WU Economics Working Papers

To submit your research to the WU Working Paper Series please contact Katrin Rabitsch and Jesus Crespo Cuaresma.

You can also find the Department WP Series on the international plattform REPec and on the WU publication page ePubWU.


What Do Central Bankers Do? Evidence from the European Central Bank's Executive Board
Badinger, Harald; Nitsch, Volker # 277.


Model instability in predictive exchange rate regressions
Hauzenberger, Niko; Huber, Florian # 276.

Effects of the Austrian Income Tax Reform 2015/2016 on Private Consumption: Survey Findings
Kronberger, Ralf; Schmid, Christoph # 275.

New VAR evidence on monetary transmission channels: temporary interest rate versus inflation target shocks
Lukmanova, Elizaveta; Rabitsch Katrin # 274.

Euroscepticism and EU Cohesion Policy: The Impact of Micro-Level Policy Effectiveness on Voting Behavior
Bachtrögler, Julia; Oberhofer, Harald # 273.

Climate, Conflict and Forced Migration
Abel, Guy; Brottrager, Michael; Crespo Cuaresma, Jesus; Muttarak, Raya # 272.

The growing American health penalty: International trends in the employment of older workers with poor health
Baumberg Geiger, Ben; Böheim, René; Leoni, Thomas # 271.

Choking under pressure - Evidence of the causal effect of audience size on performance
Böheim, René; Grübl, Dominik; Lackner, Mario # 270.

The Impact of Ex Ante Regulations and Ex Post Interventions on Bank Lending and Solvency
Bachmann, Manuel # 269.

We just estimated twenty million fiscal multipliers
Crespo Cuaresma, Jesus; Capek, Jan # 268.

The impact of Brexit on trade patterns and industry location: a NEG analysis
Commendatore, Pasquale; Kubin, Ingrid; Sushko, Iryna # 267.

On the significance of borders
Kubin, Ingrid; Gardini, Laura # 266.

Cognitive Ability and In-group Bias: An Experimental Study
Paetzel, Fabian; Sausgruber Rupert # 265.

European Integration and the Future Institutions of Europe
Badinger, Harald # 264.

‘Piketty is a Genius, but…’: An Analysis of Journalistic Delegitimation of Thomas Piketty’s Economic Policy Proposals
Rieder, Maria; Hendrik, Theine # 263.

Dealing with heterogeneity in panel VARs using sparse finite mixtures
Huber, Florian # 262.

Implications of Macroeconomic Volatility in the Euro Area
Hauzenberger, Niko; Böck, Maximilian; Pfarrhofer, Michael; Stelzer, Anna; Zens, Gregor # 261.

Sophisticated and small versus simple and sizeable: When does it pay off to introduce drifting coefficients in Bayesian VARs?
Feldkircher, Martin; Huber, Florian; Kastner, Gregor # 260.

Estimating the Trade and Welfare Effects of Brexit: A Panel Data Structural Gravity Model
Oberhofer, Harald; Pfaffermayr, Michael # 259.

The Effects of German Wind and Solar Electricity on French Spot Price Volatility: An Empirical Investigation
Haxhimusa, Adhurim # 258.

The propagation of business sentiment within the European Union
Kukuvec, Anja; Oberhofer, Harald # 257.

Trade Balance Dynamics and Exchange Rates: In Search of the J-Curve Using a Structural Gravity Approach
Badinger, Harald; Fichet de Clairfontaine, Aurélien# 256.

Market Illiquidity, Credit Freezes and Endogenous Funding Constraints
Bachmann, Manuel # 255.


Marriage (In)equality: Does the Sexual Orientation Wage Gap Persist Across Marital Status?
Schneebaum, Alyssa; Nina, Schubert # 254.

Effectiveness of macroprudential policies under borrower heterogeneity
Punzi, Maria Teresa; Rabitsch, Katrin # 253.

Europa zwischen Globalisierung und Renationalisierung
Aiginger, Karl # 252.

