“Macro Policies in Turbulent Times” – #KKG107 takes a closer look at key issues in monetary and fiscal affairs. Macroeconomically, the recent years have been turbulent times indeed. Both the pandemic as well as the energy crisis brought about new challenges for monetary and fiscal...

Economists typically make simplifying assumptions to make the solution and estimation of their highly complex models feasible. These simplifications include approximating the true nonlinear dynamics of the model, disregarding aggregate uncertainty or assuming that all agents are identical. While...

We evaluate the impact of loan-to-value restrictions on household financial vulnerability. Using Norwegian tax data, we first document a beneficial leverage effect, in which households respond to the regulation by reducing house purchase probabilities, debt and interest expenses. Second, we...

We introduce shocks to the availability of US dollar funding for non-US financial intermediaries in a two-country New Keynesian model with financial frictions. Such dollar shortages lead to uncovered interest rate parity deviations and have a significant negative effects on the macroeconomy....

This paper investigates how monetary expansion affects household consumption and savings through household debts. Using monetary policy cuts in China in the end of 2008 as an experiment, we find that the resulted increase in indebted households’ disposable income leads to increasing...

This paper develops a new class of poverty and inequality measures we call common prosperity. This measure complements existing classes of measures and allows decomposition across income sources or components of consumption expenditure. This framework enables us to study the trade-off between...

Le panel présentera une discussion sur l’économie et l’éthique de la distribution des vaccins.

China has established its role as a major world lender, and policy changes affecting its external position would therefore have pronounced effects over a range of countries and on the global financial landscape in general. In this paper, I characterize China’s external asset holdings and macro...

The aim of the course is to give an in-depth overview of the current state and contribution of Responsible Organising research on the key inequality challenges that faces humankind. Responsible Organising (RO) is one of Hanken's four Areas of Strength, which has been evaluated as reaching...

Having barely recovered from the successive waves of the Covid-19 pandemic, European economies are now facing another serious shock. The Russian invasion of Ukraine and the sanctions that have followed have given rise to inflation rates unseen for several decades, driven primarily by higher...