Monetary Policy & the Economy

Monetary Policy & the Economy

This publication series was discontinued in late 2023. Economic and monetary policy papers are published as part of the OeNB Bulletin from 2024.

Opinions expressed by the authors of studies do not necessarily reflect the official viewpoint of the Oesterreichische Nationalbank or of the Eurosystem.

2023

  • Monetary Policy and the Economy Q4/23

    April 2024 25 years of EMU in Austria

    Content

    Full version (PDF, 3.3 MB) Download

    • 25 years of EU Economic and Monetary Union in Austria: a macroeconomic assessment  PDF, 1.2 MB Ragacs, Vondra.
    • The pass-through of policy interest rates to bank retail rates in Austria  PDF, 1.7 MB Ferstl, Graf, Kwapil.
    • Exporting stability to the European neighborhood – the role of deposit euroization in CESEE revisited after 25 years of EMU  PDF, 1.1 MB Scheiber, Wörz.
    • 25 years of the OeNB in the Eurosystem – tracing the evolution of Governing Council governance  PDF, 528 kB Ettl, Roitner.

  • Monetary Policy and the Economy Q2-Q3/23

    December 2023

    Content

    Full version (PDF, 4.8 MB) Download

    HTML version

    • Austria’s economy set to recover after period of stagflation. Economic outlook for Austria from 2023 to 2025 (June 2023)  PDF, 1.6 MB Fritzer, Moser, Ragacs, Reiss, Stiglbauer, Vondra.
    • How have profits been shaping domestic price pressures in Austria?  PDF, 2.7 MB Fritzer, Prammer, Reiss, Schneider.
    • Energy price shock poses additional challenge to Austria’s price competitiveness  PDF, 1.3 MB Glauninger, Url, Vondra.
    • Monetary policy in uncertain times: toward robustness and resilience. Key findings from the 50th OeNB Economics Conference and 60th SUERF Anniversary Conference (May 22 and 23, 2023).  PDF, 466 kB Gnan, Klieber, Kwapil, Rieder, Rumler, Salish, Valderrama, Zörner.

  • Monetary Policy and the Economy Q4/22–Q1/23

    March 2023 Studies on the recent surge in inflation

    Content

    Full version (PDF, 4.6 MB) Download

    HTML version

    • Aggregate price pressures along the supply chain: a euro area perspective  PDF, 962 kB Messner, Zörner.
    • What is the effect of energy prices on consumer prices in Austria? A production-side decomposition  PDF, 1.4 MB Schneider.
    • Grocery price setting in times of high inflation: what webscraped data tell us  PDF, 667 kB Beer, Ferstl, Graf, Rumler.
    • Inflation expectations of Austrian households and firms amid high inflation  PDF, 525 kB Messner, Rumler.
    • Who pays the price when prices rise?  PDF, 930 kB Fessler, Fritzer, Salish.
    • Wages, inflation and a negative supply shock  PDF, 699 kB Stiglbauer.
    • Fighting (the effects of) inflation: government measures in Austria and the EU  PDF, 601 kB Prammer, Reiss.
    • How effective were fiscal support measures in absorbing the inflation-induced rise in consumption expenditures in 2022?  PDF, 659 kB Maidorn, Reiss.
    • Quantifying the impact of the 2021–22 inflation shock on Austria’s public finances  PDF, 808 kB Holler, Reiss.

2022

  • Monetary Policy and the Economy Q3/22

    November 2022

    Content

    Full version (PDF, 1.7 MB) Download

    HTML version

    • Austrian economy to slow down after strong first half  PDF, 596 kB Fritzer, Schneider, Sellner, Stiglbauer, Vondra.
    • Nontechnical summaries (in English and German)  PDF, 128 kB
    • What is the impact of carbon pricing on inflation in Austria?  PDF, 766 kB Breitenfellner, Fritzer, Prammer, Rumler, Salish.
    • Where have all the insolvencies gone?  PDF, 428 kB Elsinger, Fessler, Kerbl, Schneider, Schürz, Wiesinger, Wuggenig.
    • The return of inflation  PDF, 216 kB Gnan, Messner, Rieder, Rumler, Salish.