Human Capital in a Credit Cycle Model
Kubin, Ingrid; Zörner, Thomas # 251.

Threshold cointegration and adaptive shrinkage
Huber, Florian; Zörner, Thomas # 250.

Renewable Energy Sources and Investment in European Power Transmission Networks
Kaloud, Tobias # 249.

Spreading the word or reducing the term spread? Assessing spillovers from euro area monetary policy
Feldkircher, Martin; Gruber, Thomas ; Huber, Florian # 248.

Do individual salaries depend on the performance of the peers? Prototype heuristic and wage bargaining in the NBA
Oberhofer, Harald; Schwinner, Marian # 247.

Spotlight on the beneficiaries of EU regional funds: A new firm-level dataset
Bachtrögler, Julia; Hammer, Christoph; Reuter, Wolf Heinrich; Schwendinger, Florian # 246.

The macroeconomic effects of international uncertainty shocks
Crespo Cuaresma, Jesus; Huber, Florian; Onorante, Luca # 245

Structural breaks in Taylor rule based exchange rate models - Evidence from threshold time varying parameter models
Huber, Florian # 244.

The shortage of safe assets in the US investment portfolio: Some international evidence
Huber, Florian;  Punzi, Maria Teresa # 243.

The true art of the tax deal: Evidence on aid flows and bilateral double tax agreements
Braun, Julia; Zagler, Martin # 242.

Borrower heterogeneity within a risky mortgage-lending market
Punzi, Maria Teresa; Rabitsch, Katrin # 241.

Bilateral Trade Agreements and Trade Distortions in Agricultural Markets
Hirsch, Cornelius; Oberhofer, Harald # 240.

The role of US based FDI flows for global output dynamics
Huber, Florian; Fischer Manfred M.; Piribauer, Philipp # 239.


What Drives Destruction? On the Malleability of Anti-Social Behavior
Müller, Julia; Schwieren, Christiane; Spitzer, Florian # 238.

Cross-Border Technology Differences and Trade Barriers: Evidence from German and French Electricity Markets
Gugler, Klaus; Haxhimusa, Adhurim # 237.

Productivity Growth and the General X-factor in Austria’s Gas Distribution
Gugler, Klaus; Liebensteiner, Mario # 236.

Should I stay or should I go? Bayesian inference in the threshold time varying parameter (TTVP) model
Huber, Florian; Kastner, Georg; Feldkircher, Martin # 235.

Investment under Uncertainty in Electricity Generation
Gugler, Klaus; Haxhimusa, Adhurim; Liebensteiner, Mario; Schindler, Nora# 234.

The Returns to Preschool Attendance
Fessler, Pirmin; Schneebaum, Alyssa # 233.

The Gender Wealth Gap Across European Countries
Schneebaum, Alyssa; Rehm, Miriam; Mader, Katharina; Hollan, Katarina # 232.

Buffer stock savings in a New-Keynesian business cycle model
Rabitsch, Katrin; Schoder, Christian # 231.

On the effectiveness of EU structural funds during the Great Recession: Estimates from a heterogeneous local average treatment effects framework
Bachtrögler, Julia # 230.

Macroeconomic Imbalances and Business Cycle Synchronization. Why Common Economic Governance is Imperative for the Eurozone
Lukmanova, Elizaveta; Tondl, Gabriele # 229.

Credit Where Credit Is Due: An Approach to Education Returns Based on Shapley Values
Barakat, Bilal; Crespo Cuaresma Jesus# 228.

Interest rates, corporate lending and growth in the Euro Area
Tondl, Gabriele# 227.

Integration and Efficiency of European Electricity Markets: Evidence from Spot Prices
Gugler, Klaus; Haxhimusa, Adhurim; Liebensteiner, Mario # 226.

Non-Sequential Search, Competition and Price Dispersion in Retail Electricity
Gugler, Klaus; Heim, Sven; Liebensteiner, Mario # 225.

Nonlinearities and Parameter Instability in the Finance-Growth Nexus
Prettner, Catherine# 224.

