Department of Economics

Publications

• Kost, Dominique; Kopperud, Karoline, Buch, Robert, Kuvaas, Bård & Olsson, Ulf Henning (2023)
  The competing influence of psychological job control on family-to-work conflict
  Journal of Occupational and Organizational Psychology, 96(2), p. 351-377. Doi: 10.1111/joop.12426
• Pettersen, Ingrid Kristine; Asche, Frank, Bronnmann, Julia, Sogn-Grundvåg, Geir & Straume, Hans-Martin (2023)
  Is capture-based aquaculture viable? The case of Atlantic cod in Norway
  Aquaculture, 572, p. 1-7. Doi: 10.1016/j.aquaculture.2023.739520
  Show summary

  Capture-based aquaculture (CBA) is an important branch of the aquaculture industry that differs from closed cycle farming in that the stocking material consists of captured wild fish or other aquatic organisms. By skipping the difficult early production stages of fish farming, producers can test whether assumed market advantages such as high quality and consistent supply result in higher prices – and whether these are high enough to incentivize further development of CBA and eventually close the production cycle. CBA-initiatives can also be supported by different policy measures to stimulate the activity. Since these measures involve costs, it is important to know at what level and for how long these measures should be implemented to promote economically sustainable CBA activities. We study CBA of Atlantic cod (Gadus morhua) in Norway and find an average price premium of 26% compared to wild harvested cod, but with large interannual variation. However, declining quantities of cod from CBA following reductions in a quota bonus scheme to stimulate activity, indicates that the price premium is not sufficiently large to incentivize further development of the CBA branch of the Norwegian cod industry.

• Geys, Benny; Murdoch, Zuzana & Sørensen, Rune Jørgen (2023)
  Public Employees as Elected Politicians: Assessing the Substantive Effects of Passive Representation
  Journal of Politics.
• Schönhage, Nanna Lauritz; Bækgaard, Martin & Geys, Benny (2023)
  The politics of distributing blame and credit: Evidence from a survey experiment with Norwegian local politicians
  European Journal of Political Research. Doi: 10.1111/1475-6765.12610
• Carvalho, Bruno; Custódio, Claudia, Geys, Benny, Mendes, Diogo & Peralta, Susana (2023)
  Information, perceptions, and electoral behaviour of young voters: A randomised controlled experiment
  Electoral Studies: an international journal on voting and electoral systems and strategy, 84. Doi: 10.1016/j.electstud.2023.102625
• Harang, Fabian Andsem; Wang, Xiaohua & Tindel, Samy (2023)
  Volterra Equations Driven by Rough Signals 3: Probabilistic Construction of the Volterra Rough Path for Fractional Brownian Motions
  Journal of theoretical probability. Doi: 10.1007/s10959-023-01251-y
• Lambais, Guilherme & Sigstad, Henrik (2023)
  Judicial subversion: The effects of political power on court outcomes
  Journal of Public Economics, 217. Doi: 10.1016/j.jpubeco.2022.104788
• Aastveit, Knut Are; Albuquerque, Bruno & Anundsen, André Kallåk (2023)
  Changing Supply Elasticities and Regional Housing Booms
  Journal of Money, Credit and Banking. Doi: 10.1111/jmcb.13009
• Broer, Tobias; Harmenberg, Karl, Krusell, Per & Öberg, Erik (2023)
  Macroeconomic dynamics with rigid wage contracts
  American Economic Review: Insights (AER), 5(1), p. 55-72. Doi: 10.1257/aeri.20210672
• Golombek, Rolf; Greaker, Mads, Kverndokk, Snorre & Ma, Lin (2023)
  Policies to Promote Carbon Capture and Storage Technologies
  Environmental and Resource Economics, 85(1), p. 267-302. Doi: 10.1007/s10640-023-00767-5
• Harang, Fabian Andsem; Bechtold, Florian & Rana, Nimit (2023)
  Non-linear Young equations in the plane and pathwise regularization by noise for the stochastic wave equation
  Stochastics and Partial Differential Equations: Analysis and Computations. Doi: 10.1007/s40072-023-00295-9
• Sørensen, Rune Jørgen (2023)
  Educated politicians and government efficiency: Evidence from Norwegian local government
  Journal of Economic Behavior and Organization, 210, p. 163-179. Doi: 10.1016/j.jebo.2023.04.007
• Moen, Espen Rasmus; Garibaldi, Pietro & Pissarides, Christopher (2023)
  The SAM Approach to Epidemic Models
  Research in Labor Economics. Doi: 10.1108/S0147-912120230000050001
• Moss, Jonas & Grønneberg, Steffen (2023)
  Partial Identification of Latent Correlations with Ordinal Data
  Psychometrika, 88, p. 241-252. Doi: 10.1007/s11336-022-09898-y
• Geys, Benny; Lægreid, Per, Murdoch, Zuzana & Trondal, Jarle (2023)
  The impact of terrorism on civil servants: Longitudinal evidence from the July 22, 2011 attack in Norway
  Public Administration Review, p. 1-13. Doi: 10.1111/puar.13694
  Show summary

