Professor Torben M. Andersen Department of Economics University of Aarhus April 2014 CURRICULUM VITAE

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1 Professor Torben M. Andersen Department of Economics University of Aarhus April 2014 CURRICULUM VITAE Name: Torben M. Andersen Birth: September 27, 1956 Address: Office: School of Economics and Management Department of Economics University of Aarhus DK-8000 Aarhus C Denmark Phone: Fax: Citizenship: Marital status: Danish Married, three sons. ACADEMIC QUALIFICATIONS: 1986 Ph.D. CORE (European doctoral programme in quantitative economics), Université Catholique, Louvain-la-Neuve, Belgium. Thesis: Allocation under Differential Information Flexible and Fixed Prices Lic.oecon (Ph.D.), University of Aarhus. Thesis: Essays in the Economics of Information M.Sc., London School of Economics (Ely Devons Prize). POSITIONS: Professor, Department of Economics, University of Aarhus Research Professor, Danish Social Science Research Council Associate Professor, Department of Economics, University of Aarhus Assistant Professor, Department of Economics, University of Aarhus.

2 Torben M. Andersen 2 Curriculum Vitae Research Fellow, Danish Social Science Research Council. AWARDS: 2006 Honorary prize from Svend Hansens og Frues Fond Aarhus Universitets Jubilæumsfonds Price for outstanding teaching and outreach Award as best lecturer of the year, Aarhus University The award for the best paper in Open Economies Review (joint paper with N. L. Hansen) The scientific prize of the Knudsen-foundation, Aarhus Honorary prize of the 50th anniversary fund of the University of Aarhus Ely Devons Prize, London School of Economics, given to the regular student of the School who, as a candidate for the M.Sc. in economics, is judged to be the best of his year (the price is shared with two other students). EDITORIAL WORK: Editorial Boards: Associate Editor, Recherches Economiques de Louvain. Associate Editor, Nationaløkonomisk Tidsskrift (Journal of the Danish Economic Association). Associate Editor, Journal of Macroeconomics. Associate Editor, Nordic Journal of Political Economy. Member of the editorial board, Applied Economics Quarterly. Member of the editorial board, Journal of Economics Associate Editor, Scandinavian Journal of Economics (Joint Managing Editor: ). Associate Editor, European Economic Review ( ). Referee: American Economic Review; Applied Economics; Econometrica; Economic Journal; Economica; Empirical Economics; The European Community research programme; European Journal of Political Economy; European Economic Review; European Journal of Pension Economics; International Economic Journal; International Economic Review; International Tax and Public Finance; Journal of Industrial Organization; Journal of Institutional and Theoretical Economics; Journal of Labour Economics; Journal of Money, Credit and Banking; Journal of Macroeconomics; Journal of Economic Behavior and Organization; Journal of Economics and Business; Journal of Economic Dynamics and Control; Journal of Political Economy; Journal of Public Economics; The Manchester School of Economics and Social Sciences; Oxford Economic Papers; Public Choice; Public Finance Quarterly; Recherches Economiques de Louvain; Riksbankens Jubileumsfond, Sweden; Scandinavian Journal of Economics; SPES-programme; Zeitschrift für Nationalökonomie. Publishing Houses: Consultant to Cambridge University Press; Oxford University Press; Addison-Wesley, Routledge,

3 Torben M. Andersen 3 Curriculum Vitae MacMillan RESEARCH CENTRES: CEPR (London) research fellow EPRU (Copenhagen) research affiliate and board member IZA (Bonn) research fellow and programme director ( ) CES/IFO (Munich) research fellow The Kiel Institute for the World Economy, Research Fellow SNS (Stockholm) Research associate ( , 2007-) Center for International Economics, Aarhus (director ) PROFESSIONAL ASSOCIATIONS: 2010 Member of the Tampere Club Member of The Royal Danish Academy of Science and Letter Board member European Economic Association Fellow European Economic Association Member American Economic Association CONSULTANCY AND ADVISORY ACTIVITIES: 2014 Member Economic Council appointed by the Finnish Government Member Danish Systemtic Risk Council Chairman, Greenland Economic Council Chairman of Committee on basic pensions appointed by the Money and Pension Panel Chairman of expert group appointed by the Danish government to propose poverty thresholds for Denmark Chairman of Tax and Welfare Commission appointed by Home-rule Government of Greenland Member of Norwegian government commission on migration and the welfare state 2009 Report to the Danish labour market commission 2009 Report to the Swedish Globalisation Council 2008 Report to the Government of Canada and Human Resources and Social Development Canada Member of the Swedish Fiscal Policy Council appointed by the Swedish Government (vice-chairman) 2007 Member of the ETLA group on the Nordic Welfare Model, Finland 2007 Member of SNS Välfärdspolitiske Råd, Sweden 2007 Ministry of Foreign Affairs Norway, Input to globalization project Ministry of Industry, Norway, commentator on globalization report 2007 Panel member in project to identify leading research areas at the University of