  • Monetary Policy and the Economy Q1–Q2/22

    June 2022 20 years of euro cash in Austria

    Content

    Full version (PDF, 3.9 MB) Download

    HTML version

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 56 kB
    • Editorial: 20 years of euro cash in Austria  PDF, 76 kB
    • Nontechnical summaries in English and German  PDF, 125 kB
    • Past and future development of euro cash in Austria – resilience in light of technological change and economic crises  PDF, 1.1 MB Schautzer, Stix.
    • From SEPA to the digital euro: payments past, present and future  PDF, 1.2 MB Asel, Mingione, Niederländer, Nitsche.
    • How much cash is in crypto?  PDF, 207 kB Weber.
    • A digital euro and the future of cash  PDF, 347 kB Hermanky, Summer.
    • Should the use of cash be limited?  PDF, 191 kB Schroth, Vyborny, Ziskovsky.
    • The use of euro cash as a store of value in CESEE  PDF, 1.1 MB Bittner, Scheiber.

2021

  • Monetary Policy and the Economy Q4/21

    January 2022

    Content

    Full version (PDF, 3.3 MB) Download

    HTML version

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 56 kB
    • Nontechnical summaries in English and German  PDF, 86 kB
    • Exchange rate index update for Austria shows lower effective appreciation than previously measured  PDF, 852 kB Glauninger, Url, Vondra.
    • Private consumption and savings during the COVID-19 pandemic in Austria  PDF, 442 kB Schneider, Sellner.
    • A new instrument to measure wealth inequality: distributional wealth accounts  PDF, 786 kB Kennickell, Lindner, Schürz.
    • Payment behavior in Austria during the COVID-19 pandemic  PDF, 719 kB Höpperger, Rusu.
    • Strong economic rebound amid high uncertainty about impact of Omicron variant. Economic outlook for Austria from 2021 to 2024 (December 2021).  PDF, 1 MB Fritzer, Prammer, Salish, Schneider, Sellner.

  • Monetary Policy and the Economy Q3/21

    October 2021

    Content

    Full version (PDF, 2.1 MB) Download

    HTML version

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 55 kB
    • Nontechnical summaries in English and German  PDF, 94 kB
    • Austrian economy growing strongly in mid-2021  PDF, 449 kB Fritzer, Schneider, Sellner, Vondra.
    • How effective were measures introduced in the COVID-19 crisis in supporting household incomes?  PDF, 542 kB Maidorn, Reiss.
    • Treffsicherheit der Maßnahmen zur Stützung der Haushaltseinkommen während der COVID-19-Krise in Österreich  PDF, 559 kB Maidorn, Reiss.
    • Corporate equity finance in Austria – impediments and possible improvements  PDF, 989 kB Breyer, Endlich, Huber, Oswald, Prenner, Reiss, Schneider, Waschiczek.
    • Eigenkapitalausstattung österreichischer Unternehmen – Hindernisse und Handlungsoptionen  PDF, 878 kB Breyer, Endlich, Huber, Oswald, Prenner, Reiss, Schneider, Waschiczek.
    • The impact of climate change on monetary policy  PDF, 344 kB Breitenfellner, Pointner.
    • Gender, money and finance  PDF, 161 kB Niederländer, Ritzberger-Grünwald, Turner-Hrdlicka.

  • Monetary Policy and the Economy Q2/21

    July 2021

    Content

    Full version (PDF, 4.1 MB) Download

    HTML version

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 75 kB
    • Nontechnical summaries in English and in German  PDF, 101 kB
    • Distributed ledger technologies for securities settlement – the case for running T2S on DLT  PDF, 967 kB Hackel, Haunold, Hermanky, Taudes.
    • The share of zombie firms among Austrian nonfinancial companies  PDF, 952 kB Beer, Ernst, Waschiczek.
    • Austria’s labor market during the COVID-19 crisis  PDF, 1.3 MB Ragacs, Reiss.
    • Economic recovery aided by coronavirus vaccine rollout. Economic outlook for Austria from 2021 to 2023 (June 2021)  PDF, 1.3 MB Ragacs, Sellner, Vondra.

