Economic Policy and social democracy; the Austrian experience
研究了1970年代奥地利社会民主党政府为应对滞胀和维持充分就业而采取的独特政策策略，包括扩张性财政货币政策、汇率调控和收入政策，并分析了其在1980年代后的演变与效果。
In the 1970s, Austria's social democratic government pursued a distinctive policy strategy to overcome the period of stagflation and to maintain full employment after the first oil crisis. In the Keynesian tradition, the model assigned expansionary fiscal and monetary policy to stabilize effective demand and employment; the exchange rate to curb inflation; while the balance of trade was left to moderate incomes policies by the social partners. In the 1970s, this strategy was successful and the macroeconomic performance of the Austrian economy was outstanding. In the restrictive environment of the 1980s, the Austro-Keynesian model waned; while the stabilizing elements of the model, i.e. the hard currency and moderate incomes policies, were maintained, deficit spending as a discretionary strategy was given up. But, although the Austrian economy has been put under much competitive pressure owing to a continuous appreciation of the schilling along with the Deutschmark, its macroeconomic performance has been at least as good as the European or OECD average, but with lower unemployment.