Browsing Centre for Economic and Business Research (CEBR) by Year Published
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AnalyserapportFosse, Henrik Barslund; Højbjerg Jacobsen, Rasmus; Kuhn, Johan Moritz (Frederiksberg, 2012)[More information][Less information]
Abstract: Hovedformålet med denne rapport har været at foretage sammenligninger på to planer: For det første at sammenligne de økonomiske modeller ADAM og DREAM, og for det andet at sammenligne to mulige scenarier for danske økonomi. Hovedvægten er lagt på at undersøge, hvordan udviklingen i boligpriserne og de offentlige finanser varierer på tværs af de økonomiske forudsætninger og de økonomiske modeller. Vi arbejder i hovedtræk med tre forløb: Et reform- og genopretningsforløb, et laden-stå-til-forløb med negativ udvikling i udlandet og et grundforløb i de to modeller, som vi bruger til at sammenligne de øvrige forløb med. URI: http://hdl.handle.net/10398/8537 Files in this item: 1
Fosse_Jacobsen_Kuhn_2012.pdf (4.076Mb) -
Hansen, Jan V.; Højbjerg Jacobsen, Rasmus; Lau, Morten I. (Durham, 2012)[More information][Less information]
Abstract: We estimate the maximum amount that Danish households are willing to pay for three different types of insurance: auto, home and house insurance. We use a unique combination of claims data from the largest private insurance company in Denmark, measures of individual risk attitudes and discount rates from a field experiment with a representative sample of the adult Danish population, and information on household income and wealth from registers at Statistics Denmark. We assume that households maximize expected inter-temporal utility subject to an inter-temporal budget constraint with several possible states of nature, where all uncertainty is realized in the initial period and any loss incurred by an accident is subtracted from initial wealth. The estimated willingness to pay is based on annual claims and should thus be considered as an annual premium. Since there is some uncertainty about the estimates of risk attitudes and discount rates, there is some uncertainty about the estimated willingness to pay. We use a randomized factorial design in our sensitivity analysis where each simulation involves a random draw from independent normal distributions of the estimated risk and time preferences. The results show that the willingness to pay is marginally higher than the actuarial fair value under Expected Utility Theory. However, the estimated willingness to pay is significantly higher under Rank-Dependent Utility Theory, and for some households it may be up to 600% higher than the actuarial value of the insurance claims. URI: http://hdl.handle.net/10398/8538 Files in this item: 1
Hansen_Jacobsen_Lau_2012.pdf (464.5Kb) -
Rent Sharing or Composition?Fosse, Henrik Barslund; Maitra, Madhura (Frederiksberg, 2012)[More information][Less information]
Abstract: Offshoring firms are found to pay higher average wages than purely domestic firms. We provide a unifying empirical approach by capturing the different channels through which offshoring may explain this wage difference: (i) due to change in the composition of workers (skill composition effect) (ii) because all existing workers get higher pay (rent sharing effect). Using Danish worker-firm data we explain how much each channel contributes to higher wages. To estimate the causal effect of offshoring on wages we use China’s accession to the WTO in December 2001 - and the soon after boom in Chinese exports - as positive exogenous shocks to the incentive to offshore to China. Both skill composition and rent sharing effects are found to be important in explaining the resultant gain in wages. We also show that the firm’s timing in the offshoring process determines the relative importance of a channel. For firms offshoring to China in 2002 but not in 1999, only rent sharing explains the gain in wages. For firms offshoring to China both before and after China’s WTO accession the wage increase is explained mostly by the skill composition effect. Moreover, these patterns are not discernible from the measures of skill composition and rent sharing available in typical firm level datasets - like ratio of educated to uneducated workers and sales per employee. URI: http://hdl.handle.net/10398/8540 Files in this item: 1
Fosse_2012_2.pdf (255.2Kb) -
Jacobsen, Jóannes (Frederiksberg, 2012)[More information][Less information]
Abstract: Vækstkautioner fra Vækstfonden giver anledning til privat finansiering af erhvervsaktivitet, som ellers ikke ville opstå. Vækstkautioner udstedt i 2011 medførte, at virksomhederne kunne skaffe samlet privat finansiering for 1153 mio. kr. til at foretage investeringer for. Beregninger i ADAM modellen viser, at investeringerne over en 3-årig periode skaber 872 arbejdspladser årligt – eller 5 arbejdspladser per virksomhed. I forhold til de forventede tabsudgifter på udstedte Vækstkautioner er beskæftigelseseffekten per udgiftskrone 15 gange større end effekten af udgifter til offentlige investeringer. URI: http://hdl.handle.net/10398/8660 Files in this item: 1
