Andreas Westermark

Andreas Westermark


Avdelningen för penningpolitik
Sveriges Riksbank
SE-103 37 Stockholm, Sweden

Telefon + 46 8 787 04 31

Macroeconomics, monetary policy, labor economics, monetary history, bargaining

Short bio

Andreas Westermark obtained his PhD at the University of Rochester in 1999. After graduation Andreas spent time as a post-doc at the Department of Economics at Uppsala University and joined the research department at Sveriges Riksbank in October 2008.

Andreas is currently working on quantifying how the cyclicality of job displacement and the related earnings losses contributes to the cost of business cycles by reducing the level of GDP (with Karl Walentin). He is also working on how important wage rigidities for incumbent workers are for the cyclicality of unemployment and wages (with Mikael Carlsson, Uppsala University). Furthermore, he is working on documenting evidence on Gesell taxes and also the consequences of such taxes in a simple macroeconomic model (with Roger Svensson, IFN). He is also working on how wage-setting and unemployment depends on the degree of downward nominal wage rigidities (with Mikael Carlsson, Uppsala University). Westermark has published papers in leading international journals, such as Journal of Monetary Economics and Games and Economic Behavior.


University of Rochester, Ph.D., Feb 1999.


"Nominal Wage Contracts and the Persistent Effects of Monetary Policy", European Economic Review v. 42, iss. 2, pp. 207-23, 1998. Coauthor: Nils Gottfries.

"Bargaining, Binding Contracts and Competitive Wages", Games and Economic Behavior v. 43 iss. 2, pp. 296-311, 2003.

"Extremism, Campaigning and Ambiguity", Games and Economic Behavior v. 47 iss. 2, pp. 421-452, 2004.

"Prices, Productivity, and Wage Bargaining in Open Economies". Coauthors : Anders Forslund and Nils Gottfries, Scandinavian Journal of Economics, v. 110 iss. 1, pp. 169-195, 2008.

"Monetary Policy under Downward Nominal Wage Rigidity". Coauthor: Mikael Carlsson. B.E. Journal of Macroeconomics: Vol. 8 : Iss. 1 (Advances), Article 28, 2008.

"Stationary Equilibria in Bargaining with Externalities". Coauthor: Jonas Björnerstedt. Games and Economic Behavior 65, pp. 318-338, 2009.

"The Inefficiency of Price Quantity Bargaining". Coauthor: Jonas Björnerstedt. Economic Theory 40, pp. 301-332, 2009.

"The New Keynesian Phillips Curve and Staggered Price and Wage Determination in a Model with Firm-Specific Labor". Coauthor: Mikael Carlsson. Journal of Economic Dynamics and Control 35, pp 579-603, 2011.

"Labor Market Frictions and Optimal Steady-State Inflation". Coauthor: Mikael Carlsson. Journal of Monetary Economics, pp 67–79, 2016.

Work in progress

Learning on the Job and the Cost of Business Cycles. Coauthor: Karl Walentin. Sveriges riksbank working paper 353

Manufacturing Decline and House Price Volatility. Coauthor: Isaiah Hull, Conny Olovsson and Karl Walentin. Sveriges riksbank working paper 349. December 2017 (updated September 2018).

Endogenous Separations, Wage Rigidities and Employment Volatility. Coauthor: Mikael Carlsson. Sveriges riksbank working paper 326

"Un-truncating VARs". Coauthor: Ferre De Graeve. Sveriges Riksbank working paper 271.

"Renovatio Monetae: Gesell Taxes in Practice", Coauthor: Roger Svensson, IFN. IFN working paper 1083.

"A Model of Union Formation". Working paper 1999:8, Uppsala University.

"Long-Term Relationship Bargaining". Sveriges Riksbank working paper 266.

Other publications

What is the Natural Interest Rate?” (with Henrik  Lundvall), Sveriges Riksbank Economic Review 2, 2011, 7-26.

"Monetary policy when the interest rate is zero" (with Ulf Söderström), Sveriges Riksbank Economic Review 2, 2009, 5-30.


B.E. Journal in Macroeconomics, Economics of Education Review, Empirical Economics, European Economic Review, Games and Economic Behavior, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Economic Surveys, Journal of Macroeconomics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Public Economics, Journal of Public Economic Theory, Labour Economics, Public choice, Review of Economic Studies, Scandinavian Journal of Economics.