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The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank

Author

Listed:
  • Thomas Url

    (WIFO)

Abstract

The European Central Bank will introduce a new estimator of the cyclical component of the general Austrian budget balance which modifies and extends the method recently developed by the OECD. The estimation extracts the cyclical component from direct taxes on households, direct taxes on enterprises, indirect taxes, social security contributions, unemployment expenditures, and pension benefits. In a first step revenue and expenditure elasticities with respect to macroeconomic indicators are estimated. The second step combines elasticities with Hodrick-Prescott filtered macroeconomic indicators to compute the cyclical component of each revenue and expenditure category. The resulting cyclically adjusted budget balance for Austria compares well with figures published by other international organisations.

Suggested Citation

  • Thomas Url, 2001. "The Cyclical Adjustment of the Austrian Budget Balance by the European Central Bank," Austrian Economic Quarterly, WIFO, vol. 6(1), pages 36-45, October.
    • Handle: RePEc:wfo:wquart:y:2001:i:1:p:36-45
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    File URL: https://www.wifo.ac.at/wwa/pubid/19660
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    Cited by:

    1. Fritz Breuss & Serguei Kaniovski & Margit Schratzenstaller-Altzinger, 2009. "Gesamtwirtschaftliche Auswirkungen der Konjunkturpakete I und II und der Steuerreform 2009," WIFO Studies, WIFO, number 36361.
    2. Serguei Kaniovski & Hans Pitlik & Sandra Bilek-Steindl & Thomas Url, 2008. "A Decomposition of Austria's General Government Budget into Structural and Cyclical Components," WIFO Working Papers 316, WIFO.

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