. 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 …

primarily concentrated on the international comparison of effective income tax burden in the selected EU Member States as well …