Input Coefficient Change Using Biproportional Econometric Adjustment Functions

This paper deals with the issue of updating input-output (I-O) coefficients within a large-scale disaggregated econometric macro-model of the Austrian economy. Capturing the changes in input coefficients over time is an important issue in I-O modelling due to a lack of recent benchmark I-O tables in most countries. Different approaches for updating these coefficients can be found in the literature, such as adjusting input coefficients 'along the row' and variable input coefficients 'along the column' stemming from factor input equations derived from production or cost functions. This paper combines these two approaches, yielding a biproportional method. For the adjustment, 'along the column' econometric factor input functions are used to derive a sum of non-energy intermediate inputs. For the adjustment 'along the row' the starting point is a set of adjustment functions described in the literature: special emphasis is placed on econometric specification and 'cointegration accounting'.     

Der Übergang zur nachgelagerten Rentenbesteuerung

Der Bundesfinanzhof hat vor kurzem über eine m?gliche Doppelbesteuerung von Rentenbeitr?gen und Rentenzahlungen verhandelt. Wie wird die These einer Doppelbesteuerung begründet? Nach welchen Prinzipien sollte eine Einmalbesteuerung des Alterskonsums erfolgen? Ist die Rentenversicherung als ein interpersonelles oder ein intertemporales Umverteilungsverfahren zu betrachten?     

Mehr Fiskalkompetenz für die EU?

Die Schuldenkrise der Euro-L?nder hat schlaglichtartig die erheblichen finanzpolitischen Unterschiede zwischen den Mitgliedstaaten verdeutlicht. Viele der damit verbundenen Konflikte und Probleme w?ren m?glicherweise zu entsch?rfen, wenn die EU mehr Kompetenzen im fiskalischen Bereich erhielte. Dies wird von den ?konomen aus verschiedenen Gründen aber mehrheitlich abgelehnt.     

Europe’s agricultural policy facing new alternatives

“If the right decisions are not now taken, the Common Agricultural Policy of the European Community may collapse. The hour of truth has struck for agriculture.” So the Commissioner for Agriculture, Gundelach, in the spring of 1980 when appealing to the Members of the European Parliament “to support the Commission’s moderate proposals for price increases and the proposed measures for reducing the agricultural surpluses”¹. This scenario gives great topical value to findings set out in a publication, “Europe’s Agricultural Policy Facing New Alternatives”², of which we present here a summary. Its wellknown authors have tried to map out routes to a less contentious agricultural policy for the future.     

Temperature models for pricing weather derivatives

We present four models for predicting temperatures that can be used for pricing weather derivatives. Three of the models have been suggested in previous literature, and we propose another model that uses splines to remove trend and seasonality effects from temperature time series in a flexible way. Using historical temperature data from 35 weather stations across the United States, we test the performance of the models by evaluating virtual heating degree days (HDD) and cooling degree days (CDD) contracts. We find that all models perform better when predicting HDD indices than predicting CDD indices. However, all models based on a daily simulation approach significantly underestimate the variance of the errors.     

A positive theory of optimal personal income distribution and growth

The core of this paper (in a microeconomic foundation on three levels—income generation, income spending, and social climate of the society) consists of a concave relationship between the (in) equality of personal income and the per capita growth rate. The results mentioned are derived in conjunction with a social welfare function which is bounded by the concave function. Furthermore, ample empirical evidence is shown for the suggestions made in this paper.