The aim of our paper is to assess what we call the "discrepancy hypothesis". It states that the transformation of macroeconomics triggered by Lucas, Kydland and Prescott has failed to percolate in the contents of undergraduate textbooks. In the theoretical part of the paper, we draw a contrast...

Discrepancies between several South-Eastern European (SEE) countries and Nordic countries are investigated in this paper using an econometric analysis. Its aim is to examine the relationship between CO2 emissions, GDP per capita, urban population (URB) and electricity production from Renewable...

Remittances are an important source of external financing in Pakistan, amounting to around 10% of gross domestic product in 2021. As such, an appropriate understanding of the key macroeconomic drivers of remittances has important policy implications. Combining a database of bilateral remittances...

Over the last decades, macro-economists have renewed their efforts to reduce the gap between monetary macroeconomics and real-world central banking. This paper reviews how macroeconomics has since 2016 approached the possible introduction of retail central bank digital currencies (CBDC). A...

The effects of monetary policy shocks are regularly estimated using high-frequency sur- prises in asset prices around central bank meetings as an instrument. These studies, insofar as they explicitly model the relationship between instrument and structural shock, assume a constant relationship...

Uncertainty about monetary policy associated with uncertainty in interest rate is an important determinant of economic decisions. Due to the dominant position of the US economy on global financial markets, in addition to countries' own uncertainties, uncertainty related to the monetary policy of...

This paper introduces two co-movement measures based on the Thick Pen Transform into the macroeconomic literature: the Thick Pen Measure of Association (TPMA) as well as Multi-Thickness Thick Pen Measure of Association (MTTPMA). Both measures are non-parametric, time-varying, and flexible....

This paper documents an early fork in the development of macroeconomics, by examining a debate between the Dutch economists Jan Tinbergen and Johan Koopmans. In a 1932 paper, Tinbergen argued that two firms could be stuck in a “bad” equilibrium in the absence of a coordinated action to...

This paper asks whether the post-Keynesian or New Keynesian paradigm provides a more realistic description of the effects of fiscal policy on output and consumption. I establish some macro and microeconomic stylized facts on fiscal multipliers and marginal propensities to consume based on the...

Progressive policy proposals influenced by post-Keynesian economics emphasise the use of fiscal policy and income redistribution to maintain aggregate demand at levels which achieve full employment. Given persistent evidence of weak demand, excess capacity and unemployment in rich economies...

In this paper, we analyze the impact of external uncertainty shocks on the Korean economy, focusing on Russian geopolitical risks and U.S. monetary policy uncertainty. We find that increases in external uncertainties negatively affect the Korean macroeconomy, with a particularly pronounced...

Over the past decade, the housing market in the EU has been characterised by significant price growth, putting pressure on housing affordability. Despite a price moderation in 2022 and 2023 due to monetary tightening and increased mortgage interest rates, house prices remain historically high in...

We introduce a new Economic Distress Index (EDI), which incorporates information from all economic sectors as a device for real-time monitoring of financial stability risks in the euro area. Our approach is based on structural models of credit risk and incorporates market and balance sheet...

The aim of our paper is to assess what we call the 'discrepancy hypothesis'. It states that the transformation of macroeconomics triggered by Lucas, Kydland and Prescott has failed to percolate in the contents of undergraduate textbooks. In the theoretical part of the paper, we draw a contrast...

We conducted a survey of Turkish firms, using randomized treatments to provide varied information about inflation in a high-inflation environment. By matching the survey data with administrative firm-level data on employment, sales, credit, and foreign exchange transactions, we explore the...

Unsicherheit wirkt sich sowohl auf individuelle als auch auf kollektive ökonomische Entscheidungen aus. Sie spielt eine wichtige Rolle bei der Bewertung von Entscheidungskonsequenzen, aber auch bei ökonomischen Prognosen. Im Beitrag geht es um die Messung und um die Wirkung von Unsicherheit...

In den letzten 20 Jahren hat der Außenhandel maßgeblich zum österreichischen Wirtschaftswachstum beigetragen. Der Außenhandel fördert Effizienzgewinne, Strukturwandel und technologische Innovationen, während Importe den Wettbewerb stärken und die Produktvielfalt erhöhen. Österreich...

Sollte der neue US-Präsident Donald Trump wie angedroht die US-Zölle anheben, könnte dies der Welthandelsordnung erheblich schaden. Er hat angekündigt, alle US-Importe mit einem Einfuhrzoll von 10 % zu belegen. Sollte sein Ziel einer Reduzierung des US-Handelsbilanzdefizits damit nicht...

Trumps wirtschaftsfreundliche Vorhaben, wie Steuersenkungen und Deregulierung, werden von den Märk- ten positiv bewertet und könnten Amerikas Stellung in Industrien wie künstlicher Intelligenz (KI) und Robotik stärken. Es ist jedoch zu befürchten, dass seine Pläne, etwa umfassende Zölle...

Wir analysieren eine Reform der Mindestsicherung (Notstandshilfe und Sozialhilfe) mit dem Ziel der Reduktion negativer finanzieller Arbeitsanreize und schätzen auf Basis des Mikrosimulationsmodells ATTM die zu erwartenden Beschäftigungs- und Verteilungseffekte. Die Reform wäre mit einer...

Die österreichische Industrie ist aufgrund der wirtschaftlichen Bedeutung energieintensiver Branchen durch den Energiemix in wichtigen, nicht-energieintensiven Branchen und die hohe Persistenz in der Nutzung spezifischer Energieträger für Energiepreisschocks anfällig. Die Entwicklung der...

Die aktuelle Rezession belastet die Fahrzeugindustrie, die bereits vor erheblichen Herausforderungen durch den Strukturwandel steht. Die Nachfrage nach Autos ist gedämpft, und mit der Elektrifizierung der Antriebe treten neue, wettbewerbsfähige Konkurrenten auf, die bestehende...

Die österreichische Umwelttechnikwirtschaft hat auch in den letzten - krisenbedingt schwierigen - Jahren eine positive Entwicklung gezeigt. Seit 2019 ist der Umsatz um fast 9 % durchschnittlich pro Jahr gewachsen, die Beschäftigung um 3 %. Damit liegt die Entwicklung im Bereich der...

This article shows that there is a methodological problem in the traditional IS-LM model. If production cannot be sufficiently adjusted downwards, there is no uniform interest rate that simultaneously clears the money and goods markets. An extension of the credit market in the tradition of the...

We conducted a survey of Turkish firms, using randomized treatments to provide varied information about inflation in a high-inflation environment. By matching the survey data with administrative firm-level data on employment, sales, credit, and foreign exchange transactions, we explore the...

This paper investigates the systemic macroeconomic determinants of Pillar 2 Requirements (P2R) imposed by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM). While P2R is formally calibrated at the individual bank level through the Supervisory Review and Evaluation...

Nature underlies economic activity, while natural capital contributes to growth and more and better jobs. But the world's natural capital - its renewable natural resources, ecosystems, and biodiversity is in decline. Terrestrial, freshwater, and marine ecosystems are all under threat. The World...

This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...