4 Torben M. Andersen 4 Curriculum Vitae Stockholm 2006 Contributor to the project Globalisation challenges for Europe. Prime ministers office, Finland 2006 Consultant to the Ministry of Finance, Stockholm, Sweden Chairman of the Welfare Commission appointed by the Danish government Head chairman of the Danish Council of Economic Advisors Expert to the Swedish Government Committee on Stabilization Policy in the Economic and Monetary Union Member of committee on The problems of ageing population, Danish Banker s Association Member of research evaluation team for a research centre under the Academy of Finland Consultant to the PBU-pension fund ( ) Member of EU expert committee evaluating the Russian European Centre for Economic Policy in Moscow, Russia (1997) Member of the economic policy group at the Swedish Center for Business and Policy Studies Member of the Policy Panel, Economic Policy ( ) Consultant to the EMU-committee appointed by the Swedish Government Chairman of the Danish Council of Economic Advisors Member of The Tax-reform Committee appointed by the Danish Government Member of the Danish Competition Appeals Tribunal Member of committee on The Housing Market in Denmark appointed by the Danish Banker s Association Member of committee on Taxation of Investments appointed by the Danish Government Member of committee on National Savings Policy, appointed by the association of Savings banks in Denmark. RESEARCH EVALUATIONS AND RESEARCH COUNCILS: 2014 Member of Norges Banks Research Council 2014 Member of evaluation Panel CentER Tilburg University 2013 Evaluation Economics Department, University of Iceland Board Member Aarhus Institute of Advanced Studies 2010 Member of evaluation panel for Central Planning Bureau, The Netherlands Evaluation panel, Research Council of Norway (chairman) 2008 Member of evaluation panel University of Joensuu, Finland 2007 Panel member in project to identify leading research areas at the University of Stockholm Chairman of evaluation panel appointed by the Research Council of Norway to assess

5 Torben M. Andersen 5 Curriculum Vitae economic research in Norway Board Member Danish National Research Foundation ( :vice chairman) 2000 Member of Research Evaluating Team at Université Catholique de Louvain, Belgium Evaluation of Russian European Centre for Economic Policy, Moscow, Eurasia Foundation Member of Research Evaluation Panel Helsinki University Member of research evaluation team for a research centre under the Academy of Finland Member of evaluation panel, Norwegian Social Science Research Foundation Member of EU expert committee evaluating the Russian European Centre for Economic Policy in Moscow, Russia (1997) External Examiner at the University of Copenhagen. BOARD MEMBERSHIPS: Board Member Industriens Fond Board member LD (Lønmodtagernes Dyrtidsfond) Board member DREAM-group Board Member Socialforskningsinstituttet Board member Economic Policy Research Network (Copenhagen University) Board Member Centre for Economic and Business Research Copenhagen Board member, Sydbank Advisory board for the DREAM-project, Statistics Denmark/Ministry of Finance (chairman) Board member, Gudme Raaschau Bank. MISCELLANEOUS: External Examiner at the University of Copenhagen. APPOINTMENT COMMITTEES: Member of numerous appointment committees and thesis jurys at University of Aarhus, Copenhagen Business School, University of Copenhagen, INSEAD, Oslo University, University of Bergen, Norges Handelshøjskole i Bergen, Handelshøjskolen BI, Oslo, University of Gent, University of Gothenburg, University of Iceland, University of Lund, University of Namur, Uppsala University, Stockholm University, University of Warwick, Stockholm School of Economics, Helsinki University, and Université Catholique de Louvain. TEACHING: University of Aarhus:

