Monetary Policy and the Economy 2004–2012

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

2012

  • Monetary Policy and the Economy Q4/12

    December 2012.

    Content

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    • Austria Prevails in Bleak Environment  PDF, 1.8 MB Fenz, Schneider.
    • The Cross-Border Movement of Euro Banknotes and Austria’s TARGET 2 Liabilities  PDF, 2.2 MB Handig, Jobst, Schneeberger.
    • The Use of Payment Instruments in Austria - A Study Based on Survey Data from 1996 to 2011  PDF, 1.3 MB Mooslechner, Stix, Wagner.
    • Housing Cost Burden of Austrian Households: Results of a Recent Survey  PDF, 1.4 MB Beer, Wagner.
    • Financial Markets and Real Economic Activity  PDF, 827 kB Raunig.

  • Monetary Policy and the Economy Q3/12 - Addendum

    September 2012.

    Content

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    • Key Facts of the HFCS in Austria  PDF, 1.3 MB Albacete, Lindner, Wagner, Zottel.
    • Introduction  PDF, 1.7 MB Albacete, Lindner, Wagner, Zottel.
    • Questionnaire – methodological notes  PDF, 1.6 MB Albacete, Lindner, Wagner, Zottel.
    • Interviewers  PDF, 1.3 MB Albacete, Lindner, Wagner, Zottel.
    • Consistency Checks and Editing  PDF, 1.5 MB Albacete, Lindner, Wagner, Zottel.
    • Multiple Imputations  PDF, 1.5 MB Albacete, Lindner, Wagner, Zottel.
    • Sampling  PDF, 1.9 MB Albacete, Lindner, Wagner, Zottel.
    • Construction of Survey Weights  PDF, 1.6 MB Albacete, Lindner, Wagner, Zottel.
    • Construction of Replicate Weights for Variance Estimation  PDF, 1.4 MB Albacete, Lindner, Wagner, Zottel.
    • User Guide  PDF, 1.5 MB Albacete, Lindner, Wagner, Zottel.
    • References  PDF, 1.3 MB Albacete, Lindner, Wagner, Zottel.

  • Monetary Policy and the Economy Q3/12

    September 2012.

    Content

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    • Sovereign Debt Crisis Delays Economic Recovery  PDF, 2.1 MB Fenz, Moder, Silgoner.
    • Eurosystem Household Finance and Consumption Survey 2010 First Results for Austria  PDF, 2.9 MB Fessler, Mooslechner, Schürz.

  • Monetary Policy and the Economy Q2/12

    June 2012.

    Content

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    • Austrian Economy Prevails in Bleak International Environment  PDF, 2.6 MB Ragacs, Vondra.
    • European Monetary Union: Lessons from the Debt Crisis   PDF, 2.4 MB Gnan, Segalla.
    • Business Cycle Synchronization in the Euro Area and the Impact of the Financial Crisis  PDF, 3.2 MB Gächter, Riedl, Ritzberger-Grünwald.
    • Analyzing Corporate Loan Growth in Austria Using Bank Lending Survey Data   PDF, 3 MB Beer, Waschiczek.
    • Savings Deposits in Austria – A Safety Net in Times of Crisis   PDF, 2.2 MB Andreasch, Fessler, Schürz.

  • Monetary Policy and the Economy Q1/12

    March 2012.

    Content

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    • The Economy has Bottomed Out  PDF, 2.4 MB Schneider, Schreiner, Silgoner.
    • Editorial  PDF, 376 kB
    • Euro Cash in Austria, Ten Years On  PDF, 1.7 MB Koch, Schneeberger.
    • Euro Cash in Central, Eastern and Southeastern Europe  PDF, 2.3 MB Ritzberger-Grünwald, Scheiber.
    • The Euro – Public Opinion in the Ten Years after the Euro Changeover  PDF, 1.8 MB Fluch, Schlögl.
    • How Euro Banknotes in Circulation Affect Intra-Eurosystem Balances  PDF, 1.4 MB Krsnakova, Oberleithner.
    • Understanding TARGET 2: The Eurosystem’s Euro Payment System from an Economic and Balance Sheet Perspective  PDF, 1.7 MB Handig, Holzfeind, Jobst.
    • The Pass-Through of Commodity Prices to Consumer Prices of Selected Products  PDF, 1.2 MB Rumler.
    • Price Level Convergence Before and After the Advent of EMU  PDF, 1.9 MB Fritzer.

