Economic Studies 201

Melinda Süveg

Finance, Shocks, Competition and Price Setting

Department of Economics, Uppsala University

Visiting address: Kyrkogårdsgatan 10, Uppsala, SwedenPostal address: Box 513, SE-751 20 Uppsala, SwedenTelephone: +46 18 471 00 00Telefax: +46 18 471 14 78Internet: http://www.nek.uu.se/_______________________________________________________

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Melinda Süveg

Finance, Shocks, Competition and Price Setting

Dissertation presented at Uppsala University to be publicly examined in Hörsal 2,Ekonomikum, Kyrkogårdsgatan 10, Uppsala, Uppsala, Monday, 13 September 2021 at10:15 for the degree of Doctor of Philosophy. The examination will be conducted in English.Faculty examiner: Professor Richard Friberg (Stockholm School of Economics).

AbstractSüveg, M. 2021. Finance, Shocks, Competition and Price Setting. Economic studies 201.137 pp. Uppsala: Department of Economics, Uppsala University. ISBN 978-91-506-2884-5.

Essay I: The New Keynesian model augmented with the working capital channel predicts that(i) a rise in the policy rate increases producer prices, with a stronger impact on firms that usemore working capital, (ii) the pass-through of policy rate changes to prices is gradual becauseof price rigidity and (iii) unanticipated policy rate changes have larger effects than anticipatedchanges. Using firm-level micro data, I test these predictions. I show that a firm with averageworking capital holdings increases its price by 0.1 percent after 3 months and by 0.2 percentafter 6 months following a percentage unit increase in the policy rate.Essay II: This paper examines how changes in product market concentration, specifically firmexit, affect prices. I develop a model where firms have variable markups to show that theremaining firms increase their markups and prices after their competitors' exit. The modelpredictions are tested using micro-data on Swedish firms. I use the exposure of firms to a bank,which was severely affected by the financial crisis abroad, as an instrument to identify the causalrelationship between firm exit and prices. I find that the remaining firms increase their pricesby 0.3 percent when firms with a combined market share of one percent exit.Essay III (with Sneha Agrawal and Abhishek Gaurav): In this paper, we study a new channelto explain firms' price setting behavior. We propose that uncertainty about factor prices has apositive effect on markups. We show theoretically that firms with higher shares of inputs withvolatile prices set higher markups. We use the Bartik shift-share approach to empirically testwhether firms which use more oil relative to other inputs set higher markups when oil prices aremore volatile. Our estimates imply that a one standard deviation increase in oil price volatilityleads to a 0.38 percent increase in the markup of firms with average oil exposure.

Keywords: price setting, markup, working capital, monetary policy, pass-through, marketstructure, competition, exit, bank connections, input price volatility.

Melinda Süveg, Department of Economics, Box 513, Uppsala University, SE-75120 Uppsala,Sweden.

© Melinda Süveg 2021

ISSN 0283-7668ISBN 978-91-506-2884-5URN urn:nbn:se:uu:diva-445835 (http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-445835)

To the people who made the journey worth walking.

Acknowledgments

I would like to express my sincerest gratitude and appreciation to my mainadvisor Nils Gottfries who has made the completion of this thesis possible.Nils has taught me how to think critically and analytically about problems ineconomics. He has given all possible support for me to become a better re-searcher. I would especially like to thank him for our regular meetings, phonecalls, in-depth discussions, the data access and, and above all, his constructivecritique which has been available to me in unlimited supply. It has been trulymotivational to share a passion for economics with him. Nils has inspired meto use scientific curiosity to get through the seemingly unending iterations ofwriting a paper. Following his ways of finesse and perseverance really helpedme succeed in delivering my small share of contribution to our understandingof economics. I am eternally grateful.

I also would like to thank my secondary supervisors Teodora Borota Milice-vic and David Vestin. Teodora’s lectures in macroeconomics and her inspiringcharacter were the reasons why I joined the PhD program in the first place.Teodora has been my role model from day one and she has never disappointedme as an economist, a teacher or a mentor during my years of learning fromher. I would like to thank Teodora for discussing various streams of macroe-conomic literature with me, teaching me how to build on existing ideas, forinspiring me to develop my own theories and for mentoring me how to be a‘woman in economics’ in order to navigate the complex and competitive worldof research which, for the most part, is still ahead of me.

