2017
Montag, 22.05.2017
16:00 - 18:00

TU Wien, Sem. R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Inequality in Financial Capitalism

Der Vortragende

Prof. Pasquale Tridico

(Università di "Roma Tre")

Abstract

From the 1980s to the present day, the theoretical aspects of inequality (its foundations, definitions, approaches and origins) and empirical evidence of income inequality in a wide range of advanced economies are examined. The key arguments are that income inequality increased during this period because labour and welfare became seen as costs to be compressed in "financial capitalism" rather than as a fundamental part of aggregate demand to be expanded. This period also witnessed the growth of "financial capitalism", characterised by the strong dependency of economies on the financial sector, by the globalisation and intensification of international trade and capital mobility, and by the "flexibilisation" of labour markets which contributed to the reduction of wage shares and therefore to the increase of inequality.

Pasquale Tridico is a professor of Labour economics at the Roma Tre University in Rome, Italy. He is director of the two-year master’s degree in labour market, industrial relations and welfare systems and director of the master’s in human development and food security. He teaches also economic policy, and is the Jean Monnet Chair of Economic Growth and Welfare Systems. He is also general secretary of the European Association for Evolutionary Political Economy (EAEPE). He is the author of the book ‘Inequality in Financial Capitalism’

The slides to Prof. Tridico's presentation can be found here: SLIDES

Montag, 03.04.2017
16:00 - 18:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

The Dynamics of Europe´s Political Economy: a game theoretic analysis

Die Vortragende

Mag. Gizem Yildirim

Abstract

The process of coalition formation is the point of departure of this research. In my work, the focus is on the emergence and evolution of coalitions and issues of potential enlargement with the application of clustering methods borrowed from high energy physics. A game-theoretical coalition formation model is used and tailored to the EU and international coalitions in general. The aim is establishing links between the theoretical model and the formation of coalitions and thereby getting a better understanding of the dynamics of the coalition formation process. For this purpose, a sequential procedure is used in which players iteratively form subcoalitions. Two points are important when designing such a coalition formation game: (i) determining the players' preferences and (ii) the procedure. The first point is addressed by defining a distance measure. The distance between countries is measured by a distance function containing geometrical and non-geometrical elements. It is defined as a product of distance in population, GDP and political regime space and the distance in physical space. The second point is addressed by using a sequential clustering algorithm. The sequential algorithm for country clustering is inspired by the study of jets in high energy physics were also used for experiments conducted at CERN. To illustrate the predictions made by this model, the formation of the European Coal and Steel Community is examined. In the presented research, three common aspects are considered necessary for studying coalition formation processes: geographic, economic and social elements. Interdisciplinary work can provide a new perspective and deeper understanding of technical matters such as defining a distance function and reducing the complexity of the solution method.

Montag, 06.03.2017
13:00 - 15:00

TU Wien, Sem. R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Präsentation des neuen WIFO-Daten-Systems (WDS)

Die Vortragenden

Frau Lucia Glinsner
(Österreichisches Institut für Wirtschaftsforschung)

und

Herr Ingo Oberortner
(Wirtschafts- und Sozialwissenschaftliches Rechenzentrum)

Abstract

Das WIFO-Daten-System (WDS) ist ein von WSR und WIFO gemeinsam entwickeltes Informationssystem, welches unterschiedliche Datenquellen aus dem In- und Ausland importiert, homogenisiert und für wissenschaftliche Analysen und wirtschaftspolitische Entscheidungen aufbereitet. Zu Beginn wird der Aufbau der Daten im System kurz erläutert. Anschließend werden die umfangreichen Möglichkeiten, die das System bietet, veranschaulicht, z.B. die Suche nach Daten, wie diese beispielsweise im Excel weiterverarbeitet werden können, und welche sonstigen Möglichkeiten das System bietet.

Freitag, 27.01.2017
14:00 - 17:00

TU Wien, Sem. R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Public Goods as Drivers of Growth

Der Vortragende

Univ.-Prof. Dr. Lionello Punzo,

UNISI, Italy
and
UFRJ, Brazil

Abstract

This contribution reconstructs the evolution of our understanding of the growth/development process in the light of the role successively assigned to a variety of non pure public goods as drivers and value creators, and how the associated governance/appropriation issues have been treated. Our exercise stresses the convergence of at least two distinct theoretical traditions: the theory of private/public goods with the related debate over state/vertical integrated firms versus market, and the theories of growth. On the one side, there is a line of reflection on goods’ characteristics, branching off into many a direction, and leading more recently to E. Ostrom’s analysis of Common Pool Resources (CPRs) and to theories of clustering/territorial structuring. On the other hand, Neo classical Theory was born around the notion that the growth fundamental driver, technical progress (TP), could be treated as manna from the sky, in other words as having the characteristics of nonexcludability and nonrivality of a pure public good. Such approach, accordingly, is phrased within an institution-less environment and promotes a view of growth as a continuous and in particular cross country homogenous process, later leading to the so called convergence debate. Contrary to the predictions of the theory, extensive research has shown various growth patterns, a fact that that view of TP could not accommodate. Reflection was forced to go back to basics. The main direction that was taken, makes TP endogenous, effectively privatizing TP by making it the result of a profit-seeking activity. An alternative approach, sprung up from a re-examination of sustainability at the local level with an evolutionary inspiration, and capitalizes the advances in a variety of theoretical reflections on the experience of local development. It highlights the existence of growth drivers other than TP., focusing on idiosynchratic resources(resources that belong), and thus it (re-)discovers the role played by broadly defined non pure public goods, the union set of Local Public Goods (e.g. institutions, culture, structured territory) and (old and new) Common Pool Resources (CPRs). Such resources are seen as the foundations of a competitive edge for territories to safely sail through globalization. With the renovated role identified for non private goods, three issues arise. First, in order to effectively act as drivers of sustainable growth, the role of such non pure public goods (NPPGs) to production and generally welfare and that in general they are socially produced must be recognized. Then, given their nature, governance issues, production organization and the economic valorization of their contribution become essential. The latter, finally, introduces the still solved- problem of the appropriation/distribution of the value created. The debate has rejuvenated certain institutionalist themes, but such issues are still largely in want of adequate solutions. We only provide some hints.

Montag, 23.01.2017
17:00 - 19:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

I Lie? We Lie! Why? Experimental Evidence on a Dishonesty Shift in Groups

Der Vortragende

Prof. Dr. Martin Kocher
IHS Wien

Abstract

Unethical behavior such as dishonesty, cheating and corruption occurs frequently in organizations or groups. Recent experimental evidence suggests that there is a stronger inclination to behave immorally in groups than individually. We ask if this is the case, and if so, why. Using a parsimonious laboratory setup, we study how individual behavior changes when deciding as a group member. We observe a strong dishonesty shift. This shift is mainly driven by communication within groups and turns out to be independent of whether group members face payoff commonality or not (i.e. whether other group members benefit from one’s lie). Group members come up with and exchange more arguments for being dishonest than for complying with the norm of honesty. Thereby, group membership shifts the perception of the validity of the honesty norm and of its distribution in the population.

 


2016
Montag, 12.12.2016
17:00 - 19:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Limiting the market for information as a tool of governance
Evidence from Russia


Der Vortragende

Klaus Ackermann
Center for Data Science and Public Policy
(University of Chicago)

Department of Economics
(Monash University)

Abstract

This paper presents a novel measure of subtle government intervention in the news market achieved by throttling the Internet. In countries where the news media is highly regulated and censored, the free distribution of information (including audio and any visual imagery) over the Internet is often seen as a threat to the legitimacy of the ruling regime. This study compares electoral outcomes at polling station level between the Russian presidential election at the beginning of March 2012 with the parliamentary election held three months earlier in December 2011. Electoral regions in two cases are compared: regions that experienced internet censorship at the presidential election but not the parliamentary election; versus regions that maintained a good internet connection without interference for both elections. Internet censorship is identified using randomised internet probing data in accuracies down to 15-minute intervals for up to a year before the election. Using a difference in difference design, an average effect of increased vote share of 3.2 percentage point for the government candidate is found due to internet throttling. Results are robust to different specifications and electoral controls are used to account for the possibility of vote rigging.

Montag, 14.11.2016
17:00 - 19:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Decomposition of global energy intensity trends: A new approach using the Environmentally Extended Input-Output Analysis

Der Vortragende

Daniel Croner
(Universität Wien)

Abstract

This paper analyses recent energy intensity trends of 40 major economies. Our main focus lies on the question whether improvements in energy efficiency were due to structural change towards a greener economy or a consequence of technological improvements. In contrast to previous studies, we account for intersectoral trade by using the World Input-Output database and adjust sector-specific energy use via the environmentally extended input-output analysis. We find strong differences between adjusted and unadjusted energy consumption across sectors, particularly in the construction and electricity industry. Using the three factor Logarithmic Mean Divisia Index method, our decomposition analysis shows that recent energy intensity reductions were mostly driven by technological advances. Structural changes within countries played only a minor role, whereas international trade by itself even increased global energy intensity. Compared to previous studies that used unadjusted sectoral energy data, we find structural effects on energy intensity reductions to be systematically weaker under adjusted data. The differences are particularly striking on a country-level, e.g. for Japan and Turkey.

Montag, 20.06.2016
16:00 - 18:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Going from Bad to Worse: Adaptation to Poor Health, Health Spending, Longevity, and the Value of Life

Der Vortragende

Johannes Schünemann
(Georg-August-Universität Göttingen)

Abstract

Aging humans adapt to their worsening state of health and old people are usually happier than estimated by young individuals. In this paper we investigate how adaptation to a deteriorating state of health affects health spending, life expectancy, and the value of life. We set up a life cycle model in which individuals are subject to physiological aging, calibrate it with data from gerontology, and compare behavior and outcomes of adapting and non-adapting individuals. While adaptation generally increases the life-time utility (by about 2 percent), its impact on health behavior and longevity depends crucially on whether individuals are aware of their adaptive behavior, i.e. whether they adapt in a naive or sophisticated way. We also compute the QALY change implied by health shocks and discuss whether and how adaptation influences results and the desireability of positive health innovations.