2011

  • Monetary Policy and the Economy Q4/11

    December 2011.

    Content

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    • Crisis of Confidence to Trigger Marked Slump in Growth in 2012  PDF, 1.5 MB Fenz, Schneider.
    • Editorial  PDF, 591 kB
    • Economic Governance Reform and Financial Stabilization in the EU and in the Eurosystem – Treaty-Based and Intergovernmental Decisions  PDF, 1.3 MB Gloggnitzer, Lindner.
    • Macro Coordination under the European Semester  PDF, 1.1 MB Köhler-Töglhofer.
    • Europe 2020 – A New Framework for New Growth  PDF, 1018 kB Auböck, Burger, Mangler.
    • What to Expect from the Latest Reform of the Stability and Growth Pact  PDF, 1.3 MB Holler, Reiss.
    • Prevention and Correction of Macroeconomic Imbalances: the Excessive Imbalances Procedure  PDF, 1.3 MB Essl, Stiglbauer.
    • Crisis Financing in the EU  PDF, 1016 kB Nauschnigg, Schieder.
    • Chronology of European Initiatives in Response to the Crisis  PDF, 1.3 MB Hajek-Rezaei.

  • Monetary Policy and the Economy Q3/11

    September 2011.

    Content

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    • Growth Weakens Worldwide  PDF, 832 kB Fenz, Schreiner, Silgoner.
    • Literature Review on the Economic Effects of the Euro on Austria  PDF, 936 kB Beer.
    • Austria’s Manufacturing Competitiveness  PDF, 1.3 MB Ragacs, Resch, Vondra.
    • European Financial Supervision: The Long Road to Reform  PDF, 492 kB Pointner, Wolner-Rößlhuber.
    • Event Wrap-Ups  PDF, 372 kB

  • Monetary Policy and the Economy Q2/11

    June 2011.

    Content

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    • Austria’s Economy Moves beyond the Crisis: Powerful Economic Growth Provides a Tailwind to Reduce Budget Deficits – Economic Outlook for Austria from 2011 to 2013 (June 2011)  PDF, 1.9 MB Ragacs, Vondra.
    • Inflation Differentials between Austria, the Euro Area, Germany and Italy  PDF, 2.3 MB Fritzer.
    • Heterogeneity in Euro Area Consumers’ Inflation Expectations: Some Stylized Facts and Implications  PDF, 2.7 MB Gnan, Langthaler, Valderrama.
    • The Swiss Economy’s Resilience to Crisis and Its Lessons for Austria  PDF, 2.3 MB Fuentes, Ramskogler, Silgoner.
    • Event Wrap-Ups  PDF, 1.8 MB

  • Monetary Policy and the Economy Q1/11

    March 2011.

    Content

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    • Global Economy Continues to Recover in a Fragile Environment  PDF, 1 MB Riedl, Schneider, Schreiner.
    • Austria’s Tax Structure in International Comparison – A Statistical and Economic Analysis  PDF, 1.7 MB Köhler-Töglhofer, Reiss.
    • Administered Prices, Inflation and the Business Cycle – Selected Aspects  PDF, 1.3 MB Fritzer.

2010

  • Monetary Policy and the Economy Q4/10

    December 2010.

    Content

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    • Recovery of the Austrian Economy Continues<br/>Economic Outlook for Austria from 2010 to 2012 (December 2010)  PDF, 474 kB Fenz, Schneider.
    • Does a Low Interest Rate Environment Affect Risk Taking in Austria?  PDF, 854 kB Gaggl, Valderrama.
    • The Impact of Economic Factors on Bank Profits  PDF, 669 kB Rumler, Waschiczek.

  • Monetary Policy and the Economy Q3/10

    September 2010.

    Content

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    • Global Economy Continues to Recover  PDF, 691 kB Fenz, Mayer, Schreiner.
    • The Austrian Labor Market and the Great Recession: Developments and Measures Taken  PDF, 805 kB Stiglbauer.
    • Changes in the Wage Distribution in Austria: An Analysis Based on European Union Structure of Earnings Survey Data  PDF, 831 kB Pointner, Stiglbauer.
    • Discount Pricing in Austria: Insights into Retail Business Practices and HICP Coverage  PDF, 614 kB Fluch, Rumler, Wittenberger.
    • Technological Change in the Field of Payment Instruments – Long-Term Implications for Monetary Policy and Competition Policy  PDF, 267 kB Stix, Summer.

