Jan Tore Klovland

NHH Norwegian School of Economics | NHH · Department of Economics

In 1915 and 1916, nearly one half of the total tonnage engaged in the trade of the UK was flying foreign flags. The Northern Neutrals, comprising the three Scandinavian countries, accounted for a large share of the neutral merchant fleet. A new set of detailed regional freight rate indices covering the period 1910–1920 provides the basis for compar...

Cambridge Core - Economic Theory - Sveriges Riksbank and the History of Central Banking - edited by Rodney Edvinsson

Before 1893 the regional branches of Norges Bank set their own bank rates. We discuss this phenomenon in light of the process of domestic financial integration taking place in the 19th century. Moreover, we analyze how bank rate autonomy could be reconciled with the fixed exchange rate commitments of the silver and gold standard. Although the headq...

This book provides a broad overview of monetary developments in Norway over the past 200 years, using a rich variety of graphical illustrations based on a unique data set of historical monetary statistics, which will be documented and made available on the Norges Bank website (in English) at http://www.norges-bank.no/en. Throughout the book, Norway...

This paper reviews some methodological and practical problems encountered in the construction of historical price indices. The underlying data sets in such studies are often characterized by heterogenous and incomplete price series. It is shown that by using the repeat sales method for constructing the subindices for individual commodity groups, so...

This paper reviews some methodological and practical problems encountered in the construction of historical price indices. The underlying data sets in such studies are often characterized by heterogenous and incomplete price series. It is shown that by using the repeat sales method for constructing the subindices for individual commodity groups som...

Before 1893 the regional branches of Norges Bank set their own bank rates. We discuss how bank rate autonomy could be reconciled with the fixed exchange rate commitments of the silver and gold standard. Although the headquarters of the bank was in Trondhjem, we find that the Christiania branch played the key role in providing leadership in bank rat...

This study reports the outcome of an effort to collect market price data for Norway with a view to constructing monthly price indices from the year 1777 to 1920. The material covers data on commodity prices from agriculture, shery, dairying, manufacturing and mining. Indices of the wholesale and producer price index families are constructed, using...

New annual series for the prices of major agricultural commodities sold in London markets between 1770 and 1914 are presented. These series are based on bimonthly observations drawn from newspaper market reports. The products covered are wheat, barley (grinding and malting), oats, potatoes, hay, butter, beef, mutton, and pork. Annual prices are cal...

This book is a wide-reaching study of Norwegian maritime history and developments within the discipline. It brings together the research efforts of a University of Oslo project aiming to further understand Norwegian shipping history between 1814 and 2014, and the work of a new generation of maritime historians. Structured into three sections - glob...

We present an econometric analysis of wage behaviour in Norway during the interwar years. The analysis is based on a panel of manufacturing industry data using GMM estimation methods. Our empirical analysis shows that wage formation in the interwar period can be understood with the help of modern bargaining theory and well-established wage equation...

Newly constructed global indices of ocean freight rates in the 1850s show large cyclical fluctuations in these years. A new type of freight rate index, referred to as a repeat sailings index, is presented, which is similar to a type of index frequently applied to house prices. An econometric model of the freight rate market is estimated on monthly...

This chapter provides an overview over the new historical data in this volume. We discuss some of their macro implications for implied revisions of money and credit aggregates and the long run development of short term and long term real interest rates and aggregated real wages.

Evidence from newly constructed monthly indices of manufacturing production shows that differences between the Scandinavian countries regarding business cycles in the interwar years were closely related to monetary policy decisions. In the 1920s Sweden made an early return to gold, while Denmark and Norway experienced large fluctuations in nominal...

In a sample that contains annual prices of 39 selected commodities in Britain and Germany in the period 1850 to 1913, substantial evidence of well integrated commodity markets is found. The degree of integration is not universal across markets and varies over time, however. Absolute price variability was in general decreasing over the period, indic...

We give semiparametric identification and estimation results for econometric models with a regressor that is endogenous, bound censored and selected,called a Tobin regressor. First, we show that true parameter value is set identified and characterize the identification sets. Second, we propose novel estimation and inference methods for this true va...

SNF project no 1312 Globalization, economic growth and the new economy The project is financed by The Norwegian Shipowners' Association and The Research Council of Norway INSTITUTE FOR RESEARCH IN ECONOMICS AND BUSINESS ADMINISTRATION BERGEN, DECEMBER 2002 © Dette eksemplar er fremstilt etter avtale med KOPINOR, Stenergate 1, 0050 Oslo. Ytterligere...

We present an econometric analysis of wage behaviour in Norway during the interwar years. Applying GMM estimation methods to a newly constructed panel of manufacturing industry data, we find that the interwar years do not seem to be such an anomalous time period as has been suggested with respect to wage behaviour. We estimate a long-run wage curve...

