Das FIW – Kompetenzzentrum "Forschungsschwerpunkt Internationale Wirtschaft" kündigt seine 15. Forschungskonferenz "International Economics" an und bittet um die Einreichung von (vollständigen) Arbeitspapieren, die auf der Konferenz präsentiert werden sollen. Das Hauptziel der Konferenz ist es, Wirtschaftswissenschafterinnen und -wissenschaftern, die auf dem Gebiet der "Internationalen Wirtschaft" arbeiten, eine Plattform zu bieten, um aktuelle Forschungsergebnisse zu präsentieren. Beiträge von Doktorandinnen und Doktoranden, jungen Fakultätsmitgliedern und jungen Forscherinnen und Forschern in ähnlichen Positionen sind besonders willkommen, da die Konferenz junge Wirtschaftswissenschafterinnen und -wissenschaftern unterstützen und ermutigen soll, indem sie ihnen die Möglichkeit gibt, ihre Arbeit sowohl anderen jungen Wirtschaftswissenschafterinnen und -wissenschaftern als auch erfahrenen älteren Forscherinnen und Forschern vorzustellen. Die Konferenz soll auch Forscherinnen und Forschern und politische Entscheidungsträgerinnen und -trägern zusammenbringen, um ein Forum für Diskussionen darüber zu bieten, wie empirische Erkenntnisse effektiver in die aktuelle Wirtschaftspolitik einfließen können.

Financial markets can support the transition to a low-carbon economy by redirecting funds from highly emissive to clean investments. We study whether European stock markets incorporate carbon prices in company valuations and to what degree they discriminate between firms with different carbon intensities. Using a novel dataset of stock prices and carbon intensities of 338 European publicly traded companies between 2013 and 2021, we find a strongly statistically significant relationship between weekly carbon price changes and stock returns. Crucially, this relationship depends on firms' carbon intensity: the higher the carbon costs a firm faces, the poorer its stock performance during the periods of carbon price increases. Emissions that firms cover with free allowances however do not impact this relationship, illustrating how both carbon pricing and disclosures are needed for financial markets to foster climate change mitigation. The relationship we identify can provide an incentive for firms to decarbonise. We argue in favour of more ambitious carbon pricing policies, as this would strengthen the stock-market incentive channel while causing only limited financial stability risk for stocks.

Trade sanctions are a common instrument of diplomatic retaliation. To guide current and future policy, we ask: What is the most cost-efficient way to impose trade sanctions against Russia? To answer this question, we build a quantitative model of international trade with input-output connections. Sanctioning countries simultaneously choose import tariffs to maximise their income and to minimise Russia's income, with different weights placed on these objectives. We find, first, that for countries with a small willingness to pay for sanctions against Russia, the most cost-efficient sanction is a uniform, about 20 percent tariff against all Russian products. Second, if countries are willing to pay at least 0.7 $ for each 1 $ drop in Russian welfare, an embargo on Russia's mining and energy products – with tariffs above 50 percent on other products – is the most cost-efficient policy. Finally, if countries target politically relevant sectors, an embargo against Russia's mining and energy sector is the cost-efficient policy even when there is a small willingness to pay for sanctions.

Le Corbusier's 1929 vision for the modern city was that of bright housing set into green open space. Following Le Corbusier, houses need to withdraw from the streetfront. Jane Jacobs (1961) instead pointed to the importance of "eyes on the street" in making streets safe. For Jacobs, houses need to align with the streetfront. Today developers around the world overwhelmingly appear to pursue the Corbusian vision. This paper provides an economic rationale for, and a welfare assessment of, the discontiguous streetfront that results. Daylight has become internal to large developers' designs. This is why their houses are bright. Yet "eyes on the street" remain external even to large developers' designs. This is why these developers' streetfronts are blind. We argue for redressing the balance between "daylight externality" and "streetfront externality", and suggest supporting institutions. Ultimately contemporary architecture should align better with the street.

The Austrian Institute of Economic Research (WIFO) and the Competence Center "Research Focus International Economics" cordially invite you to the next FIW Workshop on "Gravity at Sixty". Keynote Lectures by James Anderson and Arnau Costinot.

The Austrian Institute of Economic Research (WIFO) kindly invites you to the 94th Euroconstruct conference from 17th to 18th November 2022. Euroconstruct London 2022 is the premier event to understand exactly what the future looks like for construction across Europe. It is part of a semi-annual series of lectures on the medium-term outlook of the European construction markets covered by the Euroconstruct network of expert economists. Exclusive, first access to the latest macro-economic and construction market projections to 2025 plus expert speakers exploring the impact of ESG, rising costs and the energy crisis on construction across Europe. Be part of a discussion powered by expert analysts from across Europe: (1) How will the energy crisis impact demand and output of construction across Europe? (2) What will be the effect of rising inflation and what can be done to mitigate this? (3) What are the ESG implications of Russia: Ukraine War? Euroconstruct conferences are aimed at all those involved in construction activities: manufacturers of building materials and equipment, construction companies, designers, architects, engineers, contractors, investors, financiers, banks, insurers, and other related professions.

Das Bundesministerium für Arbeit und Wirtschaft sowie das FIW laden ein zur 46. FIW-Vorlesung "Greening Trade? Umweltbestimmungen in Handelsabkommen". • FIW-Vorlesungen sind eine Veranstaltungsreihe, bei der politikrelevante aktuelle Forschungsergebnisse aus dem Bereich internationale Wirtschaft praxisnah präsentiert und diskutiert werden.