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In particular, the model features wage bargaining between a union representing workers and firms in the exposed sector to capture the institutional framework for wage setting in Norway, a sovereign wealth fund—the Government Pension Fund Global (GPFG)—and related constraints on the use of resources from the GPFG for fiscal financing purposes, and a rich description of the fiscal authority in Norway and its links with the rest of the economy.
The standard permanent and transitory income model is known to be misspecified. Estimates of income volatility within this model differ depending on the specific data moments used—whether they are in levels or differences—and how these moments are weighted during estimation. We suggest a simple modification to the standard model: allowing for two transitory shocks that persist for different lengths of time.
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