  • Monetary Policy and the Economy Q2/10

    June 2010.

    Content

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    • Subdued Economic Recovery given Necessary Fiscal Consolidation: Economic Outlook for Austria from 2010 to 2012 (June 2010)  PDF, 784 kB Ragacs, Vondra.
    • Real Estate Inheritance in Austria  PDF, 730 kB Fessler, Mooslechner, Schürz.
    • Stock Market Volatility and the Business Cycle  PDF, 779 kB Raunig, Scharler.
    • Modeling and Predicting the EUR/USD Exchange Rate: The Role of Nonlinear Adjustments to Purchasing Power Parity  PDF, 1 MB Cuaresma, Orthofer.
    • Central Banking after the Crisis: Responsibilities, Strategies, Instruments – Summary of the 38th Economics Conference  PDF, 279 kB Gnan, Kaufmann.

  • Monetary Policy and the Economy Q1/10

    June 2010.

    Content

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    • Recovery of the Global Economy in the Second Half of 2009  PDF, 515 kB Orthofer, Schreiner, Vondra.
    • Shocks, the Crisis and Uncertainty about Future Inflation: Theory and Evidence for the Euro Area  PDF, 806 kB Gnan, Langthaler, Valderrama.
    • The Relationship between Competition and Inflation  PDF, 592 kB Janger, Schmidt-Dengler.
    • Determinants of Price Comparison and Supplier Switching Rates in Selected Sectors  PDF, 772 kB Janger.
    • Bank Recapitalization and Restructuring: An Economic Analysis of Various Options  PDF, 544 kB Elsinger, Summer.
    • The Crisis in Financial Innovation  PDF, 361 kB Eichengreen.

2009

  • Monetary Policy and the Economy Q4/09

    December 2009.

    Content

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    • Sluggish Economic Recovery – Conditions in the Labor Market Remain Strained<br />Economic Outlook for Austria from 2009 to 2011 (December 2009)  PDF, 353 kB Fenz, Schneider.
    • Fiscal and Structural Policy Challenges Created by the Economic Crisis of 2008–2009  PDF, 605 kB Grossmann, Janger, Reiss.
    • Austrian Households’ Equity Capital – Evidence from Microdata  PDF, 595 kB Andreasch, Fessler.
    • Wage Staggering and Wage Leadership in Austria – Review and Implications  PDF, 466 kB Knell, Stiglbauer.
    • Actual Implications of the Current Economic Crisis for Austrian Enterprises – Results of a Company Survey  PDF, 366 kB Kwapil.
    • Determinants of Crude Oil Prices: Supply, Demand, Cartel or Speculation?  PDF, 1 MB Breitenfellner, Cuaresma, Keppel.

  • Monetary Policy and the Economy Q3/09

    September 2009.

    Content

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    • Edging Out of Recession  PDF, 601 kB Fenz, Pointner, Schreiner.
    • Will the Great Recession Lead to a Lasting Impact on Potential Output in Austria?  PDF, 729 kB Gaggl, Janger.
    • A Survey on Monetary Policy and Potential Output Uncertainty  PDF, 304 kB Chiaie.
    • Housing Finance of Austrian Households  PDF, 481 kB Albacete, Wagner.
    • EU Representation at the IMF – A Voting Power Analysis  PDF, 1.1 MB Brandner, Grech.

  • Monetary Policy and the Economy Q2/09

    June 2009.

    Content

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    • Economic Crisis Unleashes Deep Recession in Austria – Stabilization Expected at Year-End  PDF, 771 kB Ragacs, Vondra.
    • Inflation Expectations – Role and Measurement for Monetary Policy  PDF, 672 kB Gnan, Scharler, Silgoner.
    • Responses of Austrian Firms to a Decline in Demand – Results of a Company Survey  PDF, 656 kB Kwapil.
    • The Role of Exchange Rate Movements for Prices in the Euro Area  PDF, 1.1 MB Gaggl.
    • Housing Wealth of Austrian Households  PDF, 691 kB Fessler, Mooslechner, Schürz, Wagner.
    • Beyond the Crisis: Economic Policy in a New Macroeconomic Environment – Summary of the 37th Economics Conference  PDF, 635 kB Gnan, Raunig.

