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Buy to let: Investment buyers in a housing search model
Get PDFThis paper explores and explains how buy-to-let investors affect housing price dynamics
In this paper, I explore and explain how buy-to-let investors affect housing price dynamics. The impact of buy-to-let investors on the housing market is much discussed by policy makers, but previously not considered in the literature. I develop a structural search model that allows housing owners to buy second houses to let out, and let rents be determined endogenously. To motivate the model, I present empirical evidence from the city of Oslo showing that a significant share of buyers are buy-to-let investors, and both rents and the share of second house buyers are positively correlated with housing prices. The model introduces two mechanisms that affect volatility compared to a model with no landlords and constant rents. First, the endogenous correlation of rents and housing prices makes it attractive for non-owners to buy in “hot” markets, to avoid paying high rents. Second, the increased incentives to become landlords in high rent periods further increase the number of buyers and amplify the effect of high rents on housing prices and transaction volumes. The model is calibrated using data from Oslo, and is able to match quantitatively the high investor share and housing price volatility of a housing boom
Penger og kryptovaluta i nasjonalregnskapet: Diskusjonsnotat
Get PDFDette dokumentasjonsnotatet omhandler nasjonalregnskapets prinsipielle
behandling av kryptovaluta. Nasjonalregnskapet skal i prinsippet dekke alle
økonomiske verdier og beskrive hvordan verdiene skapes og anvendes.
Behandlingen av kryptovaluta diskuteres i dette notatet ut fra nasjonalregnskapets
generelle regelverk, men også i lys av behandlingen av tradisjonelle penger i
nasjonalregnskapet.publishedVersio
The impact of public R&D support on firms’ patenting
Get PDFWe examine the impact of both R&D tax credits and direct R&D subsidies on Norwegian firms' patenting. Whereas direct subsidies are aimed at projects with low private and high social return, tax credits do not discriminate between projects or technologies. We find that both direct subsidies and tax credits have significant positive effects on patenting. However, the magnitude of the effects depend critically on the firms' pre-treatment characteristics. In particular, the statistically significant estimates are all related to firms with no patent applications prior to obtaining support. Moreover, we estimate that direct subsidies have triggered at least three times as many granted patents per NOK million of support compared to tax credits. Our results suggest that R&D support should be directed to promote innovations at the extensive margin, i.e. to firms with a high potential of becoming innovative rather than to firms with a record of being innovative. Moreover, as targeted subsidies generate more innovations, society would benefit from distributing more of the subsidies to priority areas.testpublishedVersio
Utvikling av en forløpsdatabase på barnevernsområdet – Forprosjekt
Get PDFNotatet er et sluttprodukt av forprosjektet med arbeidstittelen «Utvikling av en forløpsdatabase på barnevern».
Gjennom dette forprosjektet har SSB bl.a. kartlagt mulighetene for å organisere barnevernsdata fra 2013 på en ny måte som: 1) gjør det enklere å utvide barnevernsstatistikken og 2) gjør det enklere å levere barnevernsdata til forskning og analyse også på forløpsform, som er sammenlignbar over tid.
Fra 2013 tok kommunene i bruk datovariabler i barnevernsinnrapporteringen, noe som gjør det mulig å lage forløp på barnevernsdata. Per i dag utleverer SSB årgangsfiler på barnevernsområdet. Datamaterialet er på nåværende form ikke tilrettelagt for forløp, og kan kun gi grunnlag for en grov tidsinndeling uten mulighet til å danne et fullstendig bilde av bevegelser over tid innenfor barnevern.
En forløpsdatabase vil imidlertid gi nye muligheter for en mer nyansert barnevernsstatistikk med vekt på forløp. Databasen vil gi et detaljert datagrunnlag for forløpsanalyser. Dette vil være basert på standardiserte og kvalitetssikrede rutiner som sikrer at dataopplysningene er fullstendige og at det er konsistens i informasjonen over tid, både innenfor én årgang og mellom ulike årganger.
