Do monetary unions make economic sense? Evidence from the Scandinavian Currency Union, 1873-1913

Article Abstract:

The macroeconomic record of Denmark, Norway and Sweden, which constituted the Scandinavian Currency Union (SCU) during 1873-1913, was analyzed to examine some popular propositions as to what comprises a successful single currency area. It was found out that country specific structural shocks in the three countries were not highly symmetric during the SCU period. This finding implies that the three countries were not able to establish a successful monetary union.

Economic Views, Sweden, Economic policy, Norway, Monetary unions

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Learning, specification search and market efficiency, with an application to the Danish stock market

Article Abstract:

Market efficiency in stocks and shares is analysed from a perspective of learning and specification theory, with emphasis on the behaviour of the Danish financial market during the period from 1982 to 1991. This assumes less knowledge on the part of investors than assuming that their expectations are rational. The approach appears to be appropriate for analysing uncertainty where there is no model to assess relevant factors for calculating returns on assets.

Security brokers and dealers, Stock-exchange, Stock exchanges, Copenhagen Stock Exchange A/S

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Wage rivalry and insider-outsider relations: evidence for skilled and unskilled men in Denmark

Article Abstract:

A model of the Danish labor market between 1951-1987 is developed to study the factors behind wage interdependence and obtain the wage reaction functions for skilled and unskilled men. The empirical results, which took into account tradeunion rivalry, reveal analogies in wage setting for both worker groups in the long-run although short-term differences also exist. Both groups, however, enjoy a salary increase over a protracted time.

Analysis, Wages, Wages and salaries

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