Montag, 13.06.2016
16:00 - 18:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Germany's Current Account Surplus, Structural Imbalances and the Refugees - An economic discussion

Der Vortragende

Dr. Andreas Wörgötter
(ex-OECD)

Abstract

Germany is perceived as a strong economy and its high current account surplus is commonly interpreted as an indication of competitiveness and worldwide preferences for high-quality German made products. The labour market is back to full employment. Fiscal balances are sustainable and well-being indicators signal a high degree of satisfaction by the German population. In this situation the inflow of young migrants should be perceived as a positive external impulse, which improves the welfare of the incumbent labour force. However, the rise of new, populist and anti-migration parties as well as the decline of mainstream parties indicate that standard models may not capture all aspects of the current situation in Germany.
This research in progress is presenting a 2-step approach to provide an economic framework describe the tensions surrounding immigration in Germany:
1) A two sector model for Germany is presented to describe the co-existence of low overall growth and the current account surplus as a consequence of the widening productivity gap between export-oriented manufacturing and services supplied for domestic demand.
2) The integration of migrants will go through the usual steps. I will argue that the possibility of migrants to find jobs depends on either wage or structural flexibility. The German situation is characterised by wage rigidity and structural rigidity.
3) As a consequence the possibilities of migrants to benefit the German economy are limited while the fiscal costs are high because of the emerging long-term unemployment of migrants and associated additional costs of failing integration.
The way out is to reform the regulatory environment for Germany’s services to reduce entry barriers, foster innovation and encourage job creation.

Montag, 30.05.2016
16:00 - 18:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

European Labour Markets and Migration with Respect to Turkish EU-Membership: An Agent-Based Model of Labour Migration and Networks

Die Vortragende

Zeynep Siretioglu Girgin
(Bilgi Universität Istanbul)

Abstract

The aim of the agent-based model is to simulate the timing and direction of international migration flows from Turkey towards three selected EU-15 countries in successive time periods and as a response to macroeconomic developments in the countries concerned. Migration is a life-cycle decision, and overlapping generations exist. Return migration is possible. The model focuses on labour migration and family reunifications due to social networks. Based on behavioural theories of migration, two decision processes are modelled: employment decisions of firms and migration decisions of people. For parametrization, data of the Commission’s AMECO database and of the World Bank are used. Higher expected earnings, network ties to other migrants in destination, age and labour market policies are expected to have a significant effect on migratory movements. Life courses of real and simulated agents should diverge.

Montag, 11.04.2016
16:00 - 18:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

I Should not be Eating this Donut: Impulse Control, Healthy Behavior, and Longevity

Der Vortragende

Prof. Dr. Holger Strulik
(Georg-August-Universität Göttingen)

Abstract

This paper proposes a novel framework to discuss impulse control problems in the context of endogenous health and longevity. Individual decisions are conceptualized as the partial control of impulsive desires of a short-run self (the limbic system) by a rationally forward-looking long-run self (the prefrontal cortex). The short-run self strives for immediate gratification through consumption of health-neutral and unhealthy goods. The long-run self reflects the long-term consequences of unhealthy behavior on health outcomes and longevity and invests time and money to improve current and future health. The model is calibrated with US data and used to provide a first assessment of the impact of imperfect self-control on unhealthy consumption, physical exercise, life-time health, longevity, and the value of life.

Montag, 14.03.2016
16:00 - 18:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

The Quest for Status and R&D-based Growth

Der Vortragende

Prof. Dr. Klaus Prettner
(Universität Hohenheim)

Abstract

We analyze the impact of status preferences on technological progress and long-run economic growth. For this purpose, we extend the standard relative wealth approach by allowing the two components of the representative household's wealth, physical capital and shares, to differ with respect to their status relevance. Relative wealth preferences imply that the effective rate of return of saving in the form of a particular asset is the sum of its market rate of return and its status-related extra return. It is shown that the status relevance of shares is of crucial importance: First, an increase in the intensity of the quest for status raises the steady-state economic growth rate only if the status-related extra return of shares is strictly positive. Second, for any given degree of status consciousness, the long-run economic growth rate depends positively on the relative status relevance of shares. Third, while in the standard model the decentralized long-run economic growth rate is less than its socially optimal counterpart, the wealth externalities in our model counterbalance this distortion to some extent provided that shares matter for status.

Montag, 18.01.2016
17:00 - 19:00

TU Wien, Sem.R. DB gelb 04 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Disability in Retirement, Home Production, and Informal Insurance Between Spouses

Der Vortragende

Dr. Bertrand Achou
(Paris School of Economics)

Abstract

How does the potential informal insurance from a spouse - i.e. the fact that a healthy spouse might "take care" of a disabled one - impact the life-cycle decisions of the elderly? In other words, is this insurance strong enough to affect their dissavings behaviours? To answer this question, I build a life-cycle model of retired households in which couples are modelled explicitly and in which the above informal insurance channel is introduced through the presence of home production. Quantitatively, the model replicates the main patterns of savings and informal insurance observed in the data. Shutting down this informal insurance has only a minor influence on the wealth patterns of retired couples, casting doubt on the idea that it provides a strong protection against disability-related expenditures in old age. The positive correlation of disability risk between partners and the high risk of being widowed while disabled are key to this result.

 


2015
Dienstag, 30.06.2015
17:00 - 19:00

TU Wien, HS 14A Günther Feuerstein (Karlsplatz 13, Stiege 3, 3. Stock)
 

Small Countries in a highly complex World Economy - can they survive?

Die Vortragende

Dr. Leena IImola-Sheppard
(International Institute for Applied Systems Analysis [IIASA])

Abstract

Global uncertainties are shaping the world; Crimean conflict freezes trade, the pressure of Isis is shaping geopolitical coalitions, the price of oil is dropping dramatically, 3D printed heart transplants and over 90 percent of the global fund management is run by automatic algorithms, that may fail at any moment…. National decision makers are making decisions in this environment of uncertainty. What makes a country fail or succeed in an increasingly volatile global system? Comparison of three countries, Korea, Finland and Austria will reveal some means of building or destroying resilience.

Dienstag, 02.06.2015
17:00 - 19:00

TU Wien, HS 14A Günther Feuerstein
(Karlsplatz 13, Stiege 3, 3. Stock)
 

Why and How to overcome General Equilibrium Theory

Der Vortragende

Univ.-Doz. Mag. DI Dr. Erhard Glötzl

Abstract

For more than 100 years economists have tried to describe economics in analogy to physics, more precisely to classical Newtonian mechanics. The development of the Neoclassical General Equilibrium Theory has to be understood as the result of these efforts. But there are many reasons why General Equilibrium Theory is inadequate: 1. No true dynamics. 2. The assumption of the existence of utility functions and the possibility to aggregate them to one “Master” utility function. 3. The impossibility to describe situations as in “Prisoners Dilemma”, where individual optimization does not lead to a collective optimum. This paper aims at overcoming these problems. It illustrates how not only equilibria of economic systems, but also the general dynamics of these systems can be described in close analogy to classical mechanics. To this end, this paper makes the case for an approach based on the concept of constrained dynamics, analyzing the economy from the perspective of “economic forces” and “economic power” based on the concept of physical forces and the reciprocal value of mass. Realizing that accounting identities constitute constraints in the economy, the concept of constrained dynamics, which is part of the standard models of classical mechanics, can be applied to economics. Such a framework allows understanding both Keynesian and neoclassical models as special cases of NCD-Models in which the power relationships with respect to certain variables are one-sided. As mixed power relationships occur more frequently in reality than purely one-sided power constellations, NCD-models are better suited to describe the economy than standard Keynesian or Neoclassic models. A NCD-model can be understood as “Time Continuous”, “Stock Flow Consistent”, “Agent Based Model”, where the behavior of the agents is described with a general differential equation for every agent. In the special case where the differential equations can be described with utility functions, the behavior of every agent can be understood as an individual optimization strategy. He thus seeks to maximize his utility. However, while the core assumption of neoclassical models is that due to the “invisible hand” such egoistic individual behavior leads to an optimal result for all agents, reality is often defined by “Prisoners Dilemma” situations, in which individual optimization leads to the worst outcome for all. One advantage of NCD-models over standard models is that they are able to describe also such situations, where an individual optimization strategy does not lead to an optimum result for all agents. This will be illustrated in a simple example. In conclusion, the big merit and effort of Newton was, to set the right terms (physical force, inert mass, change of velocity) into the right relation. Analagously the apprppriate terms of economics are force, economic power and change of flow variables. NCD-Models allow setting them into the right relation to each other.

Donnerstag, 21.05.2015
16:00 - 18:00

TU Wien, EI 5 Hochenegg-Hörsaal
(Gußhausstraße 25 - 29, 2. Stock)
 

The Physiological Foundations of Comparative Economic Development

Der Vortragende

Prof. Dr. Holger Strulik
Universität Göttingen

Abstract

In this paper we provide a new explanation, based on physiological constraints of long-run human evolution, for the so called reversal of fortune. Specifically we explain why for most of human history the more densely populated regions were situated at low absolute latitude and produced more technological innovations and why, nevertheless, the originally less densely populated regions at higher latitudes were the first to initiate the fertility transition, investment in education, and the take-off to modern growth. The explanation is based on the evolution of comparative advantage in the child quality-quantity dimension, taking place long before the onset of formal education. Humans evolving in temperate zones developed a comparative advantage in investment in child quality in terms of nutrition because in cold environments larger bodies are more energy efficient. Consequently colder areas were less densely populated and less innovative during Malthusian times. The fact that humans in temperate zones faced higher nutritional costs per child explains why they started to invest earlier in formal education and experienced an earlier take-off to modern growth.

Dienstag, 19.05.2015
17:00 - 19:00

TU Wien, Hörsaal 14A Günther Feuerstein
(Karlsplatz 13, Stiege 3, 3. Stock)
 

Desire and Development

Der Vortragende

Prof. Dr. Holger Strulik
Universität Göttingen

Abstract

This paper sets up a unified growth model and explores the impact of gender differences in the desire for sex and the distribution of power in the household for the onset of the demographic transition and the take-off to growth. Depending on the price and efficacy of modern contraceptives, the gender wage gap, and female bargaining power the model assumes one of two possible solutions. At the traditional equilibrium, contraceptives are not used, fertility is high and education and growth are low. At the modern equilibrium, contraceptives are used, fertility is low and further declining with increasing income, and education and growth are high. The theory motivates an endogenous preference reversal. At the traditional equilibrium (i.e.\ in poor economies) men want to have more children than women whereas at the modern equilibrium (in developed economies) men prefer fewer children than women. Female empowerment leads to lower fertility and more education at the traditional equilibrium and to an earlier onset of the demographic transition and the take-off to modern growth.

