Economic regime shifts and the US subprime bubble

Using aggregate quarterly data for the period 1975q1-2010q4, I find that the US housing market changed from a stable regime with prices determined by fundamentals, to a highly unstable regime at the beginning of the previous decade. My results indicate that these imbalances could have been detected with the aid of real time econometric modeling. These results are based on the detection of huge parameter non-constancies and a loss of equilibrium correction in two theory derived cointegrating relationships shown to be stable for earlier periods.With reference to Stiglitz's general conception of a bubble, I use the econometric results to construct two bubble indicators, which clearly demonstrate the transition to an unstable regime in the early 2000s. Such indicators can be part of an early warning system and are shown to Granger cause a set of coincident indicators and financial (in)stability measures. Finally, it is shown that the increased subprime exposure during the 2000s can explain the econometric breakdown, i.e. the housing bubble may be attributed to the increased borrowing to a more risky segment of the market, which may have allowed for a latent frenzy behavior that previously was constrained by the lack of financing

Asymmetric effects of monetary policy in regional housing markets

The responsiveness of house prices to monetary policy shocks depends on the nature of the shock – expansionary versus contractionary – and on local housing supply elasticities. These findings are established based on a panel of 263 US metropolitan areas. We test and find supporting evidence for the hypothesis that expansionary monetary policy shocks have a larger impact on house prices when supply elasticities are low. Our results also suggest that contractionary shocks are orthogonal to supply elasticities, as implied by downward rigidity of housing supply. A standard theoretical conjecture is that contractionary shocks have a greater impact on house prices than expansionary shocks, as long as supply is not perfectly inelastic. For areas with high housing supply elasticity, our results are in line with this conjecture. However, for areas with an inelastic housing supply, we find that expansionary shocks have a greater impact on house prices than contractionary shocks. We provide evidence that the direction of the asymmetry is related to a momentum effect that is more pronounced when house prices are increasing than when they are falling

Mange måter å lese på : multifunksjonelle lesepraksiser hos innvandrerforeldre som leser barnebøker

Masteroppgave i nordisk språk og litteratur- Universitetet i Agder, 200

Språket som grense og nøkkel : Møter med migrasjonsromanen Og (2016) i Grunnskoleopplæring for voksne

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Nye litteraturer: Litterære tekstpraksiser hos voksne innvandrere i norsk grunnskoleopplæring

Voksne innvandrere som tar norsk grunnskoleeksamen har teksterfaringer fra litterære tradisjoner som kan være ukjente i vår sammenheng. Basert på nærmere tyve enkeltintervjuer undersøker denne studien både tidligere og nåværende litterære tekstpraksiser hos informanter fra Syria, Eritrea og Somalia. Ett av studiens funn er at enkelte informanter med svært lite skolegang likevel har aktive litterære tekstpraksiser. Imidlertid vil de fleste litterære tekstpraksisene sannsynligvis ikke bli gjenkjent i skolesammenheng, ettersom de opptrer utenfor skolens domene og bare unntaksvis er knyttet til trykte, papirbaserte tekster, som bøker. I stedet er youtube det mest brukte mediet. Studien argumenterer for å utvide og nyfortolke fagfeltet «litteratur» gjennom å inndra litterære tradisjoner fra andre deler av verden i større grad, samt ved å interessere seg for litteratur som praksis, inspirert av den etnografiske tradisjonen fra «New Literacy Studies».publishedVersio

Mainstream or marginal? A study of the musical practices of three African immigrant performers in Norway

Dissertation for the degree of Philosophiae Doctor (Ph.D.) Faculty of Humanities, Department of Musicology, University of Osl

Litteraturundervisning og litterære tekstpraksiser i grunnskoletilbud for voksne innvandrere

This study investigates literature didactics issues related to literary practices and literature teaching in a specific type of second language classroom; primary and lower secondary education for adult immigrants. The project takes an exploratory approach based on empirical data from three primary and lower secondary education classes consisting of adult second language users who have lived in Norway for a relatively short period of time. The thesis is article-based, and the four sub-studies or articles explore a selection of aspects relating to reading literature, text practices and teaching, from the pupil, teacher and classroom perspectives, respectively. As a whole, the thesis offers several ways of approaching the same data material. The four sub-studies focus on adult pupils' literary practices from their country of origin and Norway, individual pupils' reception of a novel with a migration theme, whole class literature discussions, and the teachers' reflections and personal subject constructs. The sub-studies identify a number of challenges related to the reading and teaching of literature in a second-language classroom. These challenges concern differences in the pupils' and teachers' ability to access the literary text used in the teaching situation, but also other, more general framework conditions. At the same time, the sub-study that investigates individual pupils' reception shows that a literary text can be perceived as meaningful and personally significant despite presenting language barriers.publishedVersio

Litterær friksjon. Resepsjonsanalyse av seks syriske leseres møte med bildeboka Sitronlimonaden.

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Gjøre det beste ut av det: Norsklæreres fagkonstruksjoner i grunnskole for voksne

Artikkelen undersøker hvordan tre norsklærere fortolker eller konstruerer ulike versjoner av norskfaget innenfor en spesifikk undervisningskontekst, nærmere bestemt grunnskoletilbud for voksne innvandrere. De voksne elevene har forholdsvis nylig innvandret til Norge, noe som blant annet innebærer at de fortsatt er underveis i sin språkinnlæring. Læreplan og eksamensordninger er imidlertid de samme som for ordinær grunnskole, selv om nye læreplaner, mer tilpasset voksne andrespråkbrukere, planlegges implementert i løpet av 2024. Det empiriske datamaterialet artikkelen bygger på er først og fremst verbaldata fra forskningsintervjuer med de tre norsklærerne. Analysedelen innleder med en kontekstanalyse som viser en rekke utfordringer ved lærernes undervisningsoppdrag, basert på lærernes egne beskrivelser. Den neste delen undersøker hvordan lærerne tilpasser faget gjennom tre ulike fagkonstruksjoner. Analysen viser blant annet at litterære tekster brukes og legitimeres ulikt i de tre fagkonstruksjonene. Den siste delen av artikkelen diskuterer hvordan utfordringene identifisert i analysen adresseres i forsøkslæreplanen, og argumenterer samtidig for en mer ressursorientert tilnærming til deltakernes flerspråklighet og erfaringsbakgrunn.

Overdeterminacy and endogenous cycles : Trygve Haavelmo's business cycle model and its implications for monetary policy

This paper presents the business cycle model that Trygve Haavelmo developed as part of his research program in macroeconomic and monetary theory. Driven by a mismatch between the marginal return to capital and the rate of return required by capital owners, this model generates endogenous cycles. The theory leads to a distinct analysis of the scope and limitations of monetary policy. A main message of the model is that care should be taken when conducting 'autonomous' monetary policy and that special emphasis should be put on the soundness of nancial markets. Adopting a strict nominal anchor as the main objective of monetary policy might generate imbalances in the capital market