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        <rdf:li rdf:resource="https://hdl.handle.net/10419/336495" />
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    <dc:date>2026-04-29T17:48:53Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/336495">
    <title>Severe weather and collateral practices</title>
    <link>https://hdl.handle.net/10419/336495</link>
    <description>Title: Severe weather and collateral practices
Authors: Cella, Cristina; Schubert, Valentin
Abstract: Physical climate risks significantly influence banks' collateral practices. Drawing on comprehensive loan-level data from Sweden, we find that adverse weather events increase both the likelihood and the amount of collateral required for new loans. For existing loans, banks are less inclined to reappraise collateral following weather shocks; when reappraisals occur, collateral values are typically revised downward. Our analysis also highlights the mitigating role of geographic proximity between borrowers and lenders. Overall, our results indicate that while banks limit potential losses from physical climate risks by tightening collateral requirements, this practice may eventually exacerbate firms' financial constraints.</description>
    <dc:date>2026-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/336494">
    <title>Outsider unemployment, insider wages, and the disappearance of the Swedish wage curve</title>
    <link>https://hdl.handle.net/10419/336494</link>
    <description>Title: Outsider unemployment, insider wages, and the disappearance of the Swedish wage curve
Authors: Carlsson, Mikael; Häkkinen Skans, Iida; Nordström Skans, Oskar
Abstract: We document a substantial reduction in the wage responsiveness to regional unemployment (the wage curve) in Sweden during the past 25 years. The period is characterized by large changes in the composition of the labor force arising from refugee migration and active labor supply policies targeting marginal workers. During the period, the relationship between regional unemployment and industry demand shocks weakened as the share of immigrants among the unemployed increased from 25 to 60 percent. Simultaneously, a previously stable wage curve disappeared, even though regional wages continued to respond to regional industry demand shocks. The results suggest that wages respond more strongly to unemployment fluctuations that arise from the demand side than the supply side, and that the unemployment rate has become a less informative indicator of resource utilization and inflationary pressure.</description>
    <dc:date>2026-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/336500">
    <title>HANK comes of age: Monetary policy with heterogeneous overlapping generations</title>
    <link>https://hdl.handle.net/10419/336500</link>
    <description>Title: HANK comes of age: Monetary policy with heterogeneous overlapping generations
Authors: Bardóczy, Bence; Savoia, Ettore; Velásquez-Giraldo, Mateo
Abstract: We study the transmission and distributional effects of monetary policy in an environment where consumption-saving choices reflect both precautionary motives and life-cycle considerations. Age emerges as a key state variable linking multiple dimensions of heterogeneity: young households have low wealth, high marginal propensities to consume, and strongly procyclical hours. In a quantitative model matching these facts, monetary policy operates primarily by stimulating investment and boosting labor demand for young workers. Wealthy retirees are affected through asset repricing and lower future returns, but the consumption and welfare effects for most retirees are small because they hold little financial wealth.</description>
    <dc:date>2026-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/322321">
    <title>Shadow banks or just not banks? Growth of the Swedish non-bank sector</title>
    <link>https://hdl.handle.net/10419/322321</link>
    <description>Title: Shadow banks or just not banks? Growth of the Swedish non-bank sector
Authors: Li, Jieying; Myers, Samantha
Abstract: The global non-bank sector has experienced significant growth since the global financial crisis, raising concerns that this shift represents a financial stability risk. We consider the drivers of this growth in Sweden: a small, open economy whose non-bank sector has grown rapidly. In contrast with the existing literature for the US, we find no evidence that growth in the Swedish non-bank sector is driven by regulatory arbitrage from banks. Instead, we find that the main drivers are the growing and increasingly complex pension investments, together with returns on global equity markets. While this provides some evidence that growth may be driven for search for yield, we also find that the non-bank sector appears to make its global investment choices on relatively conservative grounds. We conclude that trend-consistent growth may be driven by different factors depending on the jurisdiction. Our findings do not rule out financial stability risks, but further work is required to assess other channels by which these risks could propagate, including further analysis of cross border non-bank activities.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
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