This article examines the nature of the linkage between financial development and economic fluctuation in 22 OECD countries over the period from 1970 through 2000. Two econometric techniques are used: The first, a cross-sectional instrument variable estimator, deals, to some degree, with the...

The WIFO Business Cycle Survey serves as an important early-indication tool for the economic situation in Austria. Using a Markov regime-switching model, it is possible to determine at an early point in time whether the business cycle is in its upward or downward mode. Regime probabilities are...

In Austrian manufacturing, large companies can utilise their capacities better than small companies. In order to check if this conclusion from the WIFO Business Survey has its counterpart in real economic developments, we examined data from business cycle statistics and found a tendency for...

WIFO has been conducting its Business Cycle Survey since 1954. Today, some 1,600 businesses, with altogether more than 200,000 employees, are participating in the survey. The findings of the survey are analysed to obtain leading indicators of the state of the Austrian economy. The analysis shows...