving homeowners take two steps—buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer–seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle.

Chodorow-Reich, Gabriel; Nenov, Plamen & Simsek, Alp (2019)

Stock Market Wealth and the Real Economy: A Local Labor Market Approach

NBER Working Paper Series Doi: 10.3386/w25959

We provide evidence on the stock market consumption wealth effect by using a local labor market analysis and regional heterogeneity in stock market wealth. An increase in local stock wealth driven by aggregate stock prices increases local employment and payroll in nontradable industries and in total, while having no effect on employment in tradable industries. In a model with consumption wealth effects and geographic heterogeneity, these responses imply a marginal propensity to consume out of a dollar of stock wealth of 2.8 cents per year. We also use the model to quantify the aggregate effects of a stock market wealth shock when monetary policy is passive. A 20% increase in stock valuations, unless countered by monetary policy, increases the aggregate labor bill by at least 0.85% and aggregate hours by at least 0.28% two years after the shock.

Juelsrud, Ragnar Enger & Nenov, Plamen (2019)

Dividend payouts and rollover crises

The Review of financial studies, 33(9), s. 4139- 4185. Doi: 10.1093/rfs/hhz130 - Full text in research archive

We study dividend payouts when banks face coordination-based rollover crises. Banks in the model can use dividends to both risk shift and signal their available liquidity to short-term lenders, thus, influencing the lenders’ actions. In the unique equilibrium both channels induce banks to pay higher dividends than in the absence of a rollover crisis. In our model banks exert an informational externality on other banks via the inferences and actions of lenders. Optimal dividend regulation that corrects this externality and promote financial stability includes a binding cap on dividends. We also discuss testable implications of our theory.

Nenov, Plamen (2017)

Endogenous Leverage and Advantageous Selection in Credit Markets

The Review of financial studies, 30(11), s. 3888- 3920. Doi: 10.1093/rfs/hhw077 - Full text in research archive

Nenov, Plamen; Røed Larsen, Erling & Sommervoll, Dag Einar (2016)

Thick-market effects, housing heterogeneity, and the determinants of transaction seasonality

Economic Journal, 126(598), s. 2402- 2423. Doi: 10.1111/ecoj.12305

Iachan, Felipe S.; Nenov, Plamen & Simsek, Alp (2015)

The choice channel of financial innovation

NBER Working Paper Series Doi: 10.3386/w21686

Nenov, Plamen (2015)

Regional Reallocation and Housing Markets in a Model of Frictional Migration

Review of economic dynamics, 18(4), s. 863- 880. Doi: 10.1016/j.red.2015.08.002

Iachan, Felipe S. & Nenov, Plamen (2015)

Information quality and crises in regime-change games

Journal of Economic Theory, 158, s. 739- 768. Doi: 10.1016/j.jet.2014.03.005

Rangachev, Antoni & Nenov, Plamen (1)

Ще ни изненада ли отново COVID пандемията?

Капитал [Kronikk]

Nenov, Plamen (1)

Възможностите на добрата икономическа политика в България

Капитал [Kronikk]

Nenov, Plamen (1)

Българската икономика и "Парадоксът на Лукас"

Капитал [Kronikk]

Moen, Espen Rasmus & Nenov, Plamen (1)

Kjøpe først eller selge først i boligmarkedet?

Dagens næringsliv [Kronikk]

Nenov, Plamen (1)

Кризата на предприемачеството в България след 2009 г.

Капитал [Kronikk]

Nenov, Plamen (1)

Накъде върви България през периода "Борисов"

Капитал [Kronikk]

Røed Larsen, Erling; Nenov, Plamen, Lyshol, Arne & Anundsen, André Kallåk (2023)

Match Quality and House Price Dispersion: Evidence from Norwegian Housing Auctions, (med André Anundsen, Plamen Nenov og Arne Lyshol) (Røed Larsen presenterte), Western Ec.Ass. Int., San Diego, 5. juli 2023

[Academic lecture]. WEAI Conference.

Røed Larsen, Erling; Anundsen, André Kallåk, Sommervoll, Dag Einar & Nenov, Plamen (2023)

Pricing and incentives in the housing market, AREUEA National, Washington D.C: Westin, 2. juni 2023

[Academic lecture]. AREUEA National Conference.

Moen, Espen Rasmus; Nenov, Plamen & Sniekers, Florian (2015)

Eerst kopen of eerst verkopen op de woningmarkt

[Article in business/trade/industry journal]. Economisch Statistische Berichten, 100(4706), s. 166- 169.

Moen, Espen Rasmus; Nenov, Plamen & Sniekers, Florian (2015)

Buying first or selling first in housing markets

[Article in business/trade/industry journal]. http://www.voxeu.org/

Academic Degrees
Year Academic Department Degree
2012 Massachusetts Institute of Technology Ph.D.
2007 Amherst College B.A.
Work Experience
Year Employer Job Title
2019 - Present Norges Bank Visiting Scholar
2016 - Present BI Norwegian Business School Associate Professor of Economics
2012 - 2016 BI Norwegian Business School Assistant Professor of Economics
2005 - 2006 Harvard University Visiting Undergraduate Student