In this paper we pursue the work started jointly with Richard M. Goodwin in the 1990s. Goodwin's later work went very much in the direction of modelling Schumpeter's insights into structural and technological transformations in the context of disaggregated models while allowing for non-full...

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...

We offer a duality-based methodology for incorporating multi-sector effects of international trade into open economy macroeconomic models, developing the concepts of the dynamic factor price equalization set and the integrated intertemporal equilibrium. Under this approach, the aggregate...

The cross-country relationship between the relative price level and the relative GDP level is found to be significant and stable for EU member states over the period 1997-2006. The joint dynamics of price and GDP levels tend to gravitate towards the regression line but there is no shorter-term...

This overview paper deals with selected economic aspects of EU enlargement related to Austria and the five Central European countries Czech Republic, Hungary, Poland, Slovakia and Slovenia (CEC-5). Since the fall of the Iron Curtain, Austria has been enjoying over-proportionate gains from...

Focusing on Austria and five countries in Central Europe [the Czech Republic, Hungary, Poland, Slovakia and Slovenia (CEC-5)], the paper reviews selected economic developments related to the enlargement of the European Union. Over the past decade, Austria has enjoyed disproportionate gains from...

The order and modalities of cross-member state redistribution as well as the net financial position of the member states are one of the most widely discussed aspects of European integration. The paper addresses selected issues in the current debate on the EU budget for the period 2007 to 2013...

Zusammenfassung Das Wachstum beschleunigte sich in den neuen EU-Ländern, sodaß sich das BIP pro Kopf an das Niveau der EU 15 etwas annäherte. In allen Ländern (mit Ausnahme Lettlands und Litauens) hat das Bruttoinlandsprodukt sein Niveau vor Beginn der Transformation mittlerweile...

(Reprint from WIFO-Monatsberichte, Vol. 85, No. 5, May 2012) Zusammenfassung Die gegenwärtige Wirtschaftskrise weist alle jene Merkmale auf, die mit finanziellen, verschuldungsbezogenen und strukturellen Aspekten von Leistungsbilanzkrisen verbunden werden. Daraus ergeben sich dauerhaft...

Zusammenfassung Trotz der Konjunkturflaute in den Ländern der EU-15 und der Aufwertungen in einigen Ländern verzeichneten die mittel- und osteuropäischen Länder (MOEL) 2005 wieder ein robustes Wachstum. In den neuen EU-Ländern wurde es primär durch die Exportexpansion, in den anderen MOEL...