6 Torben M. Andersen 6 Curriculum Vitae Macroeconomics; Monetary Theory and Policy; Microeconomic Foundation of Macroeconomics; Economics of Information and Uncertainty; Open Macroeconomics; Fiscal Policy; International Integration; Economics of the Welfare Society. External teaching activities: 2007 PhD course Kiel Ifw 2003 PhD course Paris X-Nanterre 2002 PhD course, Riga 2000 PhD course, Eurofaculty, Estonia 2000 PhD course, University of Oslo University of Gothenburg, Macroeconomics for PhD students Nordic Doctoral programme, PhD course on New Keynesian Macroeconomics, University of Iceland University of Montevideo, Uruguay, Exchange Rate Determination, PhD course University of Gothenburg, Macroeconomics for PhD students Courses for bankers, businessmen and teachers at business schools and high schools. ADMINISTRATION: Member of the board of the Department of Economics, University of Aarhus Member of the board of the Department of Economics, University of Aarhus Head of Department, Department of Economics, University of Aarhus Member of the board of the Faculty of Social Sciences, University of Aarhus. Member of the PhD-committee, Department of Economics, University of Aarhus. Member of several ad hoc committees. SUPERVISION: Supervision of numerous PhD-students who have successfully defended their PhD-thesis at the Department of Economics, University of Aarhus and foreign universities. Currently supervising 5 PhD-students. PARTICIPATION IN LARGE INTERNATIONAL RESEARCH PROJECTS: Ensuring economic and employment stability, Kiel Institute. European Unemployment Programme Wage Formation in the Nordic Countries, Nordic Economic Research Council project. European Unemployment Programme. Wage and Price Formation and Unemployment Persistence, SPES-project (coordinator).

7 Torben M. Andersen 7 Curriculum Vitae Tax Policy in Small and Open Economies, Nordic Economic Research Council project. Imperfect Competition in Intertemporal General Equilibrium Models, HCM-project. SNS project: controlling the scope, size and efficiency of the public sector (project leader).

8 8 PUBLICATIONS April 2014 I: Published articles A: English (Refereed journals) II: Books A: Dissertations B: Research C: Policy reports D: Textbooks **** I. Published Articles 157 The role of workfare in striking a balance between incentives and insurance in the labour market, Joint with Michael Svarer, Economica, to appear. 156 Unfunded pensions and endogenous labor supply. Joint with Joydeep Bhattacharya, Macroeconomic Dynamics, to appear. 155 Intergenerational redistribution and risk sharing with changing longevity, Journal of Economics, to appear. 154 A Dynamic Efficiency Rationale for Public Investment in the Health of the Young, Joint with Joydeep Bhattacharya, Canadian Journal of Economics, to appear. 153 Incentive and insurance effects of income taxation, Bulletin of Economic Research, to appear. 152 Durable consumption, saving, and retirement, with Mikkel Nørlem Hermansen, Journal of Population Economics, to appear. 151 Comment on Why do small open economies have such small wage differentials by Erling Barth og Kalle Moene, Nordic Economic Policy Review,2013, The Swedish Fiscal Policy Framework and Intermediate Fiscal Policy Targets, Swiss Journal of Economics and Statistics (conference volume)

9 9 149 Fiscal policy targeting under imperfect information, Journal of International Money and Finance, 2013, 34, Fiscal sustainability and demographics Should we save or work more? Journal of Macroeconomics, , Globalization, Tax Distortions, and Public-Sector Retrenchment, Scandinavian Journal of Economics, 2012, 114(2), , joint with Allan Sørensen 146 A Flexicurity Labour Market in the Great Recession: The Case of Denmark. De Economist (2012) 160: The Welfare State and the Great Recession, Intereconomics -Review of European Economic Policy, Active labour market policies in a recession, IZA Journal of Labour Market Policy, 2012, 1:7, 1-19, Joint with Michael Svarer 143. Velstandsdilemmaet for den Nordiske Model, in N. Bjerkedal et.al, eds., Finansråd i utfordrende tider Om forvaltning og økonomisk politikk, Finansdepartementet, Oslo The Employment and Fiscal Crisis, CESifo Forum, 2011/2, Product market integration, rents and wage inequality, Joint with Allan Sørensen, Review of International Economics, 2011, 19(4): On myopia as a rational for social security - joint with Joydeep Bhattacharya - Economic Theory, 2011, 47, Business Cycle Dependent Unemployment Insurance, Joint with Michael Svarer, Nordic Economic Policy Review, 2011, 2, Globalisation squeezes the public sector - is it so obvious? Joint with Allan Sørensen, International Tax and Public Finance, 2011, 18, State dependent unemployment benefits - joint with Michael Svarer, Journal of Risk and Uncertainty.2011, 78(2), Unemployment Persistence, CESifo Forum 2010/1, Labour market asymmetries in a monetary union - joint with Martin Seneca, Open Economies Review.2010, 21, Fiscal sustainability in the wake of the financial crisis Nordic Economic Policy Review, 2010,1, Increasing longevity and the welfare state, in J.H. Pedersen and K. Petersen (eds) 2009, The Politics of Age Basic Pension Systems in a Comparative and Historic Perspective, Peter Lang (Frankfurt am Main) Fiscal policy and the financial crisis, Swedish Globalization Council,2009 also as discussion paper: Increasing longevity and social security reforms - a legislative procedure approach, Journal of Public Economics,2008, 92,

