This paper gives a brief description and studies the salient features of a core macro-econometric model that allows for self-reinforcing co-movements between credit, asset prices and real economic activity, often denominated a financial accelerator in the literature. In contrast to the economic...

Electricity markets have typically been regulated all over the world. In Europe, UK and Norway have begun to deregulate their electricity markets. Several more countries will probably join them in the near future, for example Finland, Sweden and Spain. The objectives are twofold: to increase...

This paper presents a method for aggregation across markets in a Non-Walrasian model, focusing mainly on labor markets. The method utilizes a probabilistic approach based on aggregating across virtual price functions instead of demand functions or budget shares as is normally done. By assuming...

The welfare effects of introducing taxes on emissions of carbon dioxide is analysed within an empirical general equilibrium model of the Norwegian economy. A CO2 tax regime where we aim at stabilising the CO2 emissions at the 1990 emission level in 2020 is compared to a reference scenario...

Norway has abundant gas resources in the North Sea. The Norwegian gas production accounts for 2 percent of the world production and 17 percent of the European gas production. Despite huge gas production and resources, gas is not used for electricity generation in Norway. Excess capacity, cheap...