  • Monetary Policy and the Economy Q4/20 – Q1/21

    March 2021 COVID-19 and the Austrian economy: selected issues

    Content

    Full version (PDF, 5.7 MB) Download

    HTML version

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 44 kB
    • Nontechnical summaries (in Englisch and German)  PDF, 116 kB
    • Monitoring the economy in real time with the weekly OeNB GDP indicator: background, experience and outlook  PDF, 745 kB Fenz, Stix.
    • Austrian tourism sector badly hit by COVID-19 pandemic  PDF, 1.1 MB Fenz, Stix, Vondra.
    • Prices and inflation in Austria during the COVID-19 crisis – an analysis based on online price data  PDF, 313 kB Beer, Rumler, Tölgyes.
    • Have mitigating measures helped prevent insolvencies in Austria amid the COVID-19 pandemic?  PDF, 1.8 MB Puhr, Schneider.
    • How has COVID-19 affected the financial situation of households in Austria?  PDF, 845 kB Albacete, Fessler, Kalleitner, Lindner.
    • The effects of the monetary policy response to the COVID-19 pandemic: preliminary evidence from a pilot study using Austrian bank-level data  PDF, 597 kB Kwapil, Rieder.
    • Unprecedented fiscal (re)actions to ease the impact of the COVID-19 pandemic in Austria  PDF, 284 kB Prammer.
    • Second wave of COVID-19 pandemic delays economic recovery. Economic outlook for Austria from 2020 to 2023 (December 2020)  PDF, 782 kB Fenz, Schneider.

2020

  • Monetary Policy and the Economy Q3/20

    November 2020

    Content

    Full version (PDF, 3.5 MB) Download

    HTML version

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 69 kB
    • Nontechnical summaries in English and in German  PDF, 97 kB
    • Rising infection rates threaten to derail economic recovery  PDF, 588 kB Fenz, Fritzer, Glatzer, Schneider, Stix, Vondra.
    • Financial literacy in Austria – focus on millennials  PDF, 946 kB Fessler, Jelovsek, Silgoner.
    • A spatial analysis of access to ATMs in Austria  PDF, 1.5 MB Stix.
    • A new long-run consumer price index for Austria (1800–2018)  PDF, 782 kB Hubmann, Jobst, Maier.

  • Monetary Policy and the Economy Q1-Q2/20

    July 2020 25 Jahre EU-Mitgliedschaft Österreichs – Stabilität und Wachstum durch Integration

    Content

    Full version (PDF, 6.5 MB) Download

    HTML version

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 82 kB
    • Editorial  PDF, 143 kB
    • Zusammenfassungen in Englisch und Deutsch  PDF, 176 kB
    • Makroökonomische Effekte der 25- jährigen EU-Mitgliedschaft Österreichs  PDF, 588 kB Breuss.
    • Konvergenz, Produktionsintegration und Spezialisierung in Europa seit 1995  PDF, 478 kB Stehrer.
    • Entwicklung von Produktivität und Profitabilität heimischer Unternehmen während der EU-Mitgliedschaft  PDF, 844 kB Fenz, Ragacs, Schneider, Vondra.
    • EU-Mitgliedschaft, EU-Erweiterung und die Auswirkungen auf den österreichischen Arbeitsmarkt  PDF, 742 kB Stiglbauer.
    • Freizügigkeit des Dienstleistungsexports im EU-Binnenmarkt und Effekte auf die österreichische Wirtschaft  PDF, 837 kB Kolleritsch, Walter.
    • Auswirkungen der EU-Mitgliedschaft auf ausländische Greenfield-Direktinvestitionen  PDF, 389 kB Christen, Falk.
    • Die Expansion der österreichischen Banken nach Zentral-, Ost- und Südosteuropa  PDF, 735 kB Kavan, Wittenberger.
    • Das europäische Regelwerk für Bankenaufsicht und sein institutioneller Rahmen seit dem EU-Beitritt Österreichs  PDF, 899 kB Boss, Kaden, Schwaiger.
    • Wettbewerbspolitik in Österreich im europäischen Kontext – Rückblick und Ausblick 25 Jahre nach dem EU-Beitritt  PDF, 381 kB Böheim.
    • Langfristige Determinanten der österreichischen Inflation – die Rolle des EU-Beitritts  PDF, 639 kB Messner, Rumler.
    • Die Entwicklung des EU-Haushalts und die Auswirkungen auf Österreich  PDF, 664 kB Köhler-Töglhofer, Reiss.
    • Wirtschaftspolitische Empfehlungen in der EU und deren Umsetzungsbilanz in Österreich  PDF, 518 kB Auböck, Prammer.
    • COVID-19-induced recession: biggest economic policy challenge for Austria in the “Second Republic”  PDF, 1.1 MB Fenz, Ragacs, Schneider, Vondra.
    • Erratum  PDF, 63 kB