Fordelen med en ferdig bygd forløpsdatabase er at den legger opp til bruk av hyppigere dateringer i forløpsanalyser. På den måten blir det mulig å følge et barn gjennom dets barnevernskarriere med overganger mellom ulike tilstander både innenfor og utenfor barnevernet.
Det siste som et direkte resultat av at en forløpsdatabase gir mulighet for koblinger til andre data på forløpsform med informasjon om blant annet utdanning, økonomisk sosialhjelp, arbeidsmarkedet og demografiske bakgrunnsopplysninger
Effects of higher required rates of return on the tax take in an oil province
Get PDFFor different reasons the oil companies might apply higher required rates of return than they did some years ago, and this will have consequences for investments and tax revenue in oil provinces.
By applying various required rates of return as well as various oil prices, this study derives future Norwegian tax revenue during 2018-2050 by using a partial equilibrium model for the global oil market. The model explicitly accounts for reserves, development and production. Both investment in new reserves and production are profit driven. With rising required rates of return less of the high cost reserves become profitable to develop and investments decline. Because the government in practice carries a large fraction of the investments, less investment in a period increases the tax base and the tax income. The initial effect is offset by a subsequent reduction in production which has a negative effect on future taxes. The result is that increasing required rates of return will lead to small variations in net present value of total tax revenue. With lower oil prices, tax take increases significantly when required rates of return rise
Lærerkompetanse i grunnskolen: Dokumentasjonsrapport
Get PDFUndersøkelsen er finansiert av Kunnskapsdepartementet og Utdanningsdirektoratet.Statistisk sentralbyrå (SSB) gjennomførte høsten 2018 en undersøkelse om
kompetanse blant undervisningspersonale i grunnskolen. Undersøkelsen ble gjort
på oppdrag fra Kunnskapsdepartementet (KD) og Utdanningsdirektoratet (Udir).
Resultatene fra undersøkelsen blir brukt i SSBs egne publikasjoner, publikasjoner
fra KD og Udir samt til forskning og undervisning.
Undersøkelsen ble gjennomført som en kombinert web- og telefonundersøkelse.
Utvalget bestod av 6 000 lærere som var registrert som lønnsmottakere i grunnskolen høsten 2018. Av disse var det 4 617 lærere med formelt godkjent
kompetanse for undervisning i grunnskolen og 1 383 lærere uten slik kompetanse.
De som var trukket ut mottok e-post og SMS med informasjon om undersøkelsen
og lenke til webskjema. Etter én uke ble de som ennå ikke hadde svart kontaktet av
våre lokale intervjuere med forespørsel om å gjennomføre intervjuet på telefon.
Undersøkelsen oppnådde en svarprosent på 80. Over 80 prosent av intervjuene ble
gjennomført på web.publishedVersio
Imperfect competition, compensating differentials and rent sharing in the U.S. labor market
Get PDFThe primary goal of our paper is to quantify the importance of imperfect competition in the U.S. labor market by estimating the size of rents earned by American firms and workers from ongoing employment relationships. To this end, we construct a matched employeremployee panel data set by combining the universe of U.S. business and worker tax records for the period 2001-2015. Using this panel data, we describe several important features of the U.S. labor market, including the size of firm-specific wage premiums, the sorting of workers to firms, the production complementarities between high ability workers and productive firms, and the pass-through of firm and market shocks to workers’ wages. Guided by these empirical results, we develop, identify and estimate an equilibrium model of the labor market with two-sided heterogeneity where workers view firms as imperfect substitutes because of heterogeneous preferences over non-wage job characteristics. The model allows us to draw inference about imperfect competition, compensating differentials and rent sharing. We also use the model to quantify the relevance of non-wage job characteristics and imperfect competition for inequality and tax policy, to assess the economic determinants of worker sorting, and to offer a unifying explanation of key empirical features of the U.S. labor marketI denne artikkelen kvantifiseres betydningen og omfanget av ufullkommen konkurranse i det amerikanske arbeidsmarkedet ved å estimere størrelsen på monopolprofitten som bedrifter og arbeidstakere tjener på løpende ansettelsesforhold. For dette formålet benytter vi administrative data med skatteopplysninger for samtlige amerikanske virksomheter og arbeidstakere i perioden 2001-2015 til å konstruere et paneldatasett med koblinger mellom arbeidstakere og arbeidsgivere. Vi beskriver og kvantifiserer flere viktige karakteristikker ved det amerikanske arbeidsmarkedet, som størrelsen på bedriftsspesifikke lønnspremier, sortering av arbeidstakere til bedrifter, produktivitetskomplementariteter mellom arbeidstakere og bedrifter, og overføringen av bedrifts- og markedsspesifikke sjokk til arbeidstakernes lønninger.
