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CESifo Group Munich

The CESifo Group, consisting of the Center for Economic Studies (CES), the Ifo Institute and the CESifo GmbH (Munich Society for the Promotion of Economic Research) is a research group unique in Europe in the area of economic research. read on CESifo Group Munich

  1. News
  2. Survey results
  3. Upcoming events
  4. New Publications
  1. Interaction between Oil Supply and Return on Investment: Market Power in the Oil Industry Revisited

    teaserImage In a recently published Ifo Working Paper Waldemar Marz and Johannes Pfeiffer, both from the Ifo Institute, consider a resource monopoly in a general equilibrium model consisting of the resource, capital and consumer goods markets. They show that the supply behaviour of a monopolist in this framework depends on his knowledge of the resource supply’s influence on the capital market. In different scenarios they identify supply motives that have been ignored to date. In particular, they explore the impact that so called Sovereign Wealth Funds and other capital assets of resource-rich countries with resource market power can have on their supply behaviour. Details

  2. Guest Researchers in May

    teaserImage Lorenzo Caliendo, Yale University, and Henrik Jordahl, Research Institute of Industrial Economics, will visit the Ifo Institute in May. The Center for Economic Studies (CES) will welcome Assaf Razin, Tel Aviv University & Cornell University, Thorsten Koeppl, Queen's University, Calin G. Arcalean and Ioana Cosmina Schiopu, both ESADE Business School, Konstantinos Angelopoulos, University of Glasgow, Theresa Kuchler and Johannes Stroebel, both New York University. Details

  3. Erdal Yalçın Discusses Macroeconomic Imbalances

    teaserImage Dr. Erdal Yalçın, Deputy Director of the Ifo Center for International Economics, will participate in the Think20 (T20) Conference: “Prioritizing International Monetary and Financial Cooperation” in Ottawa from 3 to 5 May 2015. Yalçın will speak in a panel on global macroeconomic imbalances and macroprudential regulation. The conference will be co-hosted by the CIGI (Centre for International Governance Innovation) and TEPAV (The Economic Policy Research Foundation of Turkey) and will focus on Turkey’s G20 Agenda in the fall of 2016. Details

  4. The ECB’s Crisis Policy

    teaserImage “The ECB – an institution without boundaries: an analysis of the European Central bank‘s ‘unconventional monetary policy’ and the outlook for a new monetary order in Europe” is the title of a lecture to be given by Markus C. Kerber, Professor for Public Finance and Economic Policy at the Technische Universität Berlin, on 4 May 2015 as part of the Munich Seminars. The lecture (to be given in German) will be given at 6.00 p.m. in the Ludwig Erhard Saal of the Ifo Institute and will be livestreamed via the internet. Details

  5. Climate Policy and Oil Trading

    teaserImage When the owners of depletable resources like oil, gas and coal anticipate future environmental policies that promote the development of alternative energy sources, they increase their near-term supply, which, in turn, accelerates climate change and leads to the green paradox. In a recent CESifo Working Paper Suphi Sen, Ifo Institute, and Malik Curuk, Tilburg University, explain higher crude oil exports as a response to the rise in R&D spending in renewable energy technologies in importer countries. Their analysis is based on data on OPEC’s crude oil exports to OECD countries between 2001 and 2010. Details

  1. Credit Constraint Indicator - From the Ifo Business Survey for April 2015

    Credit Constraints Edge Down to Historic Low

    Apr 29, 2015: Credit constraints for German companies fell to 16.0 percent in April from 16.1 percent last month, marking a fresh historic low. German companies continue to have no problem in accessing credit for investment purposes. Details

  2. Ifo Export Climate for March 2015

    Ifo Export Climate Benefits from Improvement in German Competitiveness

    Apr 29, 2015: The Ifo Export Climate rose from 0.32 index points in February to 0.40 points in March. This was due to a significant improvement in price competitiveness. Corporate and consumer confidence abroad, by contrast, had a slightly negative effect on the export climate. Details

  3. Results of the Ifo Business Survey for April 2015

    Ifo Business Climate Index for Eastern Germany Sees Marked Spring Upturn

    Apr 28, 2015: The Ifo Business Climate Index for trade and industry in Eastern Germany rose to 109.3 index points in April from 108.5 points last month. Eastern German survey participants reported doing better business than in March. They also expect business developments to be more favourable over the next six months. Eastern Germany’s economy made a dynamic start to the second quarter of 2015. Details