Jacobsen_CEBR-rapport.pdf (451.5Kb) -
Fosse, Henrik Barslund (Frederiksberg, 2012)[More information][Less information]
Abstract: Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade ows bring us closer to the transaction level where rm decisions are actually made. I nd that the utilization of monthly data does add new information about the average level of pricing-to-market, and the di¤erences between long-run pricing-to-market and short-run pricing-to-market. Furthermore, I nd industry di¤erences in pricing-to-market in terms of the magnitude (zero to complete pricing-to-market) and the timing (when do rms changes prices), and that pricing-to-market is stronger on high-income markets. As discussed in detail in the paper, all results are in-line with predictions of several theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through. URI: http://hdl.handle.net/10398/8539 Files in this item: 1
Fosse_2012_1.pdf (303.2Kb) -
Labour Market, Health Care and Prescription DrugsHøjbjerg Jacobsen, Rasmus (Frederiksberg, 2011)[More information][Less information]
Abstract: This paper uses a register dataset for the entire Danish population to examine the effect of early motherhood on labour market measures, health care measures and family measures for the mothers and their offspring. The dataset is divided into three groups according to the age of the woman at the time of her first child delivery. Using standard cross-sectional econometric techniques the results show that very young mothers (aged 16-21) have significantly lower employment rates, higher propensity to receive welfare benefits and a lower wage income. Children of very young mothers have a higher family replacement rate, more services received from General Practitioners and a higher propensity to receive ADHD-medications. The majority of the effects reported are also significantly greater for mothers who were aged 22-25 at the birth of their first child compared to older mothers. URI: http://hdl.handle.net/10398/8377 Files in this item: 1
Rasmus_Hoejbjerg_Jacobsen_wp_2011.pdf (92.36Kb) -
Jacobsen, Jóannes; Sørensen, Anders; Junge, Martin (Frederiksberg, 2011)[More information][Less information]
Abstract: Der er klar sammenhæng mellem danske virksomheders digitaliseringsstrategi og produktivitet. Det viser denne rapport, som CEBR har udarbejdet for IT- og Telestyrelsen på grundlag af en pålidelig stikprøve på omkring 8.500 danske virksomheder. Et af rapportens nøgleresultater er, at en 1 procent-point større andel af virksomheder, som har digitaliseret visse forretningsprocesser, er knyttet til 0,72 procent højere værditilvækst pr. medarbejder. Det svarer i et makroøkonomisk perspektiv til mellem 2,6 og 6,5 milliarder kroner i årlig bruttoværditilvækst. URI: http://hdl.handle.net/10398/8481 Files in this item: 1
jacobsen_soerensen_junge_2011.pdf (2.606Mb) -
Heterogeneity and Non-LinearitiesIversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders (Frederiksberg, 2010)[More information][Less information]
Abstract: The returns to education in self-employment are addressed in four different specifications of the relationship between log income and years of schooling. The specifications range from a standard Mincer equation with a constant percentage increase in income to an additional year of schooling to the most flexible specification with dummy variables for the different number of years of schooling split into different types of education. Based on the more flexible specifications, important non-linearities and heterogeneity in the returns to education in self-employment are found. These results are robust across different estimation methods: OLS; Heckit correction models to handle sample selection; and IV to deal with the potential endogeneity of years of schooling. Moreover, the results are insensitive to the use of different sample years, different definitions of self-employment, and different income measures for the self-employed. URI: http://hdl.handle.net/10398/8225 Files in this item: 1
Sorensen_WP_2010.pdf (411.9Kb) -
For Økonomi- og ErhvervsministerietJunge, Martin; Sørensen, Anders (Frederiksberg, 2010)[More information][Less information]
URI: http://hdl.handle.net/10398/8275 Files in this item: 1
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Iversen, Jens; Malchow-Møller, Nikolaj; Sørensen, Anders (Frederiksberg, 2009)[More information][Less information]
Abstract: We argue that formal schooling and wage-work experience are complementary types of human capital for entrepreneurs. Strong empirical support is found for this hypothesis as the interaction term between schooling and actual wage-work experience enters positively and significantly in a Mincer equation, whereas the effect of schooling in the absence of wage-work experience is insignificant. These results are extremely robust towards more flexible specifications, including fixed-effects estimations dealing with unobserved heterogeneity. For wage workers, the interaction term is negligible, confirming that the complementarity is a distinct characteristic of entrepreneurial human capital. URI: http://hdl.handle.net/10398/7990 Files in this item: 1