Dienstag, 24.03.2015
15:00 - 17:00

TU Wien, Seminarraum DB04E11 (Wiedner Hauptstraße 8, gelber Bereich, 4. Stock)
 

Trade and Productivity: The Family Connection Redux

Der Vortragende

Dr. Klaus Prettner
Technische Universität Wien

Abstract

We investigate the effects of human capital accumulation on trade and productivity by integrating a micro-founded education and fertility decision of households into a model of international trade with firm heterogeneity. Our theoretical framework leads to two testable implications: i) the export share of a country increases with the education level of its population, ii) the average profitability of firms located in a country also increases with the education level of its population. We find that these implications are supported by empirical evidence for a panel of OECD countries from 1960 to 2010.

Dienstag, 20.01.2015
15.30 - 16.30

TU Wien, Seminarraum 105A (Argentinierstr. 8/4/12)
 

Elite Education, Mass Education, and the Transition to Modern Growth

Der Vortragende

Dr. Katharina WERNER
Universität Göttingen

Abstract

For most of human history there existed a well-educated and innovative elite whereas mass education, market R&D, and high growth are phenomena of the modern period. In order to explain these phenomena we propose an innovation-driven growth model for the very long run in which the individual-specific return to education is conceptualized as a compound of cognitive ability and family background. This allows us to establish a locally stable steady state at which family background determines whether an individual experiences education and a locally stable steady state at which education is determined by cognitive ability. Compulsory schooling can move society from elite education to mass education. An interaction between education and life expectancy explains why the education period gets longer with ongoing economic development. Embedding this household behavior into a macro-economy we can explain different paths to modern growth: According to the Prussian way, compulsory education is implemented first and triggers later on the onset of market R&D and modern growth. According to the British way, market R&D and the take-off to growth is initiated without mass education, which is triggered later by technical progress and economic development.

Donnerstag, 08.01.2015
16:00 - 18:00

TU Wien, EI 1 Petritsch Hörsaal (Gußhausstraße 25 - 29, 2. Stock)
 

The Crisis of Finance and the Crisis of Accumulation

Der Vortragende

Prof. Jan Toporowski
SOAS University of London

Abstract

The financial crisis since 2008 has been analysed by critics of finance as a crisis of deregulation, financialisation, neo-liberalism and speculation. There was indeed a crisis of liquidity in money and capital markets. But this cannot be understood without a serious critique of how capitalism functions, integrating the theory of production with distribution, and the financing of capital accumulation. The present crisis was initiated in the summer of 2008 by non-financial corporations that had become over-reliant on short-term borrowing to finance merger and takeover activity. The squeeze on the liquidity of non-financial corporations obliged them to reduce fixed investment. This reduction in investment transmitted the crisis to the rest of the economy. It was this reduction that has seriously impaired the ability of economies to support debt structures.

 


2014
Montag, 27.10.2014
14:00 - 17:00

TU Wien, SEM 105A (Argentinierstraße 8, 1. Stock)
 

Pollution, Public Health Care, and Life Expectancy when Inequality Matters

Der Vortragende

PD. Dr. Andreas Schäfer
ETH Zürich

Abstract

We analyze the link between economic inequality in terms of wealth, life expectancy, health care and pollution. The distribution of wealth is decisive for the number of households investing in human capital. Moreover, the willingness to invest in human capital depends on agents’ life expectancy which determines the length of the amortization period of human capital investments. Life expectancy is positively affected by public health care expenditures but adversely affected by the pollution stock generated by aggregate production. Our model accounts for an endogenous take-off in terms of human capital investments. Higher initial inequality delays the take-off because a given set of policies (abatement measures and public health care) is less effective in improving agents’ survival probabilities.We compare a change in taxes to a change in expenditure shares on health and abatement given different amounts of (initial) inequality. The advantage of the latter as compared to the former is the achieved increase in the tax base which induces more expenditures on health care and abatement measures, such that an even higher economic activity is compatible with a similar level of long-run pollution.

Mittwoch, 15.10.2014
17:00 - 19:00

TU Wien, Gußhausstraße 27 - 29, 6. Stock, Kontaktraum (Raumnummer CD0603)
 

Umverteilung der Ressourcen über das Alter: Eine komparativ europäische Analyse auf Basis nationaler Transferkonten

Diese Veranstaltung findet im Rahmen der "Lambrechter Denkräume" statt.

Dienstag, 14.01.2014
17:00 - 18:30

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 15
 

The Impact of the Economic Crisis on EU Labour Markets: A Comparative Perspective

Der Vortragende

Prof. Pasquale Tridico
Università di "Roma Tre"

Abstract

Using a "crisis management index" to rank the combined GDP and labour market performances of the EU’s 27 Member States, the author considers why some countries performed better than others in managing the economic crisis over the period 2007 - 12. Based on empirical correlations and regression analysis, he concludes that the best performers share a coordinated market economy model: they feature a mix of economic policies and social institutions - including coordination mechanisms and tighter financial regulation - which helped to stabilize their levels of consumption and aggregate demand. Moreover, they do not have flexible labour markets and thus managed to maintain stable employment levels.

The paper, which is the basis of this talk can be downloaded here: DOWNLOAD

 


2013
Montag, 28.10.2013
17:30 - 19:30

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
(Links neben Hörsaal 7 Eingang)
 

Reallocation of Resources between Generations and Genders in the Market and Non-Market Economy: The Case of Italy

Marina Zannella
(Vienna University of Technology, Institute of Mathematical Methods in Economics)

This research develops National Transfer Accounts for Italy. These accounts measure age-specific and gender-specific production and consumption as well as the reallocation of resources between different age groups and between genders. They encompass the public and the private sector and the market and non-market dimensions of the economy. The inclusion of unpaid work, referring to household and care time, allows for an insight into the gender division of labor in the Italian familistic welfare regime.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Dienstag, 08.10.2013
17:00 - 18:30

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 15
 

What is the Future of Consumption

Der Vortragende

Dr. Andreas Chai
Griffith University Brisbane, Australia

Abstract

The purpose of this talk is to consider how global consumption patterns will develop in the next few decades, and what the consequences of that development will be for the economy, policymakers and society at large. In the long run, as Keynes recognized, the extent to which economic growth translates into better living conditions strongly depends on how consumption patterns evolve as households become more affluent (Keynes 1933). In developing countries, there is little doubt that current, resource-intensive consumption patterns in the West are setting important trends for increasingly affluent consumers in developing countries. Given that by 2030 around 3.1 billion people are projected to enter the middle class around the word (OECD 2010), questions arise about how sustainable these shifts in global consumption patterns are. At the same time, consumption patterns in the West are also being fundamentally reshaped as consumers, thanks to decades of rising real incomes, entrepreneurial effort and technological progress, have well and truly moved beyond satisfying their basic needs. Here, the nature of the economic problem is increasingly focused on more non-material and abstract aspects of life such as social interactions, the allocation of time and other cognitive concerns, as well as the avoidance of boredom.

The time is rife to consider the implications of these global trends as a renaissance is currently underway in the contemporary study of demand and consumer behavior. In microeconomics, the relative nature of consumption and the role of the social environment have become prominent issues in the recent literature. There is also a shift towards considering how biological evolution shapes consumption patterns, which has endowed individuals with a set of "impulses and instincts" (in the words of Keynes). In macroeconomics, scholars are also paying greater attention to how the composition of spending evolves as consumer become more affluent, whether it will necessarily always continue to rise as household income grows, and what the long run consequences are for global growth patterns. Both fields also exhibit growing awareness of the role that income inequality plays in shaping consumer demand. Finally, from the view of welfare economics, these trends begs us to consider whether increases in per capita consumption expenditure can always be presumed to deliver higher living standards.

These are but a sample of problems that come to mind when we think of the future of consumption and the kind of living standards our grandchildren may come to enjoy in the next decades. The special issue will bring together papers that formulate - necessarily in somewhat speculative ways - what insights contemporary economic theory can offer about the future of consumption.

Donnerstag, 27.06.2013
18:00 - 20:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
(Links neben Hörsaal 7 Eingang)
 

Do European parental leave policies support an equal gender division of labour? Developing an EGDL-indicator

Helene Dearing
(Vienna University of Economics and Business,
Institute for Social Policy)

This article contributes to the literature systematically assessing the contributions of parental leave policies towards gender equality. It compares parental leave policies from 26 European countries regarding their support of an equal gender division of labour using recent policy data on a national level. The analyses aims for a comprehensive approach towards the concept of the gender division of labour and therefore accounts for the impact of parental leave on both spheres of work - paid employment and unpaid family work - as complementary elements. It first relies on recent empirical evidence that suggests several insights about the effect of parental leave on mothers’ employment and fathers’ engagement in unpaid family work. An "Equal Gender Division of Labour"-indicator (EGDL-indicator) is than composed out of the three most crucial parental leave instruments that are identified to influence the gender division of labour: the duration of total leave, the provision of payments and some months of leave are based on an individual and non-transferable entitlement (and are therefore "reserved" for the father). However, in contrast to previous studies, the EGDL-indicator explicitly accounts for recent results from empirical literature about the particular shape of the relation between leave instruments and the gender division of labour. Several studies do not only find a positive effect from the overall duration of leave, but also suggest that this effect diminishes with the duration of leave, indicating an inverted U-shape relation between the duration of leave and mothers’ employment participation. In addition, recent empirical literature suggest some conflicting results from the provision of payments on mothers’ employment and on fathers’ participation in unpaid family work. The proposed EGDL-indictor explicitly accounts for this non-linearity and the competing dynamics in the relation between singular parental leave instruments and the gender division of labour. It is concluded that, there is a remarkable difference in European leave policies regarding their support of an equal gender division of labour.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Donnerstag, 25.04.2013
15:00 - 17:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 14
 

Stability and indeterminacy of the equilibrium with continuous time OLG models

Der Vortragende

Prof. Hippolyte d´Albis
University Paris 1, Paris School of Economics, France

Abstract

In this article, we propose conditions for the existence and uniqueness of solutions of scalar differential equations of mixed type. We apply them to establish the degree of indeterminacy of the equilibrium of an overlapping generation model with continuous trading.

