May 2015 - NOeG-l - Wirtschaftsuniversität Wien

Einladung "Finanzmarktentwicklung", Philipp Hildebrand exklusiv in Wien, 8.6., 15 Uhr, Kassensaal OeNB
by Wiwipol 18 May '15

18 May '15

Die Arbeitsgemeinschaft für wissenschaftliche Wirtschaftspolitik (WIWIPOL) lädt Sie herzlich ein zu folgender Veranstaltung: *Neue Herausforderungen der Finanzmarktentwicklung* _Ort:_ Kassensaal, Oesterreichische Nationalbank, Otto-Wagner-Platz 3, 1090 Wien _Zeit:_ Mo., 8. Juni 2015, 15:00 Uhr bis ca. 17:00 Uhr Eintritt frei, im Anschluss Erfrischungen. _Inhalt:_ Die Finanzmärkte sind gegenwärtig mit massiven Veränderungsprozessen und unkonventionellen Rahmenbedingungen konfrontiert. Das wirft die Frage nach künftigen Gestaltungsmöglichkeiten zwingend auf. Die Veranstaltung bietet die seltene, exklusive Gelegenheit, die neuen Herausforderungen der Finanzmarktentwicklung mit einem gleichsam prominenten wie fachkundigen internationalen Akteur zu diskutieren: Philipp Hildebrand ist Vice Chairman von Black Rock Incorporated, dem weltgrößten Vermögensverwalter. _Begrüßung:__ _ *Peter MOOSLECHNER* Mitglied des Direktoriums, Oesterreichische Nationalbank (OeNB) _Key Note:__ _ *Philipp HILDEBRAND* Vice Chairman, Black Rock Incorporated _Podium:__ _ *Georg KRAFT-KINZ** *Generaldirektor-Stv., Raiffeisen Landesbank Niederösterreich-Wien *Ewald NOWOTNY* Gouverneur, Oesterreichische Nationalbank (OeNB) *Josef ZECHNER* Professor for Finance and Investments, Wirtschaftsuniversität Wien _Moderation:__ _ *Patrick HORVATH* Arbeitsgemeinschaft für wissenschaftliche Wirtschaftspolitik (WIWIPOL) _Um Anmeldung wird gebeten:__ _office(a)wiwipol.at oder Tel. 01/3194447

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Conference Invitation: SUERF/ Bank of Finland on "Liquidity and Market Efficiency – Alive and Well?", 3 July 2015 Helsinki
by Popovic, Dragana 15 May '15

15 May '15

[Suerf]<http://www.suerf.org> Conference Invitation www.suerf.org<http://www.suerf.org> SUERF and Bank of Finland Liquidity and Market Efficiency – Alive and Well? 3 July 2015, Helsinki Dear Sir and Madam, SUERF - The European Money and Finance Forum has the pleasure of inviting you to the 6th joint conference with Bank of Finland<http://www.suomenpankki.fi/en/Pages/default.aspx>, which will take place in Helsinki on 3 July 2015 on “Liquidity and Market Efficiency – Alive and Well?”<http://www.suerf.org/helsinki2015>. The conference will be opened by Erkki Liikanen, Governor of the Bank of Finland, and highlights the following keynote addresses: Bengt Holmström, MIT Peter Fisher, BlackRock Investment Institute, and Tuck School of Business Dartmouth George Pennacchi, University of Illinois at Urbana-Champaign Hyun Song Shin, BIS Motivation - The recent financial crisis has given a serious blow to the doctrine of market efficiency. At the same time the need has arisen to better understand liquidity which evaporated in the midst of the crisis. How are liquidity and market efficiency related? It has been argued that liquidity in stock and debt markets, especially in short-term money markets, may be maximized under very different conditions regarding the information content of market prices. What are the implications for systemic risks and financial stability? This one-day conference aims to bring together experts from all sides to better understand the key concepts of market liquidity and efficiency in different markets that research has helped to identify, the incentives facing practitioners in the market place, and the role regulation may have in correcting any market failures. Conference Registration: Participation is free of charge, but advanced registration is required at http://www.suerf.org/registration/2733/helsinki2015 Conference Dinner, 2 July 2015 Participants are invited to attend a dinner hosted by Bank of Finland on the evening of 2 July 2015 (Bank of Finland/Banqueting Hall, Snellmaninaukio). Please confirm whether you will be attending the dinner when registering for the conference. Hotel Accommodation Block bookings have been made at the GLO Hotel Kluuvi Helsinki<http://glohotels.fi/en/hotels/glo-hotel-kluuvi> for the nights of 2-4 July 2015. The rate is EUR 140/per night (single) and EUR 155/per night (double), second night during weekend is 125 €/per night (single) and 140 €/ per night (double), both including breakfast. Please note that participants are responsible for making their own booking. For the preferential hotel rate, please mention the code “ALLBOF0207 “. Please book your hotel stay by 15 June at the latest. Availability of rooms cannot be guaranteed after this date. We look forward to welcoming you in Helsinki. Yours sincerely, SUERF Secretariat SUERF - The European Money and Finance Forum c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna Tel: +43 1 40420 7216 - Fax to PDF: +43 1 40420 04 7298 e-mail: suerf(a)oenb.at<mailto:suerf@oenb.at> - www: www.suerf.org <http://www.suerf.org/>

