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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. Coming Soon: the Odysseus Complex

    teaserImage In their latest book “The Odysseus Complex” Ifo President Clemens Fuest and Johannes Becker, Professor at the University of Münster, develop a plan to reform the Eurozone, which would make the currency union less prone to crises and would mitigate conflicts among its member states. “The Odysseus Complex” will be published on 20 February 2017 by the Hanser Verlag. Details

  1. Ifo President Regrets ECB Decision

    teaserImage Ifo President Clemens Fuest regrets the European Central Bank’s decision not to reduce its monthly government bond purchases to below 60 billion euros as of April. In Fuest’s view, “It would have been better to scale back purchases by ten billion euros each month as of April. Estimates by the Ifo Institute suggest that inflation in the Eurozone will rise to an annual rate of 1.5 percent in 2017. This is close to the ECB’s target of just below two percent and weakens its arguments in defence of bond purchases.” Details

  2. 11th Workshop on Macroeconomics and the Business Cycle

    teaserImage The 11th Workshop on macroeconomics and the business cycle jointly organised by Ifo Dresden and the Helmut-Schmidt University of Hamburg will take place from 20 to 21 January 2017. The workshop aims to provide a forum for discussing the latest results on macroeconomic and business cycle research, as well as helping junior researchers to extend their networks. Details

  3. Ifo President Favours Free Trade with Great Britain

    teaserImage Europe and Great Britain should come to a cooperative solution that minimises the economic and political damage done by Brexit on both sides, according to Ifo President Clemens Fuest. “Europe should sign a free trade agreement with Britain that is as comprehensive as possible and that also maintains close economic integration in terms of services. A transitional period of several years during which current trade rules remain applicable should be agreed upon“, said Fuest in response to the Brexit speech made by UK Prime Minister Theresa May. Details

  4. ifo-GfK-Konsumreport for December 2016 Published

    teaserImage In the December issue of the ifo-GfK-Konsumreport Wolfgang Nierhaus, Ifo Institute, focuses on the consumption forecast for 2016-2018. Real private consumption will rise over the forecasting period, while the income and employment outlook remains favourable. The monthly, German-language journal is a joint publication of the Ifo Institute and GfK Marktforschung, Nuremberg, in which the latest results of the GfK consumer climate report and the Ifo Business Survey are published and analysed. This month’s ifo-GfK-Konsumreport is the last issue of this publication. Details

  5. Fuest: Seek Dialogue with Trump

    teaserImage Ifo President Clemens Fuest has called upon Germany and Europe to engage in a dialogue with the future US President Donald Trump. “We should seek a dialogue with Trump to positively influence the further development of his economic plans.” Details

  1. Regional evaluation for Saxony of the Ifo Business Survey in December 2016

    Ifo Business Climate Index for Saxony Rises

    Jan 10, 2017: The Ifo Business Climate Index for industry and trade in the Free State of Saxony rose slightly at the end of the year. Although survey participants assessed their current business situation as marginally poorer than in November, they expressed far greater optimism about the first half of 2017. The business climate also brightened in eastern Germany and the country as a whole in December. Details

  2. Ifo Export Climate for November 2016

    Ifo Export Climate Continues to Rise

    Jan 5, 2017: The Ifo Export Climate rose from 0.32 index points in October to 0.53 points in November. The increase was due to an improvement in corporate and consumer confidence. Price competitiveness improved marginally versus the previous month. Details

  3. Results of the Ifo Architects Survey of 4th quarter 2016

    Ifo Architects Survey: Business Climate Cools Down Slightly

    Dec 22, 2016: The business climate cooled down slightly at the beginning of the fourth quarter of 2016, according to the results of the Ifo Institute’s quarterly survey of freelance architects. Details

  4. Results of the Ifo Business Survey for December 2016

    Ifo Business Climate Index for Eastern Germany Rises

    Dec 22, 2016: The seasonally-adjusted Ifo Business Climate for the eastern German Länder brightened slightly again towards the end of the year. Thanks to a marginal upturn in business, expectations rose for the fourth month in succession. The eastern German economy will gain impetus in the New Year. Details

