models in the case of Austria's recession in 2009. For this purpose, 8 DSGE models with different characteristics (small and …

. The model captures the most salient features of Austria as a small open economy, the Euro Area (EA) and the United States …, whereas in the latter, the monetary policy of Austria is fully aligned with the European Central Bank. Main results are … that in the pre-EMU period, the EA and Austria present welfare costs close to one percent of steady-state consumption …

In this paper, we analyze the development of public consumption expenditure in Austria starting in the 1940s. We focus …