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Club of Rome Veranstaltung 18.6.2015 Programm
by johann.jachs＠clubofrome.at 13 May '15

13 May '15

Sehr geehrte Damen und Herren, wie angekündigt darf ich Ihnen nun das Programm für die Veranstaltung des Club of Rome Austrian Chapter Säkulare Stagnation am 18. Juni 2015, 19:00 Uhr in der OeKB übermitteln (und ggfs um Weiterleitung ersuchen). Bitte um Anmeldung unter dem Link http://www.oekb.at/microsites/klimaneutral/seiten/anmeldung.aspx . Mit freundlichen Grüßen Johann Jachs Austrian Chapter des Club of Rome Generalsekretär c/o Oesterreichische Nationalbank Otto-Wagner-Platz 3 1090 Wien Tel. +43 1 5125770 Mobil +43 664 5305736 Email johann.jachs(a)clubofrome.at www.clubofrome.at

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Invitation: Vienna Joint Economics Seminar (May 21): Matthew R. Backus and Melvyn Coles
by Economics Department 13 May '15

13 May '15

[cid:image002.png@01CEBF6B.D0B28790] VIENNA JOINT ECONOMICS SEMINAR INVITATION The University of Vienna and the Department of Economics and Finance at the Institute for Advanced Studies cordially invite you to the following Vienna Joint Economics Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimme…> Thursday, May 21, 2015 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, HS 9, 1st floor 4:00 pm Matthew<https://sites.google.com/a/umich.edu/mrb/> R. Backus and Melvyn Coles<http://www.essex.ac.uk/economics/staff/profile.aspx?ID=1679> Cornell U Essex Cheap Talk, Round Numbers and the Economics of Negotiation (Matthew R. Backus) Abstract: Can sellers credibly signal their private information to reduce frictions in negotiations? Guided by a simple cheap-talk model, we posit that impatient sellers use round numbers to signal their willingness to cut prices in order to sell faster, and test its implications using millions of online bargaining interactions. Items listed at multiples of $100 receive offers that are 5% - 8% lower but that arrive 6 - 11 days sooner than listings at neighboring "precise" values, and are 3% - 5% more likely to sell. Offer-level evidence further supports our hypotheses. Similar patterns in real estate transactions suggest that round-number signaling plays a broader role in negotiations. The cost of job loss (Melvyn Coles) Abstract: tba paper jointly with Ken Burdett and Carlos Carrillo Tudela We are looking forward to seeing you! Institute for Advanced Studies Department of Economics and Finance Stumpergasse 56, 1060 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at> http://economics.ihs.ac.at LINKS<https://nyuad.nyu.edu/en/academics/faculty/herv-crs.html> DIRECTIONS TO UNIVERSITY OF VIENNA on Google maps<https://maps.google.at/maps?q=Oskar-Morgenstern-Platz+1,+1090+Wien+%28SR+14…> VIENNA JOINT ECONOMICS SEMINAR<https://www.google.com/calendar/embed?src=pjgnue7cg8r0m0up9v27riruic%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=pjgnue7cg8r0m0up9v27riruic%40grou…> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> [cid:image003.jpg@01CEBF6B.D0B28790]<http://economics.ihs.ac.at/> [cid:image004.jpg@01CEBF6B.D0B28790]<http://econ.univie.ac.at/home/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/FB-f-Logo__blue_512.…] [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-o…] [http://www.ihs.ac.at/vienna/resources/Economics/Others/feed-icon-28x28.png] <http://econ.univie.ac.at/home/> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107 Abs. 4. Sollten Sie keine weiteren Zusendungen wünschen, senden Sie uns bitte eine kurze Mitteilung an: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l(a)wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l)