2019

  • Monetary Policy and the Economy Q4/19

    January 2020

    Content

    Full version (PDF, 1.9 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 58 kB
    • Nontechnical summaries in English and German  PDF, 74 kB
    • Weak global trade darkens growth outlook for Austria – Economic outlook for Austria from 2019 to 2022 (December 2019)  PDF, 1016 kB Fenz, Schneider.
    • Does digitalization require Central Bank Digital Currencies for the general public?  PDF, 255 kB Pichler, Summer, Weber.
    • The joint distribution of wealth, income and consumption in Austria: a cautionary note on heterogeneity  PDF, 830 kB Lindner, Schürz.

  • Monetary Policy and the Economy Q3/19

    October 2019

    Content

    Full version (PDF, 1.9 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 48 kB
    • Nontechnical summaries in English and German  PDF, 104 kB
    • Modest economic downturn in Austria on the back of a slowing global economy  PDF, 710 kB Fenz, Fritzer, Glatzer, Schneider.
    • Equity ratios of Austrian nonfinancial corporations – evidence from balance sheet data  PDF, 459 kB Beer, Waschiczek.
    • Challenges for measuring inflation in a digital world from a monetary policy perspective  PDF, 304 kB Ritzberger-Grünwald, Rumler.
    • Exploring supply and demand-driven imbalances in Austria’s housing market  PDF, 550 kB Schneider.
    • European Economic and Monetary Union: The first and the next 20 years  PDF, 202 kB Balling, Gnan, Warum.

  • Monetary Policy and the Economy Q1-Q2/19

    May 2019 20 years of the euro in Austria

    Content

    Full version (PDF, 4.2 MB) Download

    • Call for applications: Klaus Liebscher Economic Research Scholarship  PDF, 44 kB
    • Nontechnical summaries in English and German  PDF, 172 kB
    • Editorial  PDF, 78 kB
    • Inflation in Austria since the introduction of the euro  PDF, 783 kB Fritzer, Rumler.
    • Aggregate wage developments in Austria since the introduction of the euro  PDF, 713 kB Fenz, Ragacs, Stiglbauer.
    • Financing conditions in Austria since the introduction of the euro  PDF, 779 kB Gnan, Valderrama, Waschiczek.
    • (How) has EMU affected fiscal policy in Austria?  PDF, 504 kB Prammer, Reiss.
    • Monetary policy of the Eurosystem and the OeNB’s balance sheet  PDF, 560 kB Jobst, Kwapil.
    • Approaching 20 years of euro cash in Austria: What has changed, and what’s next?  PDF, 456 kB Schautzer, Stix.
    • The euro’s effects on noncash retail payments  PDF, 328 kB Dorfmeister.
    • The case for macroprudential policy as a stabilizing tool for the euro area  PDF, 417 kB Posch, Schmitz, Steiner, Ubl.
    • Economic growth slows in Austria as global economy weakens – Economic outlook for Austria from 2019 to 2021 (June 2019)  PDF, 927 kB Ragacs, Vondra.

2018

  • Monetary Policy and the Economy Q4/18

    January 2019 Eurosystem Household Finance and Consumption Survey 2017 for Austria

    Content

    Full version (PDF, 1.7 MB) Download

    • Call for applications: Visiting Research Program  PDF, 56 kB
    • Nontechnical summaries in English and German  PDF, 63 kB
    • From boom to stable growth in Austria. Economic outlook for Austria from 2018 to 2021 (December 2018)  PDF, 591 kB Fenz, Schneider.
    • Eurosystem Household Finance and Consumption Survey 2017 for Austria  PDF, 1.1 MB Fessler, Lindner, Schürz.