WP_Iversen_Malchow_Sorensen.pdf (256.4Kb) -
Dalgaard, Carl-Johan; Schultz, Esben Anton; Sørensen, Anders (Frederiksberg, 2009)[More information][Less information]
Abstract: Is the wage gap between majors in human arts and other fields caused by the education? If the educational choice is endogenous, the wage gap may instead be caused by selection. We document that individuals’ educational choice is correlated with that of older students and by the concentration of women in their high school. Conditional on high school fixed effects, these characteristics are unlikely to affect post-university wages and are plausible instruments for the educational choice. Our 2SLS estimates reveal that the gap in returns to education is negligible, implying that the wage gap is attributable to selection. URI: http://hdl.handle.net/10398/7989 Files in this item: 1
WP_Dalgaard_Schultz_Sorensen.pdf (417.8Kb) -
Hagen Jørgensen, Ole (København, 2008)[More information][Less information]
Abstract: Using a stochastic overlapping generations model with endogenous labour supply, this paper studies the design and performance of a policy rule for the retirement age in response to fertility and mortality shocks. Two main results are derived: First, to oset a change in the labour force the retirement age should adjust more than proportionally to the fertility change and, second, to be socially desirable the retirement age should be indexed less than proportionally to changes in life expectancy. URI: http://hdl.handle.net/10398/7688 Files in this item: 1
dp 2008-03.pdf (361.1Kb) -
Malchow-Møller, Nikolaj; Schjerning, Bertel; Sørensen, Anders (København, 2008)[More information][Less information]
Abstract: This paper analyses the importance of entrepreneurs for job creation and wage growth. Relying on unique data that covers all plants, firms and individuals in the Danish private sector, we are able to distil a number of different measures of entrepreneurial plants from the set of new plants, including measures that much more precisely capture the "truly new” or "entrepreneurial” plants than in previous studies. Using these data, we find that while new plants in general account for one third of the gross job creation in the economy, entrepreneurial plants are responsible for between 15% and 25% of this, and thus only account for up to 8% of total gross job creation in the economy. However, entrepreneurial plants seem to generate more additional jobs than other new plants in the years following entry. Finally, the jobs generated by entrepreneurial plants are to a large extent low-wage jobs, as they are not found to contribute to the growth in average wages. However, this insight varies across the different types of entrepreneurial plants. URI: http://hdl.handle.net/10398/7713 Files in this item: 1
dp 2008-13.pdf (122.6Kb) -
Glazer, Amihai; Kanniainen, Vesa; Poutvaara, Panu (København, 2008)[More information][Less information]
Abstract: We consider the effects of income redistribution when people can migrate from one country to another, and when land within each country is heterogeneous. Taxes related to income can then affect property values, and can induce migration, which further affects property values. We show that under these conditions a utilitarian government should never equalize after-tax incomes. If migration is impossible, it may even transfer income from the poor to the rich, reducing the rents earned by absentee landlords. The redistributive tax on the rich may be higher or lower when the rich can migrate than when they cannot. A Rawlsian government in the absence of mobility will equalize after-tax incomes. Under mobility, Rawlsian governments cut their taxes if and only if the relative pre-tax income of the poor is sufficiently low. URI: http://hdl.handle.net/10398/7689 Files in this item: 1
dp 2008-05.pdf (163.9Kb) -
Koskela, Erkki; Poutvaara, Panu (København, 2008)[More information][Less information]
Abstract: In European Welfare States, low-skilled workers are typically unionized, while the wage formation of high-skilled workers is more competitive. To focus on this aspect, we analyze how flexible international outsourcing and labour taxation affect wage formation, employment and welfare in dual domestic labour markets. Higher productivity of outsourcing, lower cost of outsourcing and lower factor price of outsourcing increase wage dispersion between the high-skilled and low-skilled workers. Increasing wage tax progression of low-skilled workers decreases the wage rate and increases the labour demand of low-skilled workers. It decreases the welfare of lowskilled workers and increases both the welfare of high-skilled workers and the profit of firms. URI: http://hdl.handle.net/10398/7696 Files in this item: 1