10 The Scandinavian Model - Prospects and Challenges, International Tax and Public Finance, Special Issue, 2008, 15: Distribution and labour market incentives in the welfare state - Danish experiences, joint with L.H. Pedersen, Swedish Economic Policy Review, 14, The macroeconomic policy mix in a monetary union with flexible inflation targeting, Journal of International Money and Finance, 2008, 27, Product market integration and heterogeneity - Rent sharing and pricing to market,joint with Allan Sørensen, Review of International Economics, 2008, 16(2), Trading off efficiency and equity -A Scandinavian Puzzle, In Timarti Vidskipti og Efnahagsmál, sepcial issue in honour of Gudmundur Magnusson, 2008, Fiscal Policy Coordination and International Trade, Economica, 2007,74, Flexicurity -Labour Market Performance in Denmark, In CESifo Economic Studies, 2007,53 (3), (joint with Michael Svarer) 123. Labour demand, wage mark-ups and product market integration (joint with Jan R. Skaksen), Journal of Economics, 2007, 92, Exchange Rate Pegs, Fiscal Policy and Credibility (joint with Julia Chiriaeva), Open Economies Review, 2007,18, Automatic stabilizers and budget rules (with Svend Erik Hougaard Jensen) in R.Neck and C.Richter and P. Mooslechner (eds),2007, Quantitative Economic Policy - Essays in Honour of Andrew Hughes Hallett, Springer-Verlag 120. Pensions and the Welfare State, in Pedersen, J. (eds), Taxation of Pensions, Yearbook for Nordic Tax Research 2007, DJØF Publishing Wohlfahrtstat und fiscalpolitische Nachhaltigheit in Dänemark, (joint with Lars H. Pedersen and Svend E. Hougaard Jensen) in Den ôffentliche Haushaltwessen in ôsterreich, 2007, 3-4, ). Also published as The Welfare State and Strategies toward Fiscal Sustainability in Denmark,joint with S.E. Hougaard Jensen and L. H. Pedersen, in R. Neck and J.-E. Sturm, 2008, Sustainability of Public Debt, CESifo Seminar Series, MIT Press 118. Financial restraints in a mature welfare state - the case of Denmark, Oxford Review of Economic Policy (joint with Lars Haagen Pedersen), International Interdependencies in Fiscal Stabilization Policies (joint with Morten Spange), European Economic Review. 2006, 50, Ageing and globalisation in the Scandinavian Welfare Model, Ageing Horizons, 2006, 4, The Public Sector and International Integration, Economics Letters, 2006, 93,

11 Flexicurity- den danske arbejdsmarkedsmodellen, Ekonomisk Debatt, 2006,1, Sammen med Michael Svarer. Reprinted in "Svenska strukturproblem kontra dansk dynamik", A. Olshov(ed.), ØI Förlag The Danish Labour Market - From excess to shortage, In Werding, Martin (ed.),2006, Structural Unemployment in Western Europe: Reasons and Remedies, Cambridge MA, London UK: CESifo Seminar Series, MIT Press Globalisation challenges for Europe: labour market perspectives in Prime Minister s office publications 18/2006: Globalisation challenges for Europe Report from the secretariat of the Economic Council Part I, 71-83, Helsinki 111. The Role for an Active Fiscal Stabilization Policy, CESifo Studies, 2005, 51(4), Product market integration, wage dispersion and unemployment, Labour Economics, 2005, 12, International transmission of transitory and persistent monetary shocks under imperfect information, Journal of International Economics, 2005,66, (joint with Niels C. Beier) (ealier versions: Danmarks National Bank Working Papers, Earlier version af CEPR Discussion Paper 2360) 108. Migration, taxation and educational incentives, Economics Letters, , Fiscal Stabilization Policy in a Monetary Union with Inflation Targeting, Journal of Macroeconomics, , Economic Integration - forced or voluntary convergence in welfare policies? in G.Färber and Jürgen Schupp (eds.), Der Sozialstaat im 21. jahrhundert, 2005Waxmann, Berlin International product market integration and wage bargaining, in H. Piekkola and K. Snellmann (eds.) Collective Bargaining and Wage Formation. ETLA/Physica-Verlag Measuring Globalization (joint with Tryggvi Thor Herbertsson), earlier version as IZA discussion paper 817, available at Applied Economics New Keynesian Economics - Cycles and Policy, in G. Magnusson and J. Jespersen, 2004, Keynes's General Theory and Current Views, University of Iceland Economic Integration - forced or voluntary convergence in welfare policies? in G.Färber and Jürgen Schupp (eds.), Der Sozialstaat im 21. jahrhundert, Waxmann, Berlin 101. International product market integration and wage bargaining, in H. Piekkola and K. Snellmann (eds.) Collective Bargaining and Wage Formation. ETLA/Physica-Verlag Challenges to the Scandinavian welfare model, European Journal of Political Economy, 2004, 20, Nominal and real propagation of nominal shocks, Economic Journal, 2004, 114,

