Computable General Equilibrium Assessments of Fiscal Sustainability in Norway
The chapter demonstrates how the computable general equilibrium model MSG6, combined with special models of government expenditures, has been used to assess the long-run fiscal sustainability in Norway. The simulations suggest that Norway faces a severe fiscal sustainability problem in the long run, despite an exceptionally strong fiscal position at present. This result is found to be relatively robust to exogenous variations in productivity growth, petroleum prices, longevity, immigration and the health of the elderly. The chapter also discusses the fiscal effects of various policy responses, including the pension reform of 2011, improvements in the standards of public health services and care for the elderly, as well as a tighter fiscal policy rule. The simulation experiments demonstrate that general equilibrium mechanisms contribute significantly to the total effects.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
|This chapter was published in: ||This item is provided by Elsevier in its series Handbook of Computable General Equilibrium Modeling with number
v:1:y:2013:i:c:p:105-158.||Handle:|| RePEc:eee:hacchp:v:1:y:2013:i:c:p:105-158||DOI:|| 10.1016/B978-0-444-59568-3.00003-1||Contact details of provider:|| Web page: http://store.elsevier.com/Handbook-of-Computable-General-Equilibrium-Modeling/isbn-9780444536341/|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Klette, Tor Jakob, 1999.
"Market Power, Scale Economies and Productivity: Estimates from a Panel of Establishment Data,"
Journal of Industrial Economics,
Wiley Blackwell, vol. 47(4), pages 451-476, December.
- Klette, T.J., 1998. "Market Power, Scale Economies and Productivity: Estimates from a Panel of Establishment Data," Memorandum 15/1998, Oslo University, Department of Economics.
- Timothy J. Kehoe, 2003. "An evaluation of the performance of applied general equilibrium models of the impact of NAFTA," Staff Report 320, Federal Reserve Bank of Minneapolis.
- Timothy J. Kehoe, 2003. "An Evaluation of the Performance of Applied General Equilibrium Models of the Impact of NAFTA," Levine's Working Paper Archive 506439000000000525, David K. Levine.
- Laurence J. Kotlikoff, Kent Smetters, and Jan Walliser, 2001. "The Coming Generational Storm," Computing in Economics and Finance 2001 276, Society for Computational Economics.
- Peter B. Dixon & Maureen T. Rimmer, 2010. "Johansen's contribution to CGE modelling: originator and guiding light for 50 years," Centre of Policy Studies/IMPACT Centre Working Papers g-203, Victoria University, Centre of Policy Studies/IMPACT Centre.
- Kyrre Stensnes, 2007. "Equity versus Efficiency in Public Pension Schemes. Microsimulating the Trade-off," Discussion Papers 515, Statistics Norway, Research Department.
- Hans Fehr & Wenche Irén Sterkeby & Øystein Thøgersen, 2003. "Social security reforms and early retirement," Journal of Population Economics, Springer;European Society for Population Economics, vol. 16(2), pages 345-361, 05.
- Fehr, Hans & Sterkeby, Wenche I. & Thøgersen, Øystein, 2000. "Social security reforms and early retirement," W.E.P. - Würzburg Economic Papers 24, University of Würzburg, Chair for Monetary Policy and International Economics.
- Fehr, H. & Sterkeby, W.I. & Thogersen, O., 2000. "Social Security Reforms and Early Retirement," Papers 16/00, Norwegian School of Economics and Business Administration-.
- Steigum, E.Jr., 1992. "Accounting for Long-Run Effects of Fiscal Policy by Means of Computable Overlapping Generations Models," Papers 05-92, Norwegian School of Economics and Business Administration-.
- Fehr, Hans & Habermann, Christian, 2006. "Pension reform and demographic uncertainty: the case of Germany," Journal of Pension Economics and Finance, Cambridge University Press, vol. 5(01), pages 69-90, March.
- Habermann, Christian & Fehr, Hans, 2003. "Pension Reform and Demographic Uncertainty: The Case of Germany," W.E.P. - Würzburg Economic Papers 47, University of Würzburg, Chair for Monetary Policy and International Economics.
- N. G. Mankiw., 2009. "The Macroeconomist as Scientist and Engineer," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
- N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 29-46, Fall.
- N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," NBER Working Papers 12349, National Bureau of Economic Research, Inc.
- N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," Harvard Institute of Economic Research Working Papers 2121, Harvard - Institute of Economic Research.
- Aaberge, Rolf & Dagsvik, John K & Strom, Steinar, 1995. " Labor Supply Responses and Welfare Effects of Tax Reforms," Scandinavian Journal of Economics, Wiley Blackwell, vol. 97(4), pages 635-659, December.