In my first year as a PhD student, David taught me the New Keynesian (NK)Model, and with that he captivated my full attention - effectively resulting inevery chapter in this thesis. David delivered the material about firms and themonetary authority in the NK model with so much enthusiasm and detail that Iimmediately found questions in my head that I needed to seek answers for: isit reasonable to assume that firms always satisfy demand?, are markups reallyconstant?, is there price stickiness? I would really like to thank David forinstilling the enthusiasm for economics into me, for his generosity in pointingme to an important question that I could pursue as a first paper, and for beingopen to co-author with me. I greatly appreciate all that David taught me as ateacher, a supervisor, a senior colleague at the Riksbank and as a mentor.

I would like to thank the fantastic research faculty at the Economics De-partment in Uppsala who guided my work with continuous feedback and anencouraging attitude. I would especially like to extend my gratitude to MikaelBask, Mikael Carlsson, Daria Finocchiaro, Peter Fredriksson, Georg Graetz,

Knut-Eric Joslin, Erik Öberg, Eva Mörk, Stefan Pitschner, Luca Repetto, andOskar Nordström Skans for their helpful comments and support throughout theyears. I am greatly indebted to Hans Grönqvist and August Torngren Wartinfor letting me use the dataset they assembled. I would also like to thank theRiksbank Research Division for having me for an internship and for comment-ing on my job market paper. I am especially grateful to Niklas Amberg fordedicating much of his time to mentor me. Special thanks to Plamen Nenov atBI for his valuable feedback at my final seminar and his continued support.

I am also indebted to numerous professors and PhD students outside ofSweden who have taken an interest in me and helped improve my work. Iwould especially like to thank Virgiliu Midrigan for inviting me to New YorkUniversity, for wholeheartedly supervising me and helping me prepare for thejob market. I also extend my sincere gratitude to Simon Gilchrist for ad-vising me on my job market paper, providing continued support during thejob market and for overseeing the development of our paper with Sneha andAbhishek. I would like to extend my gratitude to Jess Benhabib, ThomasPhilippon, Morten Ravn and Claudia Sahm for commenting on my job mar-ket paper and for being great teachers. Special thanks to my friends and col-leagues at NYU for their helpful comments and the fun experiences we shared:Sneha Agrawal, László Tétényi, Joshua Weiss, Will Gamber, Justin Shugar-man, Guillaume Névo, Paula Onuchic and many more, we could fill the page!

I also would like to acknowledge the help provided by the administrativestaff at the department at Uppsala University throughout my studies. Ulrika,Johanna and Nina, you have been wonderful! Special thanks to my cohortVivika Halapuu, Fredrik Hansson, Jonas Klarin, Charlotte Paulie, DmytroStoyko, Tamás Vasi, and Kerstin Westergren for sharing the PhD student ex-perience with me. I am also grateful to my friends and colleagues in Uppsalaand Stockholm. Alice Hallman, Yavor Kovachev, Anna Johansson, LászlóSajtos, Maria Sandström, Thomas Seiler, Mohammad H. Sepahvand, LucasTilley, Josefin Videnord, Yaroslav Yakymovych thank you for your help, theintriguing conversations and all the fun and we had together over the years.

Last but certainly not least, I am eternally grateful to my partner FredrikSköld and his family for supporting me selflessly and with an open mind.

Uppsala, September 2021Melinda Süveg

Contents

Introduction 1

1 Is the Working Capital Channel Important? 51.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.2 Related Literature . . . . . . . . . . . . . . . . . . . . . . . . 81.3 Theoretical framework . . . . . . . . . . . . . . . . . . . . . . 10

1.3.1 Model . . . . . . . . . . . . . . . . . . . . . . . . . . 101.3.2 Predictions of the model with and without price stickiness 12

1.4 Estimation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131.4.1 Regression specification . . . . . . . . . . . . . . . . . 131.4.2 Identification . . . . . . . . . . . . . . . . . . . . . . . 141.4.3 Data . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

1.5 Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251.5.1 The effect of repo rate changes via the working capital

channel . . . . . . . . . . . . . . . . . . . . . . . . . 251.5.2 The effect of anticipated and unanticipated interest rate

changes via the working capital channel . . . . . . . . 271.6 Robustness . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

