Monetary Policy and the Economy Q2/14

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• Monetary Policy and the Economy Q2/14 (PDF, 985 kB) June 2014.

Studies and Analyses

• Moderate Upswing amid High Uncertainty – Economic Outlook for Austria from 2014 to 2016 (June 2014) (PDF, 1.4 MB) Ragacs, Vondra. Ragacs & Vondra – Monetary Policy and the Economy Q2/14 en Jun 30, 2014, 12:00:00 AM

• Fiscal Projections by the Oesterreichische Nationalbank: Methods and Motives (PDF, 2.3 MB) Prammer, Reiss. Prammer & Reiss – Monetary Policy and the Economy Q2/14 The financial and economic crisis and recent reforms in economic governance have increased the importance of fiscal projections both inside and outside central banks. The OeNB fiscal projection model is driven by external demand, by considerations of the comparability of subcomponents with cash data (or other administrative information), and by the difference between the driving factors of expenditure and revenue categories. The accuracy of ESCB central banks’ fiscal projections is limited by prudency requirements as well as the no-policy change assumption (in the medium run) and by one-off events and a lack of information on smaller entities (in the short run). en Fiscal projections, tax elasticities, projection errors E62 Jul 22, 2014, 12:00:00 AM

• Intergenerational Transmission: How Strong Is the Effect of Parental Homeownership? Results of a Survey on Households in Austria (PDF, 2.4 MB) Wagner. Wagner – Monetary Policy and the Economy Q2/14 Against the background of decreasing housing subsidies and rising housing prices, this paper contributes to the analysis of various influences that determine whether a household is a housing owner or tenant (tenure status). The study applies a logistic regression to data for Austria from the Household Finance and Consumption Survey (HFCS). In particular, the study investigates the extent to which parental homeownership influences the tenure choice of young adults. The results show that the probability of becoming a homeowner increases significantly, by 31 percentage points, for a household with homeowning parents. Gifts and inheritances appear to be important mechanisms underlying the intergenerational transmission
  of homeownership in Austria. Furthermore, households become homeowners earlier in their life cycle if their parents are or were homeowners. The strong effect of parental ownership on the ability to afford ownership and the distinct importance of inheritances and gifts are among the factors responsible for housing wealth disparity. en D91, R31, R21, J12, D12 Jul 22, 2014, 12:00:00 AM

• Toward a European Banking Union: Taking Stock Summary of the 42nd OeNB Economics Conference in Vienna on May 12 and 13, 2014 (PDF, 2.1 MB) Elsinger, Waschiczek. Elsinger & Waschiczek – Monetary Policy and the Economy Q2/14 en Jul 22, 2014, 12:00:00 AM