  • Monetary Policy and the Economy Q4/18 – Addendum

    January 2019 Eurosystem Household Finance and Consumption Survey 2017 for Austria – Methodological notes for Austria

    Full version (PDF, 1.6 MB) Download

  • Monetary Policy and the Economy Q3/18

    October 2018 Digital banking and finance

    Content

    Full version (PDF, 1.9 MB) Download

    • Call for applications: Visiting Research Program  PDF, 59 kB
    • Nontechnical summaries in English and German  PDF, 88 kB
    • Austria's economy set to grow by close to 3% in 2018  PDF, 614 kB Fenz, Fritzer, Rumler, Schneider.
    • Digital money  PDF, 312 kB Pichler, Schierlinger-Brandmayr, Summer.
    • A primer on peer-to-peer lending: immediate financial intermediation in practice  PDF, 237 kB Pointner, Raunig.
    • How Austrians bank and pay in an increasingly digitalized world – results from an OeNB survey  PDF, 1 MB Ritzberger-Grünwald, Stix.

  • Monetary Policy and the Economy Q2/18

    June 2018 Europe 2030: building a more resilient European monetary union

    Content

    Full version (PDF, 2.9 MB) Download

    • Call for applications: Visiting Research Program  PDF, 55 kB
    • Editorial  PDF, 49 kB
    • Monetary policy after the crisis: mandates, targets, and international linkages  PDF, 466 kB Gnan, Kwapil, Valderrama.
    • Strengthening the euro area by addressing flawed incentives in the financial system  PDF, 341 kB Posch, Schmitz, Strobl.
    • Proportionality in banking regulation  PDF, 505 kB Boss, Lederer, Mujic, Schwaiger.
    • Capital markets union: a more diverse financial landscape in the EU?  PDF, 495 kB Beer, Waschiczek.
    • Stabilization and shock absorption instruments in the EU and the euro area – the status quo  PDF, 350 kB Katterl, Köhler-Töglhofer.
    • How to increase fiscal stabilization at the euro area level?  PDF, 520 kB Prammer, Reiss.
    • Structural reforms for higher productivity and growth  PDF, 596 kB Fischer, Stiglbauer.
    • Non-technical summaries in German  PDF, 132 kB
    • Robust growth in Austria: economic boom continues in 2018 – Economic outlook for Austria from 2018 to 2020 (June 2018)  PDF, 578 kB Fenz, Ragacs, Schneider, Vondra.

  • Monetary Policy and the Economy Q1/18

    April 2018

    Content

    Full version (PDF, 849 kB) Download

    • Call for applications: Visiting Research Program  PDF, 45 kB
    • Austria's economy maintains growth momentum in first half of 2018  PDF, 486 kB Fenz, Fritzer, Schneider.
    • Financial literacy in Austria: a survey of recent research results  PDF, 357 kB Cupak, Fessler, Silgoner, Ulbrich.

2017

  • Monetary Policy and the Economy Q4/17

    December 2017

    Content

    Full version (PDF, 1.2 MB) Download

    • Call for applications: Visiting Research Program  PDF, 45 kB
    • Austria's thriving economy is fueled by lively exports and strong domestic demand  PDF, 624 kB Fenz, Schneider.
    • Three small essays on public investment: economic rationales, the EU fiscal framework and some statistical comparisons  PDF, 409 kB Prammer, Reiss.
    • Household's housing expenditure in Austria, Germany and Italy  PDF, 354 kB Beer, Wagner.

  • Monetary Policy and the Economy Q3/17

    October 2017

    Content

    Full version (PDF, 1.1 MB) Download

    • Call for applications: Visiting Research Program  PDF, 53 kB
    • Austria’s economy will grow by 2¾% in 2017  PDF, 439 kB Fenz, Fritzer, Schneider.
    • Zur Verteilung der Sparquoten in Österreich  PDF, 680 kB Fessler, Schürz.
    • The financial system of the future  PDF, 147 kB Beer, Gnan, Mayer, Summer.