  • Monetary Policy and the Economy Q1/09

    March 2009.

    Content

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    • Editorial  PDF, 94 kB Gnan, Mooslechner.
    • Global Recession Deepens Financial Crisis Unleashes Global Economic Downturn  PDF, 242 kB Breitenfellner, Schneider, Schreiner.
    • Austria’s Exports to Eastern Europe: Facts and Forecasts Likely Impact of Slowing Exports on Growth in Austria  PDF, 222 kB Ragacs, Vondra.
    • A Leading Indicator of Austrian Exports Based on Truck Mileage  PDF, 271 kB Fenz, Schneider.
    • Monetary Policy Implementation during the Crisis in 2007 to 2008  PDF, 347 kB Jobst.
    • The Effectiveness of Fiscal Stimulus Packages in Times of Crisis  PDF, 277 kB Köhler-Töglhofer, Reiss.
    • Group-Specific Inflation Rates for Austrian Households  PDF, 305 kB Fritzer, Glatzer.
    • Public Sector Outsourcing: Creative Accounting or a Sustainable Improvement? – A Case Study for Austria  PDF, 211 kB Prammer.

2008

  • Monetary Policy and the Economy Q4/08

    December 2008.

    Content

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    • The Impact of the Financial Crisis on the Real Economy – Analytical Challenges from Exceptional Factors  PDF, 71 kB Gnan, Mooslechner.
    • Decline in National Product Albeit by a Smaller Margin than in the Euro Area. Sharp Drop in Inflation  PDF, 308 kB Ragacs, Vondra.
    • Are There Signs of a Credit Crunch in Austria?  PDF, 196 kB Waschiczek.
    • The Interest Rate Pass-Through in Austria – Effects of the Financial Crisis  PDF, 237 kB Jobst, Kwapil.
    • Wealth Effects on Consumption in Austria  PDF, 256 kB Fenz, Fessler.
    • The Financial Crisis in 2007 and 2008 Viewed from the Perspective of Economic Research  PDF, 195 kB Summer.
    • Crude Oil Prices and the USD/EUR Exchange Rate  PDF, 283 kB Breitenfellner, Cuaresma.
    • Housing Market Challenges in Europe and the United States – Any Solutions Available?  PDF, 156 kB Wagner.
    • Saving in Austria – Too Little and Too Late?  PDF, 127 kB Schürz.

  • Monetary Policy and the Economy Q3/08

    September 2008.

    Content

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    • Global Economic Downturn Persists  PDF, 277 kB Fenz, Haar-Stöhr, Silgoner.
    • Tax and Economic Growth in Austria  PDF, 334 kB Pesendorfer.
    • Economic Country Risks Emanating from Austria’s International Exposure  PDF, 591 kB Fuchs.
    • Four Monetary Policy Strategies in Comparison: How to Deal with Financial Instability?  PDF, 859 kB Cuaresma, Gnan.
    • The Economics of Financial Stability: Research Workshop at the OeNB  PDF, 253 kB Summer.
    • Global Market Disruptions – Will Global Imbalances Unwind?  PDF, 291 kB Backé, Nauschnigg.

  • Monetary Policy and the Economy Q2/08

    June 2008.

    Content

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    • Financial Crisis and Spike in Commodity Prices Dampen Growth and Fuel Inflation  PDF, 291 kB Fenz, Schneider.
    • Supply-Side Triggers for Inflation in Austria  PDF, 357 kB Janger.
    • Do Aggregate Demand Factors Influence Current Inflation Developments?  PDF, 301 kB Rumler, Valderrama.
    • Stock Holdings in Austria  PDF, 199 kB Fessler, Schürz.
    • The Impact of EU Enlargement in 2004 and 2007 on FDI and Migration Flows Gravity Analysis of Factor Mobility  PDF, 264 kB Breitenfellner, Cuaresma, Mooslechner, Ritzberger-Grünwald.
    • Toward the First Decade of Economic and Monetary Union – Summary of the 36th Economics Conference  PDF, 145 kB Gnan, Summer.

