We investigate the information content of aggregate stock market liquidity and askwhether it may be a useful realtime indicator, both for nancial stress, and real economicactivity in Norway. We describe the development in a set of liquidity proxies at the OsloStock Exchange (OSE) for the period...

The Surveys of Consumers has been conducted by the Survey Research Center at the University of Michigan since 1946. Each month, 500 individuals are randomly selected from the contiguous United States (48 states plus the District of Columbia) to participate in the Surveys of Consumers. The...

When students themselves enjoy large degrees of freedom in determining the duration oftheir studies, it results in a fairly large degree of interindividual variance in terms of time-todegree.This paper investigates individual time-to-degree in a model where studentsdetermine the optimum...

This paper establishes the cyclical properties of a novel measure of worker reallocation: longdistancemigration rates within the US. This internal migration offers a bird’s eye view ofworker reallocation in the economy as long-distance migrants often change jobs oremployment status, altering...

This paper investigates some common determinants of default probability changes ofindividual firms using Standard & Poor's ratings database. We analyze and quantify the re-sponses of hazard rates to changes in various economic variables, namely financial markets,business cycle and credit...

We reexamine the issue of executive compensation within a gen-eral equilibrium production context. Intertemporal optimality placesstrong restrictions on the form of a representative manager's compen-sation contract, restrictions that appear to be incompatible with thefact that the bulk of many...

This paper analyzes how agency problems in nancial contracting determine risk-taking andinvestment. In perfect capital markets a risk-neutral rm would invest until the expectedmarginal return equals the interest rate. However, as rms with little net-worth face agencycost in nancial contracting...

In monetary economics it is argued that due to agency cost in financial contracting a reduction of a firm's net worth will transmit into a decline of investment. This paper shows that the microeconomic foundation of this 'balance-sheet-channel' is dubious. Contrary to a common claim agency...

This paper investigates whether the inherent non-stationarity of macroeconomic time series is entirely due to a random walk or also to non-linear components. Applying the numerical tools of the analysis of dynamical systems to long time series for the US, we reject the hypothesis that these...