  • Monetary Policy and the Economy Q2/17

    June 2017

    Content

    Full version (PDF, 2.8 MB) Download

    • Call for applications: Visiting Research Program  PDF, 53 kB
    • 2017 marked by accelerated economic growth and declining unemployment – Economic outlook for Austria from 2017 to 2019 (June 2017)  PDF, 690 kB Ragacs, Vondra.
    • How strong is the wealth channel of monetary policy transmission? A microeconometric evaluation for Austria  PDF, 996 kB Albacete, Lindner.
    • What is the financial sector’s contribution to the Austrian economy?  PDF, 784 kB Beer, Waschiczek.
    • Revised competitiveness indicators for Austria reflect a comparatively stable competitiveness development of the Austrian economy over the longer horizon  PDF, 1.1 MB Glauninger, Url.

  • Monetary Policy and the Economy Q1/17

    March 2017

    Content

    Full version (PDF, 2.1 MB) Download

    • Call for applications: Visiting Research Program  PDF, 55 kB
    • Economic upturn fueled by investment and consumer spending – Economic outlook for Austria from 2016 to 2019 (December 2016)  PDF, 566 kB Fenz, Schneider.
    • Anatomy of Austria’s trade in services  PDF, 628 kB Walter.
    • Von Bar- und Kartenzahlern – Aktuelle Ergebnisse zur Zahlungsmittelnutzung in Österreich  PDF, 708 kB Rusu, Stix.
    • Cash and card payments – recent results of the Austrian payment diary survey  PDF, 435 kB Rusu, Stix.
    • Österreich und die europäische Integration  PDF, 667 kB Beer, Belabed, Breitenfellner, Ragacs, Weber.
    • EU integration and its impact on Austria  PDF, 549 kB Beer, Belabed, Breitenfellner, Ragacs, Weber.

2016

  • Monetary Policy and the Economy Q3-4/16

    September 2016 Two hundred years of central banking in Austria: selected topics

    Content

    Full version (PDF, 3.3 MB) Download

    • Call for applications: Visiting Research Program  PDF, 60 kB
    • A (not so brief ) history of inflation in Austria  PDF, 954 kB Beer, Gnan, Valderrama.
    • The measurement of inflation in Austria: a historical overview  PDF, 398 kB Fluch.
    • Two centuries of currency policy in Austria  PDF, 409 kB Handler.
    • The financial relations between the Nationalbank and the government  PDF, 575 kB Köhler-Töglhofer, Prammer, Reiss.
    • Florin, crown, schilling and euro: an overview of 200 years of cash in Austria  PDF, 645 kB Jobst, Stix.
    • Cashless payments in Austria: the role of the central bank  PDF, 423 kB Kernbauer.
    • Principles, circumstances and constraints: the Nationalbank as lender of last resort from 1816 to 1931  PDF, 448 kB Jobst, Rieder.
    • The changing role of macroprudential policy in Austria after World War II  PDF, 410 kB Döme, Schmitz, Steiner, Ubl.
    • The OeNB’s reaction to the end of the Bretton Woods system: tracing the roots of the Indicator  PDF, 275 kB Schmitz.

  • Monetary Policy and the Economy Q2/16

    September 2016

    Content

    Full version (PDF, 2.1 MB) Download

    • Call for applications: Visiting Research Program  PDF, 52 kB
    • Analyses - Economic recovery in 2016 after four years of weak growth – Economic outlook for Austria from 2016 to 2018 (June 2016)  PDF, 611 kB Ragacs, Vondra.
    • In focus: Eurosystem Household Finance and Consumption Survey 2014 – first results for Austria (second wave)  PDF, 1.5 MB Fessler, Lindner, Schürz.

  • Monetary Policy and the Economy Q2/16 – Addendum

    January 2017.

    Content

    Full version (PDF, 1.6 MB) Download

    • Key facts of the HFCS in Austria  PDF, 71 kB
    • Introduction  PDF, 64 kB
    • Questionnaire  PDF, 278 kB
    • Interviewers  PDF, 120 kB
    • Consistency checks and editing  PDF, 262 kB
    • Multiple imputations  PDF, 232 kB
    • Sampling  PDF, 564 kB
    • Construction of survey weights  PDF, 344 kB
    • Construction of replicate weights for variance estimation  PDF, 137 kB
    • User guide  PDF, 155 kB
    • Changes from the first to the second wave of the HFCS  PDF, 257 kB

  • Monetary Policy and the Economy Q1/16

    April 2016.

