CURRICULUM VITÆ
KNUT ANTON MORK
PERSONAL
Born May 24, 1946, Løkken Verk, Norway
Married to Laila Mork from 1970 until her passing in 2023
Children: Erling Mork (born 1973) and Knut Mork Skagen (born 1977)
Four grandchildren
EDUCATION
Ph.D., Economics, Massachusetts Institute of Technology (MIT), 1977
Høyere Avdeling (graduate degree in economics), Norwegian School of Economics and Business Administration (NHH), 1974
Siviløkonom (undergraduate business degree), NHH, Bergen, 1972
Military service 1968–69
Undergraduate studies in Christian religion, (mellomfag) University of Oslo, 1966 – 68
PROFESSIONAL EXPERIENCE
NTNU, Norwegian University of Science and Technology, Adjunct Professor, 20% position 2015 – 16, 40% position 2016 – 21, Professor Emeritus 2021 –
Teaching: Banking and Credit, Macro Finance, Dynamic Macro
Research: Portfolio management and withdrawal rules for a sovereign wealth fund, funded by Finansmarkedsfondet under the Norwegian Research Council
Head, Government appointed commission to reevaluate and consider changes to the equity share and the reference indices for the Government Pension Fund Global, 2016
BI Norwegian Business School, Adjunct Professor, 20% position, 2018 – 2020, Professor Emeritus 2020 – 2023
Garantum Wealth Management Norge AS, Macroeconomic Advisor, 2022 –
CARN Capital AS, Economist, part time, 2016 – 17; Macroeconomic Advisor, 2020 – 21
CTS Nordics Holding AS, member, Board of Directors, 2023 –
Handelsbanken, Chief Economist Norway, 1996 – 2015, Senior Economist 2015 – 16
Head of macroeconomic research group in Oslo, part of global macro team
Monitoring the Norwegian, other Nordic, Chinese, U.S., and global economies
Regular reports, client presentations, public speeches, and media contacts
Member, Government appointed Commission to evaluate the practicing of the Fiscal Rule in relation to the sovereign wealth fund, 2014 – 15
Head, Norges Bank Watch, 2007 and 2014
Member of Program Steering Committee, Vekstforsk Program on Innovation, Norwegian Research Council, 2007 – 2010
Board Member, Handelsbanken Kapitalforvaltning AS (mutual fund subsdidiary), 2006 – 2008
Extensive contact with the academic community
Union Bank of Norway (Sparebanken NOR), Senior Economist and SPN Fonds Chief Economist, 1995 – 96
BI Norwegian Business School, Oslo, Norway, Professor 1992 – 94, Department Head, 1993 – 94; Adjunct Professor 1990 – 92, 1995 – 97, teaching macroeconomics
•niversity of Oslo, Dept. of Economics, Adjunct Professor, 1991 – 93
Foundation for Research in Economics and Business Administration (SNF), Bergen, Norway, Head of Research for Energy and Environmental Studies, 1990 – 92
Vanderbilt University, Owen Graduate School of Management, Associate Professor 1983 – 90, tenured from 1987
Teaching macroeconomics to MBA, Executive MBA, and PhD students
Graduate macro teaching in the Department of Economics
Research on oil price shocks, consumption and saving, preliminary economic data
University of Arizona, Dept. of Economics, Visiting Assistant Professor, 1981 – 83
Teaching macroeconomics for undergraduates and MBA.
Research on oil price shocks and energy economics
MIT Energy Laboratory, Research Associate, 1977 – 81. Research areas:
Macroeconomic effects of oil price shocks
Energy economics and policy
PROFESSIONAL PUBLICATIONS
International, refereed journals
“Expected long-term rates of return when short-term returns are serially correlated,” with Haakon Andreas Trønnes, International Review of Financial Analysis 88, 2023, https://doi.org/10.1016/j.irfa.2023.102696
“Dynamic spending and portfolio decisions with a soft social norm,” with Fabian Andsem Harang, Haakon Andreas Trønnes, and Vegard Skonseng Bjerketvedt, Journal of Economic Dynamics and Control, 151, 2023, https://doi.org/10.1016/j.jedc.2023.104667
“Capital preservation and current spending with Sovereign Wealth Funds and Endowment Funds: A simulation study,” with Haakon Andreas Trønnes and Vegard Skonseng Bjerketvedt, International Journal of Financial Studies 2022, 10, 67.
“The Long Norwegian Boom: Dutch Disease After All?” The Energy Journal, 45 (3), 2022, 133 – 153.
“Portfolio Choice for a Resource-based Sovereign Wealth Fund: An Analysis of Cash Flows,” with Hanna M. Eap and Magnus E. Haraldsen, International Journal of Financial Studies 2020, 8, 14.
“Risk Taking and Fiscal Smoothing with Sovereign Wealth Funds in Advanced Economies,” with Snorre Lindset, International Journal of Financial Studies 2019, 7, 4, 2019.
