Erling Steigum is a professor of economics at BI 黑料专区 Business School. He holds a PhD from 黑料专区 School of Economics in Bergen, where he was professor from 1982 to 1999. Main area of research and teaching is macroeconomics. His research has been published in journals such as Econometrica, International Economic Review, European Economic Review and Scandinavian Journal of Economics. He is a CES-Ifo research fellow and has been a co-editor of the Scandinavian Journal of Economics. He served at Head of the Department of Economics during the period 2003 - 2011.
Steigum has also been the chairman of the Government's Investment Strategy Council for Norway's Sovereign Wealth Fund (2005 - 2009) and has served as a board member of the Financial Supervisory Authority of Norway (2002 - 2006). He is a board member of Centre of Monetary Economics (CME) at BI and has contributed to serveral Norges Bank Watch reports, evaluating monetary policy in Norway.
Research areas
The financial accelerator and investment behavior; macroeconomic models (including computable models) with sticky prices and wages; sectoral adjustment costs and dynamic analysis of the "Dutch disease"; petroleum wealth, sovereign wealth funds, and intergenerational distribution; computable overlapping generations models and generational accounting for Norway; pension reforms; the Nordic banking crises in the 1990s.
Teaching areas
Macroeconomics.
Borrow and adjust: fiscal policy and sectoral adjustment in an open economy
International Economic Review, 44(2), s. 699- 724.
Fehr, Hans; Steigum, Erling, Fossati, A. & Wiegard, W. (2002)
Pension funding reforms in a small open welfare state
Policy Evaluation with Computable General Equilibrium Models
Steigum, Erling (2001)
Formuesberegninger, bruk av oljeinntekter og najonalbudsjettet 2001
脴konomisk forum, s. 24- 30.
Steigum, Erling; Isachsen, Arne Jon & Røste, Ole Bjørn (1999)
Norsk pengepolitikk: Er et fleksibelt inflasjonsmål løsningen?
Euroen og den norske kronens skjebne
Steigum, Erling; Isachsen, Arne Jon & Røste, Ole Bjørn (1999)
Pengepolitikk og valutakurs i fokus: Hva sier nyere forskning?
Euroen og den norske kronens skjebne
Steigum, Erling; Gjersem, Carl & Auerbach, Alan J. (1999)
Generational accounting and depletable natural resources: The case of Norway
Generational accounting around the world
Steigum, Erling (1999)
De profesjonelle og amatørene. Noen refleksjoner omkring Populister og originale økonomer
Sosial酶konomen, 59
Steigum, Erling (1999)
Robert Mundells forskning i internasjonal makroøkonomi
Sosial酶konomen, 59
Steigum, Erling (1999)
Globalisering og kapitalflyt: Noen lærepenger for små land
Internasjonal Politikk, 57(4), s. 565- 573.
Steigum, Erling (2022)
Finanspolitikk, oljepenger og materiell velferd for folk flest
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 11- 15.
Steigum, Erling & Straume, Hans-Martin (2022)
Innføring i moderne makroøkonomi
[Textbook]. Gyldendal Akademisk.
Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2020)
Artikkel om ny teknologi, produktivitet og renter vant prisen for 2019
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 35- 36.
Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2019)
Artikkel om individers kognitive ytelse vant prisen for 2018
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 49- 50.
Steigum, Erling (2019)
Nasjonalbudsjettet 2020: Mot et bedre rammeverk for den økonomiske politikken
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 35- 36.
Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2018)
Artikkel om vitenskapelig fundament for empiriske analyser vant artikkelprisen for 2017
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 51- 52.
Steigum, Erling (2018)
Moderne makroøkonomi
[Textbook]. Gyldendal Norsk Forlag A/S.
Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2017)
Artikkel om progressiv beskatning vant artikkelprisen for 2016
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 83- 84.
Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2016)
Artikkel om prioritering av vegprosjekter vant artikkelprisen for 2015
[Article in business/trade/industry journal]. Samfunns酶konomen
Steigum, Erling; Borge, Lars-Erik & Pettersen, Strandenes, Siri (2015)
Artikkel om bokpriser vant prisen for 2014
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 87- 88.
