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Reform Capacity and Macroeconomic Performance in the Nordic Countries$
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Torben M. Andersen, Michael Bergman, and Svend E. Hougaard Jensen

Print publication date: 2015

Print ISBN-13: 9780198717102

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780198717102.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 October 2021

Macroeconomic Perspectives on the Nordic Economies

Macroeconomic Perspectives on the Nordic Economies

Past, Present, and Future

(p.1) 1 Macroeconomic Perspectives on the Nordic Economies
Reform Capacity and Macroeconomic Performance in the Nordic Countries

Torben M. Andersen

U. Michael Bergman

Svend E. Hougaard Jensen

Oxford University Press

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.

Keywords:   Nordic countries, welfare state, macroeconomic policy, structural reforms, European debt crisis

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