  Building on a growing literature assessing the societal impact of terrorism, this article analyzes whether and how a terror attack targeting public institutions affects civil servants in their day-to-day work. This is an important question to enhance our understanding of how terrorism can (or cannot) affect the operation of core government functions. Theoretically, the study contributes to a broader account of the political consequences of terrorism by combining insights from social identity and organization theory. Empirically, we exploit a two-wave survey fielded before and after the 2011 terror attack in Norway, which allows us to study the same civil servants (N = 186) before and after this event. While terrorists wish to disrupt public institutions, our findings indicate that a terror attack targeting core government institutions strengthens internal cohesion and increases attention to political signals in work tasks. We discuss implications of these effects for the functioning of democratic government.

• Geys, Benny & Sørensen, Rune Jørgen (2023)
  A Post-politics Earnings Penalty? Evidence from Politicians’ Life-time Income Trajectories (1970-2019)
  Kyklos (Basel).
  Show summary

  Politicians are commonly believed to gain financially from holding and/or having held office. We argue that there may often also be economic downsides to pursuing a political career, and investigate whether and when politicians can(not) capitalize on their political experience. We thereby study both entry into and exit from political office, and directly compare the returns to politics across government levels and types of politicians. Empirically, we build on detailed information from Norwegian administrative register data over the period 1970-2019 to study individual-level income developments before, during and after a political career at the national and local levels (covering nearly 22,000 individuals and 700,000 person-years). Using an event-study methodology, we show that politicians on average witness a significant income boost during their time in office. In sharp contrast, leaving political office is on average associated with a substantial drop in income, which generally outweighs the income gain from entry into office. These findings suggest that most politicians face a net present value loss from holding office.