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WUWAETRIX^3: Third WU-Workshop in Applied Econometrics, May 28
by Crespo Cuaresma, Jesus 13 May '15

13 May '15

The third WU-Workshop in Applied Econometrics (WUWAETRIX^3) will take place on May 28th at the Department of Economics of the Vienna University of Economics and Business. WUWAETRIX is an informal seminar on applied econometric methods jointly organized by Jesus Crespo Cuaresma (WU) and Gernot Doppelhofer (NHH-Bergen and WU). The aim of the workshop is to provide a forum for discussion of ongoing research on applied econometrics, in particular by young scholars. Attached is the program of the workshop. All the best, Jesus Crespo Cuaresma --- Jesus Crespo Cuaresma Professor of Economics Vienna University of Economics and Business Welthandelsplatz 1 1020 Vienna (Austria) T: +43(1)31336-4530 F: +43(1)31336-728 E: jcrespo(a)wu.ac.at<mailto:jcrespo@wu.ac.at> H: http://www.wu.ac.at/vw1/m/crespo

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Invitation: Joint Vienna Macro Seminar (May 19): Julian di Giovanni
by Economics Department 12 May '15

12 May '15

[cid:image002.png@01D08CBF.6C078A20][cid:image003.png@01D08CBF.6C078A20] JOINT VIENNA MACROECONOMICS SEMINAR INVITATION The Joint Vienna Institute and the Department of Economics and Finance at the Institute for Advanced Studies cordially invite you to the following Joint Vienna Macroeconomics Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimme…> Tuesday, May 19, 2015 IHS, Stumpergasse 56, 1060 Vienna, HS II 5:00 pm Julian di Giovanni<http://julian.digiovanni.ca/> UPF, Barcelona <http://economics.ucsc.edu/faculty/singleton.php?&singleton=true&cruz_id=hut…> Micro Origins of International Business Cycle Comovement This paper investigates the role of individual firms in international business cycle comovement using data covering the universe of French firm-level value added, bilateral imports and exports, and cross-border ownership over the period 1991-2007. Because internationally connected firms are systematically larger than non-internationally connected firms, the firms directly linked to foreign countries represent less than 10% of all firms, but 58% of all value added. Controlling for firm and country effects, trade in goods with a particular foreign country is associated with a significantly higher correlation between a firm and that foreign country. In addition, foreign multinational affiliates operating in France are significantly more correlated with the source economy. The firm-level impact of direct trade and multinational linkages has significant aggregate implications. Directly connected firms account for three-quarters of the observed aggregate comovement. Without those linkages the correlation between France and foreign countries would fall by about 0.026, or nearly 10% of the observed average business cycle correlation of 0.29 in this sample of countries. These results are evidence of transmission of business cycle shocks through direct trade and multinational ownership linkages at the firm level, and of the important role of granularity in international business cycle comovement. paper jointly with Andrei A. Levchenko and Isabelle Méjean We are looking forward to seeing you! Institute for Advanced Studies Department of Economics and Finance Stumpergasse 56, 1060 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at> http://economics.ihs.ac.at<http://economics.ihs.ac.at/> LINKS DIRECTIONS TO IHS<https://maps.google.com/maps/ms?msid=214450950836633541616.0004d7e346945a52…> on Google maps<https://maps.google.com/maps/ms?msid=214450950836633541616.0004d7e346945a52…> JOINT VIENNA MACRO SEMINAR<https://www.google.com/calendar/embed?src=6h1m59s6inkmo4ppa30s4itb6k%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=6h1m59s6inkmo4ppa30s4itb6k%40grou…> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> [cid:image008.jpg@01CEA8B6.39ACE730]<http://economics.ihs.ac.at/> [JVI_2011]<http://www.jvi.org/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/FB-f-Logo__blue_512.…]<https://www.facebook.com/IHS.Economics.and.Finance> [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-o…] <https://twitter.com/IHS_Eco_Fin> [http://www.ihs.ac.at/vienna/resources/Economics/Others/feed-icon-28x28.png] <http://www.facebook.com/feeds/page.php?id=177236688990366&format=atom10> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107 Abs. 4. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l(a)wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l.)

