Andreas Westermark
Rådgivare
Avdelningen för penningpolitik
Forskningsenheten
Sveriges Riksbank
SE-103 37 Stockholm, Sweden
Telefon + 46 8 787 04 31
E-post [email protected]
Macroeconomics, monetary policy, labor economics, monetary history, bargaining
Short bio
Andreas Westermark obtained his PhD at the University of Rochester in 1999. After graduation Andreas spent time as a post-doc at the Department of Economics at Uppsala University and joined the research department at Sveriges Riksbank in October 2008.
Andreas is currently working on how monetary transmission works when accounting for household collateral in the form of housing. Specifically, since housing is relatively illiquid, monetary policy shocks can trigger a stronger response of house prices thereby affecting the collateral constraint and borrower consumption (with Daria Finocchiaro, Ettore Savoia and Karl Walentin, Uppsala University). He is also working on tax smoothing in a search and matching model with structural unemployment. Since structural unemployment varies substantially across countries, this can lead to very different policy recommendation across countries (with Conny Olovsson). Furthermore, he is working on documenting evidence on the relationship between inflation and the degree of specialization in a historical context as well as the consequences of this interaction in a simple monetary search model.
He is also working on the effects of a large recession in a search and matching framework with learning on the job and a job ladder to determine which of these mechanisms contribute most to the prolonged effect of the recession (with Karl Walentin, Uppsala University). Westermark has published papers in leading international journals, such as Journal of Monetary Economics, American Economic Journals:Macroeconomics, International Economic Review and Games and Economic Behavior.
CV
Education
University of Rochester, Ph.D., Feb 1999.
Publications
“Learning on the Job and the Cost of Business Cycles”, Coauthor Karl Walentin, American Economic Journals:Macroeconomics 14, No 4, pp 341-77, October 2022
"Manufacturing Decline and House Price Volatility" ,Coauthors Isaiah Hull, Conny Olovsson and Karl Walentin, Review of Economic Dynamics 45, pp 264-281, 2022
"Endogenous Separations, Wage Rigidities and Employment Volatility", Coauthor: Mikael Carlsson, American Economic Journals: Macroeconomics 14, No. 1, pp 332-354, January 2022
”Renovatio Monetae: When Gesell Taxes Worked”, Coauthor Roger Svensson, IFN. International Economic Review, v. 61 iss. 2, pp. 821-846, 2020
"Labor Market Frictions and Optimal Steady-State Inflation". Coauthor: Mikael Carlsson. Journal of Monetary Economics, pp 67–79, 2016
"The New Keynesian Phillips Curve and Staggered Price and Wage Determination in a Model with Firm-Specific Labor". Coauthor: Mikael Carlsson. Journal of Economic Dynamics and Control 35, pp 579-603, 2011
"The Inefficiency of Price Quantity Bargaining". Coauthor: Jonas Björnerstedt. Economic Theory 40, pp. 301-332, 2009
"Stationary Equilibria in Bargaining with Externalities". Coauthor: Jonas Björnerstedt. Games and Economic Behavior 65, pp. 318-338, 2009
"Monetary Policy under Downward Nominal Wage Rigidity". Coauthor: Mikael Carlsson. B.E. Journal of Macroeconomics: Vol. 8 : Iss. 1 (Advances), Article 28, 2008
"Prices, Productivity, and Wage Bargaining in Open Economies". Coauthors : Anders Forslund and Nils Gottfries, Scandinavian Journal of Economics, v. 110 iss. 1, pp. 169-195, 2008
"Extremism, Campaigning and Ambiguity", Games and Economic Behavior v. 47 iss. 2, pp. 421-452, 2004
"Bargaining, Binding Contracts and Competitive Wages", Games and Economic Behavior v. 43 iss. 2, pp. 296-311, 2003
"Nominal Wage Contracts and the Persistent Effects of Monetary Policy", European Economic Review v. 42, iss. 2, pp. 207-23, 1998. Coauthor: Nils Gottfries
Work in progress
Dynamic Macroeconomic Implications of Migration, (with Karl Walentin and Andreas Westermark). Accept with major revisions, Journal of Monetary Economics, SUERF Policy Brief here
"Household Heterogeneity and the Collateral Channel of Monetary Policy", Coauthors: Daria Finocchiaro, Ettore Savoia and Karl Walentin.
"Tax smoothing in a search and matching framework with structural unemployment", Coauthor: Conny Olovsson.
"Trade, specialization and inflation"
"Skill Loss, Job Mismatch and Slow Recoveries from Large Recessions", Coauthor: Karl Walentin.
Earlier papers
"Un-truncating VARs". Coauthor: Ferre De Graeve. Sveriges Riksbank working paper 271
"A Model of Union Formation". Working paper 1999:8, Uppsala University.
"Long-Term Relationship Bargaining". Sveriges Riksbank working paper 266.
Other publications
“How can various structural changes in the economy affect wages and inflation?”, Sveriges Riksbank Economic Review 2, 2019, 71-90.
“Is Germany a compass for wage formation in Sweden?”, Sveriges Riksbank Economic Review 2, 2019, 91-115.
"What is the Natural Interest Rate?” (with Henrik Lundvall), Sveriges Riksbank Economic Review 2, 2011, 7-26.
"Monetary policy when the interest rate is zero" (with Ulf Söderström), Sveriges Riksbank Economic Review 2, 2009, 5-30.
Referee
American Economic Journal: Macroeconomics, B.E. Journal in Macroeconomics, Canadian Journal of Economics, Economics Modelling, Economics of Education Review, Empirical Economics, European Economic Review, Financial History Review, Games and Economic Behavior, International Journal of Central Banking, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Economic Surveys, Journal of Macroeconomics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Public Economics, Journal of Public Economic Theory, Labour , Labour Economics, Public choice, Review of Economic Dynamics, Review of Economic Studies, Scandinavian Journal of Economics.