• Oglend, Atle; Asche, Frank, Pincinato, Ruth Beatriz & Straume, Hans-Martin (2023)
  Price dispersion and the stability of trade^*
  The Scandinavian Journal of Economics, 125(3), p. 789-820. Doi: 10.1111/sjoe.12526
• Pandey, Rudresh; Asche, Frank, Misund, Bård, Nygård, Rune, Adewumi, Olugbenga Michael, Straume, Hans-Martin & Zhang, Dengjun (2023)
  Production growth, company size, and concentration: The case of salmon
  Aquaculture, 577. Doi: 10.1016/j.aquaculture.2023.739972
• Brekke, Kurt Richard; Dalen, Dag Morten & Straume, Odd Rune (2023)
  Competing with precision: incentives for developing predictive biomarker tests
  The Scandinavian Journal of Economics. Doi: 10.1111/sjoe.12543
• Kreiberg, David (2023)
  A confirmatory factor analysis approach for addressing the errors-in-variables problem with colored output noise
  Automatica, 156. Doi: 10.1016/j.automatica.2023.111187
• Geys, Benny; Connolly, Sara, Kassim, Hussein & Murdoch, Zuzana (2023)
  Staff reallocations and employee attitudes towards organizational aims: evidence using longitudinal data from the European Commission
  Public Management Review. Doi: 10.1080/14719037.2023.2222139
• Brekke, Kurt Richard; Dalen, Dag Morten & Straume, Odd Rune (2023)
  The price of cost-effectiveness thresholds under therapeutic competition in pharmaceutical markets
  Journal of Health Economics, 90. Doi: 10.1016/j.jhealeco.2023.102778
• Irarrazabal Flores, Alfonso; Ma, Lin & Parra-Alvarez, Juan Carlos (2023)
  Optimal asset allocation for commodity sovereign wealth funds
  Quantitative finance (Print), 23(3), p. 471-495. Doi: 10.1080/14697688.2022.2158918
• Agrell, Christian; Dahl, Kristina Rognlien & Hafver, Andreas (2023)
  Optimal sequential decision making with probabilistic digital twins
  SN Applied Sciences, 5(4). Doi: 10.1007/s42452-023-05316-9
• Parra-Alvarez, Juan Carlos; Ma, Lin & Irarrazabal Flores, Alfonso (2023)
  Optimal asset allocation for commodity sovereign wealth funds
  Quantitative finance (Print), 23(3), p. 471-495. Doi: 10.1080/14697688.2022.2158918
• Xiao, Jiaqi; Karavias, Yiannis, Juodis, Artūras, Sarafidis, Vasilis & Ditzen, Jan (2023)
  Improved tests for Granger noncausality in panel data
  The Stata Journal, 23(1), p. 230-242. Doi: 10.1177/1536867X231162034
  Show summary

  In this article, we introduce the xtgrangert command, which implements the panel Granger noncausality testing approach developed by Juodis, Karavias, and Sarafidis (2021, Empirical Economics 60: 93–112). This test offers superior size and power performance to existing tests, which stem from the use of a pooled estimator that has a faster NT−−−√ convergence rate. The test has several other useful properties: it can be used in multivariate systems; it has power against both homogeneous and heterogeneous alternatives; and it allows for cross-section dependence and cross-section heteroskedasticity.

• Reiter, Michael; Sveen, Tommy & Weinke, Lutz (2023)
  Idiosyncratic Shocks, Lumpy Investment and the Monetary Transmission Mechanism
  The B.E. Journal of Macroeconomics, 23(2), p. 1037-1055. Doi: 10.1515/bejm-2022-0129
• Andvig, Jens Christopher & Maurseth, Per Botolf (2023)
  Intellectual Property Rights and Global Distribution – TRIPS, Soccer and Pharmaceutical Industry
  Internasjonal Politikk, 81(3), p. 435-464. Doi: 10.23865/intpol.v81.5816
• Eggum, Terje & Røed Larsen, Erling (2023)
  Is the Housing Market an Inequality Generator?
  The Review of Income and Wealth. Doi: 10.1111/roiw.12658
• Isachsen, Arne Jon (2023)
  Perspectives on Norwegian Oil Policy. Future Oil Income Should Be Used to Finance Climate Measures in Countries That Cannot Meet Paris Agreement Terms on Their Own
  Internasjonal Politikk, 81(3), p. 492-499. Doi: 10.23865/intpol.v81.5819
• Geys, Benny & Sørensen, Rune Jørgen (2023)
  A post-politics earnings penalty? Evidence from politicians' lifetime income trajectories (1970–2019)
  Kyklos (Basel). Doi: 10.1111/kykl.12358
• Gaasland, Ivar (2023)
  A Journey from Classical to Modern Trade Theory
  Internasjonal Politikk, 81(3), p. 295-323. Doi: 10.23865/intpol.v81.5801
• Maurseth, Per Botolf & Medin, Hege (2023)
  Firms, International Trade and the Internet
  Internasjonal Politikk, 81(3), p. 356-378. Doi: 10.23865/intpol.v81.5461
• Geys, Benny (2023)
  Fancy Seeing You Here…Again: Uncovering Individual-Level Panel Data in Repeated Cross-Sectional Surveys
  Public Administration Review, p. 1-11. Doi: 10.1111/puar.13693
• Fiva, Jon H. & Nedregård, Oda (2023)
  How Does Party Discipline Affect Legislative Behavior? Evidence from Within-Term Variation in Lame-Duck Status.
  Quarterly Journal of Political Science.
• Canova, Fabio & Sæterhagen Paulsen, Kenneth (2023)
  Symbolic stationarization of dynamic equilibrium models
  Journal of Economic Dynamics and Control, 154. Doi: 10.1016/j.jedc.2023.104710
• Mork, Knut Anton; Harang, Fabian Andsem, Trønnes, Haakon Andreas & Bjerketvedt, Vegard Skonseng (2023)
  Dynamic spending and portfolio decisions with a soft social norm
  Journal of Economic Dynamics and Control, 151. Doi: 10.1016/j.jedc.2023.104667
• Bergholt, Drago; Røisland, Øistein, Sveen, Tommy & Torvik, Ragnar (2023)
  Monetary policy when export revenues drop
  Journal of International Money and Finance, 137. Doi: 10.1016/j.jimonfin.2023.102893
• Grønneberg, Steffen; Foldnes, Njål & Marcoulides, Katerina (2022)
  covsim: An R Package for Simulating Non-Normal Data for Structural Equation Models Using Copulas
  Journal of Statistical Software, 102(3), p. 1-45. Doi: 10.18637/jss.v102.i03
  Show summary