12 Adapting prices or quantities in the presence of adjustment costs (joint with Eric Toulemonde), Journal of Money, Credit and Banking, What should optimal taxes smooth? (joint with Robert Dogonowski), Journal of Public Economic Theory, 2004, 6, The Danish Labour Market - From excess to shortage, In Werding, Martin (ed.), Structural Unemployment in Western Europe: Reasons and Remedies, Cambridge MA, London UK: MIT Press. 95. An adequate macroeconomic policy mix for EMU? Chapter 24 in G. Tumpell-Gugerell and P. Mooslechner (eds.) Structural Changes for Europe, Edwar Elgar, Macroeconomics Which Way Now? Nordic Journal of Political Economy, 2004, 30, Propagation of nominal shocks in open economies (joint with Niels C. Beier), Manchester School of Economics (6), Policy options for reforming the welfare state (jointly with Per Molander). Chapter 15 in Alternatives for welfare policy coping with internationalisation and demographic change (edited jointly with Per Molander), Cambridge University Press International integration and the welfare state. Chapter 2 in Alternatives for welfare policy coping with internationalisation and demographic change (edited jointly with Per Molander), Cambridge University Press Introduction (jointly with Per Molander). Chapter I in Alternatives for welfare policy coping with internationalisation and demographic change (edited jointly with Per Molander), Cambridge University Press. 89. Changes in Danish labour market bargaining the prototypical case of organised decentralization? in J.E. Dølvik and F. Englestad (eds) National regimes of collective bargaining in transformation: Nordic trends in comparative perspective, Makt- og demokratiutredningen Norge , Rapportserien no. 88. Imperfectly Competitive Labour Markets and the Productivity Puzzle, joint with Eric Toulemonde,Economics Letters, 2002, 75, International Integration, Risk and the Welfare State, Scandinavian Journal of Economics, 2002, 104, Stabilization Policy, in Fiscal Policy in EMU Report of the Swedish Committee on Stabilization Policy in EMU. 85. Fiscal Policy Coordination, Bilag 7 i Stabiliseringspolitik i valutaunionen Kommittén för

13 13 stabiliseringspolitik för full sysselsätning vid ett svenskt medlemskap i valutaunionen Underlagsrapporter. SOU 2002:16, Bilagor. Fiscal Policy Coordination, Bilag 7 i Stabiliseringspolitik i valutaunionen. 84. European Integration of the Welfare State. Invited Lecture ESPE Conference 2000, Bonn. Journal of Population Economics, 2002, 16, Stabilization Policy in Open Economies (joint with Steinar Holden). Journal of Macroeconomics, 2002, Social Insurance and the Public Budget (with Robert Dogonowski). Economica. 2002, 69, Can the Inflation be too low? Kyklos, 2001, 54, Nominal Rigidities and the Optimal Rate of Inflation. European Journal of Political Economy 2002, 18, Active stabilization policy and uninsurable risks, Economics Letters, 2001, 72, Contract Renewal under Uncertainty (with Morten S. Christensen), Paper presented at workshop on Macroeconomics and Imperfections, Copenhagen Journal of Economic Dynamics and Control, 2002, 26, Product Market Integration and Wage Formation (with J.R.Sørensen), Journal of Economic Integration, 2000, 15, Labour Market Implications of EU Product Market Integration (with N. Haldrup and J.R. Sørensen), Economic Policy, 2000, 30, Sources of Persistence in Employment Adjustment Denmark (with S. Hylleberg), Oxford Economic Papers, 2000, 52, Memo 98-19, Department of Economics, University of Aarhus. Paper presented at a CDR conference in Vigo The Macroeconomics of the Welfare State (with T.D. Schmidt), ch. 9 in Macroeconomic Perspectives on the Danish Economy edited by T.M. Andersen, S.E. Hougaard Jensen and O. Risager, 1999, Macmillan. 73. Macroeconomic Perspectives on the Danish Economy: Problems, Policies and Prospects (with S.E.H. Jensen and O. Risager), ch 1 in Macroeconomic Perspectives on the Danish Economy edited by T.M. Andersen, S.E. Hougaard Jensen and O. Risager, 1999, Macmillan.

