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FRIHUMSAM-Fri prosj.st. hum og sam

Global Challenges, Sustainability, and the Welfare State - Perspectives from Labor, Behavioral and Macroeconomics

Alternative title: Globale utfordringer, bærekraft og velferdsstaten - Perspektiver fra arbeidsmarkeds-, atferds- og makroøkonomi

Awarded: NOK 1.5 mill.

Norway is a small open resource-based economy where global changes in oil prices, exchange rate volatility, and other international shocks affect the society’s wellbeing. The current COVID-19 pandemic is an example of such a shock with a profound impact on the Norwegian economy. The sharp drop in oil prices, high unemployment rates, and changes in people’s willingness to accept inequalities poses challenges to the welfare state and demonstrates the need for a group of economists with a broad skillset to create new knowledge for on-time policymaking. The project Global Challenges, Sustainability, and the Welfare State is a unique platform for labor, behavioral, and macroeconomists studying economic inequality, the financing of the welfare state, drivers of macroeconomic cycles, and the challenges of a resource-rich economy. This unique cooperation of researchers will expand the visibility of the group members in the global research community and the policy sphere through international network building, workshop organization, research exchanges, and the education of a new generation of labor, behavioral and macroeconomists able to identify and deal with the causes and consequences of economic changes in a global setting.

The current COVID-19 pandemic is having a profound impact on the Norwegian economy. A sharp drop in oil prices, volatility in the currency markets, high unemployment rates, and changes in people’s willingness to accept inequalities poses challenges to the welfare state and demonstrates the need for a group of economists with a brought skillset to create new knowledge for on-time policymaking. The project Global Challenges, Sustainability, and the Welfare State is a unique platform for labor, behavioral, and macroeconomists studying economic inequality, the financing of the welfare state, economic restructuring, drivers of macroeconomic cycles and economic policy, and the challenges of a resource-rich economy. In particular, we form a new collaboration between the two research groups at NHH: the Centre for Experimental Research on Fairness, Inequality, and Rationality (FAIR) and the Macroeconomics, Risk and Sustainability group. FAIR aims to conduct groundbreaking experimental research on how to address inequality in society and is an internationally leading research group in labor, behavioral and experimental economics with extensive experience in working with registry data and in running all types of experiments. The Macroeconomics, Risk and Sustainability group analyzes the linkages between the resource sectors and the overall economy and optimal fiscal policy strategies. The key features uniting the two groups are i) the use of the rich administrative data and rigorous statistical methods to identify causal effects and ii) the goal to provide research results that are highly policy relevant. This unique cooperation will expand its visibility in the global research community and the policy sphere though international network building, workshop organization, research exchanges, and the education of a new generation of labor, behavioral and macroeconomists able to identify and deal with the causes and consequences of economic changes in a global setting.

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FRIHUMSAM-Fri prosj.st. hum og sam