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Weitere Publikationen der WIFO-Mitarbeiterinnen und -Mitarbeiter

Die umfangreiche Publikationstätigkeit der Mitarbeiterinnen und Mitarbeiter des WIFO dokumentiert die enge Vernetzung mit der internationalen Scientific Community.

Bücher, Journals und Papers(2498 Treffer)

Marcus Scheiblecker, Modelling Short-run Money Demand for the US

Applied Economics and Finance, 2017, (5), S.9-20, http://redfame.com/journal/index.php/aef/issue/view/115
There is a vast amount of empirical evidence concerning the cointegrating relationship between money demand, some kind of interest rate and income. In contrast to this, short-run dynamics are still opaque. In the existing literature, the return to steady state is modelled quite differently. The range goes from simple error correction models to non-linear approaches. Here a method is proposed for considering not only disequilibria between money demand and its steady state of only the last period but also those of the recent past in a parsimonious and economically meaningful way. Different to multicointegration, weights for cumulating steady-state deviations are geometrically decreasing the more they are located in the past. This model possesses an ARMA (1,1) representation and leads to an ARMAX model if combined with a conventional error correction model. This approach is shown to track money demand short-run dynamics better and more parsimoniously than partial-adjustment models.
 

Claudia Kettner, Daniela Kletzan-Slamanig, Carbon taxation in EU Member States: evidence from the transport sector, in: The Green Market Transition

Critical Issues in Environmental Taxation, 2017, (19), http://www.e-elgar.com/shop/the-green-market-transition
 
Herausgeber: – – – –

Marcus Scheiblecker, Modelling Short-run Money Demand for the US

Applied Economics and Finance, 2017, (5), S.9-20, http://redfame.com/journal/index.php/aef/article/view/2575
There is a vast amount of empirical evidence concerning the cointegrating relationship between money demand, some kind of interest rate and income. In contrast to this, short-run dynamics are still opaque. In the existing literature, the return to steady state is modeled quite differently. The range goes from simple error correction models to non-linear approaches. We herewith propose a method for considering not only disequilibria between money demand and its steady state for the last period only, but also for such of the recent past in a parsimonious and economically meaningful way. As different from multicointegration, weights for cumulating steady-state deviations are geometrically decreasing, the more they are located in the past. This model possesses an ARMA (1,1) representation and leads to an ARMAX model, if combined with a conventional error correction model. This approach is shown to track money demand short-run dynamics better and more parsimoniously than partial-adjustment models.
 

Michael Peneder, Christian Rammer, Sandra Gottschalk, Martin Wörter, Tobias Stucki, Spyros Arvanitis, Does Energy Policy Hurt International Competitiveness of Firms? A Comparative Study for Germany, Switzerland and Austria

Energy Policy, 2017, (109), S.154-180
 

Stefan Schiman, D. Trump and the economy

Vortrag
 
Veranstalter: Österreichisch-Japanisches Komitee für Zukunftsfragen

Mark Sommer, Kurt Kratena, The Carbon Footprint of European Households and Income Distribution

This paper calculates the carbon footprint of private consumption in the EU 27 by five groups of household income, using a fully fledged macroeconomic input-output model covering 59 industries and five groups of household income for the EU 27. Due to macroeconomic feedback mechanisms, this methodology – besides induced intermediate demand – also quantifies: 1. private consumption induced in the other household groups, 2. impacts on other endogenous final demand components, and 3. negative feedback effects due to output price effects of household demand. The carbon footprint is calculated separately for the consumption vector of each of the five income groups. The simulation results yield a non-linear income elasticity of direct and indirect emissions at each income level: the value of the direct footprint income elasticity decreases from 1.32 (first quintile) to 0.69 (fourth quintile). The value of the indirect footprint income elasticity is always below unity and decreases from 0.89 to 0.62. The results in general reveal a relative decoupling effect: the share of the top income group in income (45 percent) is much larger than its share in the carbon footprint (37 percent) and vice versa for the bottom income group (6 percent in income and 8 percent in footprint).
 

Margit Schratzenstaller, Atanas Pekanov, Mehr Pragmatismus, weniger Dogmatismus. Der schwierige, aber nötige Weg zur Vollendung der Wirtschafts- und Währungsunion

Das Ende Mai 2017 erschienene Reflexionspapier der Europäischen Kommission zur Vertiefung der Europäischen Wirtschafts- und Währungsunion anerkennt klar die Notwendigkeit weiterer Reformen und einer Vertiefung der Integration, um die WWU zu stärken und krisenfester zu machen. Der Bericht bietet sowohl kurzfristige, bis 2019 umzusetzende Empfehlungen, die auf eine Verbesserung der bestehenden Elemente der WWU abzielen, als auch fundamentale langfristige Überlegungen zur Eurozonen-Architektur. Am umstrittensten ist wohl der Vorschlag einer künftigen makroökonomischen Stabilisierungsfunktion für die Eurozone. Eine Verlagerung stabilisierungspolitischer Aufgaben auf die Ebene der Eurozone würde eine Eurozonen-weite wirtschaftspolitische Perspektive – ähnlich der geldpolitischen Rolle der EZB – stärken und nationalstaatliche Interessen und Aspekte in den Hintergrund drängen. Der vorsichtige Vorschlag der Europäischen Kommission eines "Finanzministeriums" für die Eurozone erscheint durchaus diskussionswürdig. Ein/e Eurozonen-Finanzminister/in müsste allerdings deutlich mehr demokratische Rechenschaftspflicht haben. Die Überlegungen der Europäischen Kommission wären zu ergänzen um konkrete Optionen zur Einführung nachhaltigkeitsorientierter steuerbasierter Finanzierungsquellen für ein Eurozonen-Budget. Auch sind sie zu verzahnen mit der sich derzeit herausbildenden europäischen Säule sozialer Rechte.
 

Alexander Krenek, Margit Schratzenstaller, Sustainability-oriented Future EU Funding: A European Net Wealth Tax

FairTax Working Paper Series, 2017, (10), 44 Seiten, http://umu.diva-portal.org/smash/get/diva2:1112261/FULLTEXT01.pdf
The increase of wealth inequality in many EU countries has spurred interest in wealth taxation. While taxes on wealth for a long time have played only a marginal role in the public finance and taxation literature, in the more recent literature a variety of arguments are brought forward in favour of (higher) wealth taxation. Most of these arguments directly or indirectly refer to the potential of wealth taxes to contribute to various dimensions of sustainability, in particular to economic, social, and/or institutional/cultural sustainability. Tax competition has led to an almost complete disappearance of recurrent taxes on personal or corporate net wealth in Europe. EU-wide implementation of a net wealth tax based on harmonised tax provisions may serve as a first step in a longer-term oriented move of the stepwise expansion of net wealth taxes on a global scale. By dealing with non- and under-reporting in the Household and Consumption Survey (HFCS) data set provided by the European Central Bank, we are able to estimate the wealth distribution within 20 EU countries. Applying a progressive household-based tax schedule with a tax rate of 1 percent for net wealth above 1 million € and 1.5 percent for net wealth above 5 million € on these adjusted wealth distributions yields potential tax revenues of 156 billion €, taking into account the behavioural responses of individuals triggered by net wealth taxation. Given the positive sustainability properties of a net wealth tax with regard to economic efficiency and social inclusion, a European net wealth tax offers itself as an interesting candidate for sustainability-oriented tax-based own resources to finance the EU budget.
 
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