The economic performance of Austria and Italy during the last two decades is analysed by economists from both countries. Their contributions interpret observed historical facts starting from a macroeconomic level down to disaggregated structural issues. The performance as well as prospects of economic policy concerning the monetary sector, the balance of payments, the industrial sectors, and the labour markets are reviewed. Specific problem areas are investigated and relationships to current economic theory are established. Readers find sufficient material to form opinions about the difference in national approaches to assess economic problems and about the different ways of attacking them.

Inhalt
Macroeconomic Scenario.- The Economic Miracle of Austria.- Structural Changes in the Post-War Italian Economy.- European Perspectives for Austria and Italy.- Structural Dynamics and Industrial Policy.- Dynamics of Industrial Sectors and Structural Change in the Austrian and Italian Economies, 19701989.- Technological Position and Industrial Structure of Austria.- Endogeneous Technical Progress in a Macroeconomic Model. A Comparison between Italy and Austria.- A Perspective on Monetary Policy and the Balance of Payments.- On the European System of Central Banks: A Note.- Reflections on Central Bank Independence and Monetary Policy. The Case of Austria.- Reflections on the Papers by De Cecco and Hochreiter.- The Future of the European Monetary Union.- Balance of Payments Constraints in the Italian Economy.- Austria's Balance of Payments under Changing Domestic and External Conditions.- Cross Country Mobility Issues.- Labour Supply Trends and the Worsening Dualism in the Italian Labour Market.- Macroeconomic Consequences of a Labour Supply Shock. A Simulation Study of the Austrian Experience in 1990 and 1991.- Macroeconomic Theory.- Imported Material Price Shocks under Alternative Wage Regimes.