  • Monetary Policy and the Economy Q1/08

    March 2008.

    Content

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    • Inflationary Pressures Worldwide despite Downturn in Growth  PDF, 212 kB Pointner, Schneider, Schreiner.
    • Current Inflation Developments in Austria  PDF, 370 kB Fritzer, Gnan, Köhler-Töglhofer, Rumler, Stiglbauer.
    • The Importance of Lease Financing for Austrian Municipalities  PDF, 287 kB Grossmann.
    • The Treaty of Lisbon  PDF, 243 kB Gloggnitzer.

2007

  • Monetary Policy and the Economy Q4/07

    December 2007.

    Content

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    • Growth prospects for Austria are weakening  PDF, 346 kB Ragacs, Vondra.
    • Comparing the Predictive Accuracy of Macroeconomic Forecasts for Austria from 1998 to 2006  PDF, 328 kB Ragacs, Schneider.
    • Effects of the Full Opening of the Austrian Labor Market to EU-8 Citizens  PDF, 282 kB Prettner, Stiglbauer.
    • The Competitiveness Challenge: EU Member States in International Trade  PDF, 247 kB Hildebrandt, Silgoner.
    • International Trade and Domestic Growth: Determinants, Linkages and Challenges  PDF, 93 kB Reiss.

  • Monetary Policy and the Economy Q3/07

    September 2007.

    Content

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    • Robust Economic Activity in the Euro Area  PDF, 214 kB Breitenfellner, Elsinger, Vondra.
    • Economic and Financial Education: Concepts, Goals and Measurement  PDF, 228 kB Gnan, Silgoner, Weber.
    • Financial Capability of Austrian Households  PDF, 207 kB Fessler, Schürz, Wagner, Weber.
    • Financial and Economic Education Products and Services of Austrian Institutions and Enterprises  PDF, 198 kB Schlögl.
    • Selected Central Banks’ Economic and Financial Literacy Programs  PDF, 387 kB Fluch.
    • Human Capital and Economic Growth – Summary of the 35th Economics Conference of the Oesterreichische Nationalbank  PDF, 273 kB Janger, Raunig.

  • Monetary Policy and the Economy Q2/07

    Content

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    • Economic Growth in Austria at 3¼% in 2007  PDF, 282 kB Fenz, Ragacs, Schneider.
    • Output Growth in Austria and Germany: What Explains the Growth Differentials since the Early 1990s?  PDF, 367 kB Ragacs, Schneider.
    • Characteristics of Household Debt in Austria  PDF, 245 kB Beer, Schürz.
    • Credit Claims as Eligible Collateral for Eurosystem Credit Operations  PDF, 169 kB Sauerzopf.
    • Capturing the Link between M3 Growth and Inflation in the Euro Area – An Econometric Model to Produce Conditional Inflation Forecasts  PDF, 352 kB Kaufmann.
    • Bidding Behavior in Austrian Treasury Bond Auctions  PDF, 318 kB Elsinger, Zulehner.
    • 60 Years of Marshall Plan Aid – A Critical Appraisal from an Austrian Perspective  PDF, 176 kB Haas.
    • Europe – Quo Vadis? 50 Years Treaty of Rome  PDF, 88 kB Ettl, Nauschnigg, Schober-Rhomberg.

  • Monetary Policy and the Economy Q1/07

    Content

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    • Editorial  PDF, 76 kB Christl, Duchatczek, Gnan, Liebscher, Mooslechner.
    • Euro Area Growth Broad-Based in Early 2006  PDF, 188 kB Fenz, Schreiner, Silgoner.
    • Euro Cash in Austria Five Years after Its Introduction – What the Public Thinks  PDF, 273 kB Fluch, Gnan, Schlögl.
    • The Development of Euro Prices – Subjective Perception and Empirical Facts  PDF, 316 kB Fluch, Stix.
    • Price Setting in Austria before and after the Euro Cash Changeover: Has Anything Changed in the Last Five Years?  PDF, 183 kB Glatzer, Rumler.
    • Price Level Convergence in Europe: Did the Introduction of the Euro Matter?  PDF, 246 kB Cuaresma, Égert, Silgoner.
    • The Euro on the Road East: Cash, Savings and Loans  PDF, 171 kB Backé, Ritzberger-Grünwald, Stix.
    • Austria’s Experience with Euro Migration since the Cash Changeover  PDF, 143 kB Schneeberger, Süß.
    • Cash Logistics in Austria and the Euro Area  PDF, 146 kB Schautzer.
    • Euro Banknotes in Circulation and the Allocation of Monetary Income within the Eurosystem  PDF, 171 kB Handig, Holzfeind.