1.6.1 Firm-level control variables . . . . . . . . . . . . . . . 321.6.2 Controlling for interim interest rate changes . . . . . . 34

1.7 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351.8 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371.9 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

1.9.1 The firm’s price setting equation . . . . . . . . . . . . 391.9.2 Industry decomposition . . . . . . . . . . . . . . . . . 411.9.3 Forecast errors . . . . . . . . . . . . . . . . . . . . . . 411.9.4 Ramses monetary policy shocks . . . . . . . . . . . . . 421.9.5 Estimation of the high-frequency shocks . . . . . . . . 421.9.6 Summary statistics of anticipated and unanticipated pol-

icy rate changes . . . . . . . . . . . . . . . . . . . . . 441.9.7 Result table - Repo changes . . . . . . . . . . . . . . . 441.9.8 Result tables - Forecast errors . . . . . . . . . . . . . . 451.9.9 The effect of monetary policy shocks via the working

capital channel . . . . . . . . . . . . . . . . . . . . . . 51

vii

2 Does Firm Exit Increase Prices? 572.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . 582.2 Previous literature . . . . . . . . . . . . . . . . . . . . . . . . 602.3 Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

2.3.1 Final good firm . . . . . . . . . . . . . . . . . . . . . 622.3.2 The intermediate good producing firm . . . . . . . . . 622.3.3 Price setting . . . . . . . . . . . . . . . . . . . . . . . 662.3.4 Comparative statics: price change upon competitors’ exit 662.3.5 Aggregation . . . . . . . . . . . . . . . . . . . . . . . 67

2.4 Model predictions . . . . . . . . . . . . . . . . . . . . . . . . 692.4.1 Experiment . . . . . . . . . . . . . . . . . . . . . . . 692.4.2 Calibration . . . . . . . . . . . . . . . . . . . . . . . . 702.4.3 Model implied price response . . . . . . . . . . . . . . 72

2.5 Estimation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742.5.1 Data . . . . . . . . . . . . . . . . . . . . . . . . . . . 742.5.2 Empirical approach . . . . . . . . . . . . . . . . . . . 75

2.6 Empirical results . . . . . . . . . . . . . . . . . . . . . . . . . 812.6.1 Fixed-effects OLS regression . . . . . . . . . . . . . . 812.6.2 First-stage . . . . . . . . . . . . . . . . . . . . . . . . 822.6.3 Instrumental variable regression . . . . . . . . . . . . . 832.6.4 Robustness . . . . . . . . . . . . . . . . . . . . . . . . 84

2.7 Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 882.8 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 932.9 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . 952.10 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

2.10.1 Markups under Bertrand competition . . . . . . . . . . 962.10.2 Description of the financial crisis . . . . . . . . . . . . 972.10.3 Alternative calibration and predictions . . . . . . . . . 992.10.4 SEB-dependence and entry . . . . . . . . . . . . . . . 1002.10.5 Industry exit, SEB-dependence and debt to asset ratio . 1002.10.6 Weak instrument test . . . . . . . . . . . . . . . . . . 1002.10.7 Probability of exit and firm-level exposure . . . . . . . 1012.10.8 Drivers of firm exit . . . . . . . . . . . . . . . . . . . 1022.10.9 Reduced form . . . . . . . . . . . . . . . . . . . . . . 1052.10.10 Cost channel . . . . . . . . . . . . . . . . . . . . . . . 1062.10.11 Changes in market shares . . . . . . . . . . . . . . . . 107

3 Markups as a Hedge for Input Price Uncertainty: Evidence fromSweden 1093.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . 1103.2 Theory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

3.2.1 Household preferences . . . . . . . . . . . . . . . . . 1123.2.2 The firm’s price setting . . . . . . . . . . . . . . . . . 1123.2.3 Micro-founding marginal costs and volatility . . . . . . 116

3.2.4 Numerical solution in partial equilibrium . . . . . . . . 1173.3 Method and data . . . . . . . . . . . . . . . . . . . . . . . . . 118

