Markus Eller

macrofinancial stability
fiscal policy and sovereign debt
regional focus on Central, Eastern, and Southeastern Europe (CESEE)

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OeNB-Publikationen

Volkswirtschaft

08. Juli 2026

OeNB-Bulletin

More for less or less for more? Government spending efficiency in CESEE

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Central, Eastern and Southeastern European (CESEE) governments have remained relatively lean by EU standards, but progress in government effectiveness has been uneven across CESEE countries. Our efficiency analysis suggests that the key challenge is not primarily how much governments are ...

Volkswirtschaft

27. März 2025

OeNB-Bulletin

Conditional dynamics of monetary policy shocks: the mitigating role of macroprudential policy in CESEE

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This study examines the economic effects of monetary policy (short-term interest rate shocks) and its interaction with macroprudential policy in 11 EU member states of Central, Eastern and Southeastern Europe (CESEE) over the period from 2000 to 2019. Employing a smooth transition vector ...

Volkswirtschaft

30. August 2021

Ehemalige Reihen

Focus on European Economic Integration Q3/21

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Volkswirtschaft

02. März 2021

Ehemalige Reihen

Focus on European Economic Integration Q1/21

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Volkswirtschaft

31. August 2020

Ehemalige Reihen

Focus on European Economic Integration Q3/20

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Externe Publikationen

Barmeier, M., Eller, M., Martin, R. (2025). Navigating through high-interest environment: macroprudential policy in CESEE, SUERF Policy Brief no. 1210. July 2025.

Beck, R. et al. (2023). Recent advances in the literature on capital flow management, ECB Occasional Paper no. 317. June 2023.

Eller, M., Hauzenberger, N., Huber, F., Schuberth, H., Vashold, L. (2021). The impact of macroprudential policies on capital flows in CESEE. Journal of International Money and Finance, 119, 102495.

Denisova, I., Eller, M., Frye, T., Zhuravskaya, E. (2009). Who Wants To Revise Privatization? The Complementarity of Market Skills and Institutions. American Political Science Review 103(2): 284–304.