2006

  • Monetary Policy and the Economy Q4/06

    December 2006.

    Content

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    • Austria’s Economy Will Continue to Grow Dynamically in 2007  PDF, 262 kB Fenz, Schneider.
    • Limited Pass-Through from Policy to Retail Interest Rates: Empirical Evidence and Macroeconomic Implications  PDF, 245 kB Kwapil, Scharler.
    • Globalization, Inflation and Monetary Policy  PDF, 327 kB Gnan, Valderrama.
    • The New Keynesian Phillips Curve for Austria – An Extension for the Open Economy  PDF, 324 kB Rumler.
    • Revised and New Competitiveness Indicators for Austria Reflect Improvement Trend since EMU Accession  PDF, 574 kB Köhler-Töglhofer, Magerl, Mooslechner.
    • Reforming the International Monetary Fund – Some Reflections  PDF, 224 kB Gratz, Grech.

  • Monetary Policy and the Economy Q3/06

    September 2006.

    Content

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    • Euro Area Economy Gains Strength  PDF, 344 kB Pointner, Schneider, Schreiner.
    • Globalization, Import Prices and Producer Prices in Austria  PDF, 301 kB Glatzer, Gnan, Valderrama.
    • Employment Protection Regulations and Their Impact on Employment  PDF, 179 kB Pointner.
    • The (New) OECD Jobs Study: Introduction and Assessment  PDF, 225 kB Stiglbauer.
    • How Do Austrians Pay for Online Purchases?  PDF, 198 kB Stix, Wagner.

  • Monetary Policy and the Economy Q2/06

    June 2006.

    Content

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    • Domestic Demand and Strong Exports Stimulate the Economy  PDF, 189 kB Ragacs, Scharler.
    • Is Germany’s Influence on Austria Waning?  PDF, 245 kB Fenz, Schneider.
    • The Lisbon National Reform Programs: New Ideas for Austria’s Economic Policy  PDF, 243 kB Janger.
    • The Austrian Pension System – How Recent Reforms Have Changed Fiscal Sustainability and Pension Benefits  PDF, 269 kB Knell, Köhler-Töglhofer, Prammer.
    • Austrian Households’ Financial Wealth: An Analysis Based on Microeconomic Data  PDF, 224 kB Beer, Mooslechner, Schürz, Wagner.
    • How Are Payments Made in Austria?  PDF, 244 kB Mooslechner, Stix, Wagner.
    • Globalization: Opportunities and Challenges for the World, Europe and Austria – Summary of the 34th Economics Conference  PDF, 137 kB Janger, Knell, Pointner.
    • Strategies for Growth and Employment in Austria  PDF, 121 kB Beer, Janger, Stiglbauer.

  • Monetary Policy and the Economy Q1/06

    March 2006.

    Content

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    • Economic Outlook Improves in Euro Area – Inflation Pressure Persists Due to High Energy Prices  PDF, 209 kB Breitenfellner, Fenz, Reininger.
    • The Potential Growth Prospects of the Austrian Economy — Methods and Determinants  PDF, 248 kB Janger, Scharler, Stiglbauer.
    • Oil Price Shock, Energy Prices and Inflation – A Comparison of Austria and the EU  PDF, 250 kB Arpa, Cuaresma, Gnan, Silgoner.
    • Reform of the Stability and Growth Pact  PDF, 252 kB Diebalek, Köhler-Töglhofer, Prammer.
    • High Employment with Low Productivity? The Service Sector as a Determinant of Economic Development  PDF, 237 kB Breitenfellner, Hildebrandt.
    • The Financial System and the Institutional Environment as Determinants of Economic Performance: Austria in Comparison  PDF, 217 kB Fritzer.
    • Price Setting and Inflation Persistence in Austria  PDF, 80 kB Kwapil, Rumler.

2005

  • Monetary Policy and the Economy Q4/05

    December 2005.

