{"id":104202,"date":"2024-01-22T13:50:45","date_gmt":"2024-01-22T12:50:45","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/104202\/"},"modified":"2026-02-17T16:22:08","modified_gmt":"2026-02-17T15:22:08","slug":"the-cyclical-adjustment-of-the-austrian-budget-balance-by-the-european-central-bank-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/104202\/","title":{"rendered":"The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-104202","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The European Central Bank will introduce a new estimator of the cyclical component of the general Austrian budget balance which modifies and extends the method recently developed by the OECD. The estimation extracts the cyclical component from direct taxes on households, direct taxes on enterprises, indirect taxes, social security contributions, unemployment expenditures, and pension benefits. In a first step revenue and expenditure elasticities with respect to macroeconomic indicators are estimated. The second step combines elasticities with Hodrick-Prescott filtered macroeconomic indicators to compute the cyclical component of each revenue and expenditure category. The resulting cyclically adjusted budget balance for Austria compares well with figures published by other international organisations.","onlinedate":"2001-10-08 12:00:00","lang":"English","publication_series":"","publication_date":"20011001","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank\"]","jelcodes":"[]","related_publications":"[]","pdf":440933,"zip":null,"link":"https:\/\/www.wifo.ac.at\/wwa\/pubid\/19660","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"6","monthly_report_pages":"36-45","monthly_report_pages_sort":"36","issue":"1","journal":"Austrian Economic Quarterly","publisher":"","invisible":false,"external":false,"embargo_date":"2001-10-08 12:00:00","types":[183747],"research_groups":[3500],"collaboration":"","persons":[3899],"persons_data":"[{\"personId\":3899,\"personName\":\"Thomas Url\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Url, T.<\\\/span> (2001). <span>The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank<\\\/span>. <span><em>Austrian Economic Quarterly<\\\/em><\\\/span>, <em>6<\\\/em>(1), 36-45. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/19660\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/19660<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Url T<\\\/span>. <span class=\\\"title\\\"><span>The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank<\\\/span><\\\/span>. <span>Austrian Economic Quarterly<\\\/span>. 2001 Oct;6(1):36-45.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{79179958924b4e8b80a5b655750ef4d8,<\\\/div><div>  title    = \\\"The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank\\\",<\\\/div><div>  abstract = \\\"The European Central Bank will introduce a new estimator of the cyclical component of the general Austrian budget balance which modifies and extends the method recently developed by the OECD. The estimation extracts the cyclical component from direct taxes on households, direct taxes on enterprises, indirect taxes, social security contributions, unemployment expenditures, and pension benefits. In a first step revenue and expenditure elasticities with respect to macroeconomic indicators are estimated. The second step combines elasticities with Hodrick-Prescott filtered macroeconomic indicators to compute the cyclical component of each revenue and expenditure category. The resulting cyclically adjusted budget balance for Austria compares well with figures published by other international organisations.\\\",<\\\/div><div>  keywords = \\\"The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank, The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank\\\",<\\\/div><div>  author   = \\\"Thomas Url\\\",<\\\/div><div>  note     = \\\"Cyclical Adjustment of Budget Balance\\\",<\\\/div><div>  year     = \\\"2001\\\",<\\\/div><div>  month    = oct,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  volume   = \\\"6\\\",<\\\/div><div>  pages    = \\\"36--45\\\",<\\\/div><div>  journal  = \\\"Austrian Economic Quarterly\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank<\\\/p><p>AU  - Url, Thomas<\\\/p><p>N1  - Cyclical Adjustment of Budget Balance<\\\/p><p>PY  - 2001\\\/10<\\\/p><p>Y1  - 2001\\\/10<\\\/p><p>N2  - The European Central Bank will introduce a new estimator of the cyclical component of the general Austrian budget balance which modifies and extends the method recently developed by the OECD. The estimation extracts the cyclical component from direct taxes on households, direct taxes on enterprises, indirect taxes, social security contributions, unemployment expenditures, and pension benefits. In a first step revenue and expenditure elasticities with respect to macroeconomic indicators are estimated. The second step combines elasticities with Hodrick-Prescott filtered macroeconomic indicators to compute the cyclical component of each revenue and expenditure category. The resulting cyclically adjusted budget balance for Austria compares well with figures published by other international organisations.<\\\/p><p>AB  - The European Central Bank will introduce a new estimator of the cyclical component of the general Austrian budget balance which modifies and extends the method recently developed by the OECD. The estimation extracts the cyclical component from direct taxes on households, direct taxes on enterprises, indirect taxes, social security contributions, unemployment expenditures, and pension benefits. In a first step revenue and expenditure elasticities with respect to macroeconomic indicators are estimated. The second step combines elasticities with Hodrick-Prescott filtered macroeconomic indicators to compute the cyclical component of each revenue and expenditure category. 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