We study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference-in-differences methodology, we shows that banks with higher share of short-term liabilities to total liabilities, which were thus more exposed to the rollover crisis that took place in 2008,...

This paper provides descriptive evidence for a housing Phillips curve in Norway, suggesting a negative relationship between the ratio of inventory-to-sales and subsequent house price growth in the market for existing homes. We show that the negative relationship between inventory-to-sales and...

We use data on stock portfolios of Norwegian households to show that stock market wealth increases entrepreneurship by relaxing financial constraints. Our research design isolates idiosyncratic variation in household-level stock market returns. An increase in stock market wealth increases the...

In many regulated industries labour uions are strong and there is clear empirical evidence of labour rent-sharing. We study optimal regulation in a model in which wages are determined endogenously by wage bargaining at the firm level. Compared to the case in which wages do not depend on the...

We examine the origins and outcome of entrepreneurship on the basis of exceptionallycomprehensive Norwegian matched worker-firm-owner data. In contrast to most existingstudies, our notion of entrepreneurship not only comprises self-employment, but alsoemployment in partly self-owned limited...