A static bioeconomic model of a marine reserve allowing asymmetric density dependent migration between the reserve and the fishable area is introduced. This opens for habitat or ecosystem differences allowing different fish densities within and outside a reserve, not described in earlier...

This paper analyzes the effects of fiscal policy in an open economy. We extend the savers-spenders theory of Mankiw (2000) to a small open economy with endogenous labor supply. We first show how the Dornbusch (1983) consumption-based real interest rate for open economies is modified when labor...

Public social security systems may provide diversification of risks to individuals’ life-time income. Capturing that a pay-as-you-go program (paygo) may be considered as a “quasiasset”, we study the optimal size of the social security program as well as the optimal split between a funded...

Using panel data for Norwegian schools, we establish a two-equation supply and demand model for teachers with approved education. Taking into account nationally determined teacher pay and a strict teacher appointment rule, the data enable us to separately estimate supply and demand functions for...

This paper presents both theoretical and empirical analyses of the relationship between overtime work and absence. Demand for absence is analysed under the assumption that workers in a given firm can be represented by one of two types of workers, denoted overemployed and underemployed. Increased...

Compared with most countries the Norwegian system of financing local governments is highly centralized. Grants make up a substantial part of revenues and local taxes are highly regulated by the center. The development of the system was motivated by a desire to equalize service provision...

The objective of this paper is to ease the planning of new toll projects by providing estimates of operating costs, and to help us make better informed decisions about the design of the toll collection system. To do so we use panel data for Norwegian toll companies to estimate average cost...

Three classes of inflation models are discussed: Standard Phillips curves, New Keynesian Phillips curves and Incomplete Competition models. Their relative merits in explaining and forecasting inflation are investigated theoretically and empirically. We establish that Standard Phillips-curve...

Empirical models of Australian wages and prices are either single equation, equilibrium correction models or structural VAR models. Both theory and empirical evidence from other countries, however, suggests that wages and prices are jointly determined. Consequently, this paper estimates a...

We investigate whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy, modeling the interdependence of the real economy, credit and three classes of assets prices: housing prices, equity prices and the nominal exchange rate. We...