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Einladung zur Generalversammlung der NOeG / Datum: Sa. 6. Juni 2015 13 Uhr / Klagenfurt
by Altzinger, Wilfried 12 May '15

12 May '15

Sehr geehrte Damen und Herren! Die beiliegende Einladung zur Generalversammlung der NOeG gilt nur für Mitglieder der NOeG. Einladung zur Generalversammlung Datum: Sa. 6. Juni 2015 13 Uhr Ort: E.0.05 (Südtrakt: Ebene 0 / Tiefparterre) (Lageplan liegt bei) Tagesordnung: 1. Begrüßung und Genehmigung der Tagesordnung 2. Genehmigung des Protokolls der Generalversammlung vom 30. Mai 2014 3. Bericht der Rechnungsprüfer und Genehmigung des Rechnungsabschlusses 2014 4. Bericht des Präsidenten 2014 5. Wahl 1. Vizepräsident bzw. 1. Vizepräsidentin 6. Jahrestagungen 2016 und 2017 7. Mitgliedsbeitrag 2015 8. Allfälliges Mit freundlichen Grüßen, Wilfried Altzinger (Generalsekretär der NOeG) ********************************************* Altzinger Wilfried Vienna University of Economics and Business Department of Economics Welthandelsplatz 1 / D4, Level 2 (2.032) A-1020 Vienna http://www.wu.ac.at/vw1/m/altzing ++ 43 676 8213 4511 ********************************************* [Campusplan]

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ERINNERUNG: Einladung zu Vorträgen von Prof. Strulik: 19. und 21.5.2015
by Brigitte Schneider 12 May '15

12 May '15

ERINNERUNG: Sehr geehrte Damen und Herren, Herr Prof. Dr. Holger Strulik hält im Rahmen der öffentlichen Vortragsreihe "Economic Theory and Policy" am 19.05.2015 um 17.00 Uhr einen Vortrag mit dem Titel "Desire and Development" und am 21.05.2015 um 16.00 Uhr einen Vortrag mit dem Titel "The Physiological Foundations of Comparative Economic Development" Wir freuen uns, Ihnen anbei die Einladungen übermitteln zu dürfen. Mit freundlichen Grüßen Brigitte Schneider Brigitte Schneider Forschungsgruppe Ökonomie Institut für Stochastik und Wirtschaftsmathematik (E 105-3) Technische Universität Wien Wiedner Hauptstraße 8 - 10 A-1040 Wien Tel.: +43-1-58801-10531 Fax: +43-1-58801-105399 E-Mail: brigitte.schneider(a)econ.tuwien.ac.at<mailto:brigitte.schneider@econ.tuwien.ac.at> DVR: 0005886 UID: ATU 37675002

