This paper analyses Czech and Hungarian index options that are traded on the Austrian Futures and Options Exchange. We find that the Poisson jump-diffusion and not the GARCH (1,1) process lends statistical support for the data description. We estimate that approximately four-fifth of 4 percent...

I examine whether or not returns on stock markets are a leading indicator for real macroeconomic developments in Austria, Japan and the USA. Further I deal with the concept of stock market efficiency, the question whether or not information from real and financial sectors of the economy is...

MOSOE Konjunkturzenit überschritten Die jüngsten Statistiken deuten auf ein weiterhin robustes BIP-Wachstum in den meisten Ländern Mittel‑, Ost- und Südosteuropas (MOSOEL) hin. Der konjunkturelle Höhepunkt scheint allerdings bereits überschritten zu sein. Einerseits lässt die Dynamik...

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...

This paper analyses the change in the Austrian business cycle over time using data back to 1954. The change in the cyclical pattern is captured using a nonlinear univariate structural time series model where the time of the break point is estimated. Results for GDP series suggest a break in the...

To assess the synchronization of business cycles in Europe we extract the cyclical component of industrial production in five European countries using the filter of Baxter and King (1999). The hypothesis of a joint business cycle is tested by using the frequency domain common cycle test...

Im ersten Teil der Studie wird die Entwicklung der funktionalen Einkommensverteilung in sechs ausgewählten Industrieländern seit Beginn der 1960er Jahre dargestellt. Als Maß wird dazu die Arbeitseinkommensquote verwendet, die das Verhältnis der gesamtwirtschaftlichen Arbeitseinkommen zum...