Sustainablity of Austrian public debt is investigated in the context of political objectives such as stabilizing the business cycle, increasing chances for being re-elected and implementing the ideologies of political parties. Several tests indicate that Austrian fiscal policies were sustainable...

In this paper, we present a new version of the OPTCON algorithm for the optimal control of nonlinear stochastic systems with special reference to econometric models. It delivers approximate numerical solutions of optimum control problems with a quadratic objective function for nonlinear...

We use a dynamic game model of a two-country monetary union to study the impacts of an exogenous fall in aggregate demand, the resulting increase in public debt, and the consequences of a sovereign debt haircut for a member country or bloc of the union. In this union, the governments of...

In this paper, we analyze the development of public consumption expenditure in Austria starting in the 1940s. We focus our attention on two hypotheses as to why public consumption expenditure has been constantly increasing: Wagner's law and Baumol's cost disease. The estimated income elasticity...

In diesem Buch werden aktuelle Themen der Wirtschaftsethik in Zeiten der Finanz- und Wirtschaftskrise behandelt. In den ersten vier Beiträgen werden grundlegende Fragen zur theoretischen Positionierung der Wirtschaftsethik im Spannungsfeld zwischen Ethik als Teildisziplin der Philosophie und...

In this paper we investigate how different tax systems and structures affect the extent of the shadow economy. First, we formulate a simple theoretical microeconomic raodel of household behavior, where the household can participate in the official and in the shadow economy. Using comparative...

In this paper, we present an application of the dynamic tracking games framework to a monetary union. We use a small stylized nonlinear three-country macroeconomic model of a monetary union to analyze the interactions between fiscal (governments) and monetary (common central bank) policy makers,...

In this paper we apply the unit root and cointegration methodology of modern econometric time series analysis to estimated popularity functions for the Austrian parties in government since the mid-1970s. We find no evidence for and rather strong evidence against influences of unemployment or...