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Exploring Monetary Policy Shocks with Large-Scale Bayesian VARs
Full text linkI introduce a high-dimensional Bayesian vector autoregressive (BVAR) framework designed to estimate the effects of conventional monetary policy shocks. The model captures structural shocks as latent factors, enabling computationally efficient estimation in high-dimensional settings through a straightforward Gibbs sampler. By incorporating time variation in the effects of monetary policy while maintaining tractability, the methodology offers a flexible and scalable approach to empirical macroeconomic analysis using BVARs, well-suited to handle data irregularities observed in recent times. Applied to the U.S. economy, I identify monetary shocks using a combination of high-frequency surprises and sign restrictions, yielding results that are robust across a wide range of specification choices. The findings indicate that the Federal Reserve’s influence on disaggregated consumer prices fluctuated significantly during the 2022–24 high-inflation period, shedding new light on the evolving dynamics of monetary policy transmissio
Personality and the education process: Individual difference preferences for teacher, technology, testing, time and topic
Full text linkThe present paper looks at the relationship between well-established personality traits and five different features of the educational process. Specifically, I explore the relationship between pupil Extraversion, Neuroticism, Openness, Agreeableness and Conscientiousness and personal preferences for Teacher (who the instructor is), Technology (the mode of instruction used), Testing (how the learning is evaluated), Time (the pace, length and time-of-day of the instruction period), and Topic (what is taught/discipline). There is a scattered literature on these topics which is briefly reviewed with a particular interest in how they relate to personality trait correlates. Evidence suggests the importance of understanding the role personality trait preferences in various educational choices and outcomes.publishedVersionacceptedVersio
Lovbrudd og politiske karrierer
No full textDe siste årene har norske medier avslørt en rekke skandaler som involverer norske politikere. Sakene omfatter alt fra fusk med masteroppgaver og småtyveri til misbruk av pendlerboliger og omfattende økonomisk bedrageri knyttet til reiserefusjoner. Totalt sett danner dette et inntrykk av at de som styrer Norge er en tvilsom gjeng. Men er norske politikere egentlig verre enn befolkningen de er trukket fra?publishedVersio
Agreed and Disagreed Uncertainty
Full text linkWe 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 economic activity. Episodes of elevated uncertainty accompanied by high consumer disagreement (disagreed uncertainty) do not exert negative effects on economic activity. In contrast, episodes of high uncertainty with low consumer disagreement (agreed uncertainty) lead to substantial economic contractions. These results challenge the conventional view that uncertainty invariably triggers recessions. We establish these findings using both time-series and micro-survey panel methods
Correlates of Ethical Investing and the Issue of Sustainability
Full text linkThis paper was concerned with individual difference correlates of preferences for three issues associated with ethical investing. Five hundred adults completed a long, 60-item, questionnaire concerning personal details, including demographic (sex, age, education) and ideological (political and religious beliefs), as well as a three-part measure of their investment attitudes: what investments to avoid, what general issues to consider when investing and what people issues to consider when investing. The results indicated that they most wanted to avoid investments concerning weapons, animal testing and fossil fuels. The most important issues when investing were thought to be pollution, deforestation and carbon footprint, which all have at heart the sustainability philosophy. With regards to workers, they noted child labour, wages and worker rights as the most important issues. Correlations showed relatively few demographic correlates, but there were a number of religious belief and political attitude correlates of investment preferences. The strongest relationship was between political beliefs and anything associated with global warming. Implications and limitations are acknowledged, in particular with respect to having rank-order data and not knowing important information about the respondents.publishedVersio
Economic Consequences of AS 18: Related-Party Transactions with Principals versus Nonprincipals
