The transmission process from policy-controlled interest rates to bank lending rates deserves reconsideration owing to the implementation of the European Monetary Union (EMU) in 1999. Additional attention to the subject in Austria is due to several large banks which, in 2002, have been charged...

Since the 1960s, several countries have adopted incomes policies in various forms to control inflation that had been interpreted as the result of a distributional struggle between business and labour unions. Recent writings on the NAIRU, however, ignore past policy interventions in the wage and...