3.3.1 Regression specification . . . . . . . . . . . . . . . . . 1183.3.2 Firm population and industries . . . . . . . . . . . . . 1183.3.3 Markups . . . . . . . . . . . . . . . . . . . . . . . . . 1193.3.4 Volatility of oil prices . . . . . . . . . . . . . . . . . . 1203.3.5 Bartik shift-shares . . . . . . . . . . . . . . . . . . . . 1223.3.6 Identification . . . . . . . . . . . . . . . . . . . . . . . 124

3.4 Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1253.5 Robustness . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

3.5.1 Time-average industry exposure . . . . . . . . . . . . 1263.5.2 Including smaller firms . . . . . . . . . . . . . . . . . 1273.5.3 Control for demand . . . . . . . . . . . . . . . . . . . 1283.5.4 First-difference regression . . . . . . . . . . . . . . . . 129

3.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1303.7 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1323.8 Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

3.8.1 Markup estimation . . . . . . . . . . . . . . . . . . . . 133

Introduction

Consumers review prices in order to decide how much of the various goodsthey can afford to buy. Individual consumer’s choices together constitute de-mand, which signals to firms how much of the different goods to supply. Firmsassemble the goods required by consumers and they also decide on the pricesfor the different goods.

This doctoral thesis analyzes how firms decide on the prices of goods theyproduce. Within that broad focus, this thesis examines specific mechanismsthat contribute to determining the prices of goods in the economy. Economistsare concerned with the relative prices of goods as well as inflation, which isthe average change in prices over time. The mechanisms I study in this thesisaffect the average as well as the relative price changes across firms.

The first half of each paper in this thesis is concerned with developing asimple model of a stylized firm. These models help isolate specific mecha-nisms that do not exist in isolation in the real world. I use the simple modelsto explain how changes in costs, competition and uncertainty affect firms’price setting behavior. From the models, I derive testable hypotheses basedon the individual mechanisms in question, keeping other things hypotheticallyconstant. Holding other processes unchanged while examining one interestingmechanism is a typical approach in economics. Abstracting from reality, orkeeping other things constant, does not mean that we dismiss other importantevents. The ceteris paribus assumption helps us develop a baseline scenariofrom which one can depart to consider the interaction of additional processeswith the mechanism that is under scrutiny.

Common assumptions in this thesis with respect to modeling productionare that firms always produce enough to satisfy demand, and firms have per-fect knowledge of the model economy in which they live. For example, theyknow all the model parameters. In addition, firms have perfect knowledge ofthe decisions of other firms because all companies subscribe to the same set ofrules within a given model economy. Furthermore, firms have rational expec-tations which means that they can use all information available to them to formexpectations about the future and these expectations are correct on average. Imake these assumptions in order to be able to isolate how different factors af-fect producer prices via the specific channels I examine. Future research mayfind it appealing to leave these assumptions behind.

The second half of each essay in this thesis tests the hypotheses derivedfrom the preceding model. I use information on firms’ income statements,balance sheets and output prices, collected by Statistics Sweden, to bring forthevidence on the mechanisms in focus. I use methods from econometrics and

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statistics to isolate the drivers of price changes in the data. Now, I continuewith a non-technical summary of the essays in this thesis.

Essay 1: Is the Working Capital Channel Important?The first essay studies whether monetary policy has a direct effect on firms’prices. The board of the Central Bank of Sweden decides how expensive itwill be for banks to borrow from the Central Bank. They decide whetherto increase or decrease the policy rate based on forecasts about the state ofthe Swedish economy. When the board increases the policy rate, banks facea higher cost when they borrow from the central bank, which they pass on totheir customers by charging households and companies higher interest rates onthe loans they provide. This trickles down to firms because companies have tocover their production expenses, for example their input costs, often monthsbefore they can sell their final products and receive payments from customers.Companies often borrow money to fund their production expenses and, whenthey do, they encounter financial costs in the form of banks’ interest rates.These costs should affect firms’ marginal costs and therefore their prices. Inthis essay, I examine whether this cost channel is in place. In particular, Iformalize a model in which firms pay interest expenses on top of their inputcosts. Using this model, I show that the effect of monetary policy rate changeson firms’ prices depends on how much money, or working capital, firms needin advance. I use micro data to test if changes in the policy rate affect firms’prices differently depending on the amount of working capital they have. Themicro-data analysis on Swedish firms shows that policy rate changes increaseoutput prices. The effect could be almost one to one depending on how fastfirms are able to change their prices.