Full text linkIn 2014, the PCAOB adopted a new auditing standard, AS 18 Related Parties, with the intention of enhancing auditors’ performance in auditing related-party transactions (RPTs). Using hand-collected data, we find significant reductions in both firms’ restatement risk and their engagement in RPTs following the AS 18 adoption. Such reductions are especially pronounced for smaller firms and firms having RPTs with principals, in which related persons in the counterparty of RPTs are the primary beneficiaries, such as CEOs, board chairs, or primary shareholders. We also find that smaller firms having RPTs with principals tend to pay higher audit fees post-AS 18. Our study responds to the PCAOB’s call to assess the economic consequences of AS 18. The findings suggest that AS 18 is associated with improved audit quality and reductions in auditees’ opportunistic RPT activities.Economic Consequences of AS 18: Related-Party Transactions with Principals versus NonprincipalsacceptedVersio
Verdioptimalisering i tidligfasen: teori og empiri fra to norske megaprosjekter
Full text linkRapporten presenterer teori og elementer av beste praksis innen verdioptimalisering i tidligfase i megaprosjekter. Dokumentet tar for seg betydningen av verdi, verdiskaping og verdioptimalisering i tidligfase i megaprosjekter der Staten er byggherre. Denne kvalitative studien henter og analyserer data fra to større offentlige byggeprosjekter i Norge, og søker å belyse kompleksiteten i tidligfase ved hjelp av relevant forskning og erfaringer fra prosjektene. Hovedmålet er å gi innsikt i hvordan aktører interagerer for å oppnå optimale løsninger som møter definerte behov. Ifølge denne rapporten kan verdi defineres som "utfallet av en evaluerende vurdering angående balansen mellom fordelene oppnådd fra en gjenstand og forsakelsene som kreves for å oppnå den." Verdi er et komplekst begrep som involverer flere aktører som byggherre, rådgivere og entreprenører. Disse aktørene må samhandle for å tilfredsstille ulike behov knyttet til familiære, tekniske og funksjonelle krav. Ulike aktører kan ha ulike oppfatninger av hva verdi innebærer. Verdioptimalisering gjelder prosessen der aktører søker å maksimere verdiskapingen og minimere verditapet. Dette skjer gjennom mekanismer som tilgang til ulike typer ressurser, evnen til å utnytte disse ressursene og forringelse av denne ressurskapitalen. Det er viktig å forstå at verdi er subjektivt og avhenger av hvem som vurderer og de spesifikke omstendighetene rundt prosjektet. Arbeidet med verdioptimalisering i tidligfase kan deles inn i fire trinn: 1. Fokusering: definere mål og problemområder for prosjektet 2. Søket etter alternativer: utvikling av flere løsningsalternativer til prosjektutløsende behov 3. Evaluering av alternativer: vurdere hvilke av de alternative løsningene som best møter prosjektmålene 4. Valg: fatte beslutning om hvilken løsning som skal implementeres I fokuseringsprosessen er det avgjørende å identifisere eierskapet til fokusområder og formulere prosjektmål. Dette arbeidet skaper et fundament for alle senere trinn og streber etter å tydeliggjøre forholdet mellom forskjellige mål og prioriteringer. Fokusering bør ses på som en iterativ prosess, der mål kan revideres underveis. Under søket etter alternativer er det avgjørende å utfordre eksisterende antakelser og etablerte sannheter. Dette involverer kreativitet og samarbeid for å generere flest mulig løsningsalternativer. Dess flere alternative løsningsforslag som blir skapt, dess større er sjansen for å oppnå optimale løsninger. Evaluering er essensielt for å skape et beslutningsgrunnlag. Det krever at evalueringskriterier velges nøye ut ifra hvilke mål eller hvilken effekt som skal oppnås, for å gjenspeile de ulike aktørenes verdier og interesser. Evaluering må også være en iterativ prosess, der flere runder med vurderinger kan være nødvendige. Valget av løsning er en kompleks prosess påvirket av en rekke forutsetninger og verdier som aktørene bringer inn. Det er viktig å utforske hvilke interesser og perspektiver som influerer beslutningsprosessen. Effektive beslutningsprosesser må ta hensyn til disse faktorene for å minske risikoen for konflikter og sikre at valget skaper maksimal verdi. Rapporten fremhever flere elementer av beste praksis for verdioptimalisering. Det inkluderer nødvendigheten av tydelig eierskap og klare mål, vilje til å utfordre etablerte sannheter, bruk av flere evalueringskriterier og en tilpasset metodikk for hver fase av prosessen. For kontinuerlig forbedring er det viktig at organisasjonen reflekterer over egen praksis, lærer av erfaringer og sikrer kunnskapsoverføring mellom prosjekter. Ledelsen må støtte en kultur for læring og innovasjon, noe som kan oppnås ved å implementere opplæring og verktøy for verdioptimalisering. Megaprosjekters dimensjon får spesiell oppmerksomhet gjennom hele denne rapporten.Verdioptimalisering i tidligfasen: teori og empiri fra to norske megaprosjekterpublishedVersio
