Research

• Fields:

• Real Estate Economics · Empirical Macroeconomics · Financial Economics

PUBLICATIONS and WORKING PAPERS:

•  “Quantity Theory of Money and Core Inflation” with Thomas Hintermayer and Judita Kucerova (I.H.S.) March 2004

• "Time Varying Uncertainty and the Credit Channel”, (with Kevin Salyer, Univ. of California, Davis and Victor Dorofeenko, I.H.S.), March 2006 (Under Review)

• “Effects of Securities Transaction Taxes on Depth and Bid-Ask Spread”, (with Dominique Dupont, Univ. of Twente, The Netherlands), March 2006 (Forthcoming Economic Theory)

• “Endowment Effect, Status Quo Bias, and Loss Aversion: Rational Alternative Explanation”, (with Dominique Dupont, Univ. of Twente, The Netherlands), Vol. 25:1; page 87–101, July 2002 Journal of Risk and Uncertainty

• “Austrian Housing Demand and Demography: Is there a Connection?” (with B. Felderer, C. Helmenstein, and P. Schmidt-Dengler), Empirica, vol. 28, page. 259-276, 2001. Also appeared in Vienna Yearbook of Population Research 2003, Publisher: Austrian Academy of Science, page. 35 – 50, 2003.

• “Legal Restrictions on Portfolio Holdings: Some Empirical Results ”, (with Jarka Hlouskova), Aug., 2002 (Under Review at International Journal of Finance and Economics), IHS Working Paper series No. 93.

• “Czech and Hungarian Index Options Under Jump”, (with M.Boss and C. Klisz), Aug., 2002, IHS Working Paper Series No. 91

• “Marktbewertung und Liquidität“, (with I. Fortin and C. Helmenstein), Wirtschaftspolitische Blätter,  October 2000, Nr. 4, pg. 455-463.

•  “Housing Cycles and the Period of Production”, Applied Economics, vol. 31, 1999, pg. 1219-1230

• “Housing Investment Dynamics, Period of Production, and Adjustment Cost”, Journal of Housing Economics, vol. 8, no.1, 1999, pg. 1-25.

•  “Liquidity, Stock Market Valuation and Economic Growth: Case for Austrian Stock Market”, (with Ines Fortin I.H.S.) June, 1999

• “A Note on Investment with Time-to-Build”, (I.H.S. mimeo), 1998

• “A Note on Finance and Financial Economics: Is there a difference?” (I.H.S. mimeo) 1997

•  “Structural Versus Non-Structural VAR Models of Agricultural Prices and Exports” (Dept. of Ag. Econ., Univ. of  Alberta), 1999 (currently under revision)

•  “Macroeconomics impacts on Canadian Agricultural Economy”, (Dept. of Ag. Econ., Univ. of Alberta), 1992

(In Progress)

• “Effects of Resale and Purchase Taxes on Primary and Secondary Real Estate Markets”, (with Hao Li, University of Toronto), November 2003

• “ Agency Costs and Investment Behavior” with Kevin Salyer, (Univ. of California, Davis) and Victor Dorofeenko (I.H.S.), August 2005

• “What can Gold Options tell us about Market Sentiment: Implied Probability Distribution Approach”, with Dominique Y. Dupont (Univ. of Twente, The Netherlands), September 2003

• Agency Costs, Increasing Returns and Bubbles” with Kevin Salyer (University of California, Davis) and Victor Dorofeenko (I.H.S.), Jan. 2003

PROJECTS/RESEARCH GRANTS/CONSULTING

• “Crash States, Business Cycles and Welfare States: Theory and Empirical for the U.S. and Europe”,  (with Kevin Salyer at Univ. of California, Davis, and Victor Dorofeenko, IHS, Vienna). Research Grant Nr. 11042: Jubiläumsfonds at the Austrian National Bank, December 2004.

• “Economic Growth, Inflationary Pressure and Government Policies: Lessons to be Learned from Japan” with Walter H. Fisher (I.H.S.) and David Andolfatto (Simon Fraser University), Research Grant Nr. 10331: Jubiläumsfonds at the Austrian National Bank, September 2003

•  “Financial Intermediation, Increasing Returns Real Business Cycles: Theory and Evidence Across E.U.”,  (with Kevin Salyer at Univ. of California, Davis). Research Grant Nr. 9220: Jubiläumsfonds at the Austrian National Bank, July 2001

• “Behavioral Finance”. Studie im Auftrag des Verein zur Förderung der interdisziplinären Finanzmarktanalyse (with Helmenstein, Fortin, Weinberger, Kossmeier). May 2000 – June 2001.

• “Die Entwicklung der regionalen Wohnraumnachfrage in Österreich” (The Development of Regional Housing Demand in Austria) (with B. Felderer, C. Helmenstein, P. Schmidt-Dengler). Studie im Auftrag des Bundesministerium für wirtschaftliche Angelegenheiten (Consulting Project for the Ministry of Economic Affairs, Austria), June, 1999

•   “Gesamtwirtschaftliche Effekte der österreichischen Börseninfrastruktur” (Effects of Austrian Stock Market on Austrian Economy), (with Christian Helmenstein, Ines Fortin). Studie im Auftrag des Wr. Börse (Consulting Project for the Vienna Stock Exchange), June 1999

PAPER PRESENTATIONS: SELECTED INTERNATIONAL CONFERENCES (PAST 6 YRS)

• Housing Ownership and Unemployment: Dynamic Search Model

Mag. Paul Gaggl

• Numerical and Computational Methods

Mag. Johannes Gruber

• Optimal Real Estate Investments over Business Cycles with Hetrogeneous Firms