Essay 2: Does Firm Exit Raise Prices?The second essay examines how competition affects prices. More specifically,I study how the remaining firms change their prices when their competitorsexit and discontinue production. A central question in economics has beenconcerned with what producers do when a new company enters the market.In this essay, I study the price effect of exit, instead of entry. In particular, Idevelop a model where firms exit when they cannot obtain sufficient funding.The exit of some firms leads to a reduction in competitive pressure and, asa consequence, the remaining firms are expected to raise their prices. I usemicro-data on Swedish firms and the special environment of the financial crisisto estimate the price effect of exit. The financial crisis of 2008-09 provides aperfect laboratory to study these effects because some Swedish banks limitedtheir lending to companies. Thus, the event of the financial crisis allows me toexamine the relationship between an unexpected credit crunch, firm exit andthe subsequent change of producer prices. My estimation shows that firm exithas an economically significant impact on producer prices. While the price

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effect of exit explains only a fraction of the overall variation in prices, thismechanism helps us better understand countercyclical changes of prices.

Essay 3: Markups as a hedge for Input Price Uncertainty: Evidence fromSweden (with Sneha Agrawal and Abhishek Gaurav)In the third essay, we propose a new mechanism that can help us understandfirms’ price setting behavior. We develop a model environment where firms’take account of input price uncertainty by setting a price that is higher than theprice they would charge if they knew their costs in advance. Since firms wantto stay away from negative profits and they are not able to predict input pricemovements without error, it is reasonable to think that firms want to hedgeagainst input price volatility by setting a higher price. Hedging in our frame-work means that companies prefer to set a price that can cover possible costs,even in rare cases when the costs may turn out to be higher than expected. Wetest our model’s predictions using micro-data on Swedish firms. We estimatethe effect of oil price volatility on prices set by firms with varying levels ofoil input use in their production. We find that firms that use oil to a larger ex-tent set higher prices when oil price volatility increases. The effect we find iseconomically significant but it explains a relatively small part of average pricemovements over time. This finding leads us to conclude that firms’ responsesto input price uncertainty may not be a main driver behind price variation.At the same time, this type of variation can have large consequences for therevenues of the firms, thereby affecting the aggregate economy.

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Heterogeneity. 2003. 197 pp. 74 Engström, Per. Optimal Taxation in Search Equilibrium. 2003. 127 pp. 75 Lundin, Magnus. The Dynamic Behavior of Prices and Investment: Financial

Constraints and Customer Markets. 2003. 125 pp. 76 Ekström, Erika. Essays on Inequality and Education. 2003. 166 pp. 77 Barot, Bharat. Empirical Studies in Consumption, House Prices and the Accuracy of

European Growth and Inflation Forecasts. 2003. 137 pp. 78 Österholm, Pär. Time Series and Macroeconomics: Studies in Demography and

Monetary Policy. 2004. 116 pp. 79 Bruér, Mattias. Empirical Studies in Demography and Macroeconomics. 2004. 113 pp. 80 Gustavsson, Magnus. Empirical Essays on Earnings Inequality. 2004. 154 pp.

81 Toll, Stefan. Studies in Mortgage Pricing and Finance Theory. 2004. 100 pp. 82 Hesselius, Patrik. Sickness Absence and Labour Market Outcomes. 2004. 109 pp. 83 Häkkinen, Iida. Essays on School Resources, Academic Achievement and Student

Employment. 2004. 123 pp. 84 Armelius, Hanna. Distributional Side Effects of Tax Policies: An Analysis of Tax

Avoidance and Congestion Tolls. 2004. 96 pp. 85 Ahlin, Åsa. Compulsory Schooling in a Decentralized Setting: Studies of the Swedish

Case. 2004. 148 pp. 86 Heldt, Tobias. Sustainable Nature Tourism and the Nature of Tourists' Cooperative

Behavior: Recreation Conflicts, Conditional Cooperation and the Public Good Problem. 2005. 148 pp.