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Invitation: Joint Vienna Macro Seminar (May 12): Michael M. Hutchison
by Economics Department 11 May '15

11 May '15

[cid:image002.png@01D08BD2.C1632E40][cid:image003.png@01D08BD2.C1632E40] JOINT VIENNA MACROECONOMICS SEMINAR INVITATION The Joint Vienna Institute and the Department of Economics and Finance at the Institute for Advanced Studies cordially invite you to the following Joint Vienna Macroeconomics Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimme…> Tuesday, May 12, 2015 IHS, Stumpergasse 56, 1060 Vienna, HS II 5:00 pm Michael M. Hutchison<http://economics.ucsc.edu/faculty/singleton.php?&singleton=true&cruz_id=hut…> UC Santa Cruz <http://economics.ucsc.edu/faculty/singleton.php?&singleton=true&cruz_id=hut…> Fiscal Rules and Business Cycles in Emerging and Developing Economies<https://www.ihs.ac.at/fileadmin/public/ecofin_teaching/Seminars/20150512_pa…> Emerging and developing economies generally have greater economic volatility than advanced economies, but have experienced a substantial dampening of the business cycle since the early 2000s. Fiscal pro-cyclicality has also declined markedly in emerging market economies. We investigate whether fiscal rules, working to increase stability in public sector finances, may have allowed governments to follow less pro-cyclical fiscal policies. Chile is a well-known success story in this regard, with its adoption of strict policy rules regulating government expenditures, taxation and debt. We investigate whether adopting rules-constrained fiscal policy similar to Chile has helped reduce the procyclicality of fiscal policy and thereby dampened business cycle fluctuations. To this end, we employ a dynamic panel framework with 101 countries over 1985-2013. We also investigate whether the effectiveness of fiscal rules is contingent upon the quality of government institutions, and which specific type of fiscal rule (expenditure, revenue, balanced budget or debt rules) appears most effective. In addition, we control for other factors that may impact fiscal cyclicality and the effectiveness of fiscal rules, i.e. inflation targeting, IMF programs, terms-of-trade changes and the level of government debt. We find that fiscal rules are effective in reducing pro-cyclicality if implemented in countries with relatively high quality government bureaucracies (advanced and emerging market economies). The converse also holds - higher government efficiency reduces procyclicality but the effect is much stronger when combined with fiscal rules. We also find that balanced budget rules appear the most effective in reducing fiscal pro-cyclicality for a broad group of countries, but only expenditure rules appear effective in the developing-country group. Rules are also most effective in countries with particularly high government debt burdens and in those experiencing large terms-of-trade volatility. paper jointly with U. Michael Bergman We are looking forward to seeing you! Institute for Advanced Studies Department of Economics and Finance Stumpergasse 56, 1060 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at> http://economics.ihs.ac.at<http://economics.ihs.ac.at/> LINKS DIRECTIONS TO IHS<https://maps.google.com/maps/ms?msid=214450950836633541616.0004d7e346945a52…> on Google maps<https://maps.google.com/maps/ms?msid=214450950836633541616.0004d7e346945a52…> JOINT VIENNA MACRO SEMINAR<https://www.google.com/calendar/embed?src=6h1m59s6inkmo4ppa30s4itb6k%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=6h1m59s6inkmo4ppa30s4itb6k%40grou…> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> [cid:image008.jpg@01CEA8B6.39ACE730]<http://economics.ihs.ac.at/> [JVI_2011]<http://www.jvi.org/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/FB-f-Logo__blue_512.…]<https://www.facebook.com/IHS.Economics.and.Finance> [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-o…] <https://twitter.com/IHS_Eco_Fin> [http://www.ihs.ac.at/vienna/resources/Economics/Others/feed-icon-28x28.png] <http://www.facebook.com/feeds/page.php?id=177236688990366&format=atom10> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107 Abs. 4. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l(a)wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l.)

