{"id":119946,"date":"2024-01-22T22:48:01","date_gmt":"2024-01-22T21:48:01","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/119946\/"},"modified":"2024-11-07T05:09:49","modified_gmt":"2024-11-07T04:09:49","slug":"in-search-of-growth-in-a-future-with-diminished-expectations-the-case-of-austria","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/119946\/","title":{"rendered":"In Search of Growth in a Future with Diminished Expectations. The Case of Austria"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-119946","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The euro area has \u2013 in contrast to the USA \u2013 still not recovered from the &quot;Great Recession&quot; 2009 and the following euro crisis. Some fear that Europe could embark into a decade of &quot;secular stagnation&quot; like Japan in the recent past. The US success can be attributed to the application of the strategy of the &quot;three arrows&quot;: a co-ordinated expansionary fiscal and monetary policy cum permanent structural reforms. In contrast, the euro area has its hands tied by a self-imposed restriction in fiscal policy (new fiscal rules). Thus, the euro area remains as a growth-stimulating strategy only an expansionary monetary policy by the ECB plus &quot;structural reforms&quot; at the member country level. Austria \u2013 after the expiring of the hitherto &quot;EU growth bonus&quot; \u2013 has also to look for new strategies to stimulate growth by its own. In simulations with a macro-growth model for Austria alternative growth scenarios are analysed: structural reforms to improve efficiency in product und labour markets, investment in knowledge and innovation (R&amp;D), more globalisation, and traditional demand policies (monetary and fiscal). The most promising strategies are more globalisation and structural reforms plus R&amp;D investments. Most of these strategies would stimulate growth without impairing fiscal sustainability.","onlinedate":"2015-01-07 12:00:00","lang":"English","publication_series":"","publication_date":"20150101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"48","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":355866,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"493","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2015-01-07 12:00:00","types":[44410],"research_groups":[3500],"collaboration":"","persons":[3917],"persons_data":"[{\"personId\":3917,\"personName\":\"Fritz Breuss\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>In Search of Growth in a Future with Diminished Expectations. 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