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Studienpräsentation "Euroscepticism and EU Cohesion Policy: The Impact of Micro-Level Policy Effectiveness on Voting Behavior" von Julia Bachtrögler und Harald Oberhofer

Der Verein für Socialpolitik ist die Dachorganisation der Wirtschaftswissenschaften im deutschsprachigen Raum und in unterschiedlichen Fachausschüssen organisiert. Das WIFO hält derzeit den Vorsitz im Ausschuss für Evolutorische Ökonomie, der sich mit den langfristigen Bestimmungsfaktoren komplexer Wirtschaftssysteme beschäftigt. Im Mittelpunkt stehen dabei die Interaktion heterogener einzelwirtschaftlicher Akteure sowie daraus folgende Strukturveränderungen (z. B. von Institutionen, Branchen, Technologien) als Grundlage der gesamtwirtschaftlichen Entwicklung. In den öffentlichen Gastvorträgen dieser Jahrestagung spricht Jason Potts von der RMIT Universität in Melbourne zu institutionellen Aspekten der Kryptoökonomie, während Jean-Robert Tyran von der Universität Wien demokratische Prozesse unter Aspekten der neueren Verhaltensökonomie beleuchtet.

This lecture explains how experimental economics can shed new light on the functioning of "democracy". I draw on examples from my own research to illustrate advantages and problems of making collective choices through voting. The lecture discusses the role of institutions and emphasises the interplay of "rational" and "behavioural" factors.

We analyse the effects of R&D-driven automation on economic growth, education, and inequality when high-skilled workers are complements to machines and low-skilled workers are substitutes for machines. The model predicts that innovation-driven growth leads to an increasing population share of college graduates, increasing income and wealth inequality, and a declining labour share. We use the model to analyse the effects of redistribution. We show that it is difficult to improve income of low-skilled individuals as long as both technology and education are endogenous. This is true irrespective of whether redistribution is financed by progressive wage taxation or by a robot tax. Only when higher education is stationary, redistribution unambiguously benefits the poor. We show that education subsidies affect the economy differently depending on their mode of funding and that they may actually reduce education. Finally, we extend the model by fair wage concerns and show how automation could induce involuntary low-skilled unemployment.

Blockchains are a new digital technology that combines peer-to-peer network computing and cryptography to create an immutable decentralised public ledger. When the ledger records money, a blockchain is a cryptocurrency, such as bitcoin. But ledger entries can record any data structure, including property titles, identity and certification, contracts, and so on. I argue that the economics of blockchains extend beyond analysis of a new general-purpose technology and its disruptive Schumpeterian consequences to the broader idea that blockchains are an institutional technology, and an instance of institutional evolution. I propose a transaction cost based model of blockchains as a three-sided market. I will explain why blockchain technology is the foundation of next generation digital economic infrastructure for global trade and commerce.

WIFO's Italian Euroconstruct partner CRESME, host of the 87th Euroconstruct conference on 12-13 June 2019 kindly invites to an update on European construction market trends towards 2021. The special topic of the afternoon session is about "Investing in water and water management". A separate conference day on the topic "water" will be held on Friday, 14 June 2019 providing further in-depth analysis on the impact on environment, cities and buildings. This optional event is free of charge for all Euroconstruct conference visitors.

The Euroframe group of research institutes (CASE, CPB, DIW, ESRI, ETLA, IfW, NIESR, OFCE, PROMETEIA, WIFO) held its 16th annual Conference on Economic Policy Issues in the European Union in Dublin on 7 June 2019. The aim of this conference is to bring together academics and policy-oriented economists by providing a forum for debate on economic policy issues relevant in the European context. The 16th Conference will focus on the greater cohesion across Europe in monetary, fiscal and macroprudential policy while set against an increasingly fractured and polarised international (trade) environment. In particular, the conference will address challenges concerning monetary policy normalisation and greater policy cohesion in the fiscal and macroprudential policy areas. It will also address the implications of disruptions to trade due to Brexit and increased global tensions between the USA and China.

We study the classic static optimal non-linear income taxation problem (Mirrlees, 1971). Diamond (1998) and Saez (2001) derive expressions for the optimal taxes that are widely used in public finance. Yet, even in the simplest cases, those do not provide closed-form solutions or a full characterisation for the optimal income tax. The solution is a coupled system of differential equations and has relatively few known characteristics. We derive a new characterisation of the optimum by showing that it satisfies what we call a "fairness principle": taxes at any given level are the average of nearby taxes. This is joint work with Aleh Tsyvinski (Yale).

The lecture analyses the appropriate role of capital taxation in advanced economies by synthesising the research on optimal capital taxation. To highlight the redistributive role of capital taxation, robust correlations between labour income, wealth and capital income are documented and new evidence on the wealth holdings of the wealthiest is presented. Distortionary effects of capital taxation are analysed and critical issues in its practical implementation are discussed. The overall conclusion is that there are good reasons to tax capital and that Nordic "dual" income taxation could be a constructive way to strike a balance between an optimal and administratively feasible tax system.