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Europe > Norway

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Cover IMF Working Papers
Does a Wealth Tax Improve Equality of Opportunity? Evidence from Norway
Kristoffer Berg
and
Mr. Shafik Hebous
Does parental wealth inequality impact next generation labor income inequality? And does a tax on parental wealth affect the labor income distribution of the next generation? We tackle both questions empirically using detailed intergenerational data from Norway, focusing on effects on wages rather than capital income. Results suggest that a net wealth of NOK 1 million increases wages of the children by NOK 14,000. Children of wealthy parents also have a higher labor income mobility. The estimated hypothetical wage distribution without the wealth tax is more unequal. Moreover, suggestive evidence indicates parental wealth is associated with higher labor risk taking.
Keywords:
Wealth Tax; Equality of Opportunity; Parental Wealth; Income Mobility; Inequality; Redistribution; labor income dispersion; wealth tax tax rate; counterfactual income distribution; Wages; Income; Income distribution; Capital income
Cover IMF Working Papers
Wage Growth and Inflation in Europe: A Puzzle?
Vizhdan Boranova
,
Raju Huidrom
,
Sylwia Nowak
,
Petia Topalova
,
Mr. Volodymyr Tulin
, and
Mr. Richard Varghese
Wages have been rising faster than productivity in many European countries for the past few years, yet signs of underlying consumer price pressures remain limited. To shed light on this puzzle, this paper examines the historical link between wage growth and inflation in Europe and factors that influence the strength of the passthrough from labor costs to prices. Historically, wage growth has led to higher inflation, but the impact has weakened since 2009. Empirical analysis suggests that the passthrough from wage growth to inflation is significantly lower in periods of subdued inflation and inflation expectations, greater competitive pressures, and robust corporate profitability. Thus the recent pickup in wage growth is likely to have a more muted impact on inflation than in the past.
Keywords:
WP; wage growth; inflation expectation; Wages; inflation; passthrough; Europe; Passthrough ratio; wage-inflation passthrough; firms' profitability; Labor costs; Producer prices; Wage adjustments; Global
Cover IMF Staff Country Reports
Norway: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper describes wages and competitiveness in Norway. Norway may have to downwardly revise its expectations for wage growth if it is to avoid a significant loss of competitiveness and manage the transition to a less oil-dependent economy. Norway was able to afford very high wage growth in the past (notwithstanding the noted challenges in several sectors) thanks to good fortune in its terms of trade. Going forward, it would be prudent not to count on being fortunate twice: wage moderation would help build resilience in case of less favorable trends in international prices. It would also help facilitate the needed transition out of oil by supporting sectors that did not benefit from past terms of trade gains. Communication from the government can continue to help in managing public expectations. Fiscal policy plays a key role in promoting competitiveness and containing the spending effect of Dutch Disease. After a prolonged expansion of fiscal policy—partly enabled by large valuation gains of the sovereign wealth fund—it is now appropriate to gradually start tightening fiscal policy. The ongoing up-cycle provides an ideal setting to get started on structural consolidation, which will ultimately be needed to face to address aging pressures.
Keywords:
ISCR; CR; Norway; house price; GDP; financial asset; IMF staff estimate; terms of trade gain; IFNW signal; mainland GDP; Housing prices; Asset prices; Wages; Asset bubbles; Housing; Global
Cover IMF Staff Country Reports
Norway: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway
International Monetary Fund. European Dept.
This 2018 Article IV Consultation highlights that Norway is in the midst of a healthy recovery from the oil downturn, supported by positive trends in oil prices and a strengthening labor market. In addition, banks remain profitable and well capitalized. However, household debt continues to increase and house prices have resumed their rise, especially in the Oslo area, after a correction during 2017. Mainland growth is projected to increase from 2 percent in 2017 to 2.5 percent in each 2018 and 2019, underpinned by solid consumption, stronger business investment and an export recovery. Petroleum investment will also pick up. As a result, output will likely start to exceed potential in 2019.
Keywords:
ISCR; CR; debt; government; output gap; exchange arrangement; liability positions vis-à-vis nonresident; headline inflation; mainland GDP; price growth; core inflation; Housing prices; Labor markets; Wages; Oil; Global
Cover Finance & Development
Finances & Développement, mars 2015
International Monetary Fund. External Relations Dept.
Finances & Développement, mars 2015
Keywords:
FD; F&D; worker; firm; IMF-World Bank; job growth; income
Cover Finance & Development
Finance and Development, March 2015
International Monetary Fund. External Relations Dept.
Finance and Development, March 2015
Keywords:
FD; F&D; worker; firm; IMF-World Bank; job growth; income
Cover Finance & Development
Finance and Development, March 2015
International Monetary Fund. External Relations Dept.
Finance and Development, March 2015
Keywords:
FD; F&D; worker; firm; IMF-World Bank; job growth; income
Cover Finance & Development
Finanzas y Desarrollo, marzo de 2015
International Monetary Fund. External Relations Dept.
Finanzas y Desarrollo, marzo de 2015
Keywords:
FD; F&D; worker; firm; IMF-World Bank; job growth; income
Cover Finance & Development
Finance & Development, March 2015
International Monetary Fund. External Relations Dept.
This chapter discusses the impact of global recession on the working population and looks at the future of work in the global economy from a variety of angles. IMF economist Prakash Loungani leads off with an overview of the global jobs landscape and examines the reasons behind the slow recovery of jobs in the wake of the global financial crisis. The chapter also highlights an argument for a jobs- and wage-led global recovery, while IMF researchers probe the relationship between declining trade union membership and inequality.
Keywords:
FD; F&D; worker; firm; IMF-World Bank; job growth; income; household enterprise employment; jobs package; crisis level; Unemployment; Wages; Income inequality; Personal income; Global; Europe; Sub-Saharan Africa; Africa; Caribbean
Cover Policy Papers
Framework Administered Account for Selected Fund Activities-Norway Subaccount for Selected Fund Activities
International Monetary Fund
The Fund, represented by the Managing Director, has reached understandings with Norway acting through the Ministry of Foreign Affairs ("Norway"), to finance capacity building, training and related activities. On the basis of these understandings, the Managing Director has established the essential terms and conditions of the Subaccount, with which Norway concurs, with respect to the nature, design, and implementation of the activities to be financed and the method by which the costs of the activities will be financed from the Subaccount.
Keywords:
PP; Subaccount; fund member; terms and conditions; terms and conditions of the Subaccount; resources of the Subaccount; terms and conditions of the SFA Instrument; Project loans; Legal support in revenue administration; Wages