Penninginflation är principiellt oriktig och kan liknas vid forna tiders myntförsämring. Den förvränger alltid marknadsdata - Inte bara relativpriser, men även kassaflöden – vilket försämrar resursallokeringen. ”Deflation” i betydelsen prissänkningar är av ondo enbart om den...

In the classical monetary debates, the Banking School held that notes would be equally demand-elastic whether supplied by many or a single issuer. The Free Banking School held that notes would be less demand-elastic if supplied by a single issuer. These assertions have rarely, if ever, been...

The effects of note monopolisation on the amplitude of money and credit cycles are studied. Note monopolisation trades clearing for leakage. If the central bank's reserve ratio is larger than that of the commercial banks, and if the currency-deposit ratio is sufficiently large, the leakage...

Does the combination of inflation and high corporate taxes explain the increase in bank leverage in the 20th century? Inflation automatically increases bank debt, while high corporate taxes hinder capital accumulation. Capital ratios therefore drop, until leverage-induced returns are sufficient...

Contrary to received wisdom, two recent studies report a negative relation-ship between leverage and profitability in banking in the 1980s and early 1990s. This study presents new data on the leverage and profitability of Swedish commercial banks in 1870–2001, and explore the sign of the...

Using data from the World Value Survey we examine first and second generation immigrants’ attitudes towards income inequality and redistribution. We find that first generation immigrants are on average less favorable to redistribution compared to non-immigrants. This effect is particularly...

In this paper we analyze whether a firm’s return to its R&D stock is affected by seller-buyer interactions. We suggest that firms that are in close contact with their customers will be relatively more sensitive to their customers’ needs, and therefore adjust their R&D activities accordingly....

In the paper we look at the bank lending routines of Swedish banks and their consequences for <p> external financing of start-ups. Results from a questionnaire sent out to start-ups listed in the files of the Swedish interest organization “NyföretagarCentrum” were used. We looked at firms...</p>

Every year there is a substantial turbulence in an economy with respect to new firm formation and business closures. Each year, according to Tillväxtanalys (2009), about 100 000 Swedish employees lose their job due to a business closure. However, the share of firm closures vary substantially...

While the brave new world of digital technology is delivering intensive growth to some companies and individuals, the question remains whether that growth ‘trickles down’ or ‘spills over’ to other sectors of the economy rapidly enough to avoid the massive social disruptions seen in...