Med utgangspunkt i disse empiriske resultatene utvikler, identifiserer og estimerer vi en likevektsmodell for et arbeidsmarked med tosidig heterogenitet, hvor arbeidstakerne ser på bedrifter som imperfekte substitutter på grunn av heterogene preferanser for ikke-pekuniære former for avlønning. Modellen tillater oss å trekke slutninger om graden av ufullkommen konkurranse, kompenserende lønnsforskjeller, og fordelingen av monopolprofitt mellom bedrifter og arbeidstakere. Videre bruker vi modellen til å kvantifisere betydningen av ikke-pekuniære former for avlønning og ufullkommen konkurranse for inntektsulikhet og skattepolitikk, til å studere de økonomiske mekanismene bak sorteringen av arbeidstakere til bedrifter, og til å utarbeide en helhetlig forklaring på sentrale empiriske kjennetegn ved det amerikanske arbeidsmarkedet.publishedVersio
Parenthood and Couples’ Relative Earnings in Norway
Get PDFWith the advance of the gender revolution, income dynamics in couples are changing. Nonetheless, in most Western societies, parenthood still promotes specialized gender roles. Utilizing Norwegian register data on all married and cohabiting couples born 1946–1989, we investigate possible changes in the associations between parenthood and within-couple inequality in earnings in the years 2005–2014. Precisely, using interactions and fixed effects models, we compare the development of within-couple gender gaps in earnings over time between childless couples and couples with children of different ages, and within couples before and after childbirth. Results showed that the gender gap in earnings in couples increased with the number of children and was most distinct among couples with children below 6 years. However, the association between parenthood and withincouple inequality in earnings was reduced across the study period, a development partly driven by a decreasing fatherhood premium evident from 2009 onwards. Not only women’s but also men’s income development is now negatively affected by having young children in the household. Our findings, thus, indicate important changes in how men and women prioritize paid labour after a childbirth.Parenthood and Couples’ Relative Earnings in NorwayacceptedVersio
Search behavior, aggregate rationality and the discouraged worker effect
Get PDFThis research was made possible thanks to a grant from the Norwegian Research Council, under the project “Treff: Trygd i kontekst: Rettferdighet, effektivitet, fordeling”, project number 199836/H20Discouraged workers are those who have given up search due to (perceived) low chances of obtaining work. In this paper we first develop a model for the probability of being in the labor force as a function of the probability of getting an acceptable job offer. This model is based on standard search theory and it is consistent with the notion of aggregate rationality. Second, we apply this model to analyze and compare the discouraged worker effect for two categories of Norwegian females: immigrants from non-Western countries and Norwegian-born. The empirical results show that estimated search cost (disutility) per unit of time is much higher for the Norwegian-born than for immigrants whereas total (expected) estimated search cost is – on average – higher for immigrants. We also propose an alternative measure of unemployment which includes the discourage worker effect.publishedVersio
Heterogeneity and Persistence in Returns to Wealth
Get PDFWe provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway’s administrative tax records. We document a number of novel results. First, individuals earn markedly different average returns on their net worth (a standard deviation of 8.6%) and on its components. Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within narrow asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the net worth distribution increases the return by 18 percentage points (and 10 percentage points if looking at net-of-tax returns). Fourth, individual wealth returns exhibit substantial persistence over time. We argue that while this persistence partly arises from stable differences in risk exposure and assets scale, it also reflects heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.publishedVersio