    Content

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    • High Price Competitiveness of Austrian Exporters and Recovery of Private Consumption Support Economic Activity-Economic Outlook for Austria from 2005 to 2007 (December 2005)  PDF, 408 kB Fenz, Schneider.
    • The Natural Rate of Interest — Concepts and Appraisal for the Euro Area  PDF, 413 kB Gnan, Ritzberger-Grünwald.
    • Price Setting in Austria — Results from the Eurosystem Inflation Persistence Network  PDF, 319 kB Kwapil, Rumler.
    • A Disaggregated Approach to Analyzing Public Finances in Austria   PDF, 373 kB Grossmann, Prammer.
    • The European Integration Process — A Changing Environment for National Central Banks  PDF, 186 kB Schmidt.
    • Fiscal Spending Rules in Europe  PDF, 200 kB Grossmann, Hauth, Pop.

  • Monetary Policy and the Economy Q3/05

    September 2005.

    Content

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    • Economic Momentum Slows in the Euro Area – Energy Price Developments Have a Negative Impact  PDF, 192 kB Hildebrandt, Schneider, Silgoner.
    • Perceived Inflation in Austria – Extent, Explanations, Effects  PDF, 245 kB Fluch, Stix.
    • The Determinants of Consumption Growth in Austria – Results of a Representative Survey  PDF, 173 kB Janger, Kwapil, Pointner.
    • An Overview of European Economic Indicators: Great Variety of Data on the Euro Area, Need for More Extensive Coverage of the New EU Member States  PDF, 227 kB Silgoner.
    • Monetary Policy and Financial Stability – Summary of the 33rd Economics Conference of the Oesterreichische Nationalbank  PDF, 80 kB Schmitz.

  • Monetary Policy and the Economy Q2/05

    June 2005.

    Content

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    • Editorial  PDF, 121 kB
    • Temporary Slowdown of Economic Activity in Austria Expected to Be Overcome Fast, but Downside Risks Increased — Economic Outlook for Austria from 2005 to 2007 (June 2005)   PDF, 345 kB Fenz, Scharler.
    • 10 Years of Austrian EU Membership: Elements of an Overall Economic Assessment  PDF, 307 kB Mooslechner.
    • 10 Years of EU Membership: The OeNB in a Changing Environment  PDF, 240 kB Dvorsky, Lindner.
    • EU and EMU Entry: A Monetary Policy Regime Change for Austria?  PDF, 363 kB Gnan, Kwapil, Valderrama.
    • Price Developments in Austria after EU Accession and in Monetary Union  PDF, 380 kB Fluch, Rumler.
    • In & Out – A Country Comparison Reflecting on the Enlargement Round of 1995  PDF, 305 kB Pointner.
    • The Impact of EU Accession on Austria's Budget Policy  PDF, 281 kB Katterl, Köhler-Töglhofer.
    • The Impact of EU Accession on Austria's Financial Structure  PDF, 304 kB Waschiczek.
    • The Internationalization of Austria's Financial Sector since Accession to the European Union  PDF, 356 kB Fuchs.
    • Financial Market Integration and Financial Stability  PDF, 274 kB Pauer.
    • Has Accession to the EU and Monetary Union Changed Austria's Labor Market? State of Play and Need for Action  PDF, 329 kB Stiglbauer.
    • Austria's EU Accession and Trade  PDF, 344 kB Fidrmuc.
    • Sectoral Regulation in Austria before and after EU Accession — The Network Industries as a Case in Point  PDF, 353 kB Janger.

  • Monetary Policy and the Economy Q1/05

    March 2005.

    Content

    Full version (PDF, 912 kB) Download

    • Slowdown in Global Economic Momentum – Asia and the USA To Remain Growth Drivers of World Economy in 2005  PDF, 289 kB Elsinger, Fenz, Haar-Stöhr, Hildebrandt, Reininger, Reitschuler.
    • Demographic Fluctuations, Sustainability Factors and Intergenerational Fairness – An Assessment of Austria's New Pension System  PDF, 365 kB Knell.
    • The Research and Development System in Austria – Input and Output Indicators  PDF, 318 kB Janger.
    • Fundamental and Nonfundamental Factors in the Euro/U.S. Dollar Market in 2002 and 2003  PDF, 348 kB Haushofer, Moser, Unger.
    • The International Monetary Fund's Balance Sheet Approach to Financial Crisis Prevention an Resolution  PDF, 287 kB Hofer.
    • Company Taxation in an Enlarged European Union  PDF, 130 kB Köhler-Töglhofer, Schratzenstaller, Wagener.