In a sample that contains annual prices of 39 selected commodities in Britain and Germany in the period 1850 to 1913, substantial evidence of well integrated commodity markets is found. The degree of integration is not universal across markets and varies over time, however. Absolute price variability was in general decreasing over the period, indic...

We present an econometric analysis of wage behaviour in Norway during the interwar years. Applying GMM estimation methods to a newly constructed panel of manufacturing industry data, we find that the interwar years do not seem to be such an anomalous time period as has been suggested with respect to wage behaviour. We estimate a long-run wage curve...

Is there a credit channel for monetary policy? Has the deregulation of financial markets had any temporary or permanent effects on the monetary transmission mechanism? We present empirical evidence on these issues for Norway by estimating a dynamic system of money, credit, real income and inflation. We find that the deregulation process has not cau...

We present an econometric analysis of wage behaviour in Norway during the interwar years. Applying recently introduced GMM estimation methods to a newly constructed panel of manufacturing industry data, we find that the interwar years do not seem to be such an anomalous time period as has been suggested with respect to wage behaviour.

This paper presents estimates of total factor productivity growth for 55 manufacturing industries over the period 1927 to 1959. The long-run rate of growth in TFB is about 1 per cent per year for total manufacturing, but there are considerable variations in TFP growth rates acros industries and over time. For total manufacturing the TFP growth rate...

We address the issue of how the deregulation of financial markets has affected the monetary transmission mechanism in Norway. By estimating a dynamic system of money, credit, real income and inflation during a period of fundamental structural changes in monetary policy and financial markets we are able to present empirical evidence on the tenacity...

New indices of manufacturing output in Norway for the years 1927 to 1948 are presented. The new output estimates show a trend rate of growth of output for the period 1927-1939 that is 0.8 per cent higher per year than the growth rate based on the official index. These findings reinforce the view that the 1930s were a period of surprisingly rapid ou...

Five pitfalls commonly encountered in estimating the yield on British Consols are identified and discussed herein. The most difficult question is whether Consol prices in the later 1890s reflected expectations of a conversion of the Consol stock in 1923. This is equivalent to asking whether security markets in the 1890s regarded the then extremely...

New monthly estimates of the wholesale price level in the UK 1845-1890 are presented. No monthly price index has previously been available for these years. The index replicates as far as possible the well-known Sauerbeck price index, being constructed from monthly price quotations for 45 commodities. Some aspects of short-run movements in these com...

Business cycles, defined as “recurrent sequences of persistent and pervasive expansions and contractions in economic activities”1, have been a distinctive feature of the experience of capitalist countries as far back as our historical records on aggregate economic activity go. Indeed, Schumpeter maintained that “[a]nalyzing business cycles means ne...

Annual data from Norway and the United Kingdom from 1874 to 1971 are used to reassess the empirical performance of the purchasing power parity (PPP) doctrine. The simple version of the PPP relationship is supported by the data only if different short-run dynamics during a floating-rate period 1914–1928 is allowed for. Two sets of factors were found...

This paper reexamines the demand for money in the United Kingdom in the pre-1914 period. The performance of alternative income, interest-rate, and money-stock data is compar ed. The preferred equation relates the real demand for money to incom e, the own rate of return on money, the short-term bill rate, and the yield on consols. This model encompa...

Variables associated with the level of hidden economic activity are examined in terms of their effects on the demand for currency in Norway and Sweden. Aggregate time series of marginal tax rates are compiled for this purpose. No such effects are evident for Norway, while in the case of Sweden the demand for currency was found to be significantly r...

The reemergence of empirical research on the purchasing power parity hypothesis (henceforth PPP) in the 1970's does not seem to have led to any consensus as to its general empirical validity. On the one hand, Gailliot, Myhrman, Officer and Friedman have presented historical evidence for many countries and over many time periods which supports the b...

This paper presents some evidence from Norwegian data on some of the long-standing empirical issues of money demand. The choice of a scale variable and the issue of simultaneous equations bias is subjected to some recently developed statistical tests. The outcome favours a permanent income model of money demand. No significant simultaneity bias was...

Using a panel of manufacturing industry data for interwar Norway, we test and refute the hypoth- esis of Blanchard and Katz-that the existence of a wage curve is dependent upon the presence of modern 'European' type labor market settings. Even though the labor market in interwar Norway possessed distinctively more 'American' features than those ass...

This chapter gives a brief overview of the historical development of the banking sector in Norway and presents credit and bank data from 1820. The data are not available on an annual basis in the first decades after 1820. In general, the frequency and quality of data improves over time. We first consider the epoch prior to the outbreak of WW1 in 19...

CRISIS, RESTRUCTURING AND GROWTH This report is one of a series of papers and reports published by the Institute for Research in Economics and Business Administration (SNF) as part of its research programme "Crisis, Restructuring and Growth". The aim of the programme is to map the causes of the crisis and the subsequent real economic downturn, and...