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In the contemporary folklore of Austria, Frau Perchta (active during the twelve days of Christmas) is depicted as the rewarder of the generous and the punisher of the bad. But the punishments she inflicts, such as ripping out a person's guts and replacing them with refuse, do not seem to fit the crime. This paper links Perchta's behaviour, and that of other bogeyman figures, to their historical context. Initially Perchta was the enforcer of communal taboos, hunting down those who spun on holidays or who failed to partake sufficiently in collective feasting (a propitious act designed to ensure future plenty). However, with the growing involvement of peasant women in the market economy (particularly for textiles), Perchta's role changed to the punisher of the lazy. Yet Perchta's previous roles survive, in attenuated form, in each new incarnation. [ABSTRACT FROM AUTHOR]