The global economy continued to look robust at end-2006. In the U.S.A. private consumption increased, notwithstanding the protracted housing slowdown, and the services sector continued to grow at a dynamic pace. In view of the still buoyant economy, a cut in U.S. interest rates does not appear...

The world economy is chugging along, but its key engines may be changing. While the economies of the U.S.A. and China have reached more mature levels, economic activity is now gradually gaining momentum in Europe and Japan.In Austria, economic growth over the year 2005 clearly regained momentum...

According to the June 2005 economic outlook of the Oesterreichische Nationalbank (OeNB), Austria's real gross domestic product (GDP) is projected to grow 2.0% in 2005 and to advance to 2.2% both in 2006 and 2007. Fueled by the oil price surge, inflation as measured by the Harmonised Index of...

The U.S. economic recovery lost steam in the first half of 2012. Whereas positive signals have been coming from the real estate sector in recent months, the uptrend in the labor market has not gained a stable foothold yet. Up to now, domestic demand has been the main engine of economic growth....

The global slowdown appears to have come to an end during the summer of 2009. Most countries saw a smaller decline in economic activity in the second quarter, with some economies even recording positive growth rates once again. In the U.S.A., the economic contraction moderated in the second...

This book provides a description of the main macroeconomic models used by the European Central Bank and the euro area national central banks (Eurosystem). These models are used to help prepare economic projections and scenario analysis for individual countries and the euro area as a whole.

Between the start of the financial crisis in the third quarter of 2007 and the third quarter of 2008, Austrian household sector losses arising from investment in tradable securities amounted to approximately EUR 24 billion. This study uses micro and macro data to examine the possible...

In 2004, despite the sudden jump in oil prices and the ballooning trade deficit, the U.S. economy grew by 4.4%, or more robustly than ever since 1999. In the same year, growth in consumer prices peaked at 3.3% — the highest level in four years. In early February 2005, the U.S. Fed raised its...

The modelling strategy of the Austrian Quarterly Model (AQM) is in the tradition of the ”neoclassical synthesis”, a combination of Keynesian short-run analysis and neoclassical long-run analysis. The short run dynamics are based on empirical evidence, the long run relationships are derived...