A Representative Matched Cross-section Survey for Austria - Measuring Worker Flow Dynamics with the Austrian Labour Force Survey
Schoiswohl, Florian; Wüger, Michael# 223.

Unconventional US Monetary Policy: New Tools, Same Channels?
Feldkircher, Martin; Huber, Florian # 222.

Adaptive shrinkage in Bayesian vector autoregressive models
Feldkircher, Martin; Huber, Florian# 221.

Trade Costs and Income in European Regions
Hammer, Christoph; Fichet de Clairfontaine, Aurélien # 220.

Asymmetric information in the regulation of the access to markets
Ghislandi, Simone; Kuhn, Michael# 219.

Market Structure and Competition in Transition: Results from a Spatial Analysis
Lábaj, Martin; Morvay, Karol; Silanic, Peter; Weiss, Christoph; Yontcheva, Biliana# 218.

Estimating Industry-level Armington Elasticities For EMU Countries
Aspalter; Lisa # 217.

International Housing Markets, Unconventional Monetary Policy and the Zero Lower Bound
Huber, Florian; Punzi, Maria Teresa# 216.

Economic Development and Forest Cover: Evidence from Satellite Data
Crespo Cuaresma, Jesus; Danylo, Olha; Fritz, Steffen; McCallum, Ian; Obersteiner, Michael; See, Linda# 215.

Trend Fundamentals and Exchange Rate Dynamics
Huber, Florian; Kaufmann, Daniel # 214.

There is poverty convergence
Crespo Cuaresma, Jesus; Klasen, Stephan; Wacker, Konstantin M.# 213.

Learning to trust, learning to be trustworthy
Berger, Ulrich # 212.

Cognitive Hierarchies in the Minimizer Game
Berger, Ulrich; De Silva, Hannelore; Fellner-Röhling, Gerlinde# 211.

Does income inequality affect aggregate consumption? Revisiting the evidence
Crespo Cuaresma, Jesus and Kubala, Jozef and Petrikova, Kristina # 210.


US Monetary Policy in a Globalized World
Crespo Cuaresma, Jesus; Doppelhofer, Gernot; Feldkircher, Martin; Huber, Florian# 209.

Revisiting the Lucas Model
Skritek, Bernhard; Crespo Cuaresma, Jesus; Kryazhimskii, Arkadii V.; Prettner, Klaus; Prskawetz, Alexia; Rovenskaya, Elena # 208.

R&D networks and regional knowledge production in Europe. Evidence from a space-time model
Wanzenböck, Iris; Piribauer, Philipp # 207.

Network Centrality and Market Prices: An Empirical Note
Firgo, Matthias; Pennerstorfer, Dieter; Weiss, Christoph R.# 206.

Who Creates Jobs? Econometric Modeling and Evidence for Austrian Firm Level Data
Huber, Peter; Oberhofer, Harald; Pfaffermayr, Michael # 205.

The Case for Fiscal Rules
Badinger, Harald; Reuter, Wolf Heinrich# 204.

Intermediary Search for Suppliers in Procurement Auctions
Honda, Jun # 203.

Die Volkswirtschaftslehre an der Hochschule für Welthandel, 1918-1973
Klausinger, Hansjörg # 202.

A Markov switching factor-augmented VAR model for analyzing US business cycles and monetary policy
Huber, Florian; Fischer, Manfred M. # 201.

Economic Impact of Investment Agreements
Bellak, Christian # 200.

Bayesian Variable Selection in Spatial Autoregressive Models
Crespo Cuaresma, Jesus; Piribauer, Philipp # 199.

Growing Together? Projecting Income Growth in Europe at the Regional Level
Crespo Cuaresma, Jesus; Doppelhofer, Gernot; Huber, Florian; Piribauer, Philipp # 198.

Games with the Total Bandwagon Property
Honda, Jun # 197.

Fiscal Rules and Twin Deficits: The Link between Fiscal and External Balances
Badinger, Harald; Fichet de Clairfontaine, Aurélien; Reuter, Wolf Heinrich # 196.