  In factor analysis and structural equation modeling non-normal data simulation is traditionally performed by specifying univariate skewness and kurtosis together with the target covariance matrix. However, this leaves little control over the univariate distributions and the multivariate copula of the simulated vector. In this paper we explain how a more flexible simulation method called vine-to-anything (VITA) may be obtained from copula-based techniques, as implemented in a new R package, covsim. VITA is based on the concept of a regular vine, where bivariate copulas are coupled together into a full multivariate copula. We illustrate how to simulate continuous and ordinal data for covariance modeling, and how to use the new package discnorm to test for underlying normality in ordinal data. An introduction to copula and vine simulation is provided in the appendix.

• Juodis, Artūras & Sarafidis, Vasilis (2022)
  A Linear Estimator for Factor-Augmented Fixed-T Panels With Endogenous Regressors
  Journal of business & economic statistics, 40(1), p. 1-15. Doi: 10.1080/07350015.2020.1766469
• Geys, Benny; Heggedal, Tom-Reiel & Sørensen, Rune Jørgen (2022)
  Age and vote choice: Is there a conservative shift among older voters?
  Electoral Studies: an international journal on voting and electoral systems and strategy, 78. Doi: 10.1016/j.electstud.2022.102485
• Heggedal, Tom-Reiel; Helland, Leif & Morton, Rebecca (2022)
  Can Paying Politicians Well Reduce Corruption? The Effects of Wages and Uncertainty on Electoral Competition
  Games and Economic Behavior, 135, p. 60-73. Doi: 10.1016/j.geb.2022.05.008
• Galle, Simon; Rodriguez-Clare, Andres & Yi, Moises (2022)
  Slicing the Pie: Quantifying the Aggregate and Distributional Effects of Trade
  Review of Economic Studies, 90(1), p. 331-375. Doi: 10.1093/restud/rdac020
  Show summary

  We develop a multi-sector gravity model with heterogeneous workers to quantify the aggregate and group-level welfare effects of trade. The model generalizes the specific-factors intuition to a setting with labor reallocation, leads to a parsimonious formula for the group-level welfare effects from trade, and nests the aggregate results in Arkolakis et al. (2012). We estimate the model using the structural relationship between China-shock driven changes in manufacturing employment and average earnings across US groups defined as commuting zones. We find that the China shock increases average welfare but some groups experience losses as high as four times the average gain. However, adjusting for plausible measures of inequality aversion barely affects the welfare gains. We also develop and estimate an extension of the model that endogenizes labor force participation and unemployment, finding similar welfare effects from the China shock.

