The article analyses the Swedish banking crisis in the early 1990s. Newly deregulated credit markets after 1985 stimulated a competitive process between financial institutions where expansion was given priority. Combined with an expansive macro policy, this contributed to an asset price boom....

This paper introduces a coherent framework for analyzing the role of discount window aspects of monetary policy. It deals explicitly with discount window regimes used by European central banks. In many European countries, commercial banks have virtually limited access to borrowed reserves. The...

This paper studies banking and financial innovations in a stochasti c general equilibrium model, assuming the existence of two distinct types of goods: cash goods, which can only be purchased by cash, and check goods, which can also be purchased by checks drawn against interest-bearing bank...

The aim of the paper is to assess empirically the importance of different types of shocks in explaining the Swedish current account. We do this by first estimating an unrestricted vector autoregression system in these four variables: the real wage, the terms of trade, government consumption, and...

Housing markets typically exhibit a strong positive correlation between the rate of price increase and the number of houses sold. We document this correlation on high-quality Dutch data for the period 1985-2007, and estimate a VEC-model that allows us to study the mechanism giving rise to the...

The paper describes the Swedish wage distribution and how it correlates with worker mobility and plant-specific factors. It is well known that wage inequality has increased in Sweden since the mid-1980s. However, little evidence has so far been available as to whether this development reflects...