The Nationalökonomische Gesellschaft (Austrian Economic Association, NOeG) in the Interwar Period and Beyond
Klausinger, Hansjörg # 195.

Testing the Global Banking Glut Hypothesis
Punzi, Maria Teresa; Kauko, Karlo # 194.

A Comprehensive Approach to Posterior Jointness Analysis in Bayesian Model Averaging Applications
Crespo Cuaresma, Jesus; Grün, Bettina; Hofmarcher, Paul; Humer, Stefan; Moser, Mathias# 193.


Informal environmental regulation of industrial air pollution: Does neighborhood inequality matter?
Moser, Mathias; Zwickl, Klara # 192.

The Geography of Average Income and Inequality: Spatial Evidence from Austria
Moser, Mathias; Schnetzer, Matthias # 191.

Vertical Disintegration in the European Electricity Sector: Empirical Evidence on Lost Synergies
Gugler, Klaus; Liebensteiner, Mario; Schmitt, Stephan # 190.

Investor borrowing heterogeneity in a Kiyotaki-Moore style macro model
Punzi, Maria Teresa; Rabitsch Katrin # 189.

Detecting Collusion in Spatially Differentiated Markets
Firgo, Matthias; Kügler, Agnes # 188.

Sovereign Debt and Economic Growth Revisited: The Role of (Non-)Sustainable Debt Thresholds
Antonakakis, Nikolaos # 187.

The Gender Wealth Gap in Europe
Schneebaum, Alyssa; Rehm, Miriam; Mader, Katharina; Klopf, Patricia; Hollan, Katarina # 186.

How to reveal people's preferences: Comparing time consistency and predictive power of multiple price list risk elicitation methods
Csermely, Tamás; Rabas, Alexander # 185.

Forecasting Global Equity Indices Using Large Bayesian VARs
Huber, Florian; Krisztin, Tamás; Piribauer, Philipp # 184.

Aggregravity: Estimating Gravity Models from Aggregate Data
Badinger, Harald; Crespo Cuaresma, Jesus # 183.

Does Fiscal Consolidation Really Get You Down? Evidence from Suicide Mortality
Antonakakis, Nikolaos; Collins, Alan # 182.

Summarizing Data using Partially Ordered Set Theory: An Application to Fiscal Frameworks in 97 Countries
Bachtrögler, Julia; Badinger, Harald; Fichet de Clairfontaine, Aurélien; Reuter, Wolf Heinrich # 181.

House Prices, Capital Inflows and Macroprudential Policy
Mendicino, Caterina; Punzi, Maria Teresa # 180.

Density Forecasting using Bayesian Global Vector Autoregressions with Common Stochastic Volatility
Huber, Florian # 179.

Does Elderly Employment have an Impact on Youth Employment? A General Equilibrium Approach
Stiassny, Alfred; Uhl, Christina # 178.

Spatial interactions in location decisions: Empirical evidence from a Bayesian spatial probit model
Nikolic, Adriana; Weiss, Christoph # WP 177.

Can Macroeconomists Get Rich Forecasting Exchange Rates?
Costantini, Mauro; Crespo Cuaresma, Jesus; Hlouskova, Jaroslava # WP 176.

From Rome to Lisbon and Beyond: Member States' Power, Efficiency, and Proportionality in the EU Council of Ministers
Antonakakis, Nikolaos; Badinger, Harald; Reuter, Wolf H. # WP 175.

Intergenerational Educational Persistence in Europe
Altzinger, Wilfried; Rumplmaier, Bernhard; Schneebaum, Alyssa # WP 174.

Fixed Effects and Random Effects Estimation of Higher-Order Spatial
Autoregressive Models with Spatial Autoregressive and Heteroskedastic Disturbances

Badinger, Harald; Egger, Peter # WP 173.
Corrigendum zu WU Economics Working Paper Nr. 173

Social Preferences and Voting on Reform: An Experimental Study
Paetzel, Fabian; Sausgruber, Rupert; Traub, Stefan # WP 172.