• Andersen, Jørgen Juel & Sørensen, Rune Jørgen (2022)
  The zero-rent society: Evidence from hydropower and petroleum windfalls in Norwegian local governments
  Journal of Public Economics, 209. Doi: 10.1016/j.jpubeco.2022.104650
• Cui, Guowei; Norkutė, Milda, Sarafidis, Vasilis & Yamagata, Takashi (2022)
  Two-stage instrumental variable estimation of linear panel data models with interactive effects
  Econometrics Journal, 25(2), p. 340-361. Doi: 10.1093/ectj/utab029
  Show summary

  This paper analyses the instrumental variables (IV) approach put forward by Norkute et al. (2021), in the context of static linear panel data models with interactive effects present in the error term and the regressors. Instruments are obtained from transformed regressors, thereby it is not necessary to search for external instruments. We consider a two-stage IV (2SIV) and a mean-group IV (MGIV) estimator for homogeneous and heterogeneous slope models, respectively. The asymptotic analysis reveals that: (i) the NT−−−√-consistent 2SIV estimator is free from asymptotic bias that may arise due to the estimation error of the interactive effects, while (ii) existing estimators can suffer from asymptotic bias; (iii) the proposed 2SIV estimator is asymptotically as efficient as existing estimators that eliminate interactive effects jointly in the regressors and the error, while (iv) the relative efficiency of the estimators that eliminate interactive effects only in the error term is indeterminate. A Monte Carlo study confirms good approximation quality of our asymptotic results.

• Straume, Hans-Martin & Sudhakaran, Pratheesh O. (2022)
  Seafood markets in transition
  Aquaculture Economics & Management, 26(3), p. 253-258. Doi: 10.1080/13657305.2022.2102091
• Cross, Jamie; Nguyen, Bao H. & Tran, Trung Duc (2022)
  The role of precautionary and speculative demand in the global market for crude oil
  Journal of applied econometrics, 37(5), p. 882-895. Doi: 10.1002/jae.2905
• Stauskas, Ovidijus (2022)
  Complete Theory for CCE Under Heterogeneous Slopes and General Unknown Factors
  Oxford Bulletin of Economics and Statistics. Doi: 10.1111/obes.12523
• Furlanetto, Francesco; Hagelund, Kåre, Hansen, Frank & Robstad, Ørjan (2022)
  Norges Bank Output Gap Estimates: Forecasting Properties, Reliability, Cyclical Sensitivity and Hysteresis
  Oxford Bulletin of Economics and Statistics. Doi: 10.1111/obes.12524
  Show summary

  This paper documents the suite of models (SoMs) used by Norges Bank to estimate theoutput gap. The models are estimated using data on GDP, unemployment, inflation, wages,investment, house prices and credit. We evaluate the estimated output gap series in termsof its forecasting properties, its reliability and its cyclical sensitivity to various measuresof demand and supply shocks. A simple equally weighted average of estimates fromdifferent models features a better forecasting performance than each individual model. Inaddition, it helps predicting inflation in pseudo real time and exhibits limited variationswhen new data become available. The summary measure of potential output respondsstrongly and rapidly to permanent shocks and to narrative measures of technology shocksbut, although to a more limited extent, also to demand shocks, thus partly capturinghysteresis effects.

