Faculty Profile

Espen Henriksen

Associate Professor - Department of Finance


Personal web page: https://sites.google.com/site/espenhenriksen/


Cooley, Thomas F. & Henriksen, Espen (2018)

The Demographic Deficit

Journal of Monetary Economics, 93, s. 45- 62. Doi: 10.1016/j.jmoneco.2017.11.005

There has been a slowdown in growth in the world’s most advanced economies. In this paper we argue that changing demographics, in particular aging populations combined with increased life expectancy, may be part of the explanation for why we observe slower growth, falling interest rates and falling productivity growth. Using Japan and the U.S. in the years prior to the financial crises as a case study, we provide estimates of the growth deficit that arises from an aging cohort structure and increasing life expectancy. We also provide projections of the impact of predictable demographic changes on future growth in the U.S. and Japan.

Backus, David K.; Cooley, Thomas F. & Henriksen, Espen (2014)

Demography and low-frequency capital flows

Journal of International Economics, 92 Doi: 10.1016/j.jinteco.2014.01.006

Henriksen, Espen; Kydland, Finn E. & Sustek, Roman (2013)

Globally Correlated Nominal Fluctuations

Journal of Monetary Economics, 60(6), s. 613- 631. Doi: 10.1016/j.jmoneco.2013.05.006

Henriksen, Espen Ringstad & Spear, Stephen (2012)

Endogenous market incompleteness without market frictions: Dynamic suboptimality of competitive equilibrium in multiperiod overlapping generations economies

Journal of Economic Theory, 147(2), s. 426- 449. Doi: 10.1016/j.jet.2010.09.006

Kydland, Finn Erling & Henriksen, Espen Ringstad (2010)

Endogenous money, inflation, and welfare

Review of economic dynamics (Print), 13(2), s. 470- 486. Doi: 10.1016/j.red.2009.09.003

This paper addresses the classic question: what are the welfare costs of inflation. We employ a model in which the ratios of currency to deposits and currency to reserves are endogenously determined. The model distinguishes quantitatively between three sources of welfare cost of inflation, and provides further estimates for potential welfare gains from improvements in transaction technologies. Estimates of the marginal cost of public funds associated with the inflation tax are compared both with that of labor taxation within the model and with those reported in the public finance and macro literature. We conclude that not only is inflation an inefficient source of government revenue, but also that, in the absence of lump-sum taxation, deflationary policies may be highly inefficient.

Freeman, Scott; Henriksen, Espen & Kydland, Finn E. (2009)

The welfare cost of inflation in the presence of inside money

Altig, David & Nosal, Ed (red.). Monetary Policy in Low-Inflation Economies

Backus, D; Henriksen, Espen R. & Storesletten, Kjetil (2008)

Taxes and the global allocation of capital

Journal of Monetary Economics, 55 Doi: 10.1016/j.jmoneco.2007.11.008

Henriksen, Espen R. (2004)

Kydland and Prescott: two great economists

Macroeconomic Dynamics, 8(5), s. 555- 557.

Brudvik, Pål & Henriksen, Espen R. (2000)

Backwardation i Brent-futures markedet

Beta. Scandinavian Journal of Business Research, s. 8- 16.

Terminstrukturen for en råvare har stor betydning for hensiktsmessigheten av ulike prissikringsstrategier. I denne artikkelen studerer vi prisbildet i markedet for Brent-futures i perioden 1988-1998. Sentrale begreper når futures-markedet karakteriseres er backwardation og contango. Backwardation er betegnelsen på tilstanden når spotprisen er høyere enn de diskonterte futures-prisene, mens contango er betegnelsen på tilstanden når spotprisene er lavere enn de diskonterte futures-prisene. Resultatene fra de empiriske analysene på grunnlag av daglige data for Brent Blend futures fra International Petroleum Exchange for perioden juni 1988 til desember 1998 viser at markedet ikke entydig kan beskrives som backwardated. Andelen av tiden hvor markedet er backwardated i vårt datasett er vesentlig lavere enn hva som er funnet i analyser av andre markeder for råolje.

Academic Degrees
Year Academic Department Degree
2005 Carnegie Mellon University, Tepper School of Business Ph.D Dr. Philos.
Work Experience
Year Employer Job Title
2015 - Present Department of Finance, BI Norwegian Business School Associate professor