Steigum, Erling (2015)
En kommentar til Nasjonalbudsjettet 2016
[Article in business/trade/industry journal]. Samfunns酶konomen
Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2014)
Artikkel om arbeidsinnvandring vant prisen for 2013.
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 55- 56.
Steigum, Erling (2013)
Sovereign wealth funds for macroeconomic purposes
[Report]. Finanspolitiska r氓det.
Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri Pettersen (2013)
"En mer effektiv konkurranselov" vant artikkelprisen 2012
[Article in business/trade/industry journal]. Samfunns酶konomen, s. 80- 81.
Steigum, Erling & Thøgersen, Øystein (2013)
A crisis not wasted – Institutional and structural reforms behind Norway’s strong macroeconomic performance
[Report]. Institutt for samfunns酶konomi, Norges Handelsh酶yskole.
This paper draws the line between the 黑料专区 boom-bust cycle and crises in the late 1980s and early 1990s, the succeeding institutional and structural reforms and the strong macroeconomic performance and stability of the last two decades. The systemic banking crisis and speculative attack on the 黑料专区 krone in the early 1990s were the last in a series of blows to Norway’s macroeconomic policy regime. In addition to the recession after 1988, the underlying growth potential of the Mainland economy was also weak, despite financial deregulation and the gains in competitiveness. The large oil price fall in the mid-1980s had demonstrated the risk of uncertain oil revenues as an important source of income to the government. The political awareness of an economic crisis paved the way for a series of structural reforms and changes in the macroeconomic policy regime. Some of these reforms were implemented quickly, such as a tax reform, an energy market reform and a new incomes policy framework. In 2001 a new framework for monetary and fiscal policy was put in place, involving a flexible exchange rate and inflation targeting, as well as a new fiscal policy rule designed to facilitate consumption smoothing and a build-up of a sovereign wealth fund. We discuss possible reasons why Norway’s political system has been able to learn from previous policy failures and reach the necessary consensus, and determination, to implement institutional and structural reforms in economic policy.
Borge, Lars-Erik; Steigum, Erling & Strandenes, Siri P. (2012)
Skaper velferdsstaten større sosiale helseforskjeller
[Article in business/trade/industry journal]. Samfunns酶konomen, 26(1), s. 52- 53.
Steigum, Erling (2011)
The short- and long-run effects of the 黑料专区 banking crisis in the 1990s
[Academic lecture]. American Economic Association Annual Meeting.
Steigum, Erling (2011)
The 黑料专区 Banking Crisis in the 1990s: Effects and Lessons
[Report]. Centre for Monetary Economics, BI.
Steigum, Erling; Bjørnland, Hilde C, Clarida, Richard & Holvik, Elisabeth (2010)
An independent evaluation of monetary policy in Norway. Norges Bank Watch Report Series No. 11
[Report]. Centre for Monetary Economics, BI 黑料专区 School of Management, Oslo.
Svensson, Lars E. O.; Houg, Kjetil, Solheim, Haakon & Steigum, Erling (2002)
Norges Bank Watch 2002. An Independent Review of Monetary Policy and Institutions in Norway
[Report]. Handelsh酶yskolen BI.
Steigum, Erling (2002)
Befolkningsaldring og økonomisk politikk: Behov for pensjonsreformer?
[Report]. Handelsh酶yskolen BI, Centre for Monetary Economics, CME.
Steigum, Erling (2001)
Trade unions and the burden of the public debt
[Report]. Center for Economic Studies and Ifo Institute for Economic Research.
This paper looks at intergenerational welfare effects of increased public debt when union power in pay bargaing generates structural unemployment. Under a reasonable condition, the debt burden on future generations from postponement of the labor tax is larger than in the case of no union power.
Borrow and adjust: Fiscal policy and sectoral adjustment in an open economy
[Report]. Center for Economic Studies and Ifo Institute for Economic Research.
The paper considers normative fiscal policy implications of sectoral adjustment consts in a two-sector model with overlapping generations. We show that despite no nominal rigidities, temporary fiscal deficits increase social welfare if adjustment costs prevent immediate sectoral reallocation of inputs. If there are no adjustment costs, the case for fiscal deficits vanishes.
Steigum, Erling (1999)
Har pengepolitikken vært undervurdert?
[Article in business/trade/industry journal]. ?, s. 9- 13.