This paper considers the relationship of the Nordic business cycle to the world business cycle using annual output data spanning 1870–1988. The paper studies the Nordic and a set of non-Nordic countries separately and finds evidence for both a Nordic and a world business cycle. Output...

The principal-agent framework is a rapidly developing approach to the analysis of contractual relationships within the private sector. We argue that it should be a promising approach to the analysis of public policy commitments as well. As a matter of fact, it allows the statement of a number of...