Macroeconomic Perspectives on the Nordic Economies: Past, Present, and Future

Torben M. Andersen, Ulf Michael Bergman, Svend E. Hougaard Jensen

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This chapter reviews the Nordic model in terms of objectives, policies, institutions, and outcomes. First, some long-term patterns of living standards, distribution of income, size of government, etc. are presented and compared to the OECD average. Second, as the Nordic countries recently have been heralded for their economic performance, the behaviour of output, employment, public finances, private credit, etc. in the Nordic countries is compared to macroeconomic developments in other European countries, focusing on consequences of and responses to the great financial crisis. Third, the perceived success of the Nordic countries may be seen as a story about willingness and ability to constantly reform, possibly driven by a strong political and social capital which eventually produces the necessary reforms to maintain the overarching objectives.
Original languageEnglish
Title of host publicationReform Capacity and Macroeconomic Performance in the Nordic Countries
EditorsTorben M. Andersen, U. Michael Bergman, Svend E. Hougaard Jensen
Place of PublicationOxford
PublisherOxford University Press
Publication date2015
ISBN (Print)9780198717102
Publication statusPublished - 2015


  • Nordic countries
  • Welfare state
  • Macroeconomic policy
  • Structural reforms
  • European debt crisis

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