14 72. EMU and Budget Norms, ch. 4 in Fiscal Aspects of European Monetary Integration (with R.R. Dogonowski), edited by A. Hughes Hallett, M.M. Hutchison and S.E. Hougaard Jensen, 1999, Cambridge University Press. 71. Comment on A. Fatás: Does EMU need a Fiscal Federation, Economic Policy 26, Globalization and the Welfare State, NEBI Yearbook Effort, Taxation and Unemployment (with B.S. Rasmussen), Economics Letters, 1999, Price and Information under Imperfect Competition (with M. Hviid), Scottish Journal of Political Economics, 1999, Persistency in Sticky Price Models, European Economic Review, Papers and Proceedings, 1998, Shocks and the Viability of a Fixed Exchange Rate Commitment, presented on a workshop on Uncertainty in Macroeconomics, Ebeltoft CEPR Discussion Paper 969. Open Economies Review, 1998, 9, Exchange Rate Volatility, Nominal Rigidities and Persistent Deviation from PPP, The Journal of Japanese and International Economics, special issue on Purchasing Power Revisited, 1997, 11, , presented at a CEPR-NBER-TCER conference in Tokyo. 64. Fiscal Policy in the EMU and Outside, in Swedish Economic Policy Review, 1997, 4, , Commissioned report for the Calmfors Committee. Swedish version published as Bilaga 9 till EMU-udredningen, SOU 1996: Comment on Cohen, Lefranc and Saint-Paul: French Unemployment: A differential Analysis, Economic Policy, Comment on Tachinaka and Noda Enterprise Unions: the Japanese System at Work, Economic Policy, 1996, 23, Structural Changes and Barriers in the Danish Labour Market, in H. Siebert Structural Changes and Labour Market Flexibility Experience in Selected OECD Countries, Mohr Siebeck. 60. Information, Prices and Macroeconomic Adjustment Failures, to appear in Information and Coordinations: The New Keynesian Perspective, Edited by A. Boitani and A. Salanti.

15 59. Credibility and Multiple Equilibria in Policy Games: A Reply to Irwin (with O. Risager), Oxford Economic Papers, 49, , Earlier version as Seminar Paper 378 IIES Stockholm. 58. Wage Adjustment and Employment Persistency (with S. Hylleberg), Macroeconomic Dynamics, 1998, 2, , Memo , presented at ESEM Nominal Wage and Price Adjustment to Foreign Price Changes, Journal of Macroeconomics, 1997, 19, , Memo Nominal Inertia in a Competitive Model with an Incomplete Capital Market (with Michael Christensen), Recherches Economiques de Louvain, special issue on: Modelling Macroeconomic Dynamics: Recent Developments, 1996, 3-4, Unemployment Policy in the Welfare State, Nordic Journal of Political Economy, 1996, 22, Are Prices Pro-Cyclical? (with Niels Lynggaard Hansen), Applied Economics Letters, 1996, 3, Rationing of Sales and Price Setting, European Economic Review, 1996, 40, Revised version of a paper presented at the Econometric Society Meeting in Munich, Optimal Fiscal Policy in Open Economies with Labour Market Distortions, Memo , Department of Economics, University of Aarhus (with Bo Sandemann Rasmussen and Jan Rose Sørensen). Presented on conference on Tax Policy in Small and Open Economies, Reykjavik, Journal of Public Economics, 1996, 63, Information Acquisition and Nominal Price Adjustment (with Morten Hviid), Warwick Economic Research Papers No. 424, in H. Dixon and N. Rankin (eds.), The New Macroeconomics, Cambridge University Press, Equilibrium Youth Unemployment (with H. Vetter), Journal of Economics, 1995, 61, Price Adjustment in Open Economies (with Niels Lynggård Hansen), Open Economies Review, 1995, 6, Awarded the prize as the best published article in Open Economies Review, Adjustment Costs and Price and Quantity Adjustment, Economics Letters, 47, 1995,