Donnerstag, 25.04.2013
18:00 - 20:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
(Links neben Hörsaal 7 Eingang)
 

The Economic Life Course in European Societies: Compression of Production Activities and Emergence of the "Rush Hour of Life"

Bernhard Hammer
(Vienna University of Technology)

The consequences of population ageing for wealth, welfare and well-being of societies strongly depend on the design of the economic life course, i.e. the relation between age and economic activities. The economic life course reflects individual preferences and life circumstances but is also strongly influenced by social structures. These are rules and practices which are commonly adopted within a society and often embodied in institutions. Of particular importance for the economic life course are those rules and practices affecting the access to economic resources at each age. Some of these rules and practices, in particular in the public sphere, are rigid and show a persistent inertness regarding changes in the lives of the people. This in turn leads to a misfit between the socially structured life course and individual goals, life circumstances and preferences. In this paper we identify potential problems in the way individual life courses are socially structured. One particular problematic development in the last decades is the emergence of the "rush hour of life", i.e. a compression of paid work and childcare activities in a rather short period of life, which increases the difficulty to reconcile the important life goals of an occupational career and a fulfilling family live. We use income and time use data to illustrate the emergence of the "rush hour of life" and to compare the economic life course across selected European countries. We aim to identify best practice examples for the design of social structures and the economic life course and provide suggestions how to reduce the misfit between social structures and the lives of people.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Dienstag, 23.04.2013
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 14
 

Factors explaining retirement age trends: a quantitative assessment

Der Vortragende

Prof. Hippolyte d´Albis
University Paris 1, Paris School of Economics, France

Abstract

In this article a life-cycle model with endogenous age at retirement is calibrated on historical US data to assess the quantitative impact of changes in: (i) the Social Security System, (ii) the increase in longevity, (iii) the increase in productivity. We find that the latter is the main factor that has influenced the dynamics of the age at retirement over the last 20 years.

Dienstag, 16.04.2013
17:00 - 19:00

TU Wien, Karlsplatz 13,
3. Stock, Stiege 3
HS 14A (Günther Feuerstein)
 

Foreign currency borrowing and knowledge about exchange rate risk

Der Vortragende

Dr. Helmut Stix
Oesterreichische Nationalbank

Abstract

Foreign currency borrowing is widespread in many regions of the world. This raises the question whether unhedged borrowers do not understand the exchange rate risk emanating from such loans. Employing household level micro-data from nine Central and Eastern European countries we study how agents’ knowledge about exchange rate risk affects the currency denomination of loans. Results show, first, that a majority of respondents is aware that depreciations increase loan installments. Second, we find that knowledge about the exchange rate risk lowers the demand for foreign currency borrowing. To assess the causal effect of literacy on loan demand we utilize information on agents’ exchange rate expectations. Overall, results suggest that financial literacy exerts a strong impact on the choice of the loan currency. However, from an aggregate perspective, a misunderstanding of the underlying risks is not the main cause of foreign currency borrowing.

Montag, 18.03.2013
18:00 - 20:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
(Links neben Hörsaal 7 Eingang)
 

Reputation Building in Hostage-Taking Situations – A game theoretic approach

Daphne Laster
(University of Vienna and Austrian Institute for Economic Research (WIFO))

This paper takes a different look at terrorism and in particular at hostage taking. Scientists from many different research fields have studied terrorism, but these analyses often exclude economic perspectives. Game theory as economic tool can provide new insights to this controversial topic and may be able to point out why some government strategies for deterring terrorism are not optimal and are bound to fail. An analysis of terrorism deterrence cannot be complete without a game theoretic approach. Does a terrorist act rationally? How should governments design policies when facing a potential terroristic attack? These and many more questions have been investigated in economical approaches to terrorism. The focus of this paper is on hostage taking situations and optimal strategies for governments under such circumstances. A game theoretic repeated model with asymmetric information is presented, to investigate reputation building behaviour not only by the government but also by the terrorist.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Donnerstag, 31.01.2013
15:00 - 17:00

TU Wien, Gußhausstraße 25,
2. Stock, Stiege VIII
EI 1 (Petritsch HS)
 

Transforming Central Europe. Repairing a Ship on the Open Sea in Stormy Weather

Der Vortragende

Ass. Prof. Pasquale Tridico
Università di "Roma Tre", Italy

Abstract

The aim of this paper is to find a relationship between institutions and economic development in the former communist economies in Central Eastern Europe and in the former Soviet Republics. Following the literature concerning the varieties of capitalism, the author classifies these economies according to their socio-economic models and tests whether the model has an impact on economic development. The author describes five socio-economic models among the former communist economies: the competitive capitalist model, the corporatist model, the dirigiste model, the hybrid model, and the state capitalist model. Using a factor analysis, the author determines that the characteristics of a competitive capitalist model do not significantly impact economic growth. However, economic growth and human development in particular are stimulated by high levels of public expenditure in health and education, and democratic political rights and civil liberties. These two variables are characteristic of a corporative capitalist type of socio-economic model.

Dienstag, 22.01.2013
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
(Links neben Hörsaal 7 Eingang)
 

Zeitnutzung und Nachhaltigkeit: eine kritische Analyse der Green Growth Debatte (Time Use and Sustainability: reconsidering the Green Growth debate)

Wolfgang Fellner
(WU Wien - Institut für Regional- und Umweltwirtschaft)

und

Roman Seidl

Die Debatte über "Green Growth" konzentriert sich auf die Frage wie durch technologische Entwicklungen Produktionsprozesse ressourcensparender gestaltet werden können. Dabei wird oftmals weder die zugrunde liegende Vorstellung von Wohlstand (als Kaufkraft) infrage gestellt, noch die Rolle des Konsums zur Einsparung von Ressourcen thematisiert. Wir entwickeln ein Zeitnutzungsmodell, in dem unter Wohlstand die Möglichkeit verstanden wird, den gewünschten Konsumaktivitäten nachzugehen. Dabei zeigt sich, dass eine Ausweitung der Produktion - also Wirtschaftswachstum - nur unter spezifischen Bedingungen wohlstandssteigernd ist. Es wird die Frage behandelt wie realistisch das vom UNEP (Umweltprogramm der vereinten Nationen) und der EU Kommission propagierte Modell des "Green Growth" ist und welche Hindernisse und Alternativen es dafür gibt.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Dienstag, 15.01.2013
17:00 - 18:30

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 15
 

Macroeconomic Financial Programming

The Speaker

Dr. Erich Spitäller
Joint Vienna Institute

Abstract

This presentation outlines a simple macroeconomic framework with reference to the characterization and interrelationship of its sectors, real, external, fiscal, monetary, to performance indicators gauging the state of the economy, and to the design and operation of positive, baseline and normative, program scenarios. Baseline scenario projections one year ahead, grafted on a selected period of past developments, take into account the economy’s underlying momentum and information on specific details affecting projection year behavior. In this context, individual sector projections, consistent across the board, are made from linked sectoral models. Assessment of the projected values of different performance indicators helps flag what weaknesses would call for policy correction. Program scenario projections set quantitative targets for selected performance indicators in a medium term context. The projections one year ahead, the first step in the realization of those targets, determine the requisite macroeconomic, financial policy action. To this is added an agenda of structural reforms in different sectors. Jointly, adjustment and reform should help launch the economy on a trajectory of sustained improvement.

About the Speaker

Erich Spitäller holds a Doctorate in Law from the University of Graz and a Master's degree from the School of Advanced International Studies of the Johns Hopkins University. He was a Visiting Scholar / Lecturer at Oxford University. His publications have appeared in IMF Staff Papers and other journals. Mr. Spitäller has held various positions at the OECD in Paris, as Senior Economist in the Financial Affairs Directorate, and at the IMF, including as Senior Economist in the Research Department, IMF Advisor to the Governor of the Lebanese Central Bank in Beirut, Division Chief in the European Department, and Senior IMF Resident Representative in Viet Nam and Cambodia, and in Nepal. At present he is an IMF Consultant with recent assignments in Vienna and in Africa (Senegal, The Gambia, Tunisia, Ghana, Nigeria, Uganda)

Freitag, 11.01.2013
17:30 - 19:30

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
(Links neben Hörsaal 7 Eingang)
 

Extreme Events and Distribution: The Role of Limited Information and Heterogeneous Agents

Ali Asjad Naqvi
Center for Economic Research in Pakistan (CERP)

This paper presents a computational model, emphasizing feedback effects and the heterogeneity of agents in situations of large economic shocks. It therefore complements the well-developed body of literature modeling economic shocks using input-output models or computational general equilibrium models, which are naturally suited to the assumptions of zero or perfect substitution, respectively. We show in the framework of a stock-flow consistent, spatial-temporal dynamic micro simulation that large economic shocks can have negative effects on distribution and that these furthermore can exhibit some hysteresis. In particular, we find that income inequality worsens in the medium run after a shock, while consumption inequality increases in the short run.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

 


2012
Freitag, 14.12.2012
17:30 - 19:30

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
(Links neben Hörsaal 7 Eingang)
 

Die Bedeutung ethischen Konsumierens für die gesellschaftliche Konstitution von KonsumentInnen am Beispiel FAIRTRADE-Österreich

Romana Brait

Die heutige Konsumgesellschaft hat vielfältige Konsumstrukturen und -normen hervorgebracht und damit die gesellschaftliche Bedeutung des Konsumenten bzw. der Konsumentin neu konstituiert. Konzepte des ethischen Konsumierens haben dabei im letzten Jahrzehnt zunehmendes Gewicht erhalten. Diese Moralisierung des Konsums ist Teil einer Entwicklung des gesellschaftlichen Diskurses über Konsumieren, indem einerseits die Anforderungen der Gesellschaft an die KonsumentInnen aber auch die Ansprüche von KonsumentInnen an Konsumprodukte verändert werden. Der Beitrag des ethischen Konsums zur Aushandlung der diskursiven Konstitution und Organisation von Konsumieren soll im Vortrag an Hand der Organisation FAIRTRADE-Österreich untersucht werden. Dafür werden die Ergebnisse einer Diskursanalyse ausgewählter Werbematerialen von FAIRTRADE vor- sowie zur Diskussion gestellt.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Dienstag, 04.12.2012
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 15
 

Interactions Between Spouses' Time Allocation

Die Vortragende

Univ.-Prof. Dipl.-Vw. Monika Gehrig-Merz, PhD
Universität Wien und CEPR

Abstract

The large majority of members of the working-age population live in some form of different-sex partnership. Evidence from time-use surveys suggests that within those partnerships, the allocation across key activities systematically varies between women and men, even when children are absent. We provide such evidence from the German ZBE 2001/02. We formulate a structural model of couples allowing each partner to allocate available time between market work, leisure, and home work. Couples form because of consumption externalities and the possibility to specialize. This model is used as a laboratory to explore to which extent observed differences in time-allocation are due to differences in wages, or preferences between partners.