An Incomplete Markets Explanation to the UIP Puzzle
Rabitsch, Katrin # WP 171.

Education and the Transition to Sustained Democracy
Crespo Cuaresma, Jesus; Oberdabernig, Doris A. # WP 170.

The dynamics of returns to education in Uganda: National and subnational trends
Crespo Cuaresma, Jesus; Raggl, Anna # WP 169.

Evolutionary Stability of Indirect Reciprocity by Image Scoring
Berger, Ulrich; Grüne, Ansgar # WP 168.

Financial Stress, Sovereign Debt and Economic Activity in Industrialized Countries: Evidence from Dynamic Threshold Regressions
Proaño, Christian R.; Schoder, Christian; Semmler, Willi # WP 167.

Dynamic Spillovers of Oil Price Shocks and Policy Uncertainty

Antonakakis, Nikolaos; Chatziantoniou, Ioannis; Filis, George # WP 166.

Prospective Ageing and Economic Growth in Europe
Crespo Cuaresma, Jesus; Lábaj, Martin; Pružinský, Patrik # WP 165.

Regional integration, international liberalisation and the dynamics of industrial agglomeration
Commendatore, Pasquale; Kubin, Ingrid; Petraglia, Carmelo; Sushko, Iryna # WP 164.

(In)equality in Education and Economic Development
Sauer, Petra; Zagler Martin # WP 163.

A Two Period Model with Portfolio Choice: Understanding Results from Different Solution Methods
Rabitsch, Katrin; Stepanchuk, Serhiy # WP 162.

Strategic signaling or emotional sanctioning? An experimental study of ex post communication in a repeated public goods game
Zylbersztejn, Adam # WP 161.

An empirical assessment of Fairtrade: A perspective for low- and middle-income countries?
Nindl, Elisabeth # WP 160.

International Portfolios: A Comparison of Solution Methods
Rabitsch, Katrin; Stepanchuk, Serhiy; Tsyrennikov, Viktor # WP 159.


Model uncertainty in matrix exponential spatial growth regression models
Fischer, Manfred M.; Piribauer, Philipp # WP 158.

The gendered nature of intra-household decision making in and across Europe
Mader, Katharina; Schneebaum, Alyssa # WP 157.

Gender and Migration Background in Intergenerational Educational Mobility
Schneebaum, Alyssa; Rumplmaier, Bernhard; Altzinger, Wilfried # WP 156.

Academic Anti-Semitism and the Austrian School: Vienna, 1918-1945
Klausinger, Hansjoerg # WP 155.

Spacey Parents and Spacey Hosts in FDI
Badinger, Harald; Egger, Peter # WP 154.

Theoretical vs. Empirical Power Indices: Do Preferences Matter?
Badinger, Harald; Mühlböck, Monika; Nindl, Elisabeth; Reuter, Wolf Heinrich # WP 153.

Projecting Long-Term Primary Energy Consumption
Csereklyei, Zsuzsanna; Humer, Stefan # WP 152.

Measuring the Impacts of Nuclear Accidents on Energy Policy
Csereklyei, Zsuzsanna # WP 151.

Does the Welfare State Destroy the Family? Evidence from OECD Member Countries
Halla, Martin; Lackner, Mario; Scharler, Johann # WP 150.

Does Custody Law Affect Family Behavior In and Out of Marriage?
Böheim, René; Francesconi, Marco; Halla, Martin # WP 149.

International Comparisons of Household Saving Rates and Hidden Income
Walther, Herbert; Stiassny, Alfred # WP 148.


Modelling Primary Energy Consumption under Model Uncertainty
Csereklyei, Zsuzsanna; Humer, Stefan # WP 147.

Economic integration and agglomeration in a customs union in the presence of an outside region
Commendatore, Pasquale; Kubin, Ingrid; Petraglia, Carmelo; Sushko, Iryna # WP 146.

