WIIW The Vienna Institute for International Economic Studies - Wiener Institut für Internationale Wirtschaftsvergleiche

Six outstanding research projects were awarded this year’s Kurt Rothschild Prize for Economic Journalism at the Vienna Imperial Palace. Among them was wiiw economist Philipp Heimberger. He was honoured for his work on the effects of fiscal austerity measures on economic activity in the euro area. We congratulate!

In his study 'Did Fiscal Consolidation Cause the Double-Dip Recession in the Euro Area?', published as a wiiw Working Paper  as well as in the Review of Keynesian Economics), Heimberger provided new and rigorous econometric evidence on the relationship between fiscal consolidation measures and the depth of the economic crisis in eurozone countries over the period 2011–2013. Given the evidence of substantial negative multiplier effects, the cumulative output losses due to fiscal austerity were found to be in the range of 5.5 to 8.4 per cent of GDP. Against the background of prevailing institutional and macroeconomic circumstances in the euro area, the study argues that fiscal consolidation is the cause of the double-dip recession in the eurozone. The policy relevance of the results for the broader debate on fiscal policy in Europe was explained in an article published by the Germany magazine ‘Makronom’ to a broader public audience.

Photocredit: Lea Pachta

The Kurt Rothschild Prize for Economic Journalism is awarded by the Karl Renner Institute and the Parliamentary Club of the Austrian Social Democratic Party (SPÖ Parlamentsklub) in memory of the Austrian economist Kurt W. Rothschild whose work has strongly influenced Austria’s scientific community, politics and society. The prize is awarded for original scientific contributions combining rigorous scientific analysis and accessibility to a broader public audience.

Photocredit: Lea Pachta

In his research at wiiw, Philipp Heimberger focuses on macroeconomics, economic policy (in particular fiscal policy) and on public sector economics. He holds a Master’s degree in economics from the Vienna University of Economics and Business, where he is currently engaged in a PhD program. He is also active as a researcher at the Institute for Comprehensive Analysis of the Economy (Johannes Kepler University Linz) and lectures at the Vienna University of Economics and Business.