Donnerstag, 22.11.2012
17:30 - 19:30

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
(Links neben Hörsaal 7 Eingang)
 

The coevolution of culture and environment

Karolina Safarzynska
Wirtschaftsuniversität Wien
Institut für Regional- und Umweltwirtschaft

We propose a model of multi level (group) selection in the presence of climate variability, where environment and culture coevolve. The model describes a population subdivided into groups, each with access to a renewable resource. Individuals employ different harvesting strategies: defectors harvest more resources than cooperators and punishers. In groups with many defectors, resource extraction may exceed the level of sustainable harvests, causing resource exhaustion. Weather shocks accelerate resource scarcity and eliminate groups with many defectors. The model is used to study conditions under which resource conservation evolves. Conservation is costly but enhances group's chances of survival. We study conditions under which environmental crises enhance the evolution of cooperation. We examine how between-group interactions such as resource-conflict and harvest-sharing affect the probability of resource exhaustion.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Dienstag, 05.06.2012
17:00 - 19:00

TU Wien, Gußhausstraße 25,
2. Stock, Stiege VIII
EI 1 (Petritsch HS)
 

The Banking-Macro Link in the EU: A Model and Empirics

Der Vortragende

Prof. Willi Semmler
New School, New York

Abstract

This paper introduces a Banking-Macro Model and estimates the linkages through a Multi-Regime VAR (MRVAR). We introduce a dynamic model which is akin to the Brunnermeier and Sannikov (BS) model (2010). The banking sector is exposed to instability due to adverse movements of asset prices and their impact on risk premia and credit spreads. In contrast to the standard model of the financial accelerator, exhibiting mean reversion, our model, similarly to BS (2010), exhibits local instability. Whereas the standard model leads, in terms of econometrics, to a one-regime VAR we argue for the use of a MRVAR. We estimate our model for EU countries with a MRVAR using a constructed financial stress index and industrial production for those countries. We undertake impulse-response studies with a MRVAR and explore regime dependency of shocks. We show that the shocks have asymmetric effects, depending on the growth regime of the economy, and on the size of the shocks. Small financial stress shocks may not matter, but large shocks are likely to have magnifying effects.

Freitag, 11.05.2012
17:30 - 19:30

TU Wien, Argentinierstraße 8,
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
Seminarraum Argentinierstraße
 

Die Verteilung von Vermögen in Österreich. Bestandsaufnahme und Ausblick.

Pirmin Fessler
Oesterreichische Nationalbank
Gruppe Monetäre Analysen

Vermögen und seine Verteilung sind zentrale Determinanten der Produktion und Allokation von Gütern und Dienstleistungen, also des primären Untersuchungsgegenstandes der Volkswirtschaftslehre. Gleichzeitig ist insbesondere die Verteilung des Vermögens auch Ergebnis der Produktion und Allokation von Gütern und Dienstleistungen. Die Bedeutung des Vermögens und seiner Verteilung spiegelt sich aber weder in der empirischen Wirtschaftswissenschaft noch in anderen empirischen Gesellschaftswissenschaften wider. In Österreich existiert bis heute keine Datenquelle, die eine empirische Analyse der Nettovermögensverteilung zulässt. Wir untersuchen, was auf Basis welcher Daten bis heute über Vermögen und seine Verteilung in Österreich gesagt werden kann. Zudem besprechen wir, mit welchen Verbesserungen bei der Datenverfügbarkeit und der Analyse gerechnet werden kann und mit welchen Einschränkungen wir weiter konfrontiert sein werden.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Dienstag, 08.05.2012
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 14A Günther Feuerstein
 

Auswirkungen der Reform des österreichischen Abfertigungsrechts

Der Vortragende

Dr. Ulrich Schuh
EcoAustria – Institut f. Wirtschaftsforschung

Abstract

Helmut Hofer, Dominik Walch und Ulrich Schuh haben zwei Aspekte der Reform des Abfertigungsrechts in Österreich des Jahres 2003 („Abfertigung Neu“) analysiert: erstens den Einfluss von Abfertigungen auf die Mobilität auf dem Arbeitsmarkt und zweitens ihren Beitrag zu einer kapitalgedeckten privaten Altersvorsorge. Mit Hilfe eines quasi-experimentellen Designs überprüfen die Autoren die Hypothese, wonach das neue Abfertigungssystem zu einer erhöhten Bereitschaft zum Arbeitsplatzwechsel beigetragen hat. Entgegen der ursprünglichen Vermutung deuten die empirischen Ergebnisse auf lediglich moderate positive Effekte auf die Mobilität auf dem österreichischen Arbeitsmarkt hin. Weiters zeigen die Ergebnisse, dass das hohe Ausmaß der unmittelbaren Auszahlungen aus dem Abfertigungssystem dessen Rolle als Instrument zur Stärkung der privaten Altersvorsorge beträchtlich einschränkt. Weitere Modifikationen des international hoch angesehen Systems werden daher angeregt.

Donnerstag, 26.04.2012
18:00 - 20:00

TU Wien, Argentinierstraße 8,
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
Seminarraum Argentinierstraße
 

Migration and Remittances
An Agent-Based Model


Miriam Rehm
Arbeiterkammer Wien
Abteilung für Wirtschaftswissenschaft und Statistik

This paper develops a network model of migration. While the importance of ties between family members and friends in migration has been long recognized by other social sciences and is increasingly confirmed by econometric studies, few economic models of networks in migration exist. The paper analyzes an artificial economy, in which the population moves between three locations, rural and urban Ecuador, and New York. The key elements in migration decisions are network effects. The simulations generate stable patterns and detailed information on distributions, which reproduce the available data for the geographical population distribution, wealth, debt, and remittances. More innovatively, the model shows the clustering of migrants both at the origin and at the destination that is one of the most pervasive and resilient stylized facts of migration research.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Dienstag, 24.04.2012
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 14A Günther Feuerstein
 

Interactions Between Spouses´ Time Allocation

Der Vortragende

Univ.-Prof. Dipl.-Vw. Monika Gehrig-Merz, PhD
(Univ. Wien und CEPR)

Abstract

The large majority of members of the working-age population live in some form of different-sex partnership. Evidence from time-use surveys suggests that within those partnerships, the allocation across key activities systematically varies between women and men, even when children are absent. We provide such evidence from the German ZBE 2001/02. We formulate a structural model of couples allowing each partner to allocate available time between market work, leisure, and home work. Couples form because of consumption externalities and the possibility to specialize. This model is used as a laboratory to explore to which extent observed differences in time-allocation are due to differences in wages, or preferences between partners.

Freitag, 16.03.2012
17:30 - 19:30

TU Wien, Argentinierstraße 8,
1. Stock
Seminarraum 105A
 

Dimensions of long term care expenditures

Martin Zuba
Wirtschaftsuniversität Wien
Forschungsinstitut für Altersökonomie

Due to the aging of particularly strong cohorts, a substantial rise in the number of care dependant elders in Austria is projected. Additionally, demographic trends (smaller households) and higher labour market participation rates of (older) women question the availability of traditional suppliers of informal care.
This presentation discusses what kinds of costs of long-term elder-care accrue to which stakeholders within society. What consequences does the design of the Austrian care allowance have on the distribution of these costs? Which trends in health, longevity and economic growth affect the future development of long-term care expenditures?

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Mittwoch, 15.02.2012
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 14
 

Financial and Nuclear Meltdowns: the fragility of chain-reaction critical processes

Der Vortragende

Prof. Alessandro Vercelli
(Universität Siena)

Abstract

This paper explores the dynamic roots of two recent catastrophic events: the financial meltdown triggered by the subprime mortgage crisis and the partial nuclear meltdown of three reactors of the Fukushima1 plant. We suggest that what makes fragile, and thus accident-prone, both nuclear reactors and financial systems is the criticality of their chain-reaction dynamics. We claim that a systematic examination of the dynamic analogies between the nuclear and financial chain reactions has an heuristic potential that has been unduly neglected. In particular the common features of their dynamic behaviour impose similar constraints on their controllability and calls for a more precautionary policy in their design and regulation.