- Miles, David, 1999. "Modelling the Impact of Demographic Change upon the Economy," Economic Journal, Royal Economic Society, vol. 109(452), pages 1-36, January.
- Miles, David K, 1997. "Modelling the Impact of Demographic Change Upon the Economy," CEPR Discussion Papers 1762, C.E.P.R. Discussion Papers.
- Torben M. Andersen & Lars Haagen Pedersen, 2006. "Financial Restraints in a Mature Welfare State--The Case of Denmark," Oxford Review of Economic Policy, Oxford University Press, vol. 22(3), pages 313-329, Autumn.
- Robert E. Hall & Charles I. Jones, 2007. "The Value of Life and the Rise in Health Spending," The Quarterly Journal of Economics, Oxford University Press, vol. 122(1), pages 39-72.
- Laurence J. Kotlikoff & Kent Smetters & Jan Walliser, 2001. "Finding a Way Out of America's Demographic Dilemma," NBER Working Papers 8258, National Bureau of Economic Research, Inc.
- Lindbeck, Assar & Persson, Mats, 2002. "The Gains from Pension Reform," Working Paper Series 580, Research Institute of Industrial Economics.
- Lindbeck, Assar & Persson, Mats, 2002. "The Gains from Pension Reform," Seminar Papers 712, Stockholm University, Institute for International Economic Studies.
- Cronin, David & Daniel McCoy,, 2000. "Fiscal Sustainability When Time is on Your Side," Research Technical Papers 4/RT/00, Central Bank of Ireland.
- Olav Bjerkholt, 2009. "The making of the Leif Johansen multi-sectoral model," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 17(3), pages 103-126.
- Martin Feldstein, 2005. "Structural Reform of Social Security," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 33-55, Spring.
- Martin Feldstein, 2005. "Structural Reform of Social Security," NBER Working Papers 11098, National Bureau of Economic Research, Inc.
- Beetsma, Roel & Bettendorf, Leon & Broer, Peter, 2003. "The budgeting and economic consequences of ageing in the Netherlands," Economic Modelling, Elsevier, vol. 20(5), pages 987-1013, September.
- Roel Beetsma, 2001. "The Budgeting and Economic Consequences of Ageing in The Netherlands," CESifo Working Paper Series 630, CESifo Group Munich.
- K. Mc Morrow & W. Röger, 2002. "EU pension reform - An overview of the debate and an empirical assessment of the main policy reform options," European Economy - Economic Papers 2008 - 2015 162, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Fehr, Hans, 2000. " Pension Reform during the Demographic Transition," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(3), pages 419-443, June.
- Fehr, Hans, 1999. "Pension reform during the demographic transition," W.E.P. - Würzburg Economic Papers 8, University of Würzburg, Chair for Monetary Policy and International Economics.
- Erling Holmøy & Torbjørn Hægeland, 1997. "Aggregate Productivity Effects of Technology Shocks in a Model of Heterogeneous Firms: The Importance of Equilibrium Adjustments," Discussion Papers 198, Statistics Norway, Research Department.
- Jagadeesh Gokhale & Bernd RaffelhÃ¼schen, 1999. "Population aging and fiscal policy in Europe and the United States," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 10-20.
- Bjerkholt, Olav, 1998. "Interaction between model builders and policy makers in the Norwegian tradition," Economic Modelling, Elsevier, vol. 15(3), pages 317-339, July.
- Erling Holmøy & Kyrre Stensnes, 2008. "Will the Norwegian pension reform reach its goals? An integrated micro-macro assessment," Discussion Papers 557, Statistics Norway, Research Department.
- Benz, Ulrich & Fetzer, Stefan, 2004. "Indicators for Measuring Fiscal Sustainability: A Comparative Application of the OECD-Method and Generational Accounting," Discussion Papers 118, Albert-Ludwigs-Universität Freiburg, Institut für Finanzwissenschaft.
- A. Roux, 1993. "The Public Debt: A Medium-term Perspective," South African Journal of Economics, Economic Society of South Africa, vol. 61(4), pages 10-29, December.
- Feldstein, Martin, 2005. "Structural Reform of Social Security," Scholarly Articles 2794830, Harvard University Department of Economics.
- Lans Bovenberg & Thijs Knaap, 2005. "Ageing, Funded Pensions and the Dutch Economy," CESifo Working Paper Series 1403, CESifo Group Munich. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:eee:hacchp:v:1:y:2013:i:c:p:105-158. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.