Working Papers

Working Papers

Diese Publikationsreihe (nur online verfügbar) dient der Diskussion und Verbreitung von wirtschaftswissenschaftlichen Studien und Forschungsergebnissen. Die Beiträge werden einem internationalen Begutachtungsverfahren unterzogen.

Die Oesterreichische Nationalbank informiert mittels Newsletter sobald eine neue Ausgabe dieser Publikationsreihe auf der Website der OeNB veröffentlicht wurde.
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Die von den Autorinnen und Autoren in den Studien zum Ausdruck gebrachte Meinung gibt nicht notwendigerweise die Meinung der Oesterreichischen Nationalbank oder des Eurosystems wieder.


  • Working Paper 256

    April 2024 Investment incomes vs. the trade balance: Is the current account still a meaningful concept? (Konstantin Wacker)
  • Working Paper 255

    März 2024 What contributes to consumer price inflation? A novel decomposition framework with an application to Austria (Martin Schneider)
  • Working Paper 254

    März 2024 The Role of MPC Heterogeneity for Fiscal and Monetary Policy in the Euro Area (Nicolas Albacete, Pirmin Fessler, Atanas Pekanov)
  • Working Paper 253

    März 2024 Multivariate assessment of interviewer-related errors in a cross-national economic survey (Lukas Olbrich, Elisabeth Beckmann, Joseph W. Sakshaug)


  • Working Paper 252

    Dezember 2023 Hawks vs. Doves: ECB’s Monetary Policy in Light of the Fed’s Policy Stance (Niko Hauzenberger, Florian Huber, Thomas Zörner)
  • Working Paper 251

    Dezember 2023 Housing and the secular decline in real interest rates (Markus Knell)
  • Working Paper 250

    November 2023 Watching over 21,000 Billion Euros: Does the ECB Single Supervisory Mechanism Affect Bank Competition in the Euro Area? (Burkhard Raunig, Michael Sigmund)
  • Working Paper 249

    Oktober 2023 The subjective wealth distribution: How it arises and why it matters to inform policy? (Pirmin Fessler, Severin Rapp)
  • Working Paper 248

    Oktober 2023 Assessing the Solvency of Virtual Asset Service Providers: Are Current Standards Sufficient? (Pietro Saggese, Esther Segalla, Michael Sigmund, Burkhard Raunig, Felix Zangerl, Bernhard Haslhofer)
  • Working Paper 247

    September 2023 Inflation Expectations in CESEE: The Role of Sentiment and Experiences (Katharina Allinger, Fabio Rumler)
  • Working Paper 246

    Mai 2023 Resource Misallocation and TFP Gap Development in Austria (Richard Sellner, Nico Pintar, Norbert Ernst)
  • Working Paper 245

    April 2023 Are zombie firms really contagious? (Norbert Ernst, Michael Sigmund)


  • Working Paper 244

    Oktober 2022 The ECB Single Supervisory Mechanism: Effects on Bank Performance and Capital Requirements (Burkhard Raunig, Michael Sigmund)
  • Working Paper 243

    Juli 2022 Environmental-Social-Governance Preferences and Investments in Crypto-Assets (Pavel Ciaian, Andrej Cupak, Pirmin Fessler, d’Artis Kancs)
  • Working Paper 242

    Juli 2022 The new normal: bank lending and negative interest rates in Austria (Marcel Barmeier)
  • Working Paper 241

    Juli 2022 What can CBDC designers learn from asking potential users? Results from a survey of Austrian residents (Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer)
  • Working Paper 240

    Juni 2022 New Facts on Consumer Price Rigidity in the Euro Area (Erwan Gautier, Cristina Conflitti, Riemer P. Faber, Brian Fabo, Ludmila Fadejeva, Valentin Jouvanceau, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Sergio Santoro, Elisabeth Wieland, Hélène Zimmer)
  • Working Paper 239

    Mai 2022 The Wealth Distribution and Redistributive Preferences: Evidence from a Randomized Survey Experiment (Nicolás Albacete, Pirmin Fessler, Peter Lindner)
  • Working Paper 238

    Februar 2022 Pension Entitlements and Net Wealth in Austria (Markus Knell, Reinhard Koman)
  • Working Paper 237

    Februar 2022 Third-Party Loan Guarantees: Measuring Literacy and its Effect on Financial Decisions (Elisabeth Beckmann, Christa Hainz, Sarah Reiter)


  • Working Paper 236

    Dezember 2021 Determinants of Contingent Convertible Bond Coupon Rates of Banks: An Empirical Analysis (Michael Sigmund, Kevin Zimmermann)
  • Working Paper 235

    Juli 2021 Bank Solvency Stress Tests with Fire Sales (Thomas Breuer, Martin Summer, Branko Urošević)
  • Working Paper 234

    Mai 2021 Economic Policy Uncertainty and Stock Market Volatility: A Causality Check (Burkhard Raunig)
  • Working Paper 233

    Jänner 2021 A View from Outside: Sovereign CDS Volatility as an Indicator of Economic Uncertainty (Maximilian Böck, Martin Feldkircher, Burkhard Raunig)


  • Working Paper 232

    November 2020 The Capital Buffer Calibration for Other Systemically Important Institutions – Is the Country Heterogeneity in the EU caused by Regulatory Capture? (Michael Sigmund)
  • Working Paper 231

    Juli 2020 Helicopter Money in Europe: New Evidence on the Marginal Propensity to Consume across European Households (Katharina Drescher, Pirmin Fessler, Peter Lindner)
  • Working Paper 230

    Mai 2020 Financial Innovation, Payment Choice and Cash Demand – Causal Evidence from the Staggered Introduction of Contactless Debit Cards (Martin Brown,Nicole Hentschel, Hannes Mettler, Helmut Stix)
  • Working Paper 229