16 49. Unemployment and Fiscal Policy in an Economic and Monetary Union (with Jan Rose Sørensen), presented on Centre for International Economic's conference in September 1992) and a conference on Small Countries and the EMU at the University of Joensuu (1993), European Journal of Political Economy, 11, 1995, Nominal Wage and Price Interactions, Paper presented at the conference Macroeconomics and Imperfect Competition, Paris, 1994, Annales d'economie et de Statistique, 1995, Do Turnover Costs Protect Insiders? (with H. Vetter), Memo , Department of Economics, University of Aarhus. Economic Journal, 1994, 104, Acquisition and Dissemination of Information in Imperfectly Competitive Markets (with Morten Hviid), paper presented at the Society of Economic Dynamics and Control Conference, Edinburgh, Memo , Department of Economics, University of Aarhus. Economic Inquiry, 1994, Vol. XXXII, Interest Rate Spreads and Exchange Rate Variability (with Jan Rose Sørensen). The Manchester School, LXII, 1994, Disinflationary Stabilization Policy Denmark in the 80's, in A. Giovannini (ed).: Exchange Rate Policies in the Nordic Countries, Cambridge University Press, 1994, also Memo , Department of Economics, University of Aarhus. 43. Will Product Market Integration Lower Unemployment (with Jan Rose Sørensen) in Jan Fagerberg & Lars Lundberg (red.): European Economic Intergation: A Nordic Perspective, Avebury, Differential Information and Excessive Volatility in Financial Markets. Paper prepared for a workshop on Asymmetric Information and Financial Markets, Helsinki Finnish Economic Papers, 1992, 5, Risques de change, taux d'intérêt et intégration monétaire européenne (Exchange Rate Risks, Interest Rates and European Monetary Integration) (with Jan Rose Sørensen), in H. Kempf & W. Marois (red.): Monnaie, Taux d'intérêt et Anticipations, Economica, Paris, Demand Management towards Internal and External Balance in an Open Economy with Centralized Wage Setting. Memo , Department of Economics, University of Aarhus. Recherches Economiques de Louvain, 1991, 57, Comment on Kydland-Prescott, Scandinavian Journal of Economics, 1991, 93,

17 38. The Limits to Demand Management in Small and Open Economies, in J. Jespersen and B. Amoroso (eds.), Macroeconomic Theories and Policies for the 1990's. MacMillan Press, A Wage-Bargaining Model for Denmark (with Ole Risager), Memo , Department of Economics, University of Aarhus. Applied Economics, 1991, 23, The Role of Credibility for the Effects of a Change in Exchange Rate Policy (with Ole Risager). Seminar Paper no 373, Institute for International Economic Studies, University of Stockholm. Oxford Economic Papers, 1991, 43, Information, Endogenous Uncertainty, and Risk Aversion. Journal of Economics / Zeitschrift für Nationalökonomie, 1990, 52, Macroeconomic Strategies in Denmark and Sweden in the 1980's, in the Annual Report of the Council of Economic Advisers, 1990, Stockholm, Sweden. 33. Demand and Capacity Constraints on Danish Employment (with Per B. Overgaard). Paper prepared for the European Unemployment Programme. In C. Bean et al. (eds.): Europe's Unemployment Problem, The MIT Press, 1990, Wage Formation in Finland A Comment, in L. Calmfors (ed.): Wage Formation and Macroeconomic Policy in the Nordic Countries. Oxford University Press, 1990, Macroeconomic Strategies towards Internal and External Balance Some Nordic Experiences, Memo , Department of Economics, University of Aarhus, Scandinavian Journal of Economics, 1990 (2), Wage Formation in Denmark (with Ole Risager), Memo, , Department of Economics, University of Aarhus, and Seminar Paper 414 IIES, University of Stockholm, in J. Calmfors (ed.): Wage Formation and Macroeconomic Policy in the Nordic Countries. Oxford University Press, 1990, Comment on B. McCallum: New Classical Macroeconomics A Sympathetic Account, Scandinavian Journal of Economics, 1989, 91, The Role of Exchange Rate Policy in Small and Open Economies in M. Paldam et al. (eds.): Valutakursteori og -politik, Uncertain Exchange Rate Policy and Interest Rate Determination (with Jan Rose Sørensen). In M. Paldam et al. (eds.): Valutakursteori og -politik, 1989.

