PROMETEUS: A Multisectoral Macroeconomic Model of the Austrian Economy

WIFO has developed a novel disaggregated macroeconomic model of the Austrian economy ("PROMETEUS" – Projecting and Modelling the Economy, Transport and Energy Use for Sustainability) that generates specific simulations of the economic effects of changes and shocks affecting the energy system (such as crude oil price shocks). Through the model's integrated mapping of the economy, energy system and ecology (CO2 emissions), it is possible to evaluate the costs and benefits attendant to achieving environmental and energy policy objectives, while highlighting economic aspects of both the single (within the energy sector) and overall types (cost, employment effect, etc.).