dp 2008-15.pdf (183.1Kb) -
Hagen Jørgensen, Ole (København, 2008)[More information][Less information]
Abstract: This paper shows how improved health conditions aect fertility decisions and economic growth. Survival rates for children and adults are incorporated into an overlapping generations model featuring endogenous fertility and altruism from workers towards their retired parents. The main nding is that a simultaneous increase in child and adult survival decreases fertility and increases savings and productivity growth. The analysis illustrates the key role of health in the demographic transition. URI: http://hdl.handle.net/10398/7695 Files in this item: 1
dp 2008-04.pdf (1.563Mb) -
Koskela, Erkki; Poutvaara, Panu (København, 2008)[More information][Less information]
Abstract: We evaluate the effects of international outsourcing and labor taxation on wage formation and equilibrium unemployment in dual labor markets. Outsourcing promotes wage dispersion between the high-skilled and low-skilled workers. Higher domestic low-skilled wage tax, higher payroll tax and lower wage tax exemption increase optimal outsourcing. Outsourcing will reduce equilibrium unemployment of low-skilled workers both in the presence and absence of labor taxation. In the presence of outsourcing, wage tax, tax exemption and payroll tax have an ambiguous effect on equilibrium unemployment. Increasing the degree of tax progression decreases the wage rate and increases the demand of low-skilled workers. URI: http://hdl.handle.net/10398/7697 Files in this item: 1
dp 2008-09.pdf (203.0Kb) -
Glazer, Amihai; Kanniainen, Vesa; Poutvaara, Panu (København, 2008)[More information][Less information]
Abstract: This paper develops a theory of consumer boycotts. Some consumers care not only about the products they buy but also about whether the firm behaves ethically. Other consumers do not care about the behavior of the firm but yet may like to give the impression of being ethical consumers. Consequently, to affect a firm’s ethical behavior, moral consumers refuse to buy from an unethical firm. Consumers who do not care about ethical behavior may join the boycott to (falsely) signal that they do care. In the firm’s choice between ethical and unethical behavior, the optimality of mixed and pure strategies depends on the cost of behaving ethically. In particular, when the cost is (relatively) low, ethical behavior arises from a prisoners’ dilemma as the firm’s optimal strategy. URI: http://hdl.handle.net/10398/7706 Files in this item: 1
dp 2008-08.pdf (225.8Kb) -
Kaiser, Ulrich; Kongsted, Hans Christian; Rønde, Thomas (København, 2008)[More information][Less information]
Abstract: We measure the quantitative importance of labor mobility as a vehicle for the transmission of knowledge and skills across firms. For this purpose we create a unique data set that matches all applications of Danish firms at the European Patent Office to linked employer-employee register data for the years 1999-2002. The Danish workforce is split into "R&D workers", who hold a bachelor's or a master's degree in a technical field, and "non-R&D workers". We find that mobile R&D workers ("R&D joiners"') contribute more to patenting activity than immobile R&D workers. Furthermore, R&D workers who have previously been employed by a patenting firm ("patent exposed workers") have a larger effect on patenting activity than R&D workers without this experience. Patent exposed R&D joiners constitute the most productive group of workers: for firms that patented prior to 1999, one additional worker of this type relates to an increase in the number of patent applications of the new employer by 0.0646. This corresponds to a 14 percent increase in the mean number of yearly patent applications. We also find that mobility of R&D workers increases the joint patenting activity of the donor and recipient firms, confirming the importance of labor mobility for innovation in the economy. URI: http://hdl.handle.net/10398/7704 Files in this item: 1
dp 2008-16.pdf (363.9Kb) -
Keller, Katarina; Poutvaara, Panu; Wagener, Andres (København, 2008)[More information][Less information]
Abstract: Economic theory predicts that military conscription is associated with static inefficiencies as well as with dynamic distortions of the accumulation of human and physical capital. Relative to an economy with an allvolunteer force, output levels and growth rates should be lower in countries that rely on a military draft to recruit their army personnel. For OECD countries, we show that military conscription indeed has a statistically significantly negative impact on economic performance. URI: http://hdl.handle.net/10398/7714 Files in this item: 1
dp 2008-10.pdf (234.9Kb)
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