Department of Economics

Publications

• Moss, Jonas & Grønneberg, Steffen (2023)
  Partial Identification of Latent Correlations with Ordinal Data
  Psychometrika. Doi: 10.1007/s11336-022-09898-y
• Moen, Espen Rasmus; Garibaldi, Pietro & Pissarides, Christopher (2023)
  The SAM Approach to Epidemic Models
  Research in Labor Economics. Doi: 10.1108/S0147-912120230000050001
• Sigstad, Henrik & Lambais, Guilherme (2023)
  Judicial subversion: The effects of political power on court outcomes
  Journal of Public Economics, 217. Doi: 10.1016/j.jpubeco.2022.104788
• 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
• 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.

• 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
• 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. Doi: 10.1111/joop.12426
• Harang, Fabian Andsem & Mayorcas, Avi (2023)
  Pathwise regularisation of singular interacting particle systems and their mean field limits
  Stochastic Processes and their Applications, 159, p. 499-540. Doi: 10.1016/j.spa.2023.02.005
• 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
• Dahl, Kristina Rognlien; Agrell, Christian & Hafver, Andreas (2023)
  Optimal sequential decision making with probabilistic digital twins
  SN Applied Sciences, 5(4). Doi: 10.1007/s42452-023-05316-9
• 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.
• Geys, Benny; Murdoch, Zuzana & Sørensen, Rune Jørgen (2023)
  Public Employees as Elected Politicians: Assessing the Substantive Effects of Passive Representation
  Journal of Politics.
• 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
• 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
• 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
• 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
• 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. Doi: 10.1016/j.jhealeco.2023.102778
• Broer, Tobias; Harmenberg, Karl, Krusell, Per & Öberg, Erik (2023)
  Macroeconomic dynamics with rigid wage contracts
  American Economic Review: Insights (AER). Doi: 10.1257/aeri.20210672
• 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
• Costa, Francisco; Nunes, Leticia & Sanches, Fabio Miessi (2022)
  How to Attract Physicians to Underserved Areas? Policy Recommendations from a Structural Model
  Review of Economics and Statistics. Doi: 10.1162/rest_a_01155
• 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.

• Boppart, Timo; Harmenberg, Karl, Krusell, Per & Olsson, Jonna (2022)
  Integrated epi-econ assessment of vaccination
  Journal of Economic Dynamics and Control, 140. Doi: 10.1016/j.jedc.2022.104308
• 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
• Byrne, David P.; Imai, Susumu, Jain, Neelam & Sarafidis, Vasilis (2022)
  Instrument-free identification and estimation of differentiated products models using cost data
  Journal of Econometrics, 228(2), p. 278-301. Doi: 10.1016/j.jeconom.2021.12.006
• 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.

• Canova, Fabio & Ferroni, Filippo (2022)
  Mind the gap: Stylized dynamic facts and structural models
  American Economic Journal: Macroeconomics, 14(4), p. 104-135. Doi: 10.1257/mac.20200054
  Show summary

  We study what happens to identified shocks and to dynamic responses when the data generating process features q disturbances but q 1 < q variables are used in an empirical model. Identified shocks are linear combinations of current and past values of all structural disturbances and do not necessarily combine disturbances of the same type. Theory- based restrictions may be insufficient to obtain structural dynamics. We revisit the evidence regarding the transmission of house price and of uncertainty shocks. We provide suggestions on how to compare the dynamics of larger scale DSGEs models with smaller scale VARs. (JEL E12, E13, E23, E31, E43, R31)

• 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.

• Bergholt, Drago; Furlanetto, Francesco & Maffei-Faccioli, Nicolo (2022)
  The decline of the labor share: new empirical evidence
  American Economic Journal: Macroeconomics, 14(3), p. 163-198. Doi: 10.1257/mac.20190365
• Aastveit, Knut Are & Anundsen, André Kallåk (2022)
  Asymmetric effects of monetary policy in regional housing markets
  American Economic Journal: Macroeconomics, 14(4), p. 499-529. Doi: 10.1257/mac.20190011
  Show summary

  The responsiveness of house prices to monetary policy shocks depends on the nature of the shock—expansionary versus contractionary—and on local housing supply elasticities. These findings are established using a panel of 263 US metropolitan areas. Expansionary monetary policy shocks have a larger impact on house prices in supply inelastic areas. Contractionary shocks are orthogonal to housing supply elasticities. In supply elastic areas, contractionary shocks have a greater impact on house prices than expansionary shocks. The opposite holds true in supply inelastic areas. We attribute this to asymmetric housing supply adjustments.

• Brekke, Kurt Richard; Dalen, Dag Morten & Straume, Odd Rune (2022)
  Paying for pharmaceuticals: uniform pricing versus two-part tariffs
  Journal of Health Economics, 83. Doi: 10.1016/j.jhealeco.2022.102613
• 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
• Grønneberg, Steffen & Foldnes, Njål (2022)
  Factor analyzing ordinal items requires substantive knowledge of response marginals
  Psychological methods. Doi: 10.1037/met0000495
• Asche, Frank; Straume, Hans-Martin, Yang, Bixuan, Gephart, Jessica A., Smith, Martin D., Anderson, James L., Camp, Edward V., Garlock, Taryn M., Love, David C. & Oglend, Atle (2022)
  China’s seafood imports – not for domestic consumption? : an estimated 74.9% of China's seafood imports are reexported
  Science, 375(6579), p. 386-388. Doi: 10.1126/science.abl4756
• 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
• Schönhage, Nanna Lauritz & Geys, Benny (2022)
  Politicians and Scandals that Damage the Party Brand
  Legislative Studies Quarterly. Doi: 10.1111/lsq.12377
• Eraslan, Sercan & Schröder, Maximilian (2022)
  Nowcasting GDP with a pool of factor models and a fast estimation algorithm
  International Journal of Forecasting. Doi: 10.1016/j.ijforecast.2022.07.009
• Andersen, Jørgen Juel; Johannesen, Niels & Rijkers, Bob (2022)
  Elite Capture of Foreign Aid: Evidence from Offshore Bank Accounts
  Journal of Political Economy, 130(2), p. 388-425. Doi: 10.1086/717455
• 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
• Bruno, Lars Christian; Eloranta, Jari, Ojala, Jari & Pehkonen, Jaakko (2022)
  Road to unity? Nordic economic convergence in the long run
  Scandinavian Economic History Review. Doi: 10.1080/03585522.2022.2032318
• Aastveit, Knut Are; Cross, Jamie & van Dijk, Herman K. (2022)
  Quantifying Time-Varying Forecast Uncertainty and Risk for the Real Price of Oil
  Journal of business & economic statistics. Doi: 10.1080/07350015.2022.2039159
• Kreiberg, David & Zhou, Xingwu (2022)
  A Faster Procedure for Estimating SEMs Applying Minimum Distance Estimators With a Fixed Weight Matrix
  Structural Equation Modeling. Doi: 10.1080/10705511.2022.2076093
• Heggedal, Tom-Reiel; Helland, Leif & Knutsen, Magnus Våge (2022)
  The power of outside options in the presence of obstinate types
  Games and Economic Behavior, 136, p. 454-468. Doi: 10.1016/j.geb.2022.10.011
• Isachsen, Arne Jon & Gylfason, Thorvaldur (2022)
  Awakening from the Chinese Dream
  Challenge magazine. Doi: 10.1080/05775132.2022.2046881