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Fighting (the effects of) inflation: government measures in Austria and the EU

Author

Listed:
  • Doris Prammer

    (Oesterreichische Nationalbank)

  • Lukas Reiss

    (Oesterreichische Nationalbank, Economic Analysis Division)

Abstract

The extraordinarily high inflation in the euro area has led to substantial discretionary fiscal policy action to fight inflation in Austria and all other EU member states. Moreover, EU-wide emergency interventions to address high energy prices have come into force, comprising measures to skim off windfall profits from energy producers. In contrast to other EU member states, Austria has stayed relatively true to the approach of relying more on income measures as opposed to mere price measures: It has relied to a lesser extent on subsidies or tax cuts to reduce the costs of “brown” energy such as fuels, and to a larger extent on broad-based transfers and tax cuts to support all households. The large scale of the of the overall package is preventing a substantial decline in aggregate real household incomes in 2022.

Suggested Citation

  • Doris Prammer & Lukas Reiss, 2023. "Fighting (the effects of) inflation: government measures in Austria and the EU," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/22-Q1/, pages 95-106.
    • Handle: RePEc:onb:oenbmp:y:2023:i:q4/22-q1/23:b:7
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    References listed on IDEAS

    as
    1. Michael Böheim & Michael Peneder & Margit Schratzenstaller, 2022. "Besteuerung von Zufallsgewinnen. Konzeptionelle Überlegungen und Herausforderungen, europäische Initiativen und Implikationen für Österreich," WIFO Research Briefs 20, WIFO.
    2. repec:bre:polbrf:node_8331 is not listed on IDEAS
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      More about this item

      Keywords

      energy taxes; fiscal policy; high inflation;
      All these keywords.

      JEL classification:

      • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
      • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
      • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs

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