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Charting Ways Out of Europe’s Impasse – A Policy Memorandum

Cripps, Francis; Landesmann, Michael; Mazier, Jacques; … - Wiener Institut für Internationale … - 2014

Summary The European Union has reached a critical juncture in dealing with the fallout from the 2008 financial meltdown that started in the USA and spread to engulf banks and the financial markets of Europe. The ensuing recession or stagnation in many member countries was compounded by austerity...

Persistent link: https://www.econbiz.de/10010787041

Kalecki’s Profit Equation after 80 Years

Laski, Kazimierz; Walther, Herbert - Wiener Institut für Internationale … - 2013

Abstract Keynes and Kalecki both assume that private investment determines (but is not determined by) private savings …; ‘autonomous’ shifts of investment are determined by the state of long-term expectations. For Kalecki, the saving propensity …-run aspects of Kalecki’s fundamental profit equation (1) We argue that the short lag between investment decisions and expenditures …

Persistent link: https://www.econbiz.de/10010709576

Technical Change, Effective Demand and Economic Growth

Landesmann, Michael; Stehrer, Robert - Wiener Institut für Internationale … - 2002

The model developed in this paper has distinctly classical, but also Schumpeterian and Keynesian features. The main analysis is explored in an aggregate (one goods) setting, but many of the results carry over to a multi-sectoral setting. Sections 2 and 3 present the main components of the model...

Persistent link: https://www.econbiz.de/10009649651

A Time of Moderate Expectations

Adarov, Amat; Astrov, Vasily; Çiçek, Serkan; … - Wiener Institut für Internationale … - 2015

Growth in the CESEE region will follow the unimpressive pattern displayed by the euro area. The longer-term convergence of income levels in the CESEE countries can no longer be expected to be as rapid as was assumed a decade or so ago. Growth in the period 2015-2017 is not going to deviate...

Persistent link: https://www.econbiz.de/10011199940

The Government Expenditure Multiplier and its Estimates for Poland in 2006-2009

Laski, Kazimierz; Osiatynski, Jerzy; Zieba, Jolanta - Wiener Institut für Internationale … - 2010

The paper starts with examining the standard concept of government expenditure multiplier and finds that in a model of open economy with government revenues and expenditures the multiplier definition is incorrect in so far as the import intensity component relates total imports to GDP, whereas...

Persistent link: https://www.econbiz.de/10008455842

The Three Debts: A Look from the East

Gligorov, Vladimir; Landesmann, Michael - Wiener Institut für Internationale … - 2010

The pressures on fiscal consolidation have mounted dramatically in the wake of the Greek and then the 'contagion' crisis which followed it (across the so-called 'weakest links' Portugal, Spain, Italy, Ireland). It led to the setting-up of the 750 billion euro stabilisation package widely seen as...

Persistent link: https://www.econbiz.de/10009492708

Consequences of EU Accession: Economic Effects on CEECs

Landesmann, Michael; Richter, Sandor - Wiener Institut für Internationale … - 2003

This paper discusses the economic effects of EU enlargement for the group of Central and East European accession countries (ACs). It consists of three parts In Part A the financial aspects of accession to the EU are explained. It deals firstly with the outcome of the negotiations at the December...

Persistent link: https://www.econbiz.de/10009649630

A Micro Level Perspective of Euroization in Albania

Narazani, Edlira - Wiener Institut für Internationale … - 2013

This research investigates what drives the euroization in Albania. By using survey data collected in one of the main Albanian cities, we find that factors like remittances, financial literacy, perception of high inflation and trust in financial system play an important role in the extent of...

Persistent link: https://www.econbiz.de/10010760520

Transition Countries in 2001: Robust Domestic Demand, Concerns About External Fragility Reappear

Havlik, Peter - Wiener Institut für Internationale … - 2001

The year 2000 was exceptionally good for the transition countries. The region as a whole expanded faster than the world economy average. However, the favourable external climate has started to deteriorate rapidly and especially the current pronounced weakening of the EU economy is worrying. The...

Persistent link: https://www.econbiz.de/10009649606

An Empirical Characterization of Redistribution Shocks and Output Dynamics

Hauzenberger, Klemens; Stehrer, Robert - Wiener Institut für Internationale … - 2010

What are the economic effects of redistributing one dollar from profits to labour income? We address this question for the post-World War II economies of the United States and Canada within a structural VECM procedure allowing for up to two breaks of unknown timing. In the United States the...

Persistent link: https://www.econbiz.de/10008673449