• Geys, Benny & Mause, Karsten (2022)
  Politiker-Nebentätigkeiten als Einflusskanal für Lobbying
  Doi: 10.1007/978-3-658-32324-0_11-1
• Rebnor, Robert; Straume, Hans-Martin & Vårdal, Erling (2022)
  Valutabruk i norsk utenrikshandel
  Samfunnsøkonomen, p. 54-65.
• Harang, Fabian Andsem; Tindel, Samy & Wang, Xiaohua (2022)
  Volterra equations driven by rough signals 2: higher order expansions
  Stochastics and Dynamics. Doi: 10.1142/S0219493723500028
• Galeati, Lucio; Harang, Fabian Andsem & Mayorcas, Avi (2022)
  Distribution dependent SDEs driven by additive fractional Brownian motion
  Probability theory and related fields, p. 1-59. Doi: 10.1007/s00440-022-01145-w
• Anundsen, André Kallåk; Kivedal, Bjørnar Karlsen, Røed Larsen, Erling & Thorsrud, Leif Anders (2022)
  Behavioral changes in the housing market before and after the Covid-19 lockdown
  Journal of Housing Economics, 59. Doi: 10.1016/j.jhe.2022.101907
• Straume, Hans-Martin; Asche, Frank, Oglend, Atle, Abrahamsen, Eirik Bjorheim, Birkenbach, Anna M., Langguth, Johannes, Lanquepin, Guillaume & Roll, Kristin Helen (2022)
  Impacts of Covid-19 on Norwegian salmon exports: A firm-level analysis
  Aquaculture, 561. Doi: 10.1016/j.aquaculture.2022.738678
• Asche, Frank; Straume, Hans-Martin, Garlock, Taryn M., Johansen, Ulf, Kvamsdal, Sturla Furunes, Nygård, Rune, Pincinato, Ruth Beatriz & Tveterås, Ragnar (2022)
  Challenges and opportunities: Impacts of COVID-19 on Norwegian seafood exports
  Aquatic Living Resources, 35(15), p. 1-11. Doi: 10.1051/alr/2022017
• Anderson, James L.; Asche, Frank, Garlock, Taryn, Hegde, Shraddha, Ropicki, Andrew & Straume, Hans-Martin (2022)
  Impacts of COVID-19 on U.S. Seafood Availability
  Journal of Agricultural & Food Industrial Organization. Doi: 10.1515/jafio-2022-0017
• Sørensen, Rune Jørgen; Iversen, Jon Marius Vaag, From, Johan & Bonesrønning, Hans (2022)
  Parenting styles and school performance: evidence from second-generation immigrants in Norway
  Scandinavian Journal of Educational Research. Doi: 10.1080/00313831.2022.2127882
• Oglend, Atle; Asche, Frank & Straume, Hans-Martin (2022)
  Estimating Pricing Rigidities in Bilateral Transactions Markets
  American Journal of Agricultural Economics, 104(1), p. 209-227. Doi: 10.1111/ajae.12230
• Stauskas, Ovidijus & Westerlund, Joakim (2022)
  Tests of Equal Forecasting Accuracy for Nested Models with Estimated CCE Factors
  Journal of business & economic statistics, 40(4), p. 1745-1758.
• Stauskas, Ovidijus; Westerlund, Joakim & Norkute, Milda (2022)
  The factor analytical approach in trending near unit root panels
  Journal of Time Series Analysis, 43(3), p. 501-508.
• Capeleti, Paulo; Garcia, Marcio & Sanches, Fabio Miessi (2022)
  Countercyclical Credit Policies and Banking Concentration: Evidence from Brazil
  Journal of Banking & Finance, 143. Doi: 10.1016/j.jbankfin.2022.106589
• Korotov, Sergey; Lund, Lars Fredrik Kirkebø & Vatne, Jon Eivind (2022)
  Tight bounds for the dihedral angle sums of a pyramid
  Applications of Mathematics. Doi: 10.21136/AM.2022.0010-22
• Iversen, Nina; Hem, Leif Egil & Olsson, Ulf H. (2022)
  Willingness to buy US products in three Southeast European countries: The effects of cognitive, affective and conative components of country-of-origin image
  JEEMS. Journal of East European Management Studies, 27(3), p. 487-518. Doi: 10.5771/0949-6181-2022-3-487