Existing DSGE models are not able to reproduce the observed influence of international business cycles on small open economies. We construct a two-sector New Keynesian model to address this puzzle. The set-up takes into ...

Many natural-resource-abundant countries have established petroleum funds as part of their strategy to manage their resource wealth. This paper examines reasons that such funds may be established, discusses how these funds ...

We show that social capital improves the viability of stakeholder-oriented firms operating in competitive markets. Studying exits from the population of Norwegian savings banks after deregulations, we find that banks located ...

Dette arbeidsnotatet består av Månedsbrevet fra årets seks første måneder og Vinterbrevet. (Med Ivar Strompdal som medforfatter): Stabilt eller robust? Elementært, min kjære Watson København i januar Noe må ...

We analyse if output exibility in oil production depends on the extraction technology. In particular, we ask to what extent shale oil producers respond to price incentives by changing completion of new wells as well as oil ...

Higher dividends may create value by reducing agency costs, but may also destroy value by increasing tax payments. This paper shows empirically how stockholders use holding companies to establish indirect ownership through ...

With its scarce budgetary resources and institutional logics favouring market-based problemsolving, the European Union (EU) has been considered a prime example of the regulatory state. When and how can we expect the ...

Drawing on various theoretical streams, including organizational deviance, we propose that a franchisor cannot assess and control opportunism without comparative information from plural form contractual arrangements provided ...