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REMINDER - Invitation: Joint Vienna Macro Seminar (May 12): Michael M. Hutchison
by Economics Department 11 May '15

11 May '15

[cid:image002.png@01D08BD2.7904DFE0][cid:image003.png@01D08BD2.7904DFE0] JOINT VIENNA MACROECONOMICS SEMINAR INVITATION R E M I N D E R The Joint Vienna Institute and the Department of Economics and Finance at the Institute for Advanced Studies cordially invite you to the following Joint Vienna Macroeconomics Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimme…> Tuesday, May 12, 2015 IHS, Stumpergasse 56, 1060 Vienna, HS II 5:00 pm Michael M. Hutchison<http://economics.ucsc.edu/faculty/singleton.php?&singleton=true&cruz_id=hut…> UC Santa Cruz Fiscal Rules and Business Cycles in Emerging and Developing Economies<https://www.ihs.ac.at/fileadmin/public/ecofin_teaching/Seminars/20150512_pa…> Abstract: Emerging and developing economies generally have greater economic volatility than advanced economies, but have experienced a substantial dampening of the business cycle since the early 2000s. Fiscal pro-cyclicality has also declined markedly in emerging market economies. We investigate whether fiscal rules, working to increase stability in public sector finances, may have allowed governments to follow less pro-cyclical fiscal policies. Chile is a well-known success story in this regard, with its adoption of strict policy rules regulating government expenditures, taxation and debt. We investigate whether adopting rules-constrained fiscal policy similar to Chile has helped reduce the pro-cyclicality of fiscal policy and thereby dampened business cycle fluctuations. To this end, we employ a dynamic panel framework with 101 countries over 1985-2013. We also investigate whether the effectiveness of fiscal rules is contingent upon the quality of government institutions, and which specific type of fiscal rule (expenditure, revenue, balanced budget or debt rules) appears most effective. In addition, we control for other factors that may impact fiscal cyclicality and the effectiveness of fiscal rules, i.e. inflation targeting, IMF programs, terms-of-trade changes and the level of government debt. We find that fiscal rules are effective in reducing pro-cyclicality if implemented in countries with relatively high quality government bureaucracies (advanced and emerging market economies). The converse also holds - higher government efficiency reduces pro-cyclicality but the effect is much stronger when combined with fiscal rules. We also find that balanced budget rules appear the most effective in reducing fiscal pro-cyclicality for a broad group of countries, but only expenditure rules appear effective in the developing-country group. Rules are also most effective in countries with particularly high government debt burdens and in those experiencing large terms-of-trade volatility. paper jointly with U. Michael Bergman We are looking forward to seeing you! Institute for Advanced Studies Department of Economics and Finance Stumpergasse 56, 1060 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at> http://economics.ihs.ac.at<http://economics.ihs.ac.at/> LINKS DIRECTIONS TO IHS<https://maps.google.com/maps/ms?msid=214450950836633541616.0004d7e346945a52…> on Google maps<https://maps.google.com/maps/ms?msid=214450950836633541616.0004d7e346945a52…> JOINT VIENNA MACRO SEMINAR<https://www.google.com/calendar/embed?src=6h1m59s6inkmo4ppa30s4itb6k%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=6h1m59s6inkmo4ppa30s4itb6k%40grou…> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> [cid:image008.jpg@01CEA8B6.39ACE730]<http://economics.ihs.ac.at/> [JVI_2011]<http://www.jvi.org/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/FB-f-Logo__blue_512.…]<https://www.facebook.com/IHS.Economics.and.Finance> [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-o…] <https://twitter.com/IHS_Eco_Fin> [http://www.ihs.ac.at/vienna/resources/Economics/Others/feed-icon-28x28.png] <http://www.facebook.com/feeds/page.php?id=177236688990366&format=atom10> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107 Abs. 4. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l(a)wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l.)

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