Employee Profile

Andreas Ravndal Kostøl

Associate Professor

Department of Economics

Room number B3I-034
E-mail andreas.r.kostol@bi.no

Biography

I am an applied economist. In my research, I try to understanding interactions between labor markets, the safety net and determinants of income and consumption inequality. I am PI on several grants from the Norwegian Research Council, a research fellow at IZA. I am also an associate editor of JEEA.

Publications

Shows 5 of 12 publication(s)

Article Andreas Ravndal Kostøl, Andreas Steinvall Myhre, Whitmeyer, Mark (2025)

Within-year uncertainty and perception of year-end work incentives

International Tax and Public Finance Doi: https://doi.org/10.1007/s10797-025-09936-2

While taxes are based on year-end income, people often make multiple labor supply decisions during the year and face uncertainty about the next month’s earnings. Using a regression discontinuity approach, we show that the effects of information about the year-end tax-benefit schedule depend on the stability of earnings of Norwegian welfare recipients. Consistent with a simple model of (mis-)perceived incentives, individuals with stable earnings respond to the mid-year treatment by modifying their year-end earnings target while those with variable earnings do not display any response. We find no impact on average earnings, but find that the information treatment caused an increase in the mass of earnings around the kink—especially so for workers with stable earnings. Our findings suggest that the targeting efficiency and the value of information policies depend on the stability of the labor environment.

Article Sigurd Galaasen, Andreas Ravndal Kostøl, Joan Monras, Jonathan Vogel (2025)

The Labor Supply Curve is Upward Sloping: The Labor Market Effects of Immigrant-Induced Demand Shocks

NBER Working Paper Series

Article Morten Haabeth Grindaker, Andreas Ravndal Kostøl, Kasper Roszbach (2025)

Make it or Break it: Corporate Bankruptcy and Management Careers

Working Paper, Norges Bank

Article Morten Haabeth Grindaker, Matthew Merkle, Andreas Ravndal Kostøl (2024)

Corporate Bankruptcy and Labor Market Insuranc

IZA Discussion Papers

Article David Berger, Kyle Herkenhoff, Andreas Ravndal Kostøl, Simon Mongey (2024)

An Anatomy of Monopsony: Search Frictions, Amenities, and Bargaining in Concentrated Markets

NBER macroeconomics annual 38 Doi: https://doi.org/10.1086/729194

Article Manudeep Bhuller, Trond Christian Vigtel, Domenico Ferraro, Andreas Ravndal Kostøl (2023)

The Internet, Search Frictions and Aggregate Unemployment

NBER Technical Working Paper Series Doi: https://doi.org/10.3386/w30911

Article Ingrid Marie Schaumburg Huitfeldt, Andreas Ravndal Kostøl, Jan Nimczik, Andrea Weber (2022)

Internal labor markets: A worker flow approach

Journal of Econometrics Doi: https://doi.org/10.1016/j.jeconom.2021.12.016

Article Andreas Ravndal Kostøl, Andreas Steinvall Myhre (2021)

Labor supply responses to learning the tax and benefit schedule.

The American Economic Review 111(11) p. 3733-3766 Doi: https://doi.org/10.1257/aer.20201877

Despite the implications for policy, empirical evidence on the relative importance of factors that shape labor supply responses is missing. This paper helps fill this gap and quantifies the role of information frictions versus other frictions by combining notches in the Norwegian welfare system and quasi-experimental variation in access to information about the slope and location of kinks. While we estimate a frictionless elasticity of 0.3, overall frictions attenuate this elasticity by about 70 percent. We find the information letter increased the earnings elasticity from 0.06 to 0.15, implying that information frictions account for at least 30 percent of total attenuation.

Article David Autor, Andreas Ravndal Kostøl, Magne Mogstad, Bradley Jackson Setzler (2019)

Disability Benefits. Consumption Insurance. and Household Labor Supply

The American Economic Review 109(7) p. 2613-2654 Doi: https://doi.org/10.1257/aer.20151231

There is no evaluation of the consequences of Disability Insurance (DI) receipt that captures the effects on households' net income and consumption expenditure, family labor supply, or benefits from other programs. Combining detailed register data from Norway with an instrumental variables approach based on random assignment to appellant judges, we comprehensively assess how DI receipt affects these understudied outcomes. To consider the welfare implications of the findings from this instrumental variables approach, we estimate a dynamic model of household behavior that translates employment, reapplication, and savings decisions into revealed preferences for leisure and consumption. The model-based results suggest that on average, the willingness to pay for DI receipt is positive and sizable. Because spousal labor supply strongly buffers the household income and consumption effects of DI allowances, the estimated willingness to pay for DI receipt is smaller for married than single applicants.

Review article Andreas Ravndal Kostøl, Magne Mogstad (2015)

Earnings, disposable income, and consumption of allowed and rejected disability insurance applicants

The American Economic Review 105(5) p. 137-141 Doi: https://doi.org/10.1257/aer.p20151063

Article Andreas Ravndal Kostøl, Magne Mogstad (2014)

How financial incentives induce disability insurance recipients to return to work

The American Economic Review 104(2) p. 624-655 Doi: https://doi.org/10.1257/aer.104.2.624

Article Gordon B. Dahl, Andreas Ravndal Kostøl, Magne Mogstad (2014)

Family welfare cultures

Quarterly Journal of Economics 129(4) p. 1711-1752 Doi: https://doi.org/10.1093/qje/qju019

Shows 5 of 21 publication(s)

Conference lecture Corina Mommaerts, Martin Eckhoff Andresen, Andreas Ravndal Kostøl, Ross T. Milton, Luisa Wallossek (2025)

Monthly Earnings Volatility and Household Pooling

Conference honoring Costas Meghir

This paper examines monthly earnings volatility and its transmission to household earnings volatility using data from Norway on the universe of monthly employment and pay histories linked to household members. In the first part of the paper, we document substantial month-to-month changes in earnings: within a job, while a quarter of months have no earnings changes, another quarter have at least a 23\% change in earnings. Accounting for multiple-job holdings and spells of non-employment increases volatility, while further aggregating from the individual to the household level reduces volatility by 19-30\%. In the second part of the paper, we explore the roles of spousal insurance, assortative matching, and income pooling through event study analyses of job loss and couple formation as well as decomposition and bounding exercises. We show that virtually all of the decrease in volatility at the household level can be attributed to earnings pooling rather than to who marries whom or to behavioral responses to shocks.