87 Holmberg, Pär. Modelling Bidding Behaviour in Electricity Auctions: Supply Function

Equilibria with Uncertain Demand and Capacity Constraints. 2005. 43 pp. 88 Welz, Peter. Quantitative new Keynesian macroeconomics and monetary policy 2005. 128 pp. 89 Ågren, Hanna. Essays on Political Representation, Electoral Accountability and Strategic

Interactions. 2005. 147 pp. 90 Budh, Erika. Essays on environmental economics. 2005. 115 pp. 91 Chen, Jie. Empirical Essays on Housing Allowances, Housing Wealth and Aggregate

Consumption. 2005. 192 pp. 92 Angelov, Nikolay. Essays on Unit-Root Testing and on Discrete-Response Modelling of

Firm Mergers. 2006. 127 pp. 93 Savvidou, Eleni. Technology, Human Capital and Labor Demand. 2006. 151 pp. 94 Lindvall, Lars. Public Expenditures and Youth Crime. 2006. 112 pp. 95 Söderström, Martin. Evaluating Institutional Changes in Education and Wage Policy.

2006. 131 pp. 96 Lagerström, Jonas. Discrimination, Sickness Absence, and Labor Market Policy. 2006.

105 pp. 97 Johansson, Kerstin. Empirical essays on labor-force participation, matching, and trade.

2006. 168 pp. 98 Ågren, Martin. Essays on Prospect Theory and the Statistical Modeling of Financial

Returns. 2006. 105 pp.

99 Nahum, Ruth-Aïda. Studies on the Determinants and Effects of Health, Inequality and Labour Supply: Micro and Macro Evidence. 2006. 153 pp.

100 Žamac, Jovan. Education, Pensions, and Demography. 2007. 105 pp. 101 Post, Erik. Macroeconomic Uncertainty and Exchange Rate Policy. 2007. 129 pp. 102 Nordberg, Mikael. Allies Yet Rivals: Input Joint Ventures and Their Competitive Effects.

2007. 122 pp. 103 Johansson, Fredrik. Essays on Measurement Error and Nonresponse. 2007. 130 pp. 104 Haraldsson, Mattias. Essays on Transport Economics. 2007. 104 pp. 105 Edmark, Karin. Strategic Interactions among Swedish Local Governments. 2007. 141 pp. 106 Oreland, Carl. Family Control in Swedish Public Companies. Implications for Firm

Performance, Dividends and CEO Cash Compensation. 2007. 121 pp. 107 Andersson, Christian. Teachers and Student Outcomes: Evidence using Swedish Data.

2007. 154 pp. 108 Kjellberg, David. Expectations, Uncertainty, and Monetary Policy. 2007. 132 pp. 109 Nykvist, Jenny. Self-employment Entry and Survival - Evidence from Sweden. 2008. 94 pp. 110 Selin, Håkan. Four Empirical Essays on Responses to Income Taxation. 2008. 133 pp. 111 Lindahl, Erica. Empirical studies of public policies within the primary school and the

sickness insurance. 2008. 143 pp. 112 Liang, Che-Yuan. Essays in Political Economics and Public Finance. 2008. 125 pp. 113 Elinder, Mikael. Essays on Economic Voting, Cognitive Dissonance, and Trust. 2008. 120 pp. 114 Grönqvist, Hans. Essays in Labor and Demographic Economics. 2009. 120 pp. 115 Bengtsson, Niklas. Essays in Development and Labor Economics. 2009. 93 pp. 116 Vikström, Johan. Incentives and Norms in Social Insurance: Applications, Identification

and Inference. 2009. 205 pp. 117 Liu, Qian. Essays on Labor Economics: Education, Employment, and Gender. 2009. 133

pp. 118 Glans, Erik. Pension reforms and retirement behaviour. 2009. 126 pp. 119 Douhan, Robin. Development, Education and Entrepreneurship. 2009.

120 Nilsson, Peter. Essays on Social Interactions and the Long-term Effects of Early-life Conditions. 2009. 180 pp.

121 Johansson, Elly-Ann. Essays on schooling, gender, and parental leave. 2010. 131 pp. 122 Hall, Caroline. Empirical Essays on Education and Social Insurance Policies. 2010. 147 pp. 123 Enström-Öst, Cecilia. Housing policy and family formation. 2010. 98 pp. 124 Winstrand, Jakob. Essays on Valuation of Environmental Attributes. 2010. 96 pp. 125 Söderberg, Johan. Price Setting, Inflation Dynamics, and Monetary Policy. 2010. 102 pp. 126 Rickne, Johanna. Essays in Development, Institutions and Gender. 2011. 138 pp. 127 Hensvik, Lena. The effects of markets, managers and peers on worker outcomes. 2011.