Das Working Paper zum Vortrag kann hier heruntergeladen werden: WORKING PAPER

Dienstag, 24.01.2012
18:00 - 20:00

TU Wien, Gußhausstraße 25,
2. Stock, Stiege VIII
EI 1 (Petritsch HS)
 

Changes in parents' time with children in Austria and Germany

Caroline Berghammer
Universität Wien
Institut für Soziologie
und
Österreichische Akademie der Wissenschaften (ÖAW)
Vienna Institute of Demography

Based on time-use data for Austria (1992-2008/09) and Germany (1991/92-2001/02) trends in the time parents of children under age six spend on child care are depicted. Using a decomposition technique, it is analysed whether these trends are due to behavioral changes or to changes in the population composition. In doing so, the specific focus is on couples' employment arrangements. The findings show that child-care time has remained constant in Germany, but increased in Austria (as in many other western countries). While both components have only weak effects in Germany, the changing population structure is the main driver behind the trend in Austria. In both countries, the rising number of mothers working part-time has a positive effect on care time, the decreasing number of housewives a negative one. Moreover, in Austria the rising child-care time is due to the growing number of mothers and fathers with tertiary education and the declining number of fathers with a non-employed partner.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

 


2011
Dienstag, 29.11.2011
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 15
 

Grundstruktur und Tragfähigkeit des österreichischen Alterssicherungssystems

Die Vortragende

Mag. Christine Mayrhuber
(WIFO Wien)

Abstract

Analysen über Möglichkeiten und Grenzen der Alterssicherung unterliegen starken Schwankungen. Strukturelle Umbrüche am Arbeitsmarkt und die jüngste Wirtschaftskrise führen nicht nur zu größeren Einkommensunsicherheiten bei den Erwerbstätigen sondern auch zu Mindereinnahmen der öffentlichen Hand.
Die Arbeitsmarktentwicklungen (Stichwort: Flexibilisierung der Beschäftigungsverhältnisse, Prekarisierung der Einkommensmöglichkeiten) bedeuten eine steigende Zahl von Menschen, die phasenweise auf soziale Sicherungssysteme und langfristig auf die gesetzliche Alterssicherung zurückgeworfen ist. Auf der anderen Seite stellt die Budgetbeschränkung der öffentlichen Haushalte sowohl Höhe als auch Struktur der Staatsausgaben (und damit insgesamt der Staatsaufgaben) zur Disposition.
Absehbare und wahrscheinliche demografische wie wirtschaftliche Entwicklungen stellen die Alterssicherungssysteme in Europa und in Österreich vor große Herausforderungen. Im Vortrag werden die gesamtwirtschaftlichen Grundlagen und langfristigen Einflussfaktoren auf das Alterssicherungssystem bzw. die unterschiedlichen Alterssicherungssystem (gesetzliche Pensionsversicherung, betriebliche Sicherungssysteme) näher beleuchtet.
Es wird der Frage nachgegangen, (1) welche Veränderungen in den rechtlichen Pensionsregelungen notwendig sind und (2) welchen Rahmenbedingungen für das österreichische Alterssicherungssystem Sicherheiten bzw. Unsicherheiten bedeuten.

Die Folien der Präsentation können hier heruntergeladen werden: FOLIEN

Freitag, 25.11.2011
17:30 - 19:30

TU Wien, Gußhausstraße 25,
2. Stock, Stiege VIII
EI 1 (Petritsch HS)
 

An introduction to feminist economics, for otherwise well-informed economists

Alyssa Schneebaum
University of Massachusetts-Amherst

Feminist Economics offers interesting and useful ways of conceptualizing and analyzing the workings of the economy, but few economists are familiar with the field. In this presentation, I give an overview of the feminist economic point of view and discuss the most important developments in the discipline to date. I present a sample of the work in Feminist Economics, showing how the feminist approach to economic questions allows us more insight than similar queries in non-feminist analyses. I offer some thoughts on the direction of Feminist Economics, concentrating on how it will have more impact on the broader field of economics.

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Dienstag, 15.11.2011
16:00 - 17:30

TU Wien, Argentinierstraße 8,
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
Seminarraum Argentinierstraße
 

Minimum Capital Requirements, Bank Supervision and Special Resolution Schemes

Der Vortragende

Univ.Prof. Dr. Uwe Vollmer,
Universität Leipzig

Abstract

This paper analyzes the incentive effects of special resolution schemes which were introduced in some countries during the recent financial crisis. These schemes allow regulators to take control over a systemically important financial institution before bankruptcy. We ask how special resolution schemes influence banks risk-taking and whether regulators should combine them with minimum capital requirements. We model a single bank which is supervised by a regulator who receives an imperfect signal about the banks probability of success. We obtain the following results: (i) The higher the signals quality and/or the more responsive the supply of deposits to the bank and/or the higher the projects rate of return, the less inclined the regulator to use capital requirements. (ii) In the presence of systemic costs, a capital requirement of 100% may not be sufficient to thwart the banks project plan.

Die Folien der Präsentation können hier heruntergeladen werden: FOLIEN

Das Paper zum Vortrag kann hier heruntergeladen werden: PAPER

Dienstag, 08.11.2011
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3.Stock
Hörsaal 15
 

Violence During Democratization and the Quality of Democracy

Der Vortragende

Prof. Dr. Uwe Sunde,
Schweizerisches Institut für Empirische Wirtschaftsforschung
Universität St.Gallen

Abstract

This paper investigates the role of violent civil conflicts during the process of democratization for the quality of emerging democracies in terms of civil liberties. We propose a theory of endogenous political regime determination in which violent conflict can arise as equilibrium outcome. A peaceful democratization leads to democracies with a high degree of civil liberties, reflecting a social contract according to which all groups are politically represented and the rulers deliberately abstain from wasteful rent extraction. A transition to democracy under a violent conflict is less likely to lead to a system with a high degree of civil liberties. Empirical evidence from the third wave of democratization based on a difference-in-difference methodology supports the theoretical predictions. The findings suggest that violent conflicts during the democratic transition have persistent negative effects on the quality and growth performance of the emerging democracies.

Freitag, 14.10.2011
16:00 - 18:00

TU Wien, Gußhausstraße 25,
2. Stock, Stiege VIII
EI 1 (Petritsch HS)
 

Die Ökonomie als soziales Feld: Netzwerkeffekte, Zitationsrankings und Paradigmenwechsel

Jakob Kapeller
Johannes Kepler Universität Linz - Institut für Philosophie und Wissenschaftstheorie

Vortragsreihe Sozioökonomische Perspektiven

Dieses Seminar wurde ins Leben gerufen, um einen Diskussions- und Diskursraum für junge WissenschaftlerInnen im Bereich der Ökonomie und verwandten Disziplinen zu schaffen. Das Seminar wird monatlich an der Technischen Universität - Forschungsgruppe Ökonomie stattfinden. Wir wollen interessierte ForscherInnen und StudentInnen aller Disziplinen herzlich einladen daran teilzunehmen und sich in kritischen Diskussionen einzubringen. Themen des Seminars betreffen den Status der Ökonomie und ihrer Entwicklung, sowie kritische Auseinandersetzungen mit aktuellen, gesellschaftlich und politisch relevanten Fragestellungen.

Die Organisatoren:
Stefan Eichwalder, Bernhard Hammer, Marcel Jira, Manuel Wäckerle

Donnerstag, 19.05.2011
18:00 - 19:30

TU Wien, Argentinierstraße 8,
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
Seminarraum Argentinierstraße
 

Structural funds, EU enlargement, and the redistribution of FDI in Europe*

Der Vortragende

Univ.Prof. Mag. Dr. Fritz Breuss,
WIFO Wien

Abstract

The EU enlargements of 2004 led to a redirection of Structural and Cohesion Funds expenditures from EU-15 to new EU members as did those of 2007. This redistribution of funds makes the accession countries even more attractive as a location of FDI. Using a logistic regressions approach, it is shown that a reallocation of structural funds as outlined in Agenda for a stronger and wider union (COM(97) 2000 final, 2000) and successive revisions of the financial perspectives for an enlarged union leads to a redistribution of FDI by approximately 4-8 percentage points from the current EU members to the accession countries (2004 scenario) and 7-10 percentage points (2007 scenario), respectively.

* Based on an article published jointly with Peter Egger and Michael Pfaffermayr in Review of World Economics (Weltwirtschaftliches Archiv),Vol. 146, No. 3, Sept. 2010, pp. 469- 494

Montag, 28.03.2011
17:00 - 19:00

TU Wien, Argentinierstraße 8,
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
Seminarraum Argentinierstraße
 

Budgetkonsolidierung - Allgemeine Überlegungen und Perspektiven für Österreich

Die Vortragende


Dr. Margit Schratzenstaller-Altzinger
(WIFO Wien)


Abstract

Die Verschuldung der Öffentlichen Hand ist in allen von der Finanz- und Wirtschaftskrise betroffenen Ländern zum Teil dramatisch gestiegen. Nach Überwindung des Tiefpunkts der Krise stellt sich nun die Frage nach dem Warum, dem Wie und dem Wann der Konsolidierung der öffentlichen Haushalte. Der Vortrag beleuchtet zunächst aus der österreichischen Perspektive gängige Begründungen für die Notwendigkeit der Rückführung der Verschuldung der öffentlichen Haushalte. Anschließend wird ein Überblick über die Resultate der wichtigsten empirischen Studien zu den Auswirkungen von Budgetkonsolidierungen gegeben, der auf die Erfolgsbedingungen für sowie auf mögliche makroökonomische Effekte von Budgetkonsolidierungen fokussiert. Darauf aufbauend werden Richtlinien formuliert, die eine Budgetkonsolidierung beachten sollte, und es werden die zusammen mit dem Bundesbudget 2011 verabschiedeten Konsolidierungsmaßnahmen für den Zeitraum 2011 bis 2014 einer Bewertung unterzogen.

Die Folien der Präsentation kann hier heruntergeladen werden: FOLIEN

Donnerstag, 27.01.2011
14:00 - 16:00

TU Wien, Argentinierstraße 8,
1. Stock, Institut für Wirtschaftsmathematik,
Seminarraum 105A
 

Comparative Risk Aversion: A formal Approach with Application to Saving Behavior

Der Vortragende

Prof. Antoine Bommier
ETH Zürich
Chair of Integrative Risk Management and Economics


Abstract

We consider a formal approach to comparative risk aversion and apply it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman (1974), Selden (1978), Epstein and Zin (1989) and Quiggin (1982) are well-ordered in terms of risk aversion. Moreover, opting for this model-free approach allows us to establish new general results on the impact of risk aversion on savings behaviors. In particular, we show that risk aversion enhances precautionary savings, clarifying the link that exists between the notions of prudence and risk aversion.

Dienstag, 18.01.2011
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3. Stock
Hörsaal 15
 

Global Warming and Economic Growth with Optimizing Agents

Der Vortragende

Prof. Dr. Alfred Greiner
Lehrstuhl für Wirtschaftspolitik
Fakultät für Wirtschaftswissenschaften
Universität Bielefeld

Abstract

We analyze the interrelation between anthropogenic global warming and economic growth where private agents are assumed to be rational. The government levies a tax on output and a tax on greenhouse gases that are an external effect from producing goods. Assuming a basic growth model the effects of varying the tax rates are analyzed as concerns economic growth, economic welfare and as concerns the rise in average global surface temperature. Using simulations, it is demonstrated that higher emission taxes may both raise economic growth and welfare while reducing the extent of global warming. In addition, situations exist where a rise in emission taxes reduces economic growth but raises welfare. In the social optimum, economies with cleaner technologies have fewer emissions than economies with less clean production technologies. This holds because economies with cleaner technologies invest relatively more in abatement than economies with less clean technologies. In an extension of the model we allow for feedback effects in the climate system. We first study the model assuming that abatement spending is fixed exogenously and demonstrate with the use of numerical examples that the augmented model may give rise to multiple equilibria and thresholds. In this case, the question of to which equilibrium the economy converges crucially depends on the climate sensitivity and on the date when a significant reduction of greenhouse gas emissions starts. Next, we analyze the social optimum where both consumption and abatement are set optimally and show that the long-run equilibrium is unique in this case.

