This paper demonstrates how time consistency of the Ramsey policy–the optimal fiscal and monetary... more This paper demonstrates how time consistency of the Ramsey policy–the optimal fiscal and monetary policy under commitment–can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with
While there is ample evidence of a society-wide cooperation norm, it is not as clear who upholds ... more While there is ample evidence of a society-wide cooperation norm, it is not as clear who upholds this norm. In the present paper, we investigate whether there are gender differences with respect to norm enforcement. We let 1403 subjects play games of punishment and reward, ...
This volume is a true heartbreaker in the sense that it deals with a subject - debt management po... more This volume is a true heartbreaker in the sense that it deals with a subject - debt management policy (DMP) - which was central to someone brought up in the late 1960s and early 1970s on Tobin and his "General Equilibrium Approach to Monetary Policy". Much of this line of ...
ABSTRACT We analyze the consequences for sickness absence of a selective softening of job securit... more ABSTRACT We analyze the consequences for sickness absence of a selective softening of job security legislation for small firms in Sweden in 2001. According to our differences-in-difference estimates, aggregate absence in these firms fell by 0.2-0.3 days per year. This aggregate net figure hides important effects on different groups of employees. Workers remaining in the reform firms after the reform reduced their absence by about one day. People with a high absence record tended to leave reform firms, but these firms also became less reluctant to hire people with a record of high absence.
This paper demonstrates how time consistency of the Ramsey policy–the optimal fiscal and monetary... more This paper demonstrates how time consistency of the Ramsey policy–the optimal fiscal and monetary policy under commitment–can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with
While there is ample evidence of a society-wide cooperation norm, it is not as clear who upholds ... more While there is ample evidence of a society-wide cooperation norm, it is not as clear who upholds this norm. In the present paper, we investigate whether there are gender differences with respect to norm enforcement. We let 1403 subjects play games of punishment and reward, ...
This volume is a true heartbreaker in the sense that it deals with a subject - debt management po... more This volume is a true heartbreaker in the sense that it deals with a subject - debt management policy (DMP) - which was central to someone brought up in the late 1960s and early 1970s on Tobin and his "General Equilibrium Approach to Monetary Policy". Much of this line of ...
ABSTRACT We analyze the consequences for sickness absence of a selective softening of job securit... more ABSTRACT We analyze the consequences for sickness absence of a selective softening of job security legislation for small firms in Sweden in 2001. According to our differences-in-difference estimates, aggregate absence in these firms fell by 0.2-0.3 days per year. This aggregate net figure hides important effects on different groups of employees. Workers remaining in the reform firms after the reform reduced their absence by about one day. People with a high absence record tended to leave reform firms, but these firms also became less reluctant to hire people with a record of high absence.
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Papers by Mats Persson