2004

  • Monetary Policy and the Economy Q4/04

    December 2004.

    Content

    Full version (PDF, 591 kB) Download

    • Growth Stimulus from Tax Reform in 2005 to Overshadow Weaker Global Economic Momentum  PDF, 181 kB Fenz, Schneider.
    • Determinants of the Household Saving Rate in Austria  PDF, 167 kB Dirschmid, Glatzer.
    • The Role of Corporate Bonds for Finance in Austria  PDF, 158 kB Waschiczek.
    • Economic Growth in Denmark, Sweden and the United Kingdom since the Start of Monetary Union  PDF, 162 kB Moser, Pointner, Reitschuler.
    • The Political Economy of International Financial Governance  PDF, 74 kB Redak, Schuberth, Weber.
    • Macroeconomic Models and Forecasts for Austria  PDF, 70 kB Fenz, Schneider.
    • A Constitutional Treaty for an Enlarged Europe: Institutional and Economic Implications for Economic and Monetary Union  PDF, 74 kB Schmidt.
    • Longer Working Hours? More Flexible Work Schedules? Do Austrian Economic Policymakers Need to Act?  PDF, 115 kB Stiglbauer.

  • Monetary Policy and the Economy Q3/04

    September 2004.

    Content

    Full version (PDF, 650 kB) Download

    • Economic Recovery in the Euro Area and in Austria in a Dynamic Global Economic Environment  PDF, 179 kB Hildebrandt, Schneider, Silgoner.
    • Measures to Improve the Efficiency of the Operational Framework for Monetary Policy  PDF, 158 kB Pfeiffer.
    • Expansionary Fiscal Consolidations? An Appraisal of the Literature on Non-Keynesian Effects of Fiscal Policy and a Case Study for Austria  PDF, 188 kB Prammer.
    • The Draft Treaty Establishing a Constitution for Europe - Institutional Aspects of Monetary Union  PDF, 114 kB Lindner, Schmidt.
    • Central and Eastern Europe – The Growth Market for Austrian Banks  PDF, 226 kB Breyer.
    • “60 Years of Bretton Woods” – A Summary of the Bretton Woods Conference  PDF, 92 kB Just, Nauschnigg.

  • Monetary Policy and the Economy Q2/04

    June 2004.

    Content

    Full version (PDF, 729 kB) Download

    • Global Recovery and Stable Domestic Economic Conditions Support  PDF, 208 kB Fenz, Scharler, Schneider.
    • The Impact of Oil Price Changes on Growth and Inflation  PDF, 154 kB Schneider.
    • Sectoral Specialization in Austria and in the EU-15  PDF, 191 kB Janger, Wagner.
    • The Role of Revaluation and Adjustment Factors in Pay-As-You-Go Pension Systems  PDF, 200 kB Knell.
    • Financial Market Structure and Economic Growth: A Cross-Country Perspective  PDF, 182 kB Fritzer.
    • The Role of Bank Lending in Market-Based and Bank-Based Financial Systems  PDF, 151 kB Kaufmann, Valderrama.
    • Growth and Stability in the EU  PDF, 99 kB Kaufmann, Raunig, Schuberth.

  • Monetary Policy and the Economy Q1/04

    March 2004.

    Content

    Full version (PDF, 667 kB) Download

    • Subdued Economic Activity in the Euro Area and in Austria despite International Recovery  PDF, 196 kB Fenz, Gruber, Pointner.
    • Determinants of Long-Term Growth in Austria – A Call for a National Growth Strategy  PDF, 222 kB Gnan, Janger, Scharler.
    • The International Financial Architecture: Official Proposals on Crisis Resolution  PDF, 155 kB Just.
    • The Impact of ATM Transactions and Cashless Payments on Cash Demand in Austria  PDF, 174 kB Stix.
    • Inflation Differentials in Europe: Past Experience and Future Prospects  PDF, 242 kB Égert, Ritzberger-Grünwald, Silgoner.