 


2010
Donnerstag, 16.12.2010
17:00 - 19:00

TU Wien, Argentinierstraße 8,
Seminarraum Argentinierstraße
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
 

Reviving the Classical Approach to Political Economy. Piero Sraffa´s Contribution to Economics

Der Vortragende

o.Univ.-Prof. Dr. Heinz-Dieter Kurz
Institut für Volkswirtschaftslehre
Karl-Franzens Universität Graz

Abstract

Der Vortrag gibt einen Überblick über die Anfänge von Piero Sraffas Arbeit an der Reformulierung der klassischen Theorie des Werts und der Verteilung in den späten 1920-er und frühen 1940-er Jahren. Seine Arbeit kulminierte schliesslich in dem 1960 veröffentlichten Buch "Production of Commodities by Means of Commodities". Behandelt werden u.a. Sraffas frühe Kritik der marginalistischen Theorie (Marshall und Pareto), seine Einwände gegen die Arbeitswerttheorie (Ricardo und Marx), seine Kritik der österreichischen Kapital- und Zinstheorie (Böhm-Bawerk) sowie die Entwicklung seines "objektivistischen" Ansatzes. Dieser weist Ähnlichkeiten mit der in der Philosophie "Supervenience-Physicalism" genannten Richtung auf. Zur Sprache kommen auch Sraffas Auseinandersetzung mit der zeitgenössischen Naturwissenschaft und Wissenschaftstheorie, Anthropologie und Wirtschaftsgeschichte.

Der Vortrag wirft einen Blick auf Teile des Materials in Sraffas literarischem Nachlass, das bei Cambridge University Press in drei Bänden unter dem Titel "Papers and Correspondence of Piero Sraffa" veröffentlicht wird.

Dienstag, 23.11.2010
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 3. Stock
Hörsaal 15
 

Compulsory schooling and fertility in Europe

Der Vortragende

Univ.-Prof. Dr. Rudolf Winter-Ebmer
Professor of Labor Economics
Johannes Kepler University, Linz

Abstract

We use SHARE and ELSA data to look at the impact of schooling on fertility decisions of women. It is important to control for endogeneity of schooling via an instrumental variables approach. Doing this, we find robust positive effects of years of schooling on fertility for women in several European countries.

Montag, 28.06.2010
16:30 - 18:30

TU Wien, Argentinierstraße 8,
Seminarraum Argentinierstraße
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
 

Capital flows, loan financed housing booms and the boom-bust cycle in the Baltics

Der Vortragende

Doz. DI Dr. Andreas Wörgötter
Economics Department
OECD

Abstract

During 2000 - 2007, Estonia was among the fastest growing emerging market economies, but in late-2008 entered a deep recession. This lecture examines shocks, institutions, and policies that have made Estonia's boom-bust cycle so severe. It finds that an open capital account, the prospect for EU entry, and the currency board facilitated massive capital inflows, which led to credit and real estate booms. In late-2008 a domestic slowdown was greatly amplified by the global financial and economic crisis. To resume sustainable growth, the country will need to regain competitiveness and rebalance resources to exports. Estonia's experience underscores the importance for other emerging market economies to retain some flexibility in their macroeconomic frameworks and approach capital account liberalization cautiously.

Dienstag, 04.05.2010
17:00 - 19:00

TU Wien, Argentinierstraße 8,
Seminarraum Argentinierstraße
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
 

When do house price bubbles burst?

Der Vortragende

Univ. Prof. Dr. Jesus Crespo Cuaresma,
Institut für Geld- und Finanzpolitik,
Wirtschaftsuniversität Wien

Abstract

We use Bayesian Model Averaging techniques to analyze the robustness of determinants of house price bubbles. We use a set of variables put forward in the literature, as well as interactions of these variables with estimates of asset price misalignments to evaluate the relative importance of the different channels postulated by theory. Our results indicate that asset price misalignments are not robust determinants of price reversals in house prices unless their interaction with other characteristics of the economy (credit growth, population growth and interest rate developments) is taken into account. Out-of-sample prediction exercises provide evidence that dealing explicitly with model uncertainty using Bayesian model averaging techniques leads to better forecasts of reversals in house prices than relying on model selection.

Die Folien zum Vortrag von Prof. Crespo Cuaresma können hier gefunden werden: DOWNLOAD

Dienstag, 16.03.2010
17:00 - 19:00

TU Wien, Argentinierstraße 8,
Seminarraum Argentinierstraße
Erdgeschoß (Argentinierstraße/Ecke Paniglgasse)
 

Eine kritische Analyse der Verhaltensannahmen in makroökonomischen Modellen

Die Vortragende

Univ. Prof. Dr. Sigrid Stagl,
Institut für Regional- und Umweltwirtschaft,
Wirtschaftsuniversität Wien

Abstract

Ergebnisse aus der Sozialpsychologie, Psychologie, Verhaltensökonomie und Neuroökonomie zeigen, dass die Verhaltensannahmen des ökonomischen Mainstreams problematisch sind und teilweise zu falschen Politikempfehlungen führen. Der Vortrag beschäftigt sich besonders mit den Verhaltensannahmen gängiger makro- und klimaökonomischer Modelle und bietet eine kritische Analyse sowie Vorschläge für bessere verhaltensökonomische Fundierungen der Modelle.

Dienstag, 26.01.2010
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Seminarraum 8
 

Geldpolitik im Krisenmodus
Eine theoretisch und empirisch illustrierte Chronologie der Ereignisse


Der Vortragende

Direktor Mag. Dr. Peter Mooslechner,
Direktor der Hauptabteilung Volkswirtschaft,
Oesterreichische Nationalbank

Abstract

Am 3. Dezember 2009 hat der EZB-Rat beschlossen, angesichts einer gewissen Stabilisierung der Lage auf den Finanzmärkten erste Maßnahmen auslaufen zu lassen (z.B. den sogenannten 1-Jahres-Tender), die im Rahmen der Bekämpfung der Finanz- und Wirtschaftskrise eingesetzt wurden. Damit ging eine seit Anfang August 2007 andauernde Phase der Geldpolitik zu Ende, in der als Reaktion auf die Krise weltweit eine Fülle von „ungewöhnlichen" (non-standard, non-conventional) Maßnahmen und neuen geldpolitischen Instrumenten eingesetzt wurden. Auch wenn es bis zu einer Rückkehr zur „Normalität" sicherlich noch längere Zeit dauern wird, ist der Beginn des „Phasing-out of some non-standard measures" durch die EZB ein logischer Zeitpunkt für einen ersten Rückblick bzw. eine erste Zwischenbilanz der Ereignisse. Im Mittelpunkt stehen dabei Fragen wie welche neuen Maßnahmen überhaupt gesetzt wurden, warum diese getroffen wurden und welche ökonomischen Überlegungen dafür ausschlaggebend waren sowie welche Wirkungen/Ergebnisse sie gebracht haben. Darüber hinaus stellen Unterschiede in den Reaktionen der Geldpolitik der EZB zu den USA und Großbritannien ebenso einen interessanten Gesichtspunkt dar wie die Frage, ob es eine simple Rückkehr zur Geldpolitik vor der Krise geben kann/wird oder ob von der Krise nachhaltige Effekte auf die zukünftige Geldpolitik ausgehen.

Die bei dem Vortrag gezeigten Folien können Sie hier herunterladen (PDF Format): FOLIEN

Dienstag, 26.01.2010
15:00 - 17:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Hörsaal 7 (Schütte-Lihotzky)
 

The Global Crisis in Hungary and Slovakia
Impacts and Economic Policy Response


Der Vortragende

Prof. Dr. Julius Horvath,
Head of Department of Economics
Department of International
Relations and European Studies
Central European University, Hungary

Abstract

This presentation compares the main similarities and differences between the Hungarian and Slovak economy during the transition period. The emphasis goes on the Slovak high growth performance and the euro introduction, and the deficit problems and financial crisis in Hungary in 2008. This presentation is comparative in this character and deals predominantly with policy issues.

Der erste Teil der bei diesem Vortrag gezeigten Folien (Hungary and Slovakia - An Introduction into a Comparative Study - Approaches to Transition Developments) kann hier heruntergeladen werden: FOLIEN

Der zweite Teil der bei diesem Vortrag gezeigten Folien (Hungary and Slovakia - Does History Matter for Development for the 21th Century?) kann hier heruntergeladen werden: FOLIEN

 


2009
Freitag, 04.12.2009
4.12. - 5.12.

ÖAW, Wohllebengasse 12-14
(A-1040 Vienna)
ground floor
seminar rooms 1 and 2
 

International Workshop on Heterogeneous Dynamic Models of Economic and Population Systems

The Institute of Mathematical Methods in Economics (research group on Operations Research and Control Systems and research group Economics ) of the Vienna University of Technology organizes in collaboration with the Vienna Institute of Demography of the Austrian Academy of Sciences an International Workshop on Heterogeneous Dynamic Models of Economic and Population Systems.

The workshop will take place at the ÖAW (A-1040 Vienna, Wohllebengasse 12-14, seminar rooms 1 and 2, ground floor) on 4 and 5 December, 2009.
Topics of the workshop may include economics, demography, epidemiology, social sciences, biological resources, etc. The common feature has to be that HETEROGENEITY is involved in a DYNAMIC (OPTIMIZATION) consideration.