Decomposing wage discrimination in Germany and Austria with counterfactual densities
Grandner, Thomas; Gstach, Dieter # WP 145.

Revisiting the Effects of IMF Programs on Poverty and Inequality
Oberdabernig, Doris Anita # WP 144.

Income convergence prospects in Europe: Assessing the role of human capital dynamics
Crespo Cuaresma, Jesus; Havettová, Miroslava; Lábaj, Martin # WP 143.

The Great Synchronization of International Trade Collapse
Antonakakis, Nikolaos # WP 142.

Output Volatility, Economic Growth, and Cross-Country Spillovers: New Evidence for the G7 Countries
Antonakakis, Nikolaos; Badinger, Harald # WP 141.

Business Cycle Synchronization During US Recessions Since the Beginning of the 1870's
Antonakakis, Nikolaos # WP 140.

Globalization, Inequality, and Corruption
Badinger, Harald; Nindl, Elisabeth # WP 139.

After Two Decades of Integration: How Interdependent are Eastern European Economies and the Euro Area?
Prettner, Catherine; Prettner, Klaus # WP 138.

Border Collision Bifurcations in Boom and Bust Cycles
Kubin, Ingrid; Gardini, Laura # WP 137.

Cross-Border Mergers and Domestic Wages: Integrating Positive Spillover Effects and Negative Bargaining Effects
Clougherty, Joseph A.; Gugler, Klaus # WP 136.


From rags to riches? Intergenerational transmission of income in Europe
Schnetzer, Matthias and Altzinger, Wilfried # WP 135.


L. Albert Hahn's Economic Theory of Bank Credit
Hagemann, Harald # WP 134.

Heterogeneous productivity in voluntary public good provision - an experimental analysis
Fellner, Gerlinde, Iida, Yoshio, Kröger, Sabine and Seki, Erika # WP 133.

Agglomeration processes in aging societies
Grafeneder-Weissteiner, Theresa and Prettner, Klaus # WP 131.

Demographic change, growth and agglomeration
Grafeneder-Weissteiner, Theresa # WP 132.

The State of Wage Convergence in the European Monetary Union
Ramskogler, Paul # WP 130.


The finance-dominated growth regime, distribution, and aggregate demand in the US
Onaran, Özlem and Stockhammer, Engelbert and Grafl, Lucas # WP 126.

The finance-dominated accumulation regime, income distribution and the present crisis
Stockhammer, Engelbert # WP 127.

Banks, financial markets, and international consumption risk sharing
Leibrecht, Markus and Scharler, Johann # WP 128.

Agglomeration and population aging in a two region model of exogenous growth
Grafeneder-Weissteiner, Theresa and Prettner, Klaus # WP 125.

Positioning Public Service Broadcasting in a Competitive TV Market. Small Country Programming Strategies based on a Wide-Reach Genre
Fellner, Wolfgang and Grisold, Andrea # WP 129.


Contrasting the dynamic patterns of manufacturing and service FDI: Evidence from transition economies
Riedl, Aleksandra # WP 117.

Shareholder value orientation, distribution and growth - short- and medium-run effects in a Kaleckian model
Hein, Eckhard # WP 120.

The effect of import penetration on labor market outcomes in Austrian manufacturing industry
Onaran, Özlem # WP 119.

Cooperation in local and global groups
Fellner, Gerlinde and Lünser, Gabriele K # WP 122.

Causes, consequences, and cures of myopic loss aversion - an experimental investigation
Fellner, Gerlinde and Sutter, Matthias # WP 116.

Job quality and wages in duopsony
Figerl, Jürgen and Grandner, Thomas # WP 121.

The effect of foreign affiliate employment on wages, employment, and the wage share in Austria
Onaran, Özlem # WP 118.

Financial uncertainty and business investment
Stockhammer, Engelbert and Grafl, Lucas # WP 123.

Post Keynesian economics - how to move forward
Stockhammer, Engelbert and Ramskogler, Paul # WP 124.