    Content

    Full version (PDF, 2 MB) Download

    • Call for applications: Visiting Research Program  PDF, 1.4 MB
    • Austrian economy fueled by growth stimuli, yet fraught with external risks  PDF, 1.6 MB Fenz, Rumler.
    • Saving, portfolio and loan decisions of households when interest rates are very low – survey evidence for Austrian households  PDF, 1.6 MB Beer, Gnan, Ritzberger-Grünwald.
    • The Stability and Growth Pact since 2011: More complex – but also stricter and less procyclical?  PDF, 1.7 MB Prammer, Reiss.

2015

  • Monetary Policy and the Economy Q4/15

    December 2015.

    Content

    Full version (PDF, 1.1 MB) Download

    • Call for applications: Visiting Research Program  PDF, 56 kB
    • Austrian economy to grow at same pace as euro area economy in 2016 and 2017  PDF, 432 kB Fenz, Schneider.
    • Interest rate perceptions and expectations when interest rates are low – survey evidence on Austrian households  PDF, 411 kB Beer, Gnan, Ritzberger-Grünwald.
    • Financing the Austrian economy – a bird’s eye view based on the financial accounts from 1995 to 2014 and a look at the road ahead  PDF, 417 kB Andreasch, Fessler, Schürz.
    • The central bank balance sheet in the (very) long run – how to construct it, how to read it, what to learn from it  PDF, 118 kB Jobst, Scheiber.

  • Monetary Policy and the Economy Q3/15

    September 2015.

    Content

    Full version (PDF, 1.9 MB) Download

    • Austria: Sluggish economic growth  PDF, 459 kB Schneider.
    • Causes of declining investment activity in Austria  PDF, 1 MB Fenz, Ragacs, Schneider, Vondra, Waschiczek.
    • Expected retirement age and pension benefits in Austria: evidence from survey data  PDF, 562 kB Knell, Segalla, Weber.

  • Monetary Policy and the Economy Q2/15

    June 2015.

    Content

    Full version (PDF, 2.1 MB) Download

    • Four-year economic downturn to end in 2016 – Economic outlook for Austria from 2015 to 2017 (June 2015)  PDF, 754 kB Ragacs, Vondra.
    • Financial literacy gaps of the Austrian population  PDF, 559 kB Greimel-Fuhrmann, Silgoner, Weber.
    • Implications of ultra-low interest rates for financial institutions’ asset liability management – a policy-oriented overview  PDF, 912 kB Gnan.

  • Monetary Policy and the Economy Q1/15

    March 2015.

    Content

    Full version (PDF, 1.5 MB) Download

    • Austria: Economic Growth in 2014 at 0.4%  PDF, 403 kB Ragacs, Rumler, Schneider.
    • Determinants of Inflation Perceptions and Expectations: an Empirical Analysis for Austria  PDF, 269 kB Fritzer, Rumler.
    • Impact of Inflation on Fiscal Aggregates in Austria  PDF, 631 kB Prammer, Reiss.
    • Housing Markets in Austria, Germany and Switzerland  PDF, 488 kB Schneider, Wagner.

2014

  • Monetary Policy and the Economy Q4/14

    December 2014.

    Content

    Full version (PDF, 844 kB) Download

    • Growth Remains Weak in 2015 – Economic Outlook for Austria from 2014 to 2016 (December 2014)  PDF, 431 kB Fenz, Schneider.
    • A Common European Unemployment Insurance – A Much Debated Route toward European Fiscal Union  PDF, 294 kB Beer, Köhler-Töglhofer, Stiglbauer.
    • Bitcoin – The Promise and Limits of Private Innovation in Monetary and Payment Systems  PDF, 226 kB Weber.

  • Monetary Policy and the Economy Q3/14

    September 2014.