How Do Macroaggregates and Income Distribution Interact Dynamically? A Novel Structural Mixed Autoregression with Aggregate and Functional Variables
Full text linkThis 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 and analyze the effects of various shocks to the income distribution on macro aggregates, as well as the effects of macroeconomic shocks on the income distribution. Our main findings are as follows: First, contractionary monetary policy shocks reduce income inequality when focusing solely on the redistributive effects, without considering the negative impact on aggregate income levels. This improvement is achieved by reducing the number of low and high-income families while increasing the proportion of middle-income families. However, when the aggregate income shift is also taken into account, contractionary monetary policy shocks worsen income inequality. Second, shocks to the income distribution have a substantial effect on output fluctuations. For example, income distribution shocks identified to maximize future output levels have a significant and persistent positive effect on output, contributing up to 30% at long horizons and over 50% for the lowest income percentiles. However, alternative income distribution shocks identified to minimize the future Gini index do not have any significant negative effects on output. This finding, combined with the positive effect of output-maximizing income distribution shocks on equality, suggests that properly designed redistributive policies are not subject to the often-claimed trade-off between growth and equality. Moreover, variations in income distribution are primarily explained by shocks to the income distribution itself, rather than by aggregate shocks, including monetary shocks. This highlights the need for redistributive policies to substantially alter the income distribution and reduce inequality
The transfer of meaningfulness from leaders to followers as partners in crime: The case of a married lawyer and his accountant wife in embezzlement and money laundering
Full text linkThis article examines how leaders exert influence on followers in the context of economic crime through a case study. The present case illustrates the conviction of a lawyer husband as a leader, sentenced to five years in prison for embezzlement, and his wife, the firm’s accountant, convicted of money laundering and facing a three-year sentence. The wife has chosen to appeal the verdict. This research explores the dark sides of visionary leadership and followership, delving into the interdependencies that extend beyond the workplace. Drawing on the meaning transfer model, it analyzes the contagious dynamics between the leader and follower, presenting novel convenience propositions on dyadic leadership influence. This article provides insights into the complex dynamics at play within the convenience triangle in economic crimes. It sheds light on the nuanced implications of the leader-follower relationship and draws attention to the gendered roles observed, where female offenders tend to assume follower positions, while male offenders frequently take on leadership roles in the realm of white-collar and corporate crime.publishedVersio
Social and Societal Issues in AAL
No full textActive Assisted Living (AAL) systems use advanced technology to help older, impaired, or frail people live independently and stay active in society. These systems rely on automated data monitoring in home or care environments, processing video, image, audio, environmental, and motion data through artificial intelligence (AI), particularly machine learning. Thus, AAL systems offer considerable opportunities for efficient health monitoring, increased autonomy, and enhanced quality of life for older adults. However, AAL technologies also present ethical, legal, and social challenges, particularly around privacy due to the sensitive nature of the data collected and the vulnerability of the populations served. Beyond privacy, the broader social implications of AAL must be considered, including the potential reshaping of care relationships and work within the sector. This chapter provides an in-depth overview of the social and societal issues surrounding AAL, offering a comprehensive literature review that highlights the challenges in implementing these systems in everyday life. Specifically, the chapter discusses cultural differences, biases, the normalization of surveillance, the reshaping of care work and relationships, and matters of trust and adoption, alongside the opportunities AAL technology offers for prolonged independent living.publishedVersio