We estimate demand, supply, monetary, investment and financial shocks in a VAR identified with a minimum set of sign restrictions on US data. We find that financial shocks are major drivers of fluctuations in output, stock prices and investment but have a limited effect on inflation. In a second...

This paper investigates the responses of house prices and household credit to monetary policy shocks in Norway, using Bayesian structural VAR models. I find that the effect of a monetary policy shock on house prices is large, while the effect on household credit is muted. This is consistent with...

The operator convex functions of several variables are characterized in terms of a non-commutative generalization of Jensen's inequality, extending previous results of F. Hansen and G.K. Pedersen for functions of one variable and of F. Hansen for functions of two variables.

This paper exploits a quarterly panel data set for 16 OECD countries over the period 1975q1–2013q2 to explore the importance of house prices and credit in affecting the likelihood of a financial crisis. Estimating a set of multivariate logit models, we find that booms in credit to both...

This paper investigates dynamic peer effects in a sales company where workers operate in teams and receive a bonus that depends on both individual worker and team sales. We examine how the past productivity of co-workers affects the current individual performance of team members. To address this...

Welfare States in the European Union have many different characteristics, including the role assigned to local government. In order to explain these institutional differences the authors discuss the concept of a welfare state regime (WSR), and suggest a taxonomy of four types of WSR. They also...

We consider the risk premium demanded by a decision maker in order to be indifferent between obtaining a new level of wealth with certainty, or to participate in a lottery which either results in unchanged wealth or an even higher level than what can be obtained with certainty. We study...

HANSEN F. and JENSEN-BUTLER C. (1996) Economic crisis and the regional and local economic effects of the welfare state: the case of Denmark, Reg. Studies 30, 167-187. The paper presents an analysis of the regional and local economic role of the Danish welfare state during a prolonged period of...

Functions mapping the set of symmetric matrices with non-negative entries into itself are monotonous with respect to the associated order structure. Such functions are analytic and the derivatives in zero of arbitrary order are non-negative.

We formulate a general theory of decision making based on a lattice of observable events, and we exhibit a large class of representations called the general model. Some of the representations are equivalent to the so called standard model in which observable events are modelled by an algebra of...