“Macroeconomic Responses to Oil Price Increases and Decreases in Seven OECD Countries,” with Hans Terje Mysen and Øystein Olsen, The Energy Journal, 15(4), 1994, 19 – 35. Reprinted in, Recent Modelling Approaches in Applied Energy Economics, edited by Olav Bjerkholt, Øystein Olsen, and Jon Vislie. Chapman and Hall, 1990.
“Business Cycles and the Oil Market,” The Energy Journal, 15, (Special Issue: The Changing World Petroleum Market), 1994, 15 – 38. Reprinted in The Economics of Energy, edited by Paul Stevens, The International Library of Critical Writings in Economics, Edward Elgar Publishing Ltd., 2000.
“Living with Lobbying: A Growth Policy Co-opted by Lobbyists Can Be Better than No Growth Policy at All,” Scandinavian Journal of Economics, 95(4), 1993, 597 – 605.
“Comments on L. Hjalmarsson and A. Veiderpass, ‘Productivity in Swedish Electricity Retail Distribution,’” Scandinavian Journal of Economics, 94, Supplement, 1992, 207 – 209
“Toward Efficiency in the Crude-Oil Market,” with Steven L. Green, Journal of Applied Econometrics, 6(1), 1991, 45 – 66
“Forecastable Money-Growth Revisions: A Closer Look at the Data,” Canadian Journal of Economics, 23(3), 1990, 593 – 616
“Oil and the Macroeconomy when Prices Go Up and Down: An Extension of Hamilton's Results,” Journal of Political Economy, 97(3), 1989, 740 – 744.
“Testing the Life-Cycle Hypothesis with a Norwegian Household Panel,” with V. Kerry Smith, Journal of Business & Economic Statistics, 7(3), 1989, 287 – 296,
“Some General Equilibrium Considerations for the Analysis of Oil Import Restrictions,” The Energy Journal, 8(4), 1987, 79 – 84
“Ain't Behavin': Forecast Errors and Measurement Errors in Early GNP Estimates,” Journal of Business & Economic Statistics, 5(2), 1987, 165 – 175
“Efficient Pricing During Oil Supply Disruptions,” with Richard J. Gilbert, The Energy Journal, 7(2), 1986, 51 – 68,
“Factor Substitution, Rational Expectations, and the Effects of Commodity Price Shocks on Employment and Investment,” Economic Inquiry, 23(3), 1985, 507 – 524
“Taxation as a Protection Against the Effects of Price Fluctuations: The Case of Oil,” The Energy Journal, 6 (Special Tax Issue), 1985, 73 – 87
“Flexibility in Intercommodity Substitution May Sharpen Price Fluctuations,” Quarterly Journal of Economics, 100(2), 1985, 447 – 463
“Will Oil Markets Tighten Again? A Survey of Policies to Manage Possible Oil Supply Disruptions,” with Richard J. Gilbert, Journal of Policy Modeling, 6(1), 1984, 111–142
“Oil Producer Behavior Considering Macrofeedbacks: A Comment,” The Energy Journal, 4(4), 1983, 29 – 31
“Electricity Demand in Primary Aluminum Smelting,” The Energy Journal, 3(3), 1982, 71 – 93
“Energy Prices, Inflation, and Recession, 1974–1975,” with Robert E. Hall, The Energy Journal, 1(3), 1980, 31 – 63,
“Energy Prices and the U.S. Economy in 1979–1981,” with Robert E. Hall, The Energy Journal, 1(2), 1980, 41 – 53,
“Income Tax Evasion: Some Empirical Evidence,” Public Finance, 30(1), 1975, 70 – 76
Refereed international online publication
“The bond-equity allocation of the Norwegian sovereign wealth fund,” VOX, CEPR’s Policy Portal, October 18, 2016, https://voxeu.org/article/bond-equity-allocation-norwegian-sovereign-wealth-fund, with Espen Henriksen
Articles in Norwegian refereed journals
”Strukturelt, oljekorrigert underskudd i nytt perspektiv” (”Structural, oil-corrected deficit in a new perspective”), Samfunnsøkonomen, No. 8, 2013: 8 – 11
“Modeller og pengepolitikk” (“Models and monetary policy”), Samfunnsøkonomen, No. 1, March 2008: 12 – 15
”Realrenter i en oljeeksporterende økonomi” (”Real interest rates in an oil exporting economy”), Norsk Økonomisk Tidsskrift, 119, 2005: 68 – 83
«Pengepolitikkens intellektuelle grunnlag» («Intellectual Foundations of Monetary Policy»), Magma—Tidsskrift for økonomi og ledelse, 2/2004
“Lønnsvekst i en restruktureringsfase” (“Wage inflation during restructuring”), Økonomisk Forum, June 2003
“Stabil krone?” (“Stable krone?”), Sosialøkonomen, 53(1), 22 – 25,1999
“Påvirkes kursen på norske kroner av verdensprisen på råolje?” (“Effects of oil price changes on the Norwegian krone”), with Line Hallenstvedt Bjørvik and Bernt Halvar Uppstad, Norsk Økonomisk Tidsskrift, 112(2), 1998
“Konjunkturforskning i åttiåra,” (“Business Cycle Research in the 1980s”) Norsk Økonomisk Tidsskrift, 103(4) 1989, 259 – 282