  5. Credit Constraint Indicator - From the Ifo Business Survey for December 2016

    Ifo Credit Constraints Edge Downwards

    Dec 22, 2016: It has become slightly easier for German companies to access bank loans. Credit constraints for German trade and industry fell slightly from 14.6 percent in November to 14.5 percent in December. This is the share of companies reporting restrictive lending by banks. Financing conditions were very favourable in 2016 and are expected to remain so in 2017. Details

  6. Ifo Employment Barometer - Results of the Ifo Business Survey for December 2016

    Companies Seek to Recruit Extra Staff

    Dec 22, 2016: German companies plan to recruit additional staff. The Ifo Employment Barometer rose to 111.8 points in December from 111.1 points last month, marking a new historic record since the inclusion of service providers in the survey in 2002. The number of jobs continues to rise unabated and there is no end to the employment boom in sight. Details

  7. Ifo Export Expectations - Ifo Business Survey for December 2016

    Falling Euro Raises German Exporters’ Hopes

    Dec 20, 2016: German manufacturers hope that exports will rise. Their export expectations rose from 6.7 balance points in November to 8.0 balance points in December. Expectations were fuelled by the US Fed’s announcement of an interest rate increase, which pushed up the US dollar exchange rate. German exporters hope that their foreign business will also improve in 2017. Details

  8. Results of the December 2016 Ifo Business Survey

    Ifo Business Climate Improves in the Run-Up to Christmas

    Dec 19, 2016: The German economy is in a festive mood. The Ifo Business Climate Index rose in December to 111.0 points from 110.4 points in November. Assessments of the current business situation improved, reaching their highest level since February 2012. The business outlook for the first half of 2017 is also slightly more optimistic. The German economy is making a strong finish to the year. Details

  9. Results of the December 2016 Ifo Business Survey

    German Service Sector: Ifo Business Climate Indicator for the Service Sector Falls

    Dec 19, 2016: In the service sector the mood deteriorated in the run-up to Christmas. The indicator fell to 31.7 balance points in December from 35.0 balance points in November. Service providers assessed their current business situation less favourably. They also scaled back their business expectations slightly. Both indices, however, are significantly above their long-term average. Service providers remain keen to recruit additional staff. Details

  10. Regional evaluation for Saxony of the Ifo Business Survey in November 2016

    Ifo Business Climate Index for Saxony Rises

    Dec 10, 2016: The Ifo Business Climate Index for trade and industry in the Free State of Saxony rose in November, almost offsetting last month’s decline. Survey participants significantly upwardly revised their assessments of the current business situation, while their six-month business outlook remained at last month’s level. In Germany and eastern Germany as a whole the business climate index trended sideways in November. Details

Next Events

  1. Structural transformation and the aggregate elasticity of substitution

    • 23.01.2017, 11:10 AM - 12:40 PM
    • Lunchtime Seminar TU Dresden
    • Michael Knoblach
    • TU Dresden, Sitzungszimmer der Fakultät Wirtschaftswissenschaften, Raum SCH B 037

  2. Junior Jobmarket Seminars

    • 24.01.2017, 05:00 PM - 06:15 PM
    • Hans Möller Seminar
    • International Economics, Ludwigstr. 28/II, Library (room 221)

  3. Public Economics Seminar

    • 26.01.2017, 12:00 PM - 01:00 PM
    • Public Economics Seminar
    • Franz Reiter, LMU Munich, MGSE
    • CES, Schackstr. 4/II, seminar room (207)

  4. Public Economics Seminar

    • 26.01.2017, 01:00 PM - 02:00 PM
    • Public Economics Seminar
    • Davide Suverato, LMU München, Seminar for Economic Policy
    • CES, Schackstr. 4/II, seminar room (207)

  5. Political regimes and publicly provided goods: why democracy may not always be a blessing

    • 30.01.2017, 11:10 AM - 12:40 PM
    • Lunchtime Seminar TU Dresden
    • Martin Rößler
    • TU Dresden, Sitzungszimmer der Fakultät Wirtschaftswissenschaften, Raum SCH B 037

  6. Innovation for a world without hunger

    • 30.01.2017, 06:00 PM - 07:30 PM
    • Munich Seminar
    • Bernhard Kowatsch, head of Innovation Accelerator at the United Nations World Food Programme
    • Ifo Institute, Ludwig-Erhard-Hall, Poschingerstr. 5, 81679 Munich