Conference lecture Corina Mommaerts, Martin Eckhoff Andresen, Andreas Ravndal Kostøl, Ross T. Milton, Luisa Wallossek (2025)

Monthly Earnings Volatility and Household Pooling

Conference honoring Costas Meghir

Conference lecture Andreas Ravndal Kostøl, Joan Monras, Jonathan Vogel, Sigurd Galaasen (2025)

The Labor Supply Curve is Upward Sloping: The Effects of Immigrant-Induced Demand Shocks Presentation

LSE Centax workshop of firms Doi: https://doi.org/10.3386/w33930

Conference lecture Andreas Ravndal Kostøl, Andreas Steinvall Myhre, Mark Whitmeyer, Matthew Merkle (2025)

Within-Year Labor Supply Responses to Year-End Incentives: Theory and Evidence

NBER Summer Institute Public Economics

Conference lecture Andreas Ravndal Kostøl, Joan Monras, Jonathan Vogel, Sigurd Galaasen (2025)

The Labor Supply Curve is Upward Sloping: The Effects of Immigrant-Induced Demand Shocks | NBER

NBER Summer Institute Labor Studies Doi: https://doi.org/10.3386/w33930

Conference lecture Andreas Ravndal Kostøl, Andreas Steinvall Myhre, Matthew Merkle, Mark Whitmeyer (2025)

Within-Year Labor Supply Responses to Year-End Incentives: Theory and Evidence

Conference lecture Andreas Ravndal Kostøl, Michael Simmons, Sigurd Galaasen (2025)

Firm Pay and Consumption Inequality

Annual Search and Matching Network (SaM) Conference

Conference lecture Andreas Ravndal Kostøl (2025)

The Labor Supply Curve is Upward Sloping: The Labor Market Effects of Immigrant-Induced Demand Shocks

Cowles Foundation Public and Labor Economics

Report Andreas Ravndal Kostøl, Joan Monras, Jonathan Vogel, Sigurd Galaasen (2025)

The Labor Supply Curve is Upward Sloping: The Effects of Immigrant-Induced Demand Shocks | NBER

National Bureau of Economic Research Doi: https://doi.org/10.3386/w33930

Conference lecture Andreas Ravndal Kostøl (2025)

The Labor Supply Curve is Upward Sloping: The Labor Market Effects of Immigrant-Induced Demand Shocks

Frischsenteret & Universitetet i Oslo Economics Seminar

Conference lecture Andreas Ravndal Kostøl (2024)

Corporate Bankruptcy and Labor Market Insurance

New York University Applied Economics Seminar

Conference lecture Andreas Ravndal Kostøl (2024)

How Local Are Consumption Responses to Local Economic Shocks

Federal Reserve Bank of San Fransisco Research Seminar

Conference lecture Andreas Ravndal Kostøl (2024)

Corporate Bankruptcy and Labor Market Insurance

University of Stavanger

Conference lecture Andreas Ravndal Kostøl (2023)

The Internet, Search Frictions and Aggregate Unemployment

University of Manchester Economics Seminar

Conference lecture Andreas Ravndal Kostøl (2023)

The Internet, Search Frictions and Aggregate Unemployment

Federal Reserve Bank of New York Research Seminar

Conference lecture Andreas Ravndal Kostøl (2023)

The Internet, Search Frictions and Aggregate Unemployment

Washington University at St Louis Economics Seminar

Report Trond Christian Vigtel, Manudeep Bhuller, Andreas Ravndal Kostøl (2020)

How Broadband Internet Affects Labor Market Matching

Norges Bank

How the internet affects job matching is not well understood due to a lack of data on job vacancies and quasi-experimental variation in internet use. This paper helps fill this gap using plausibly exogenous roll-out of broadband infrastructure in Norway, and comprehensive data on recruiters, vacancies and job seekers. We document that broadband expansions increased online vacancy-postings and lowered the average duration of a vacancy and the share of establishments with unfilled vacancies. These changes led to higher job-finding rates and starting wages and more stable employment relationships after an unemployment-spell. Consequently, our calculations suggest that the steady-state unemployment rate fell by as much as one-fifth.

Conference lecture Andreas Ravndal Kostøl (2019)

Academic Degrees
Year	Academic Department	Degree
2017	University of Bergen	PhD in Economics
2017	University of Bergen	PhD in Economics
2009	University College London	MSc in Economics
2007	University of Bergen (minor in Business at NHH)	B.A. in Economics

Work Experience
Year	Employer	Job Title
2024 - Present	BI Norwegian Business School	Associate Professor
2021 - Present	Norwegian University of Science and Technology	Associate Professor
2014 - Present	IZA – Institute of Labor Economics	Researcher
2024 - 2024	W.P. Carey School of Business	Associate Professor
2022 - 2024	NBER	Researcher
2019 - 2024	W.P. Carey School of Business	Assistant Professor
2016 - 2019	Norges Bank	Senior Advisor
2011 - 2016	Norwegian Research Council	PhD Scholarship
2009 - 2016	Statistics Norway Research Department	Economist