“Livsløpshypotesen i norske paneldata,” (“The Life-Cycle Hypothesis in Norwegian Data”) Norsk Økonomisk Tidsskrift, 103(3), 1989, 153 – 174
“Det sivile rettsapparat sett fra et økonomisk fordelingssynspunkt,” (“Distributional Effects of Civil Law”) Statsøkonomisk Tidsskrift, 1974: 14 – 24
Books and book chapters
Oljeeventyret — som kom og gikk (“The Oil Bonanza—that came and went”). Spartacus forlag, 2020
Makroøkonomi, Norwegian textbook of intermediate macroeconomics, Cappelen akademisk forlag, 1993; second edition 1995; third edition 2004
Videregående Makroøkonomi (Advanced Macroeconomics), Cappelen akademisk forlag, 1996
Lecture Notes on Business Cycle Theory, Bedriftsøkonomens forlag, 1995
Macroeconomics for Managers, textbook, Wadsworth Publishing Company, 1992
“Energy Price Shocks, Rational Expectations, and Wage and Price Rigidities,” in Macroeconomic Impacts of Energy Shocks: Contributions from Participating Modelers, edited by G. Hickman and Hillard G. Huntington, Energy Modeling Forum, EMF Report 7, Volume III, December 1987, Stanford University
“What If We Lose the Persian Gulf?” in Crises in the Economic and Financial Structure, edited by Paul Wachtel, Lexington, Mass.: Lexington Books, 1982
“The Economic Cost of Oil Supply Disruptions,” in Energy Vulnerability, edited by James Plummer, Cambridge, Mass.: Ballinger, 1982
“Coping with Oil Supply Disruptions,” in Energy Vulnerability, 1982, with Richard J. Gilbert
Energy Prices, Inflation, and Economic Activity, editor, Cambridge, Mass.: Ballinger, 1981
“Macroeconomic Analysis of Energy Price Shocks and Offsetting Policies: An Integrated Approach,” in Energy Prices, Inflation, and Economic Activity, 1981, with R. E. Hall
Conference volumes
“Inflation Targeting: Lessons from the Norwegian Perspective,” in Erfaringer med inflasjonsmål i pengepolitikken (Lessons from Inflation Targeting), Norwegian Ministry of Finance, 2017: 49–58
Comment on “Banks, Sovereign Debt, and the International Transmission of Business Cyclees,” by Luca Guerrieri, Matteo Iacovello, and Raoul Minetti, in NBER International Seminar on Macroeconomics 2012, edited by Francesco Giavazzi and Kenneth D. West, 2013: 214–218
“‘Where's the Boom?’ The Oil Price Decline and the U.S. Economy in 1986: A Reassessment of the Theories of the 1970s,” Papers and Proceedings of the Eighth Annual North American Conference, International Association of Energy Economists, 1986: 12–16
“Crude Oil Spot and Official Prices and the Efficient-Market Hypothesis,” with Steven L. Green, Papers and Proceedings of the Eighth Annual North American Conference, International Association of Energy Economists, 1986: 259–264
“Rational Expectations, Inventory Adjustments, and the Short-Run Dynamics of the World Oil Market,” with Steven L. Green, Papers and Proceedings of the Seventh Annual North American Conference, International Association of Energy Economists, 1985
“Supply Disruption Management: A Macroeconomic Perspective,” Energy Modeling, IV, Planning for Energy Disruptions, Chicago: Institute of Gas Technology, 1982: 401–413
“Energy Prices and Inflation,” Petroleum and Natural Gas in Illinois, Chicago: Energy Resources Center, University of Illinois at Chicago Circle, 1979: 189–197
“Aggregate Technology, Biased Productivity Growth, and the Demand for Primary Energy in the U.S., 1947-75,” Proceedings of the Business and Economics Statistics Section, American Statistical Association, 1978: 482–486
Reports
Aksjeandelen i Statens pensjonsfond utland (“The Equity Share of the Norwegian Pension Fund Global”), NOU 2016:20, official report by Commission appointed by the Norwegian government, October 2016, with H.M. Andreassen, H.C. Bjørnland, H. Espedal, K. Halvorsen, E. Henriksen, S. Johnsen, K.O. Moen, K. Thorburn
Finanspolitikk i en oljeøkonomi (“Fiscal policy in an oil economy”), NOU 2015:9, official report by Commission appointed by the Norwegian government, June 2015, with Ø. Thøgersen, I.W. Bache, H.C. Bjørnland, S. Ones, S. Reegård, K. Storesletten
Norges Bank Watch 2014, Centre for Monetary Economics, BI Norwegian Business School, with Xavier Freixas and Kyrre Aamdal
Norges Bank Watch 2007, Centre for Monetary Economics, BI Norwegian Business School, with Marvin Goodfriend and Ulf Söderström
Numerous reports, articles, and client notes, Handelsbanken Capital Markets, 1996–2016