Local Organizers

Alexia Fuernkranz-Prskawetz and Vladimir Veliov


Program Committee

Raouf Boucekkine (Louvain-la-Neuve/BE)
Thierry Brechet (Louvain-la-Neuve/BE)
Herbert Dawid (Bielefeld/DE)
Gustav Feichtinger (Vienna/AT)
Richard Hartl (Vienna/AT)
Alexia Fuernkranz-Prskawetz, Co-chair (Vienna/AT)
Cuong Le-Van (Paris/FR)
Vladimir Veliov, Co-chair (Vienna/AT)
AlainVenditti (Marseille/FR)


All invited speakers are kindly requested to send to veliov@tuwien.ac.at (with a copy to brigitte.schneider@econ.tuwien.ac.at) a title and a short abstract of their talk not later than November 1st, 2009.

The event website can be found here:
http://www.oeaw.ac.at/vid/vvw09/

Dienstag, 20.10.2009
17:45 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Hörsaal 7 (Schütte-Lihotzky)
 

Wirtschaftspolitische Beratung und Ökonomische Analyse

Der Vortragende

Prof. Dr. Bernhard Felderer,
OeNB, Vorsitzender des Österreichischen Staatsschuldenausschusses,
und
Leiter des Instituts für Höhere Studien Wien

Dienstag, 26.05.2009
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Hörsaal 7 (Schütte-Lihotzky)
 

Rationalizations of Oil Price Volatility

Der Vortragende

Prof. DI. Dr. Franz Wirl,
Lehrstuhl für Industrie, Energie und Umwelt,
Institut für Betriebswirtschaftslehre,
Universität Wien

Abstract

This paper discusses theories that can explain the zigzags of oil prices in general and in particular the recent jump. More precisely, the following explanations are discussed: /Homo oeconomicus/ (pure profit maximization if demand is dynamic and convex), price reaction function (price increases and respectively declines depend on capacity utilization), cartelization contingent on output or revenues of which the latter can lead to backward bending supply segments and multiple equilibria, statistical descriptions (mean reversion), /homo politicus/, i.e., arguments for price hikes that are rational (Public Choice) despite the (long run) economic loss. Finally two approaches are presented that emphasize demand uncertainty: one extending the above mentioned dynamic demand framework and the other considers a dynamic game of non-competitive suppliers with lumpy investments. Summing up, a demand shock seems to be the most suitable explanation of today’s high prices (indeed a shock given that IEA and DoE were promising just a couple of years ago that we are going to have lots of oil at low prices), while others and in particular politics have surprisingly little or no explanatory power.

Die bei dem Vortrag gezeigten Folien können Sie hier herunterladen (PDF Format): FOLIEN

Dienstag, 19.05.2009
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Hörsaal 7 (Schütte-Lihotzky)
 

Primaten, Mensch und ökonomische Evolution

Der Vortragende

Prof. Dr. Kurt Dopfer,
Professor für Aussenwirtschaftstheorie und Entwicklungstheorie
Forschungsgemeinschaft für Nationalökonomie,
Universität St. Gallen

Abstract

Unsere stammesgeschichtlichen Verwandten, wie die Schimpansen, Makaken, etc. verfügen über ausserordentliche Fähigkeiten, z. B. den Gebrauch von Werkzeugen, soziales Lernen, Planen, Kommunikation, etc. – alles Fähigkeiten, die wir mit der menschlichen Kultur in Verbindung bringen. Dennoch ist die menschliche Kultur in ihrer Komplexität und evolutionären Dynamik einzigartig. Es wird die Hypothese aufgestellt, dass das Besondere der menschlichen Kultur weniger durch die Einzigartigkeit einzelner Trajektorien, als vielmehr durch ihr komplexes Zusammenspiel im Kontext einer sich ständig wandelnden Wissens- und Arbeitsteilung bestimmt wird. Im Rahmen einer Synthese der Evolutionstheorie von Charles Darwin und der Theorie der Arbeitsteilung von Adam Smith werden die Grundzüge einer neuen, generischen Ökonomie – insbesondere ihre Mikro-Meso-Makro Architektur - herausgearbeitet. Anders als der neoklassische Mainstream erlaubt der generische Ansatz Aussagen über Struktur und Prozesse der Ökonomie und damit auch über die gegenwärtige Krise.

Dienstag, 19.05.2009
18:00 - 20:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Erdgeschoß,
Prechtlsaal
 

6. TU-Forum
Wirtschafts- und Finanzkrise


Der Vortragende

ao.Prof. DI.Dr. Franz Xaver Hof,
Forschungsgruppe Ökonomie,
Institut für Wirtschaftsmathematik
,
Technische Universität Wien

Video

Den Vortragsteil von Prof. Hof zu den Ökonomischen Hintergründen der Wirtschaftskrise können hier als Video betrachten:
VORTRAG

Die Diskussion zu allen Vortragsteilen können Sie hier finden:
DISKUSSION


Folien

Die Folien zum Vortragsteil von Prof. Hof zu den Ökonomischen Hintergründen der Wirtschaftskrise können hier heruntergeladen werden: FOLIEN

Dienstag, 17.03.2009
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Hörsaal 7 (Schütte-Lihotzky)
 

Podiumsdiskussion zur aktuellen
“Finanzkrise”


Die Diskutanten

O. Univ.-Prof. Dipl.-Ing. Dr. Engelbert J. Dockner
Department of Finance and Accounting, WU Wien

und

Mag. Dr. Stephan Schulmeister
WIFO Wien

Diskussionsleitung

ao.Univ.-Prof. Dipl.-Ing. Dr. Franz Xaver Hof
Forschungsgruppe Ökonomie, Institut für Wirtschaftsmathematik, TU Wien


Die bei den Impulsreferaten gezeigten Folien der beiden Diskutanten können Sie hier herunterladen (PDF Format):

Folien von Engelbert Dockner:FOLIEN

Folien von Stephan Schulmeister:FOLIEN

 


2008
Dienstag, 09.12.2008
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13), Hof 2, Stiege 7, Erdgeschoß,
Hörsaal 8 (Heinz Parkus)
 

The Impact of Reference Norms on Inflation Persistence When Wages are Staggered: Theoretical Analysis and Empirical Results

Der Vortragende

Mag. Mag. Dr. Dr. Markus Knell
Österreichische Nationalbank (OeNB)

Abstract

In this paper we extend the Taylor model with staggered wages to allow for reference norms and for asymmetries between sectors. We show that reference norms can considerably increase the persistence of inflation and the extent of real wage rigidity but that these effects depend on the definition of reference norms (e.g. how backward-looking they are) and on whether the importance of norms differs between sectors. Using data on collectively bargained wages in Austria from 1980 to 2006 we show that wage-setting is strongly influenced by reference norms, that the wages of other sectors seem to matter more than own past wages and that there is a clear indication for the existence wage leadership (i.e. asymmetries in reference norms).

Donnerstag, 13.11.2008
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Hof 2, Stiege 7, Erdgeschoß,
Hörsaal 7 (Schütte-Lihotzky)
 

Positionierung Österreichs in einer Globalisierten Wirtschaft

Der Vortragende

Prof. Dr. Karl Aiginger,
Leiter des WIFO Wien,
und
Department für Volkswirtschaft,
Wirtschaftsuniversität Wien

Abstract

Professor Aiginger gab einen Überblick über die aktuelle Wirtschaftslage, sowie die Ungewissheit der nahen Zukunft betreffend des österreichischen und europäischen Wirtschaftswachstums, auf Basis der aktuellsten Daten des WIFO Wien.

Dienstag, 21.10.2008
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Erdgeschoß,
Prechtlsaal
 

Pension Reform, Retirement and Life-Cycle Unemployment

Der Vortragende

Prof. Dr. Christian Keuschnigg
Institut für Finanzwissenschaft und Finanzrecht
Universität St.Gallen

Abstract

This paper investigates the labor market impact of four often proposed policy measures for sustainable pensions: strengthening the tax benefit link, moving from wage to price indexation of benefits, lengthening calculation periods, and introducing more actuarial fairness in pension assessment. We consider the impact on three margins of aggregate labor supply, retirement behavior, job search and hours worked. We provide some analytical results and use a computational model to demonstrate the economic and welfare impact of recent pension reform in Austria. Reducing the distortion in the retirement decision by introducing pension supplements and discounts conditional on the chosen retirement date promises the largest gains in terms of GDP and welfare.

Donnerstag, 09.10.2008
17:00 - 19:00

TU Wien, Hauptgebäude (Karlsplatz 13),
Stiege 3, 4.Stock,
Sitzungssaal des Dekanats für Architektur
 

Output Dynamics, Flow Equilibria and Structural Change - A Prolegomenon to Evolutionary Macroeconomics

Der Vortragende

Prof. Dr. Ulrich Witt,
Department of Economics,
University of Jena, Germany
and
Evolutionary Economics Group
Max Planck Institute of Economics,
Jena, Germany

Abstract

In an evolutionary approach to macroeconomics, the market disequilibrium dynamics resulting from structural change need to be properly represented at the aggregate level. As suggested by the late F.A. Hayek, a suitable equilibrium concept required to this end as a frame of reference, is that of a flow equilibrium. The paper explores the corresponding flow dynamics that draw attention to variables not usually considered in macroeconomic theorizing. Using statistical estimates for these new variables for the West German manufacturing sector during the German unification process allows some important new insights on the relationships between structural change and macroeconomic performance.

 


2010
Donnerstag, 28.01.2010
13:00 - 15:00

TU Wien, Argentinierstraße 8,
1. Stock, Institut für Wirtschaftsmathematik,
Seminarraum 105A
 

Tax Competition as a Differential Game

Der Vortragende

Dr. Daniel Becker,
Institut für Volkswirtschaftslehre,
Lehrstuhl für Außenwirtschaft,
Universität Rostock

Abstract

The most famous insight from the capital tax competition literature is the possibility of an underprovision of public goods and services in open economies with a mobile tax base. Usually, this possibility is described in static models by means of a Nash equilibrium in a system of jurisdictions where the individual policymaker, fearing capital flight, sets inefficiently low tax rates. From a theoretic point of view, static models about tax competition are not satisfying because capital accumulation is a dynamic process. Furthermore, in a system of small and identical countries, the ex ante incentive to set too low tax rates turns out to be unjustified at the end of the day. All countries face the same incentives, choose the same policies and the allocation of capital is unchanged ex post. It is implausible that governments do not adjust their strategies once they have realized that the problem of capital flight is less severe as it appeared ex ante. I therefore look at a dynamic model of tax competition where governments choose a time-consistent tax policy. Tax competition is modeled as a differential game.

 





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