Erik Öberg

@erikoberg.bsky.social

Macroeconomist at Uppsala University. Webpage: https://sites.google.com/site/erikobergweb/

Does anybody know if there exist an updated version of these graphs from Acemoglu (JEL 2002) somewhere? I'm preparing lectures on search models and wage dispersion, in which I use these graphs to introduce the concept of residual wage dispersion, but they are a bit outdated.

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Econ Question: How much of fluctuations in TFP can be accounted for by fluctuations in worker effort? Like in booms, firms use the hours worked available to them more efficiently. Is there any attempt out there to answer this of related questions?

New Paper! This time with a thread. What determines the output effect of different fiscal stimulus policies? We offer a model, some analytical insights, and some numbers to help answer this. Joint with Tobias Broer, @jeppedruedahl.bsky.social and @harmenberg.bsky.social cepr.org/publications...

DP19823 Stimulus Effects of Common Fiscal Policies

We study the output responses to common fiscal policies in a macroeconomic framework with a frictional labor market, incomplete asset market and nominal rigidities. The frame- work admits data-consistent dynamics of hiring and firing and consumption responses to job loss, making it suitable for comparing the stabilizing effects of several household transfer policies and firm subsidies. Despite its richness, the model’s sequence-space representation is analytically tractable as a directed cycle graph between three blocks. This allows an “information-poor” ranking of fiscal multipliers on the basis of their partial-equilibrium fiscal costs alone, and identifies their key determinants. A baseline calibration predicts large differences in fiscal multipliers across policies. Relative to an increase in government consumption, the efficacy of universal or conditional transfers to households hinges on the degree of partial consumption insurance (through marginal propensities to consume and the response of precautionary savings). The relative efficacy of firm transfers depends on the elasticities of vacancies and separations to job values, the marginal propensity to consume out of dividend income, and the degree of nominal frictions.

cepr.org

Some good news: Karl Harmenberg (UiO), Maria Olsson (BI) and I were just awarded 8m NOK (~700k EUR) from the Research Council of Norway for studying macroeconomic implications of rigid wage contracts. Stay tuned for postdoc calls!

Är försäljningspriset på 1200msek för bilprovningen rimlig? Snabbkalkyl: De senaste 4 åren har det genomsnittliga resultatet varit 60.5 msek. Anta att vinsten växer med tillvättakten i ekonomin.

De senaste 20 åren har antalet doktorander i nationalekonomi minskat ca 20 procent. En förklaring är de gradvis striktare villkoren för doktorandfinansiering: att vi måste betala doktoranderna mer har resulterat i att vi utestänger fler från utbildningen.

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Regarding the equity premium and rare disasters (Barro, Gabaix) - does there exist some market (perhaps a betting market) that allow us to infer market beliefs about such disasters (world wars, plague-like pandemics etc.)?

News! Mikael Carlsson, Oskar N Skans, Karl Walentin and I (all UU), together with some great collaborators across the Nordics, were today awarded 36.5m SEK (>3m EUR) to study the role of high-dimensional micro heterogeneity in shaping macroeconomic outcomes. rj.se/anslag/2023/...

I'm looking for a table or graph of the distribution of US >equity< wealth. Specifically, I wanna know what share of US equity is owned by the top 10, 5 and 1 percent. Any pointers?