Almost half of mortgage lending to homeowners in Denmark consists of 30-year fixed-rate loans. The loans are callable, so homeowners can redeem their loan and take out a new one if, for example, they want to refinance at a lower rate if interest rates fall. We calculate a financial incentive for...

Foreign tariffs on Danish exports have fallen by more than half over the past three decades, yet substantial differences remain across products. Drawing on historical product-level tariff data, foreign trade statistics, and firm-level accounts, our analysis shows that exports of Danish goods...

An important monetary transmission channel works through the impact of interest rate changes on non-financial firms' investment decisions. Higher monetary policy rates affect firms' investment decisions by raising the costs of external financing and lowering aggregate demand for goods and...

We use the Disaggregated Economic Accounts (DEA) model, developed by Andersen et al. (2023), to study the consequences of an increase in Danish pharmaceuticals exports. The model predicts that consumption and output increase following an increase in pharmaceutical export, but that the increase...

I present empirical results on the contribution of three key drivers of inflation in Denmark: an inflation trend anchored by inflation expectations; the Danish business cycle; and an energy price cycle. All three drivers contribute significantly to the development of inflation and explain most of...

Over the past 30 years, Denmark has had a savings surplus in the sense that gross savings have exceeded gross investments. This is equivalent to a current account surplus, and it has been particularly evident since the global financial crisis in 2008. The savings surplus has to a large extent...