We provide steps towards a welfare analysis of a two-country endogenous growth model where a relatively small follower absorbs part of the knowledge generated in the leading country. To solve a suitably defined infinite-horizon dynamic optimization problem a specialized version of the Pontryagin...

This paper discusses the link between financial development and macroeconomic volatility by exploring some of the ways through which financial development may affect business cycle fluctuations. To be specific, we examine whether stock market development exerts an unambiguous effect on...

This paper discusses two topics which are at the very center of the ongoing political debate on public pension reform. First, we deal with the puzzle that there is a public pension system at all from a purely neoclassical point of view. Second, we address the issue which is considered the...

Since its inception in 1995, more than 312 disputes have been raised under the WTO Dispute Settlement System. Despite the obvious success of this system, several shortcomings call for a revision under the auspices of the Doha Development Round. With a computable general equilibrium model we...

We explore differences between two measurement concepts of worker flows widely used in the literature referred to as the turnover and reallocation concepts. We find that measuring worker flows by the turnover concept leads to substantially (about 5 percent of total employment) higher worker flow...

Two recent studies published in "Perspektiven der Wirtschaftspolitik" are used to discuss methods to develop bibliometric analyses and rankings of economic research institutions. According to them, standardisation methods using the number of staff or university graduates may have a crucial...

The paper describes a model for computing the trend output and the structural budget deficit in Austria. The calculation of trend output is based on a production function approach within a small macroeconomic model of the Austrian economy. A decomposition of public budgets into cyclical and...