  7. Junior Jobmarket Seminars

    • 31.01.2017, 05:00 PM - 06:15 PM
    • Hans Möller Seminar
    • International Economics, Ludwigstr. 28/II, Library (room 221)

Upcoming publications / just released

  1. Cover Image Becker, Johannes and Clemens Fuest, "Der Odysseus-Komplex. Ein pragmatischer Vorschlag zur Lösung der Eurokrise", Hanser Verlag, Forthcoming, 288 , Information | Details

  2. Cover Image Sinn, Hans-Werner, "Der Schwarze Juni. Brexit, Flüchtlingswelle, Euro-Desaster – Wie die Neugründung Europas gelingt", Herder Verlag, 2016, 368 , Information | Details


  1. Cover Image "ifo-GfK-Konsumreport 12/2016", ifo Institut; Gfk Marktforschung, München; Nürnberg, 2016 | Details | PDF Download

  2. Cover Image "ifo Schnelldienst 01/2017", ifo Institut, München, 2017, 03-48 | Details

  3. Cover Image "ifo Konjunkturperspektiven 12/2016", ifo Institut, München, 2016 | Details


  1. Cover Image Weber, Christopher, The Collateral Policy of Central Banks - An Analysis Focusing on the Eurosystem, ifo Beiträge zur Wirtschaftsforschung 72, Ifo Institute, 2016 | Details | PDF Download

  2. Cover Image Dorn, Florian, Clemens Fuest, Björn Kauder, Luisa Lorenz and Martin Mosler, Die Beseitigung des Mittelstandsbauchs – Varianten und Kosten, ifo Forschungsberichte 77, ifo Institut, 2016 | Details | PDF Download

Working Paper

  1. Cover Image Glomm, Gerhard and Volker Meier, "Modes of Child Care", CESifo Working Paper No. 6287, December 2016 | Details | PDF Download

  2. Cover Image Potrafke, Niklas and Felix Roesel, "A Banana Republic? Trust in Electoral Institutions in Western Democracies - Evidence from a Presidential Election in Austria", CESifo Working Paper No. 6254, December 2016 | Details | PDF Download

  3. Cover Image Lehmann, Robert and Klaus Wohlrabe, "Who is the 'Journal Grand Master'? A new ranking based on the Elo rating system", CESifo Working Paper No. 6259, December 2016 | Details | PDF Download

  4. Cover Image Triebs, Thomas P. and Justin Tumlinson, "Learning Capitalism the Hard Way - Evidence from German Reunification", CESifo Working Paper No. 6260, December 2016 | Details | PDF Download

  5. Cover Image Hayo, Bernd and Florian Neumeier, "The (In)Validity of the Ricardian Equivalence Theorem – Findings from a Representative German Population Survey", Ifo Working Paper No. 233, 2016 | Details | PDF Download

  6. Cover Image Gnewuch, Matthias and Klaus Wohlrabe, "Title Characteristics and Citations in Economics", CESifo Working Paper No. 6235, December 2016 | Details | PDF Download

  7. Cover Image Fritzsche, Carolin and Lars Vandrei, "The German Real Estate Transfer Tax: Evidence for Single-Family Home Transactions", Ifo Working Paper No. 232, 2016 | Details | PDF Download

  8. Cover Image Neuhierl, Andreas and Michael Weber, "Monetary Policy and the Stock Market: Time-Series Evidence", CESifo Working Paper No. 6199, November 2016 | Details | PDF Download

  9. Cover Image West, Martin R., Ludger Woessmann, Philipp Lergetporer and Katharina Werner, "How Information Affects Support for Education Spending: Evidence from Survey Experiments in Germany and the United States", CESifo Working Paper No. 6192, November 2016, Also published as: NBER Working Paper 22808, Information | Details | PDF Download

  10. Cover Image Cinnirella, Francesco, Marc P. B. Klemp and Jacob L. Weisdorf, "Malthus in the Bedroom: Birth Spacing as Birth Control in Pre-Transition England", CESifo Working Paper No. 6167, November 2016 | Details | PDF Download