  4. Ifo Employment Barometer - Results of the Ifo Business Survey for April 2015

    German Companies Continue To Recruit More Staff

    Apr 28, 2015: German companies still intend to recruit additional staff. The Ifo Employment Barometer remained stable at 108.1 points in April. The main recruitment driver is still the services sector, where companies are keen to increase their staff numbers. Details

  5. Results of the April 2015 Ifo Business Survey

    Ifo Business Climate Index Continues to Rise

    Apr 24, 2015: The Ifo Business Climate Index for German trade and industry rose to 108.6 points in April from 107.9 points last month. Assessments of the current business situation once again improved considerably. Optimistic assessments of the business outlook, however, were scaled back slightly. The upswing in the German economy continues. Details

  6. Results of the April 2015 Ifo Business Survey

    German Service Sector: Ifo Business Climate Indicator for Services Falls Slightly

    Apr 24, 2015: The Ifo Business Climate Indicator for the German service sector fell to 22.7 balance points in April from 23.3 points last month. Service providers’ assessments of their favourable business situation continued to improve this month. However, they once again expressed less optimism about future business developments. Service providers nevertheless intend to recruit more employees. Details

  7. Regional evaluation for Saxony of the Ifo Business Survey in March 2015

    Saxon Economy Expands Sharply in First Quarter of 2015

    Apr 23, 2015: The Ifo Business Climate Index for German trade and industry rose to 107.9 points in March from 106.8 points last month. The climate indicators for the Eastern German Länder and Saxony improved clearly in March. Saxon companies are more satisfied with their current business situation than last month. Optimism about future business developments also returned to Saxon trade and industry; with business expectations turning positive for the first time since August 2014. The Saxon economy enjoyed a strong first quarter of 2015. Details

  8. Ifo Export Climate for February 2015

    Ifo Export Climate Remains at Above-Average Level

    Apr 1, 2015: The Ifo Export Climate fell from 0.56 index points in January to 0.34 points in February. This was due to the fact that price competitiveness in February improved more weakly than in January. Competitiveness, however, continues to have a very positive effect on German exports. Corporate and consumer confidence abroad fell only marginally. The export climate remains at an above-average level. Details

  9. Credit Constraint Indicator - From the Ifo Business Survey for March 2015

    Credit Constraints Edge Down to Historic Low

    Mar 30, 2015: Credit constraints for German companies edged down to 16.1 percent in March from 16.2 percent last month, dipping to a new historic low for the third month in succession. Financing conditions for companies in Germany remain excellent. Details

  10. Results of the Ifo Business Survey for March 2015

    Ifo Business Climate Index for Eastern German Länder Rises Sharply

    Mar 27, 2015: The Ifo Business Climate for trade and industry in eastern Germany improved clearly in March. Eastern German survey participants remain very satisfied with their current business situation, although no longer to the same extent as last month. In addition, they were far more optimistic about future business developments in March. The eastern German economy continues to expand rapidly. Details

  1. Energy Turnaround: What Are Its Implications for Germany as a Manufacturing Location?

    teaserImage The German Federal Expert Council for Environmental Issues and the Ifo Institute are co-organising a symposium on the energy turnaround to be held on 13 May 2015 in Berlin. The costs and benefits of the energy turnaround for Germany, efficient paths towards reducing energy consumption and funding to safeguard competitiveness will be analysed in several panels. The symposium will end with a discussion among high-ranking panel members. Details

  2. 66th Ifo Institute Annual Meeting

    teaserImage The 66th Annual Meeting of the Ifo Institute will take place on Friday, 12 June 2015 at the University of Munich. The main theme of the event will be economic policy and policy advice since German reunification and the guest speaker will be German Federal Minister for Economic Affairs and Energy Sigmar Gabriel. Hans-Werner Sinn, Harold James, Princeton University, Georg Milbradt, former Minister President, and Wolfgang Wiegard, former Chairman of the German Economic Council of Experts on Economic Developments, will exchange their views on “Basic questions of economic policy and policy advice in Germany” in an expert panel discussion. Details

Next Events

  1. Resource Market Power and Levels of Knowledge in General Equilibrium

    • 06.05.2015, 12:00 PM - 01:00 PM
    • Ifo Lunchtime Seminar
    • Waldemar Marz
    • Ifo Institute, Ludwig Erhard Hall, Poschingerstr. 5, Munich

  2. Ifo Workshop: Public Opinion and the Political Economy of Education

    • 08.05.2015, 07:00 PM - 09.05.2015, 05:00 PM
    • Ifo Workshop
    • CESifo Conference Centre, Poschingerstrasse 5, 81679 Munich