179 pp. 128 Lundqvist, Heléne. Empirical Essays in Political and Public. 2011. 157 pp. 129 Bastani, Spencer. Essays on the Economics of Income Taxation. 2012. 257 pp. 130 Corbo, Vesna. Monetary Policy, Trade Dynamics, and Labor Markets in Open

Economies. 2012. 262 pp. 131 Nordin, Mattias. Information, Voting Behavior and Electoral Accountability. 2012. 187 pp. 132 Vikman, Ulrika. Benefits or Work? Social Programs and Labor Supply. 2013. 161 pp. 133 Ek, Susanne. Essays on unemployment insurance design. 2013. 136 pp. 134 Österholm, Göran. Essays on Managerial Compensation. 2013. 143 pp. 135 Adermon, Adrian. Essays on the transmission of human capital and the impact of

technological change. 2013. 138 pp. 136 Kolsrud, Jonas. Insuring Against Unemployment 2013. 140 pp. 137 Hanspers, Kajsa. Essays on Welfare Dependency and the Privatization of Welfare

Services. 2013. 208 pp. 138 Persson, Anna. Activation Programs, Benefit Take-Up, and Labor Market Attachment.

2013. 164 pp. 139 Engdahl, Mattias. International Mobility and the Labor Market. 2013. 216 pp. 140 Krzysztof Karbownik. Essays in education and family economics. 2013. 182 pp.

141 Oscar Erixson. Economic Decisions and Social Norms in Life and Death Situations. 2013. 183 pp.

142 Pia Fromlet. Essays on Inflation Targeting and Export Price Dynamics. 2013. 145 pp. 143 Daniel Avdic. Microeconometric Analyses of Individual Behavior in Public Welfare

Systems. Applications in Health and Education Economics. 2014. 176 pp. 144 Arizo Karimi. Impacts of Policies, Peers and Parenthood on Labor Market Outcomes.

2014. 221 pp. 145 Karolina Stadin. Employment Dynamics. 2014. 134 pp. 146 Haishan Yu. Essays on Environmental and Energy Economics. 132 pp. 147 Martin Nilsson. Essays on Health Shocks and Social Insurance. 139 pp. 148 Tove Eliasson. Empirical Essays on Wage Setting and Immigrant Labor Market

Opportunities. 2014. 144 pp. 149 Erik Spector. Financial Frictions and Firm Dynamics. 2014. 129 pp. 150 Michihito Ando. Essays on the Evaluation of Public Policies. 2015. 193 pp. 151 Selva Bahar Baziki. Firms, International Competition, and the Labor Market. 2015.

183 pp. 152 Fredrik Sävje. What would have happened? Four essays investigating causality. 2015.

229 pp. 153 Ina Blind. Essays on Urban Economics. 2015. 197 pp. 154 Jonas Poulsen. Essays on Development and Politics in Sub-Saharan Africa. 2015. 240 pp. 155 Lovisa Persson. Essays on Politics, Fiscal Institutions, and Public Finance. 2015. 137 pp. 156 Gabriella Chirico Willstedt. Demand, Competition and Redistribution in Swedish

Dental Care. 2015. 119 pp. 157 Yuwei Zhao de Gosson de Varennes. Benefit Design, Retirement Decisions and Welfare

Within and Across Generations in Defined Contribution Pension Schemes. 2016. 148 pp. 158 Johannes Hagen. Essays on Pensions, Retirement and Tax Evasion. 2016. 195 pp. 159 Rachatar Nilavongse. Housing, Banking and the Macro Economy. 2016. 156 pp. 160 Linna Martén. Essays on Politics, Law, and Economics. 2016. 150 pp. 161 Olof Rosenqvist. Essays on Determinants of Individual Performance and Labor Market

Outcomes. 2016. 151 pp. 162 Linuz Aggeborn. Essays on Politics and Health Economics. 2016. 203 pp.