    März 2020 Assessing Credit Gaps in CESEE Based on Levels Justified by Fundamentals – A Comparison Across Different Estimation Approaches (Mariarosaria Comunale, Markus Eller, Mathias Lahnsteiner)
  • Working Paper 228

    März 2020 Serial Correlation in Contingency Tables (Helmut Elsinger)









  • Working Paper 181

    November 2012 Foreign Currency Loans and Loan Arrears of Households in Central and Eastern Europe
  • Working Paper 180

    September 2012 Have Changes in the Financial Structure Affected Bank Profitability? Evidence for Austria
  • Working Paper 179

    August 2012 Increasing Life Expectancy and Pay-As-You-Go Pension Systems
  • Working Paper 178

    Juli 2012 Why Do People Save in Cash? Distrust, Memories of Banking Crises, Weak Institutions and Dollarization
  • Working Paper 177

    Jänner 2012 A structural interpretation of the impact of the great recession on the Austrian economy using an estimated DSGE model
  • Working Paper 176

    Jänner 2012 Multiple Imputation in the Austrian Household Survey on Housing Wealth





  • Working Paper 148

    September 2008 Comparing the New Keynesian Phillips Curve with Time Series Models to Forecast Inflation
  • Working Paper 147

    September 2008 Inequality and growth: Goal conflict or necessary prerequisite?
  • Working Paper 146

    September 2008 The Optimal Mix Between Funded and Unfunded Pensions System When People Care About Relative Consumption
  • Working Paper 145

    Juli 2008 Transmission of business cycle shocks between the US and the euro area
  • Working Paper 144

    Juni 2008 Dating and forecasting turning points by Bayesian clustering with dynamic structure: A suggestion with an application to Austrian data.
  • Working Paper 143

    Mai 2008 Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets
  • Working Paper 142

    April 2008 Testing the tax competition theory: How elastic are national tax bases in Western Europe?
  • Working Paper 141

    April 2008 The Real Consequences of Financial Market Integration when Countries Are Heterogeneous
  • Working Paper 140

    März 2008 Euroization: What Factors drive its Persistence?
  • Working Paper 139

    Jänner 2008 Mr. Wicksell and the global economy: What drives real interest rates?


  • Working Paper 138

    Juli 2007 Real Convergence, Price Level Convergence and Inflation Differentials in Europe
  • Working Paper 137

    Mai 2007 Transmission of Business Cycle Shocks between Unequal Neighbours: Germany and Austria
  • Working Paper 136

    Mai 2007 The Relative Importance of Symmetric and Asymmetric Shocks: the Case of United Kingdom and Euro Area
  • Working Paper 135

    Mai 2007 Has the EU’s Single Market Programme Fostered Competition? Testing for a Decrease in Markup Rations in EU Industries



  • Working Paper 106

    November 2005 Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues
  • Working Paper 105

    Oktober 2005 Trade Integration of Central and Eastern European Countries: Lessons from a Gravity Model
  • Working Paper 104

    September 2005 AQM – The Austrian Quarterly Model of the Oesterreichische Nationalbank
  • Working Paper 103

    September 2005 Does Money Matter for Inflation in the Euro Area?
  • Working Paper 102

    August 2005 Estimates of the Open Economy New Keynesian Phillips Curve for Euro Area Countries
  • Working Paper 101

    Juli 2005 How Frequently Do Consumer Prices Change in Austria? Evidence from Micro CPI Data
  • Working Paper 100

    Juli 2005 The Price-Setting Behavior of Austrian Firms: Some Survey Evidence
  • Working Paper 99

    Mai 2005 The Effect of Capital Requirement Regulation on the Transmission of Monetary Policy: Evidence from Austria
  • Working Paper 98

    Mai 2005 The European Monetary Union as a Commitment Device for New EU Member States
  • Working Paper 97

    Mai 2005 Financial Differences and Business Cycle Co-Movements in A Currency Area
  • Working Paper 96

    März 2005 Managerial Behavior and Cost/Profit Efficiency in the Banking Sectors of Central and Eastern European Countries
  • Working Paper 95

    Februar 2005 On the Design of Sustainable and Fair PAYG Pension Systems When Cohort Sizes Change
  • Working Paper 94

    Dezember 2004 What Do German Short-Term Interest Rates Tell Us About Future Inflation?



  • Working Paper 86

    September 2003 Testing for Longer Horizon Predictability of Return Volatility with an Application to the German
  • Working Paper 85

    Juli 2003 Investigating asymmetries in the bank lending channel. An analysis using Austrian banks’ balance sheet data.
  • Working Paper 84

    Juli 2003 Searching for the Natural Rate of Interest: a Euro-Area Perspective
  • Working Paper 83

    Juli 2003 The business cycle of European countries Bayesian clustering of country - individual IP growth series
  • Working Paper 82

    Juli 2003 How Do Debit Cards Affect Cash Demand? Survey Data Evidence
  • Working Paper 81

    Juni 2003 How Robust are Money Demand Estimations? A Meta-Analytic Approach




  • Working Paper 42

    Juni 2000 Integration, Disintegration and Trade in Europe: Evolution of Trade Relations During the 1990s
  • Working Paper 41

    März 2000 Is there a Credit Channel in Austria? The Impact of Monetary Policy on Firms' Investment Decisions
  • Working Paper 40

    März 2000 Central Banks in European Emerging Market Economies in the 1990s




  • Working Paper 24

    September 1997 Exchange Rates and Monetary Policy in Central Europe - a Survey of Some Issues



  • Working Paper 20

    Oktober 1995 Monetary Spill-over Effects in the ERM: The Case of Austria, a Former Shadow Member
  • Working Paper 19

    Jänner 1995 Austrian Exchange Rate Policy and European Monetary Integration - Selected Issues