    Education policies may diverge from empirical insight because political actors are responsive to the opinions of voters and interest groups. The workshop, jointly organized by the Ifo Institute and the Program on Education Policy and Governance at Harvard University, aims to create a better grasp of the heterogeneity in and the formation of the electorate’s opinions on education policy. It provides a forum to discuss the role of public opinion in the political economy of education. Details

  3. Does tax competition make mobile firms more footloose?

    • 11.05.2015, 12:00 PM - 01:00 PM
    • Internal Seminar of the CESifo Group
    • Ian Wooton, University of Strathclyde
    • CES, Schackstr. 4/II, seminar room (207)

Just released

  1. Sinn, Hans-Werner, The Euro Trap (Korean version), Hantee Media Publishing, Seoul, Korea, 2015, Information | Details

  2. Cover Image Sinn, Hans-Werner, The Euro Trap. On Bursting Bubbles, Budgets, and Beliefs, Oxford University Press, Oxford, 2014, 416 , Information | Details

  3. Cover Image Sinn, Hans-Werner, Gefangen im Euro, Redline Verlag, München, 2014, 224 , Information | Details


  1. Cover Image "ifo Dresden berichtet 2/2015", ifo Institut, Dresden, 2015 | Details | PDF Download

  2. Cover Image "ifo Schnelldienst 08/2015", ifo Institut, München, 2015, 03-73 | Details | PDF Download | EPUB Download

  3. Cover Image "CESifo DICE Report 1/2015 (Spring): Lessons from a Decade of Childcare Reforms", Ifo Institute, Munich, 2015, 01-52, Section: Forum | Details | PDF Download

  4. Cover Image "ifo Schnelldienst 07/2015", ifo Institut, München, 2015, 03-68 | Details

  5. Cover Image "ifo-GfK-Konsumreport 03/2015", ifo Institut; GfK Marktforschung, München; Nürnberg, 2015 | Details | PDF Download


  1. Cover Image Hanushek, Eric A. and Ludger Woessmann, The Knowledge Capital of Nations, CESifo Book Series, MIT Press, 2015, Information | Details

  2. Cover Image Eck, Alexander, Sabine Gralka, Julia Heller, Wolfgang Nagl and Joachim Ragnitz, Hochschulfinanzierung in Mecklenburg-Vorpommern, ifo Dresden Studien 75, ifo Institut, 2015 | Details | PDF Download

Working Paper

  1. Cover Image Schumacher, Julian, Christoph Trebesch and Henrik Enderlein, "What Explains Sovereign Debt Litigation?", CESifo Working Paper No. 5319, April 2015 | Details | PDF Download

  2. Cover Image Bauernschuster, Stefan, Timo Hener and Helmut Rainer, "When Labor Disputes Bring Cities to a Standstill: The Impact of Public Transit Strikes on Traffic, Accidents, Air Pollution, and Health", CESifo Working Paper No. 5313, April 2015 | Details | PDF Download

  3. Cover Image Piopiunik, Mark and Jens Ruhose, "Immigration, Regional Conditions, and Crime: Evidence from an Allocation Policy in Germany", CESifo Working Paper No. 5303, April 2015 | Details | PDF Download

  4. Cover Image Jochimsen, Beate and Robert Lehmann, "On the political economy of national taxrevenue forecasts – Evidence from OECD countries", Ifo Working Paper No. 198, 2015 | Details | PDF Download

  5. Cover Image Marz, Waldemar and Johannes Pfeiffer, "Resource Market Power and Levels of Knowledge in General Equilibrium", Ifo Working Paper No. 197, 2015 | Details | PDF Download

  6. Cover Image Hillman, Arye L., Kfir Metsuyanim and Niklas Potrafke, "Democracy with Group Identity", CESifo Working Paper No. 5281, March 2015 | Details | PDF Download

  7. Cover Image Curuk, Malik and Suphi Sen, "Oil Trade and Climate Policy", CESifo Working Paper No. 5285, March 2015 | Details | PDF Download

  8. Cover Image Becker, Sascha O, and Ludger Woessmann, "Social Cohesion, Religious Beliefs, and the Effect of Protestantism on Suicide", CESifo Working Paper No. 5288, March 2015 | Details | PDF Download

  9. Cover Image Bastgen, Andreas and Christian Holzner, "Employment Protection and the Market for Innovations", CESifo Working Paper No. 5275, March 2015 | Details | PDF Download

  10. Cover Image Meya, Johannes, Panu Poutvaara and Robert Schwager, "Pocketbook Voting and Social Preferences in Referenda", CESifo Working Paper No. 5267, March 2015 | Details | PDF Download