163 Glenn Mickelsson. DSGE Model Estimation and Labor Market Dynamics. 2016. 166 pp. 164 Sebastian Axbard. Crime, Corruption and Development. 2016. 150 pp. 165 Mattias Öhman. Essays on Cognitive Development and Medical Care. 2016. 181 pp. 166 Jon Frank. Essays on Corporate Finance and Asset Pricing. 2017. 160 pp. 167 Ylva Moberg. Gender, Incentives, and the Division of Labor. 2017. 220 pp. 168 Sebastian Escobar. Essays on inheritance, small businesses and energy consumption.

2017. 194 pp. 169 Evelina Björkegren. Family, Neighborhoods, and Health. 2017. 226 pp. 170 Jenny Jans. Causes and Consequences of Early-life Conditions. Alcohol, Pollution and

Parental Leave Policies. 2017. 209 pp. 171 Josefine Andersson. Insurances against job loss and disability. Private and public

interventions and their effects on job search and labor supply. 2017. 175 pp. 172 Jacob Lundberg. Essays on Income Taxation and Wealth Inequality. 2017. 173 pp. 173 Anna Norén. Caring, Sharing, and Childbearing. Essays on Labor Supply, Infant Health,

and Family Policies. 2017. 206 pp. 174 Irina Andone. Exchange Rates, Exports, Inflation, and International Monetary

Cooperation. 2018. 174 pp. 175 Henrik Andersson. Immigration and the Neighborhood. Essays on the Causes and

Consequences of International Migration. 2018. 181 pp. 176 Aino-Maija Aalto. Incentives and Inequalities in Family and Working Life. 2018. 131 pp. 177 Gunnar Brandén. Understanding Intergenerational Mobility. Inequality, Student Aid

and Nature-Nurture Interactions. 2018. 125 pp. 178 Mohammad H. Sepahvand. Essays on Risk Attitudes in Sub-Saharan Africa. 2019. 215

pp. 179 Mathias von Buxhoeveden. Partial and General Equilibrium Effects of Unemployment

Insurance. Identification, Estimation and Inference. 2019. 89 pp. 180 Stefano Lombardi. Essays on Event History Analysis and the Effects of Social Programs

on Individuals and Firms. 2019. 150 pp. 181 Arnaldur Stefansson. Essays in Public Finance and Behavioral Economics. 2019. 191 pp. 182 Cristina Bratu. Immigration: Policies, Mobility and Integration. 2019. 173 pp. 183 Tamás Vasi. Banks, Shocks and Monetary Policy. 2020. 148 pp.

184 Jonas Cederlöf. Job Loss: Consequences and Labor Market Policy. 2020. 213 pp. 185 Dmytro Stoyko. Expectations, Financial Markets and Monetary Policy. 2020. 153 pp. 186 Paula Roth. Essays on Inequality, Insolvency and Innovation. 2020. 191 pp. 187 Fredrik Hansson. Consequences of Poor Housing, Essays on Urban and Health

Economics. 2020. 143 pp. 188 Maria Olsson. Essays on Macroeconomics: Wage Rigidity and Aggregate Fluctuations.

2020. 130 pp. 189 Dagmar Müller. Social Networks and the School-to-Work Transition. 2020. 146 pp. 190 Maria Sandström. Essays on Savings and Intangible Capital. 2020. 129 pp. 191. Anna Thoresson. Wages and Their Impact on Individuals, Households and Firms. 2020.

220 pp. 192. Jonas Klarin. Empirical Essays in Public and Political Economics. 2020. 129 pp. 193. André Reslow. Electoral Incentives and Information Content in Macroeconomic

Forecasts. 2021. 184 pp. 194. Davide Cipullo. Political Careers, Government Stability, and Electoral Cycles. 2021.

308 pp. 195. Olle Hammar. The Mystery of Inequality: Essays on Culture, Development, and

Distributions. 2021. 210 pp. 196. J. Lucas Tilley. Inputs and Incentives in Education. 2021. 184 pp. 197. Sebastian Jävervall. Corruption, Distortions and Development. 2021. 215 pp. 198. Vivika Halapuu. Upper Secondary Education: Access, Choices and Graduation. 2021.

141 pp. 199. Charlotte Paulie. Essays on the Distribution of Production, Prices and Wealth. 2021.

141 pp. 200. Kerstin Westergren. Essays on Inflation Expectations, Monetary Policy and Tax Reform.

2021. 124 pp. 201. Melinda Süveg. Finance, Shocks, Competition and Price Setting. 2021. 137 pp.