    Content

    Full version (PDF, 3 MB) Download

    • Austrian GDP Growth at 0.8% in 2014  PDF, 410 kB Fenz.
    • Labor Productivity Developments in Austria in an International Perspective  PDF, 1.6 MB Schneider.
    • How Gender-Specific Are Payments? A Study Based on Austrian Survey Data from 1996 to 2011  PDF, 452 kB Forstner, Wagner.
    • Austria Holds Intra-EU Export Market Shares almost Constant despite Difficult Economic Environment  PDF, 824 kB Vondra.

  • Monetary Policy and the Economy Q2/14

    June 2014.

    Content

    Full version (PDF, 985 kB) Download

    • Moderate Upswing amid High Uncertainty – Economic Outlook for Austria from 2014 to 2016 (June 2014)  PDF, 1.4 MB Ragacs, Vondra.
    • Fiscal Projections by the Oesterreichische Nationalbank: Methods and Motives  PDF, 2.3 MB Prammer, Reiss.
    • Intergenerational Transmission: How Strong Is the Effect of Parental Homeownership? Results of a Survey on Households in Austria  PDF, 2.4 MB Wagner.
    • Toward a European Banking Union: Taking Stock Summary of the 42nd OeNB Economics Conference in Vienna on May 12 and 13, 2014  PDF, 2.1 MB Elsinger, Waschiczek.

  • Monetary Policy and the Economy Q1/14

    March 2014.

    Content

    Full version (PDF, 1.9 MB) Download

    • Austria: Economic Activity Picks Up at the Turn of the Year  PDF, 2 MB Ragacs.
    • The EU’s Reformed Institutional Framework and the Way Forward  PDF, 2.1 MB Kment, Lindner.

2013

  • Monetary Policy and the Economy Q4/13

    December 2013.

    Content

    Full version (PDF, 1.8 MB) Download

    • Austrian Economy Recovers from Two-Year Weak Patch  PDF, 643 kB
    • Are Recent Increases of Residential Property Prices in Vienna and Austria Justified by Fundamentals?  PDF, 846 kB Schneider.
    • The Austrian System of Individual Pension Accounts – An Unfinished Symphony  PDF, 308 kB Knell.

  • Monetary Policy and the Economy Q3/13

    September 2013.

    Content

    Full version (PDF, 1.1 MB) Download

    • Austrian Economy to Grow by 0.5% in 2013  PDF, 1.1 MB Fenz.
    • The Distribution of Inflation among Austrian Households  PDF, 2 MB Fessler, Fritzer.
    • Internet Payment Behavior in Austria  PDF, 659 kB Burger, Wolner-Rößlhuber.
    • Call for Applications: Visiting Research Program  PDF, 388 kB

  • Monetary Policy and the Economy Q2/13

    June 2013.

    Content

    Full version (PDF, 1.5 MB) Download

    • Call for Applications: Visiting Research Program  PDF, 364 kB
    • Robust Recovery Remains Elusive  PDF, 1.3 MB Ragacs, Vondra.
    • Cross-Country Comparability of the Eurosystem Household Finance and Consumption Survey  PDF, 722 kB Fessler, Schürz.
    • Funding Strategies of Sovereign Debt Management: A Risk Focus  PDF, 2.1 MB Holler.
    • An Export-Based Measure of Competitiveness  PDF, 2.1 MB Gächter, Lorenz, Ramskogler, Silgoner.
    • Revision of Price/Cost Competitiveness Indicators for Austria  PDF, 1.9 MB Köhler-Töglhofer, Magerl.
    • A Changing Role for Central Banks?  PDF, 1.4 MB Gnan, Segalla.

  • Monetary Policy and the Economy Q1/13

    March 2013.

    Content

    Full version (PDF, 1.1 MB) Download

    • Austria Withstands Recession: Return to Positive Growth in Early 2013  PDF, 1.1 MB Vondra.
    • Structural Budget Balances: Calculation, Problems and Benefits  PDF, 2 MB Reiss.
    • Effective Retirement Age in Austria – A Review of Changes since 2000  PDF, 1.7 MB Stiglbauer.
    • The Future of Sovereign Borrowing  PDF, 1.4 MB Gnan, Holler.