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Bayesian Nonparametric Inference in Bank Business Models with Transient and Persistent Cost Inefficiency
(CAMP Working Paper Series;03/2025, Working paper, 2025-03)This paper introduces a novel econometric framework for identifying and modeling bank business models (BBMs), which dynamically evolve in response to changing financial and economic conditions. Building on the stochastic ... -
Agreed and Disagreed Uncertainty
(CAMP Working Paper Series;02/2025, Working paper, 2025-02)We formalize two novel concepts of uncertainty in a model of imperfect and dispersed information: agreed and disagreed uncertainty. We show that consumer disagreement significantly shapes the effect of uncertainty on ... -
Earnings dynamics and top-earnings inequality
(HOFIMAR Working Paper Series;01/2025, Working paper, 2025-02)We introduce a simple generalization of the canonical permanent-transitory earnings process, a square-root process. The square-root process generates a Pareto tail in earnings and is able to match the dynamics of top-earnings ... -
The Causal Effect of Affluence on Voter Turnout: New Evidence from Lottery Winnings
(Journal article; Peer reviewed, 2025)Affluent citizens commonly record higher election turnout than less affluent citizens. Yet, the causal effect of affluence on voter turnout remains poorly understood. In this article, we rely on Norwegian administrative ... -
How Do Macroaggregates and Income Distribution Interact Dynamically? A Novel Structural Mixed Autoregression with Aggregate and Functional Variables
(CAMP Working Paper Series;01/2025, Working paper, 2025-01-29)This paper investigates the interactions between macroeconomic aggregates and income distribution by developing a structural VAR model with functional variables. With this novel empirical approach, we are able to identify ...
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