Research

Working Papers

• Stock Market Wealth and Entrepreneurship (with Gabriel Chodorow-Reich, Vitor Santos, and Alp Simsek) [pdf]

• Estimating the Elasticity of Intertemporal Substitution using Dividend Tax News Shocks (with Martin Holm, Rustam Jamilov, and Marek Jasinski) [pdf]

• Dividend Signaling and Bank Payouts in the Great Financial Crisis (with Ragnar Juelsrud) [pdf]

• Transaction Sequencing and House Price Pressures (with Morten Grindaker, Artashes Karapetyan, and Espen R. Moen) [pdf] 

• Match Quality and House Price Dispersion: Evidence from Norwegian Housing Auctions (with André K. Anundsen, Arne Lyshol, and Erling Røed Larsen) [pdf]

• Pricing and incentives in the housing market (with André K. Anundsen, Erling Røed Larsen, and Dag Einar Sommervoll) [pdf]

Work in progress

• Transaction Costs, the Price of Convenience, and the Cross-Section of Safe Asset Returns (with Ragnar Juelsrud, Fabienne Schneider and Olav Syrstad)

• A Structural Model of Productivity Spillovers through Worker Flows (with Tom-Reiel Heggedal, Jonas Maibom, and Espen R. Moen)

• Investment Tax Incentives and Local Economic Activity: Evidence from Bulgaria (with Trifon Pavkov and Stanley Gyoshev)

• Supply-Side vs. Demand-Side Effects of Dividend Tax Reforms: Evidence from the 2006 Norwegian Dividend Tax Reform (with Martin Holm and Rustam Jamilov)

• Dealer Liquidity Provision in OTC Markets

Publications

• Information Quality and Regime Change: Evidence from the Lab (with Leif Helland, Felipe Iachan and Ragnar Juelsrud), Journal of Economic Behavior and Organization, (2021) 191, 538-554 [pdf] [journal]

• Stock Market Wealth and the Real Economy: A Local Labor Market Approach (with Gabriel Chodorow-Reich and Alp Simsek), American Economic Review (2021) 111-5, 1613-57 [pdf] [journal] 

NBER working paper No. 25959 [pdf]. Non-technical summary from The NBER Digest.

• The Choice Channel of Financial Innovation (with Felipe Iachan and Alp Simsek), AEJ: Macroeconomics, (2021) 13-2, 333-72 [pdf] [journal]

NBER working paper No. 21686 [pdf]. 

• Buying First or Selling First in Housing Markets (with Espen R. Moen and Florian Sniekers), Journal of the European Economic Association, (2021) 19-1, 38-81 ([pdf], [journal], [online appendix], [data and programs]) Awarded the Hicks-Tinbergen Medal for best paper in JEEA during 2020 and 2021. 

CEPR discussion paper No. 10342 [pdf]. Non-technical summary from Vox-Eu. 

Older version: Buying First or Selling First in Housing Markets. Buyer-Seller Decisions and Housing Market Volatility (with Espen R. Moen) [pdf]

CEPR discussion paper No. 9946 [pdf]

• Duration Dependence and Labor Market Experience (with Arne Lyshol and Thea Wevelstad), Labour (2021) 35-1, 105-134 ([pdf], [journal]) 

• Dividend Payouts and Rollover Crises (with Ragnar Juelsrud), Review of Financial Studies, (2020) 33:9, 4139-4185 ([pdf], [journal], [online appendix]) 

• Endogenous Leverage and Advantageous Selection in Credit Markets, Review of Financial Studies, (2017) 30:11, pp. 3888-3920 ([pdf], [journal], [online appendix]) 

• Thick-Market Effects, Housing Heterogeneity and the Determinants of Transaction Seasonality (with  Erling Røed Larsen and Dag Einar Sommervoll), Economic Journal, (2016) 126, pp. 2402-2423 ([pdf], [journal], [online appendix], [data])

• Regional Reallocation and Housing Markets in a Model of Frictional Migration, Review of Economic Dynamics, (2015) 18:4, pp. 863-880 ([pdf], [journal], [online appendix], [data and programs])

Older versions:

                   - Regional Mismatch and Labor Reallocation in an Equilibrium Model of Migration [pdf]

                   - Labor Market and Regional Reallocation Effects of Housing Busts [pdf available upon request]         

• Information Quality and Crises in Regime-Change Games (with Felipe Iachan), Journal of Economic Theory, (2015) 158B, pp. 739-768 ([pdf], [journal])

Older version: Rollover Crises and Transparency: The Role of Asymmetric Risk Sensitivities [pdf]