The Size and Growth of the Hidden Economy in Norway

The present size of the hidden economy in Norway is between 4 and 6 percent of GDP, of which hidden labor income constitutes about half. A survey approach reveals that 415 of the population is of the opinion that people in general accept income from moonlighting that is not reported, and 213 believes that this share of acceptance is on the increase. Furthermore, surveys clearly show that hidden labor services are of satisfactory quality, that they mainly are paid for in cash, but with checks being increasingly used, and that buyers find it easier to obtain services from the hidden labor market than from the regular one. A shortening of the work week in order to alleviate unemployment may result in an increased supply of hidden labor

Challenges for the construction of historical price indices : the case of Norway, 1777-1920

This paper reviews some methodological and practical problems encountered in the construction of historical price indices. The underlying data sets in such studies are often characterized by heterogenous and incomplete price series. It is shown that by using the repeat sales method for constructing the subindices for individual commodity groups some of the main problems can be overcome. The procedures are illustrated by material from the construction of monthly price indices for Norway from the year 1777 to 1920. The price indices shed new light on two great wartime in ationary episodes in Norway: 1807-1817 and 1913-1920. In spite of a 61-fold increase in the price level in the rst period and a 4-fold increase in the second, it is found that, after in ation had been brought under control, prices reverted to a level consistent with the purchasing power parity principle

A Chronology of Financial Crises for Norway

The paper offers a chronology of financial crises in Norway from her independence in 1814 till present times. Firstly, business cycles, covering almost two hundred years of economic history are mapped. These reveal years of crises in the real economy. These seem to coincide with most of the major financial crises. Secondly, the paper the financial crises are described chronologically. Thirdly, the paper investigates key patterns in credit and money volumes. It concludes that major financial crises typically took place after substantial money and credit expansion causing financial instability, loss of long term equilibriums, overheating and bubbles followed by severe meltdowns in the economy