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During the last decade, the Austrian labour market experienced a substantial outward shift of the Beveridge curve. Using detailed administrative data on vacancies and registered unemployed by region and skill level, we test which factors caused this shift. We find that the Beveridge curve shifted primarily because mismatch increased substantially. Looking on the regional and skill dimension of mismatch unemployment, we find a substantial increase of mismatch unemployment for manual routine tasks as well as for the region of Vienna.

FIW Trade Talks is a series of events organised by the Research Centre International Economics (FIW). International economic researchers or high-level policy makers are interviewed on current topics in international economics and economic policy.

The Austrian Institute of Economic Research (WIFO) kindly invites to the 91st Euroconstruct conference on 10 to 11 June 2021. The event will focus on the update of the European construction market forecasts in the wake of the unfolding COVID-19 crisis. Throughout the event, decision-makers and experts from banking, housing, non-residential construction and civil engineering will contribute with their expertise. The ongoing tense health situation in Europe again requires that the event is organised as a webinar. Join this online conference to receive numerous advantages like first-hand construction market information from the Euroconstruct members and benefit from an interactive participation during question and answer sessions. Furthermore all participants will receive the Euroconstruct Summary Report before the official sales date on 16 June 2021. More details about the event will be continuously updated on our conference website.

Research question(s): Economic complexity is typically approximated using an economy's gross export structure. Considering increasingly integrated global value chains, can economic complexity based on value-added exports better explain economic growth? Do value-added export specialisations convey a different picture of economic development from a network perspective than gross export specialisations? • Approach (empirical or theoretical models, simulation, etc.): Using value-added exports and applying non-linear iterative algorithms, I introduce a novel empirical approach to the topic of economic complexity. Moreover, in analogy to the Product Space, which uses gross exports and maps products to each other based on required capabilities, value-added exports enable a complementary visualisation of economic development and structural cross-country differences we refer to as Industry Space. • Data (if empirical, what data is used; level of aggregation; most important variables): The latest release of the World Input-Output Database is used, which covers 43 countries and 56 industries each for 2000 to 2014. • Main result(s): This approach leads to substantially different complexity rankings compared to established metrics using gross exports and the explanatory power of GDP per capita growth is considerably higher. Our study on the Industry Space emphasises the need for value-added exports in analysing economic development by providing evidence that using gross exports significantly changes the similarities between industries.

Research question(s): How much harm results from cyber incidents? − Which security interventions effectively reduce harm? − Have these answers changed over time? • Approach: Systematization of the empirical literature in several disciplines • Data: Stock markets, financial disclosures, insurance claims, news reports (breach disclosures), technical measurements, survey responses • Main result(s): Studies disagree on the harm resulting from cyber incidents − Omitted variables and sampling biases cast doubt on many results − Indicators of exposure explain more variance than indicators of preventive security − Very little is known about systemic cyber risk • Policy implication(s): The market can handle individual cyber losses, but externalities creating systemic cyber risk require policy attention. Statistical institutes should extend the collection of cyber risk indicators on a representative basis.

When the vaccinations finally progress and the economy recovers again, it is also a matter of profound structural changes in energy consumption, production, consumption and mobility. For this is the only way to achieve CO2 neutrality by the middle of the century in order to limit climate change. The European Union wants to make its contribution with the Green Deal. However, the project can only be successful if its members and partner countries pursue a coherent policy. But what climate and environmental policy impulses do the crisis and economic stimulus programmes of the EU, its member countries and neighbours really provide? And what policies are needed now to ensure that the recovery of COVID-19 is accompanied by a successful green transformation of our economies?