This paper deals the ongoing current account adjustment process in the southern Euro - area countries. It applies an extended version of the Obstfeld/Rogoff (2005) model to Euro-Zone- imbalances and provides an interpretation of the results. I develop a five-region-version of the model,...

This paper extends a method developed by Hall (2014) to characterize the long-run distribution of public debt and applies it to Austria. We use Bayesian estimation techniques to incorporate data from other countries which makes the model applicable to cases in which available time series is...