18 26. Relative Wages and Employment Fluctuations (with Michael Christensen), Memo , Department of Economics, University of Aarhus, Journal of Macroeconomics, 1989, 11, Credibility of Policy Announcements The Output and Inflation Costs of Disinflationary Policies, Invited paper for the Konstanz Seminar, June Presented at a macroeconomic workshop, Helsinki, September Memo , Department of Economics, University of Aarhus. European Economic Review, 1989, 33, Exchange Rate Variability and Wage Formation in Open Economies (with Jan Rose Sørensen). Economics Letters, 1988, 28, Stabilization Policies, Credibility and Interest Rate Determination in a Small Open Economy (with Ole Risager). Invited paper for the EEA-Conference in Copenhagen, August Memo , Department of Economics, University of Aarhus. European Economic Review, Papers and Proceedings, 1988, 32, Coordination and Business Cycles. Invited paper for the EEA-Conference in Copenhagen, August European Economic Review, Paper and Proceedings, 1988, 32, Rules or Discretion in Public Sector Decision Making. Memo , Department of Economics, University of Aarhus. The Scandinavian Journal of Economics Special Issue on Information and Incentives. Vol. 1: Organizations and Markets, 1988, Short and Long-run Consequences of Shorter Working Hours. Paper presented at a labourmarket conference, Bornholm, September In P.J. Pedersen and R. Lund, (eds.), Unemployment: Theory, Policy and Structure, Walter de Gruyter, 1987, The Extraction of Exhaustible Resources under Demand Uncertainty (with Peder Andersen), Memo , Department of Economics, University of Aarhus. Paper presented at the European Meeting of the Econometric Society, Dublin, Resources and Energy, 1987, 9, The Information Content of Quantity Signals and Downward Inflexible Prices, CORE Discussion paper Paper presented at the European Meeting of the Econometric Society. Pisa, Scandinavian Journal of Economics, 1987, 89, Effective Demand, Differential Information, and the Multiplier, Memo , Department of Economics, University of Aarhus. Paper presented at the European Meeting of the Econometric Society, Madrid, Economic Journal, 1987, 97,

19 16. Wage Negotiations and Effective Demand Failures, Invited paper to the annual meeting of the Finnish Society of Economic Research, Yearbook of The Finnish Society of Economic Research, 1986/87, Vammala, Coordination of Fiscal and Monetary Policies under Different Institutional Arrangements (with Friedrich Schneider). Paper presented at the EALE/IIM Workshop on the Economics of Legal Regulation and Public Decision Processes, Berlin, June, Memo , Department of Economics, University of Aarhus and Arbeitspapier 8602, Johannes Kepler Universität Linz. The European Journal of Political Economy, 1986, 2, Rules vs. Discretion in Monetary Policy. Paper presented at the Society of Economic Dynamics and Control Conference, London, June Memo , Department of Economics, University of Aarhus, Journal of Economic Dynamics and Control, 1986, 10, Pre-set Prices, Differential Information, and Monetary Policy, Memo , Department of Economics, University of Aarhus, Oxford Economic Papers, 1986, 38, Also in P.J.N. Sinclair (ed.): Prices, Quantities and Expectations: Keynes and Macroeconomics in the fifty years since the publication of the general theory, Oxford University Press. 12. Differential Information and the Role for an Active Stabilization Policy, CORE Discussion Paper 8402, Paper presented at the European Meeting of Econometric Society, Pisa, Economica, 1986, 53, Speculation, Optimism and Differential Information, Memo , Department of Economics, University of Aarhus, Southern Economic Journal, 1986, 53, On the Adjustment of Nominal Interest Rates to Inflation. Paper presented at the Symposium on Money, Banking and Insurance, Karlsruhe, 1984, in H. Göppl and R. Henn (eds.), Money, Banking and Insurance, 1985, The Informational Efficiency of Price and Quantity Signals, Memo 85-1, Department of Economics, University of Aarhus. Economics Letters, 1985, 18, Recent Developments in the Theory of Efficient Capital Markets, Memo 84-10, Department of Economics, University of Aarhus. Kredit und Kapital. 1985, 18, Uncoordinated Prices and Monetary Policy. Paper presented at the 1st International Meeting in Monetary Economics and Banking, Orléans, Revue Economique, Special issue on Théorie et Politique Monétaires, 1985,

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