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Employee Profile

Ella Getz Wold

Assistant Professor - Department of Finance

Publications

Eggertsson, Gauti; Robbins, Jacob & Wold, Ella Getz (2021)

Kaldor and Piketty's facts: The rise of monopoly power in the United States

Journal of Monetary Economics, 124, s. 519- 538. Doi: 10.1016/j.jmoneco.2021.09.007

The macroeconomic data of the last fifty years have overturned at least two of Kaldor’s famous stylized growth facts: constant interest rates, and a constant labor share. At the same time, the research of Piketty and others has introduced several new and surprising facts: an increase in the financial wealth-to-output ratio in the US, an increase in measured Tobin’s Q, and a divergence between the marginal and average returns on capital. In this paper, we argue that these trends can be explained by an increase in market power and pure profits in the US economy—that is, the emergence of a non-zero-rent economy—along with forces that have led to a persistent long-term decline in real interest rates. We make three parsimonious modifications to the standard neoclassical model to explain these trends. Using recent estimates of the increase in markups and the decrease in real interest rates, we show that our model can quantitatively match these new stylized macroeconomic facts.

Juelsrud, Ragnar Enger & Wold, Ella Getz (2020)

Risk-weighted capital requirements and portfolio rebalancing

Journal of Financial Intermediation Doi: 10.1016/j.jfi.2018.10.002

Academic Degrees
Year Academic Department Degree
2019 Brown University Ph.D.
2012 University of Oslo Master of Philosophy in Economics
Work Experience
Year Employer Job Title
2021 - Present BI Norwegian Business School Assistant Professor
2019 - 2021 Norges Bank Senior Economist
2012 - 2014 Norges Bank Economist/Junior Researcher