Die neue Geld- und Kreditpolitik

Ohne Zusammenfassung     

Zur Geld- und Konjunkturtheorie von Professor Keynes

Ohne Zusammenfassung     

Ein Vierteljahres-Modell des Geld- und Kreditsektors Österreichs

Summary This study presents an econometric analysis of the monetary sector of the Austrian economy. The main focus of interest lies in the money and credit markets. We specify nine behavioral equations for the money demand sector, for the commercial banks, for the credit market, and for the bonds market, respectively. Great emphasis is put on the analogous specification of theoretically related equations; these are estimated on a quarterly basis. In order to obtain unbiased estimates we use two-stage-least-squares as estimation technique. All behavioral equations are based on a partial adjustment process. We try to avoid the concept of exogenous money supply and a monetary base completely controlled by the monetary authorities; specifications based on these concepts do not stand up against examination by simultaneous estimation methods.Another important feature of the model lies in the explicit inclusion of the main instruments of monetary authorities into the analysis. We try to show possible influences of these instruments on the monetary sector by means of the model's reduced form and by means of simulation experiments. We also report some preliminary results on the transmission process which can be obtained by combination of the monetary model with a model of the real sector of the Austrian economy. In order to evaluate the forecasting properties of the model we calculate ex post and ex ante forecast errors. In general, the results of this test are satisfactory.

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Die vorliegende Arbeit entstand im wesentlichen während der Jahre 1976/77 am Institut für Höhere Studien. Ich danke allen meinen damaligen Kollegen für ihre vielfältige Hilfe. Dank schulde ich gleichfalls einem anonymen Referee für eine Reihe wesentlicher Verbesserungsvorschläge.     

Über einige Problemstellungen aus Mengers „Untersuchungen“

Ohne Zusammenfassung     

Die Stellung von Mengers „Grundsätzen“ in der Geschichte der Volkswirtschaftslehre

Ohne Zusammenfassung     

Die gesamtwirtschaftlichen Auswirkungen der Umsatzbesteuerung aus kreislauftheoretischer Sicht

Ohne ZusammenfassungMit 2 Textabbildungen     

Energienachfrage und Potential Output in Gesamtwirtschaft und Industrie

Summary The purpose of this article is to estimate the effects of the quadrupling of oil prices at the end of 1973 on potential output of the Austrian economy as a whole and of manufacturing in particular. The hypothesis is tested that the increase of relative energy prices (energy prices relative to domestic prices) makes previous measures of potential output obsolete. Using dynamic Cobb-Douglas type production functions for estimating potential output leads to the following results. If energy is implemented in the production function (either directly as a third factor in addition to capital and labour or indirectly via relative energy prices) there is strong evidence that part of the prerecession potential output has become obsolete in the recession of 1975. A comparison with an estimated potential output which doesn't take into account energy as a factor of production indicates that such a procedure could lead to wrong policy conclusions.

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Empirica 2'78 Zeitschrift des Österreichischen Institutes für Wirtschaftsforschung

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Für wertvolle Anregungen danke ich den Universitätsprofessoren Dr.E. Streissler und Dr.G. Tichy.     

Entwicklungstendenzen in der österreichischen Lohn- und Gehaltspyramide zwischen 1953 und 1979

Summary The paper analyzes the development in the personal distribution of wages and salaries in Austria between 1953 and 1979. Two periods of marked changes in the distribution are identified. First, the period from 1953 to 1964 ist characterized by a strong increase in inequality. This was mainly due to specific conditions of the labour market and to the wage policy of the labour unions. Between 1964 and 1970 a movement towards equality can be shown. This was mainly the result of the narrowing of the wage differential between blue and white collar workers. For the third period, from 1970 to 1979, the applied measures of income inequality do not exhibit a significant trend for more equality or inequality. In this period low and high income classes gained higher shares of the total salary and wage bill. Several structural factors, such as the increasing share of women, of white collar workers and of foreign workers and their impact on changes in the distribution are estimated.     

Infrastrukturinvestitionen in die Bildung und in Verkehrsanlagen — Planung,Kosten und Erträge

Ohne Zusammenfassung     

Berufswechsel und Berufsausbildung als Bedingungen und Folgen des Fortschritts

Ohne ZusammenfassungAus dem Englischen übersetzt von Dr. A. Nußbaumer, Wien     

Kapitalbildung und Kapitalerhaltung in der Verkehrswirtschaft

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Theorie und empirische Forschung in der Sozialwissenschaft

Ohne Zusammenfassung     

Sparen und Einkommensverteilung

Summary The wage and salary bill in Austrian manufacturing industry is divided into a fixed and a variable part on the assumption that wages of skilled labour and salaries can be regarded as fixed, wages of unskilled and semi-skilled workers as variable cost. The excess of value added (factor incomes) over the variable wage cost (gross profit) is shown to be more stable in the trade cycle than the excess of value added over the total wage cost (net profit); this accords with the idea of a relatively stable mark-up on variable cost.As a proportion of value added, gross profit and even more net profit in the above sense decline gradually over the period 1956 to 1972. This would indicate a declining degree of monopoly or increasing degree of competition which presumably applies mainly to the export markets. The hypothesis is advanced that more active competition has taken place in foreign markets which enabled Austrian manufacturing to increase its share in those markets. The reduction in profit margins was made possible by tax allowances i.e. by the quick write-off a considerable part of new investment. This tax allowances amounts to an interest free government loan to the investor, which in fact will not be repaid of the depreciation funds are reinvested immediately after the equipment is fully written off. The proportion of the industry's capital which is in this sense financed by the government increases over time as investment expands; a profit rate has to be earned only on the remaining capital stock, so that without reduction of the return on private capital the profit margins may be reduced. (The tax allowances thus amount to a virtual reduction of the capital coefficient which proceeds gradually over a long time.)The paper finally shows the relation between the share of savings and the share of corporate incomes in the total private income during the cycle. The share of saving moves with the cycle and this is made possible by a shift to corporate income.     

Geldtheorie und Konjunkturtheorie

Ohne Zusammenfassung     

Volkswirtschaft und Volkswirt

Ohne ZusammenfassungAntrittsvorlesung, gehalten im November 1927 an der Universität Wien.     

Transfer und Preisbewegung

Ohne ZusammenfassungÜbersetzt von Oskar Morgenstern, Wien.     

Phillips-Kurve und Bargaining-Theorie

Ohne ZusammenfassungSymbole N Beschäftigung - F (N) Produktionsfunktion (F>0,F <0) - Substitutionselastizität - Arbeitsangebot=Arbeitskräftepotential - Reallohnsatz - w Nominallohnsatz - p Preisniveau - T Zykluslänge - s Kosten der Erhöhung vonv (gemessen in Einheiten der Lohnsumme/Periode) - I Investition (konstant) - s_p (s_w) Sparquote aus Profiten (Löhnen) - Nutzendiskontrate - q Schattenpreis der Erhöhung von