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Public Employment and Regional Risk Sharing: Norway 1977-90

  • Egil Matsen

    ()

    (Department of Economics, Norwegian University of Science and Technology)

  • Lars-Erik Borge

    ()

    (Department of Economics, Norwegian University of Science and Technology)

We provide an empirical analysis of regional risk sharing in Norway over the period 1977-90. The approach of Asdrubali, Sørensen and Yosha (1996) is extended to take account of public employment as a possible shock absorber. The other channels of risk sharing are capital markets & commuting, taxes & transfers and credit markets. Surprisingly, there seems to be full interregional risk sharing in the short run, with public employment absorbing about 20 % of regional shocks to private output. The combined effect of capital markets & commuting is even more important, however, absorbing up to 70 % of regional shocks. In the longer run, a significant fraction of regional shocks remain unsmoothed. Government smoothing increases and market based smoothing decreases as shocks become more permanent.

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File URL: http://www.svt.ntnu.no/iso/WP/2002/8Region_sep_01.pdf
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Paper provided by Department of Economics, Norwegian University of Science and Technology in its series Working Paper Series with number 0802.

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Length: 21 pages
Date of creation: 15 Sep 2001
Date of revision:
Handle: RePEc:nst:samfok:0802
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Web page: http://www.svt.ntnu.no/iso/WP/wp.htm
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  1. Jacques Mélitz & Frédéric Zumer, 2000. "Interregional and International Risk Sharing and Lessons for EMU," EUI-RSCAS Working Papers 2, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
  2. Baxter, Marianne & Crucini, Mario J, 1995. "Business Cycles and the Asset Structure of Foreign Trade," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(4), pages 821-54, November.
  3. David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1987. "International real business cycles," Working Papers 426, Federal Reserve Bank of Minneapolis.
  4. Tesar, Linda L. & Werner, Ingrid M., 1995. "Home bias and high turnover," Journal of International Money and Finance, Elsevier, vol. 14(4), pages 467-492, August.
  5. Campbell, John & Mankiw, Gregory, 1987. "Are Output Fluctuations Transitory?," Scholarly Articles 3122545, Harvard University Department of Economics.
  6. Tamim Bayoumi & Michael W. Klein, 1997. "A Provincial View of Economic Integration," IMF Staff Papers, Palgrave Macmillan, vol. 44(4), pages 534-556, December.
  7. van Wincoop, Eric, 1995. "Regional risksharing," European Economic Review, Elsevier, vol. 39(8), pages 1545-1567, October.
  8. Maurice Obstfeld, 1994. "Are Industrial-Country Consumption Risks Globally Diversified?," NBER Working Papers 4308, National Bureau of Economic Research, Inc.
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