Browsing Discussion Papers by Author "Holmøy, Erling"
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A general equilibrium evaluation of aggregate welfare effects from improved sectoral efficiency . Empirical evidence for Norway
Holmøy, Erling (Discussion Papers;No. 224, Working paper, 1998)This paper discusses and shows how a CGE model can be used to assess welfare effects of structural policy reforms targeting inefficiency problems at micro levels that normally are not captured in operational CGE-models. ... -
A theory-based measure of the output of the education sector
Ervik, Astrid Oline; Holmøy, Erling; Hægeland, Torbjørn (Discussion Papers;No. 353, Working paper, 2003)Abstract: The paper estimates the output of the Norwegian higher education sector based on a modification of the methodology introduced by Jorgenson and Fraumeni (JF) (1989). JF measure output in the education sector by ... -
A welfare state funded by nature and OPEC. A guided tour on Norway's path from an exceptionally impressive to an exceptionally strained fiscal position
Heide, Kim Massey; Holmøy, Erling; Solli, Ingeborg Foldøy; Strøm, Birger (Discussion Papers;No. 464, Working paper, 2006)Large petroleum revenues make Norway an enviable fiscal loner. The fiscal policy rule adopted from 2001 transforms petroleum wealth into foreign assets, and only the real return on the financial fund should be spent annually. ... -
Aggregate industry behaviour in a monopolistic competition model with heterogeneous firms
Holmøy, Erling (Discussion Papers;No. 352, Working paper, 2003)Abstract: The paper analyses how a tractable representation of productivity heterogeneity among firms modifies the standard Dixit-Stiglitz (DS) model of monopolistic competition. The properties of the asymmetric model are ... -
Aggregate productivity and heterogeneous firms
Holmøy, Erling; Hægeland, Torbjørn (Discussion Papers;No. 266, Working paper, 2000)It is an established fact that firms, even within narrowly defined industries, differ with respect to productivity. In this paper we analyse how observed heterogeneity in productivity is affected by endogenous producer ... -
Aggregate productivity effects of technology shocks in a model of heterogeneous firms : the importance of equilibrium adjustments
Holmøy, Erling; Hægeland, Torbjørn (Discussion Papers;No. 198, Working paper, 1997)This paper studies how productivity shifts at the level of the firm are transmitted to aggregate industry productivity in a model of heterogeneous firms. We analyse both uniform productivity shifts, and catching up by ... -
Can welfare states outgrow their fiscal sustainability problems?
Holmøy, Erling (Discussion Papers;No 487, Working paper, 2006)Abstract: The paper analyses the fiscal effects of productivity shifts in the private sector. Within a stylized model with inelastic labour supply, it shows that productivity shifts in sectors producing non-traded goods ... -
Dynamic equilibrium adjustments to a terms of trade disturbance
Bye, Brita; Holmøy, Erling (Discussion Paper;No. 72, Working paper, 1992-05)This paper investigates how a fall in the price of imports will have dynamic effects in an open economy. We analyse the effects within an aggregated intertemporal equilibrium model with internationally mobile capital. We ... -
Effective rates of assistance for Norwegian industries
Holmøy, Erling; Hægeland, Torbjørn (Discussion papers;147, Working paper, 1995-07)We measure the effective assistance to 17 Norwegian private industries in 1989 and 1991 caused by government budgetary subsidies, indirect commodity taxes, import protection through nominal tariffs and non-tariff barriers, ... -
Effective rates of assistance for Norwegian industries
Holmøy, Erling; Hægeland, Torbjørn; Olsen, Øystein (Discussion Papers;No. 122, Working paper, 1994)We measure the effective assistance to 18 Norwegian private industries in 1989 caused by government budgetary subsidies, indirect commodity taxes, import protection through nominal tariffs and non-tariff-barriers, price ... -
Fiscal effects of the Norwegian pension reform – A micro-macro assessment
Fredriksen, Dennis; Holmøy, Erling; Strøm, Birger; Stølen, Nils Martin (Discussion Papers;No. 821 (2015), Working paper, 2015)The main goal of the Norwegian pension reform of 2011 is to improve long run fiscal sustainability, not least through stronger labour supply incentives. We assess to what extent the reform is likely to live up to these ... -
Fiscal sustainability: Must the problem be diminished before we can see it?
Holmøy, Erling (Discussion Papers;No. 499, Working paper, 2007)Abstract: Assessments of fiscal sustainability (FS) problems should be based on present values of government revenues and expenditures over an infinite horizon. The paper shows that realistic assumptions imply that the ... -
Gross and net capital, productivity, and the form of the survival function some norwegian evidence
Biørn, Erik; Holmøy, Erling; Olsen, Øystein (Discussion Papers;No. 11, Working paper, 1985-05-29) -
Is Norway immune to Dutch Disease? CGE estimates of sustainable wage growth and de-industrialisation
Holmøy, Erling; Heide, Kim Massey (Discussion Papers;No. 413, Working paper, 2005)Norway's petroleum wealth has become considerably more liquid and thereby visible to the public since the mid 1990s. In the policy debate transformation of wealth is often confused with ordinary income. Such a misconception ... -
Macroeconomic effects of proposed pension reforms in Norway
Fredriksen, Dennis; Heide, Kim Massey; Holmøy, Erling; Solli, Ingeborg Foldøy (Discussion Papers;No. 417, Working paper, 2005)Abstract: Ageing combined with generous welfare state schemes makes the present fiscal policy in Norway unsustainable, despite large government petroleum revenues. We estimate to what extent two suggested reforms of the ... -
A note on myopic decision rules in the neoclassical theory of producer behaviour
Holmøy, Erling; Olsen, Øystein (Discussion Paper;No. 34, Working paper, 1988-05)The paper presents a theoretical framework for analysing investment behaviour in a perfect neoclassical environment. The model distinguishes explicitly between capital units of different age. In coherence with the neoclassical ... -
Population ageing and fiscal sustainability : an integrated micro-macro analysis of required tax changes
Aaberge, Rolf; Colombino, Ugo; Holmøy, Erling; Strøm, Birger; Wennemo, Tom (Discussion Papers;No. 367, Working paper, 2004)Abstract: Most studies on the economic consequences of ageing rely on Computable General Equilibrium (CGE) models that account for feedback mechanisms through changes in relative prices, tax bases etc. However, since ... -
Real appreciation as an automatic channel for redistribution of increased government non-tax revenue
Holmøy, Erling (Discussion Papers;No. 471, Working paper, 2006)Abstract: The paper analyses how equilibrium adjustments of the wage rate affect the scope for tax rate reductions when the government experiences an exogenous increase in non-tax revenues. It shows within a stylized ... -
Removing policy based comparative advantage for energy intensive production. Necessary adjustments of the real exchange rate and industry structure
Bye, Torstein; Holmøy, Erling; Heide, Kim Massey (Discussion Papers;No. 462, Working paper, 2006)Abstract: National and international expansion of transmission networks and diminishing returns to scale in hydropower capacity expansion has raised the opportunity cost of electricity. The resulting changes in comparative ... -
The Anatomy of electricity demand: A CGE decomposition for Norway
Holmøy, Erling (Discussion Papers;No. 426, Working paper, 2005)Abstract: The paper derives a general equilibrium demand function for electricity by imposing a specific closure rule on a large CGE-model of the Norwegian economy. By a decomposition technique it quantifies the ...